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The Altech Chemicals Ltd (ASX: ATC) share price is soaring today, peaking around midday at 26% higher than yesterday’s close. Altech shares are now changing hands at 8.2 cents apiece, 22.39% higher.

Altech shares are well ahead of the S&P/ASX 300 Metals and Mining Index (AXMM), which has slipped into the red.

Shares in the alumina producer are on the move despite there being no market sensitive news today. In light of this, let’s investigate further.

Why are Altech Chemicals shares soaring today?

In the absence of any specific news, one has to look immediately to the commodity markets for an explanation.

Foolish investors will likely know that we are in the midst of a commodities supercycle reminiscent of the commodities boom of the 2000s, which peaked around 2007.

Consequently, the entire commodities basket is fetching multiyear highs.

Altech is a leading producer of alumina. Alumina is a key ingredient that is smelted in the primary production process to form aluminium.

As such, the company has exposure to the price of aluminium and the price it commands in the spot and futures markets.

Given this situation, the company is considered a price taker. That means it must work with what prices are on offer in the commodities markets, instead of bargaining or looking for alternative places to sell into.

Aluminium has been on a stairway headed straight north over the last 12 months. It has increased 46% from US$1,998/tonne to now trade at US$2,915 per tonne.

Strong demand and supply shortages, in addition to a military coup in Guinea, a major exporter of alumina’s key ingredient bauxite, have sent prices soaring this year.

In the short term, aluminium has made another move from 30 September, jumping US$65/tonne.

It appears the relationship has carried through to the Altech Chemicals share price, as it has popped over 31% from 6.2 cents on 1 October.

As a result of the recent moves, Altech Chemicals shares are now trading above their previous 52-week high.

Altech Chemicals share price snapshot

The Altech Chemicals share price has climbed 105% this year to date, well ahead of the S&P/ASX 200 Index (ASX: XJO) return of just 7.7%.

Altech shares have gained 64% in the past year. And they have rallied 17.14% just this past month.

The post Why is the Altech Chemicals (ASX:ATC) share price soaring 22% today? appeared first on The Motley Fool Australia.

More reading

• Pilbara Minerals (ASX:PLS) share price flat despite resource upgrade and quarterly update
• Here are the 3 most heavily traded ASX 200 shares this Wednesday
• Endeavour (ASX:EDV) share price struggles amid hotels leadership resignation
• Why A2 Milk, CBA, Flight Centre, & Magellan’s shares are sinking
• Why is the Red Dirt Metals (ASX:RDT) share price soaring 19% today?

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is having a pretty poor Wednesday so far. After an initial bump into positive territory this morning, the ASX 200 has since regressed. It’s currently sitting at 7,207 points, down 0.57% for the day.

So let’s escape from that mire and instead check out the ASX 200 shares that are being most heavily traded so far today, according to investing.com.

The 3 most heavily traded ASX 200 shares this Wednesday

Whitehaven Coal Ltd (ASX: WHC)

ASX 200 coal miner Whitehaven Coal is our first ASX share to check out today. Whitehaven has so far seen an impressive 14.13 million of its shares bought and sold on the markets this Wednesday. There is not much in the way of news out of the company today.

However, we have seen a large share price move that can probably explain this elevated trading volume. The Whitehaven share price is currently up a healthy 4.2% so far this Wednesday to $3.60 a share. That’s just a whisker away from Whitehaven’s 52-week high of $3.64.

Beach Energy Ltd (ASX: BPT)

We have oil driller Beach up next. Beach Energy has also seen elevated volume numbers today, with a hefty 20.37 million Beach shares swapping owners so far. Again, there are no major news or developments with this company today.

However, Beach has also seen a large swing in its share price that is likely behind the large volumes of shares trading. Beach shares are down a nasty 1.6% so far and are currently trading at $1.41 a share.

Pilbara Minerals Ltd (ASX: PLS)

Our final ASX 200 share to examine this Wednesday is the lithium producer Pilbara Minerals. Pilbara made a big announcement this morning when the company outlined an increase in its expected ore reserves.

This has excited investors mightly, with the Pilbara share price currently up a robust 0.53% to $1.885. It traded even higher earlier today, hitting an intra-day high of $1.98 a share. This is the probable cause of the 22.83 million Pilbara shares changing hands so far today.

 

The post Here are the 3 most heavily traded ASX 200 shares this Wednesday appeared first on The Motley Fool Australia.

More reading

• Technology shares lead the battle to lift the ASX 200 on Wednesday
• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• The Pilbara Minerals (ASX:PLS) share price surges on resource upgrade
• Why this broker just upgraded the Baby Bunting (ASX:BBN) share price to buy
• ASX futures point to rebound today after US stock market lifts

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Endeavour Group Ltd (ASX: EDV) share price is edging lower on Wednesday. This comes as the company announced the departure of the managing director of its hotels business.

At the time of writing, Endeavour shares are trading 1.83% lower to $6.99.

Endeavor losses key personnel

Investors are selling off Endeavour shares following the latest announcement by the company, coupled with overall market weakness.

The S&P/ASX 200 Index (ASX: XJO) spent the morning in the green but its gains faded as the day went on. Currently, the benchmark index is down 0.63% to 7,202.9 points. This means that in the past month, the ASX 200 has lost a sizeable 4.25%.

In addition, Endeavour advised that its managing director of hotels, Bruce Mathieson Jr, will step down from his role.

An announcement noted Mr Mathieson will remain with the company until December before pursuing other interests.

Endeavour group managing director and CEO Steve Donohue highlighted Mr Mathieson’s contribution. He said:

Bruce has been instrumental in leading the Hotels business through a significant period, which has included the successful completion of the merger of ALH Group with Endeavour Drinks to create Endeavour Group in July 2019, the demerger of Endeavour Group and Woolworths in June of this year, and navigating the impacts of the COVID-19 pandemic.

During his time with ALH, Bruce has significantly grown the business from 200 to 341 hotels, and has spearheaded several large transformation initiatives…

Bruce’s expertise and unwavering commitment has been of immense value to Endeavour Group and he leaves the Hotel business in a strong position as it enters the next exciting phase of growth.

Endeavour will undergo a recruitment process to find a suitable replacement for Mr Mathieson.

About the Endeavour share price

Since debuting on the ASX in June 2021, the Endeavour share price has risen 16% over the 4 month period. Its shares reached a record high of $7.50 in mid-August and are 6.8% off that at current levels.

At today’s price, Endeavour has a market capitalisation of roughly $12.53 billion with almost 1.8 billion shares on its registry.

The post Endeavour (ASX:EDV) share price struggles amid hotels leadership resignation appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• 3 ASX 200 shares holding up amidst today’s market crash
• The Endeavour (ASX:EDV) share price is lifting today
• Which ASX 300 shares are leading the way on Monday?
• Why the Endeavour (ASX: EDV) share price is down 8% in 2 weeks

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is having a disappointing afternoon after a solid morning session. At the time of writing, the benchmark index is down 0.5% to 7,214.3 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is sinking 6.5% to $6.09. This follows news that the embattled infant formula company has been hit with a class action by Slater & Gordon Limited (ASX: SGH). The law firm alleges that a2 Milk Company was or ought to have been aware that its FY 2021 guidance and subsequent representations did not adequately take account of a number of factors which would impact its financial performance.

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down over 2% to $103.11. This appears to have been driven by news that APRA intends to tighten lending rules to ensure that heavily indebted borrowers are able to meet future repayments. APRA notes that one in five new loans approved during the June quarter were at more than 6x the borrowers’ income.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price has fallen 5.5% to $23.04. This decline may have been driven by profit taking from investors after some strong recent gains in the travel sector. For example, even after this decline, the Flight Centre share price is up over 30% since this time last month.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down over 3% to $32.81. This follows the release of the fund manager’s latest funds under management (FUM) update this morning. Magellan finished September with total FUM of $113.3 billion. This is down 4% or ~$4.5 billion since the end of August. Magellan’s shares dropped to a 52-week low on the news.

The post Why A2 Milk, CBA, Flight Centre, & Magellan’s shares are sinking appeared first on The Motley Fool Australia.

More reading

• Which ASX shares are leading the way in the ASX 300 today?
• Leading brokers name 3 ASX shares to sell today
• CBA (ASX:CBA) share price slides as bank is awarded for rapid cloud migration
• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• ASX 200 bank shares fall flat amid flurry of new regulations

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Red Dirt Metals Ltd (ASX: RDT) share price is taking off on Wednesday despite no news having been released by the company.

At the time of writing, the Red Dirt Metals share price is 78 cents. That’s 19.08% higher than it was at yesterday’s close.

Though, it is slightly lower than Red Dirt shares’ intraday high of 82.5 cents – that represented a gain of 25.9%.

That’s a far better performance than that of the broader market. Right now, the All Ordinaries Index (ASX: XAO) has slipped 0.5% today.

Let’s take a closer look at Red Dirt Metals’ brilliant day of trade on the ASX.

A quick refresher

For those who don’t recognise Red Dirt Metals, you might remember its previous persona.

Until mid-September, the company was named TNT Mines Limited and traded on the ASX under the ticker TNT.

Red Dirt Metals is an explorer and developer of gold and base metals assets. Its operations are in Western Australia.

What’s spurred Red Dirt Metals’ brilliant Wednesday?

The Red Dirt Metals share price is surging today and interestingly, the reason behind the company’s stock’s gains remains a mystery.

Beyond the impressive 19% gain sported by the company’s share price, its stock is flying off the shelves today.

Right now, around 6.6 million shares in Red Dirt Metals have swapped hands today. That’s around $5 million worth of its stock.

For context, an average month sees around 4.1 million Red Dirt Metals shares traded.

Red Dirt Metals share price snapshot

Today’s gains have added to Red Dirt Metals’ strong recent performance on the ASX.

Over the last 30 days, the company’s share price has gained 271%.

It is also currently 188% higher than it was at the start of 2021 and 271% higher than it was this time last year.

The post Why is the Red Dirt Metals (ASX:RDT) share price soaring 19% today? appeared first on The Motley Fool Australia.

More reading

• Red Dirt Metals (ASX:RDT) share price launches 45% on lithium update
• The TNT Mines (ASX:TNT) share price explodes 20% on acquisition news

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Lynas Rare Earths Ltd (ASX: LYC) share price is having a month to forget.

At the time of writing, shares in the Malaysia-based rare earth elements (REE) miner are trading for $6.31 – down 2.02%. Over the course of the month, it’s been even worse for Lynas – losing 9.84% in value.

While the company hasn’t released any price-sensitive news to the market since August, something has clearly spooked investors.

Let’s take a closer look.

What’s going on with Lynas?

The first point to make is that the entire market is down. While the Lynas share price has fallen nearly 10%, the S&P/ASX 200 Index (ASX: XJO) has fallen 4.49%.

It’s the steepest monthly fall the market has seen since last year. Of course, that was due to the panic caused by the worldwide COVID-19 pandemic.

The mining sector has been hit especially hard during this time. For example, the BHP Group Ltd (ASX: BHP) share price has fallen nearly 14% and the Fortescue Metals Group Limited (ASX: FMG) share price has collapsed by more than 24%.

As The Motley Fool has previously reported, iron ore prices have taken a beating. China is set on an ambitious path to reduce its greenhouse gas emissions. This has resulted in a clampdown on domestic steel production and a shift away from iron ore in favour of low-emissions steel scrap.

According to S&P Global, “A few mill sources expected China’s steel output cuts to widen further in late-September or October, mainly as the overall cuts by mid-September have remained insufficient to keep the country’s 2021 crude steel output within 2020 levels.”

While Lynas does not mine the metal, companies within any one industry sector tend to move together on the ASX.

What could be affecting the Lynas share price specifically?

As one of my colleagues has previously brought to our readers’ attention: Lynas is a price taker. The Lynas share price tends to move with the price of REE.

Recent geopolitical tensions between the US and China appear to have spilled over to the broader ASX resources space, including the rare earths markets.

This is in addition to China placing restrictions on its domestic resource producers in 2021 to curb production rates. It is estimated that anywhere between 70% and 80% of the world’s REE deposits are in the People’s Republic.

Lynas share price snapshot

Over the past 12 months, the Lynas share price has risen an incredible 141%. Year-to-date, it is up a still impressive 50.2%. Its 52-week high is $8.05 per share and its 52-week low is $2.45 per share.

Lynas Rare Earths has a market capitalisation of approximately $5.7 billion.

The post The Lynas (ASX:LYC) share price is down 10% in a month. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why is the Lynas (ASX:LYC) share price so volatile?
• These were the worst performers on the ASX 200 last week
• It’s been a terrible week for the Lynas (ASX:LYC) share price. Here’s why
• Why the Lynas (ASX:LYC)share price is sliding 12% on Monday
• Why the Lynas (ASX:LYC) share price is up 86% in 2021

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Eagers Automotive Ltd (ASX: APE) share price is blazing ahead on Wednesday after the company released its latest investor presentation. This presentation has been prepared by Eagers for its appearance at the 2021 Morgans Conference.

Investors are buying up shares in the automotive retailer following the release of this slide deck, which has given additional clarity to the company’s near-term outlook.

At the time of writing, the Eagers Automotive share price is attracting $15.02 per share. This reflects an increase of 3.94% on yesterday’s closing price of $14.45.

Eagers share price climbs amid presentation

Australia’s oldest listed automotive retail group has gained the attention of investors on Wednesday. Heading into afternoon trade, more than 315,000 shares have exchanged hands today. This is approximately 56% of the company’s average monthly trade volume.

It appears its latest investor presentation has been met with enthusiasm. So, what exactly is contained in this release that is being met with a rally in the Eagers’ share price today?

Firstly, the automotive retailer highlighted its rich and successful history of operating in the Australian market. Originally founded in 1913, Eagers has reached an honourable age of 108 — with the past 64 years being publicly listed.

Since 2005, Eagers has grown its underlying profit before tax from $20 million to $209 million in 2020. This is continuing to accelerate as its first half of 2021 saw profits hit $218.6 million.

The company now boasts an extensive partner portfolio consisting of the likes of Toyota, Ford, BMW, and Porsche. In fact, Eagers considers its portfolio unrivalled, with the top 15 vehicle manufacturers by volume represented.

From the presentation, Eagers has outlined its intention to build upon its existing history by implementing a few tech-driven additions. In turn, the company is partnering with fintech companies to help it offer new innovations.

These include its plan to sell vehicles at shopping centres and airports, through what it dubs as “Automall”. Additionally, Eagers will integrate online finance applications, a sales app, online services bookings, and SMS payments.

Positive outlook

Another factor bringing the Eagers share price into focus today is the macro conditions for the industry. Despite chip shortages causing some issues for vehicle manufacturers, Aussie demand for new cars has been strong. According to the Federal Chamber of Automotive Industries, new car sales increased 21% year on year to 83,312 in September. Eagers makes a point of this in its presentation, noting that demand continues to outstrip supply.

Additionally, the company expects further cost reductions driven by its investment in tech. At the same time, the company is targeting its merger and acquisition activity to deliver further revenue growth.

Finally, Eagers mentioned near-term impacts due to COVID-19. However, these issues are isolated in nature. The company’s underlying performance remains resilient. The company is optimistic for its future once COVID-19 restrictions begin to be eased.

Looking in the rear view

Over the past year, the Eagers Automotive share price has outperformed the benchmark index. Specifically, the automotive retailer has gained 40.8% over the 12-month period. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is up roughly half as much over the same period.

As a result, Eagers is trading on a price-to-earnings (P/E) ratio of 11 times. This is slightly under the Australian specialty retail industry average of 11.4 times.

The post Why is the Eagers Automotive (ASX:APE) share price lifting today? appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• 4 ASX shares going ex-dividend today
• These 5 ASX 200 shares are going ex-dividend this week
• Which ASX shares are making a move on the ASX 300?
• 2 ASX shares to take off after excellent reporting seasons

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended BMW. The Motley Fool Australia has recommended BMW. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 300 Index (ASX: XKO) is back again in negative territory today, further weighing on yesterday’s losses.

During mid-afternoon trade, the ASX 300 is down 0.73% to 7,193.6 points. This means the index is down 1.18% so far this week.

Let’s take a look at which ASX companies are making headlines today.

Australian Strategic Materials Ltd (ASX: ASM)

A big mover on the ASX 300 is the Australian Strategic Materials share price, up 7.58% to $10.64.

The rare earth metals company’s shares are rebounding from dropping to a monthly low of $9.25 yesterday. The company released its full statutory accounts 2 weeks ago, providing information about its progress throughout the year.

However, a strong gain in the commodities markets could be a catalyst for its recent rise. The spot price for rare earths mineral, neodymium, is fetching around 777,500 Chinese yuan per tonne, up 24.9% year-to-date.

De Grey Mining Ltd (ASX: DEG)

Adding gains to the ASX 300 is the De Grey share price, up 6.6% to $1.13.

The gold mining company provided investors with an update yesterday on its Mallina Gold Project. The results from a scoping study identified “clear opportunities” for improvement.

In addition, the board approved the progression of the project to a pre-feasibility study with results expected in H2 2022.

It appears investors are continuing to buy De Grey shares in light of the positive announcement.

Yancoal Australia Ltd (ASX: YAL)

The Yancoal share price is surging 5.72% to $3.88 in afternoon trade.

The energy producer is continuing to see its shares surge as the spot price of coal soars to record levels. The current price is a record high of US$269.50 a tonne, up almost 50% in a month.

The two world’s largest populations – China and India – have dwindling coal supplies, leading to power blackouts across Asia. This has led to demand soaring with supplies tightened in coal and liquefied natural gas markets.

And which ASX 300 companies are heading the other way?

The a2 Milk Co Ltd (ASX: A2M)

In decline today is the A2 Milk share price, down 7.06% to $6.06.

The infant formula company’s shares are under pressure following a class action lawsuit by Slater & Gordon Limited (ASX: SGH).

The law firm launched proceedings in the Supreme Court of Victoria alleging misleading or deceptive conduct by A2 Milk. This has caused investors to dump the company’s shares ahead of the court case.

A2 Milk advised it will vigorously defend the lawsuit.

Flight Centre Travel Group Ltd (ASX: FLT)

Also being weighed down by investors today is the Flight Centre share price, down 5.73% to $23.03.

The travel agent’s shares have fallen today with investors deciding to take profit off the table.

It’s worth noting Flight Centre shares reached a 52-week high of $25.28 on Tuesday. As such, short-sellers have increased their interest to about 11% of the company’s shares.

The post Which ASX shares are leading the way in the ASX 300 today? appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to sell today
• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• A2 Milk (ASX:A2M) share price on watch after being hit with class action
• 5 things to watch on the ASX 200 on Wednesday
• Which shares are the biggest winners and losers on the ASX 300 today?

Motley Fool contributor Aaron Teboneras owns shares of A2 Milk. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Hipages Group Holdings Ltd (ASX: HPG) share price is soaring higher today despite silence from the company.

In fact, Hipages hasn’t released any price-sensitive news to the market since it published its earnings for financial year 2021 in August.  Nonetheless, its stock is taking off on Wednesday.

At the time of writing, the Hipages share price has gained an impressive 6.48% to trade at $3.78.

That’s slightly lower than its intraday high of $3.94, which represented a 10.9% gain.

That’s a far better performance than the broader market. Right now, the S&P/ASX 200 Index (ASX: XJO) has fallen 0.63%. Meanwhile, the All Ordinaries Index (ASX: XAO) has dropped 0.59%.

Let’s take a closer look at the software-as-a-service (SaaS) provider’s brilliant day on the ASX.

Hipages stock surges on Wednesday

The Hipages share price has taken off today despite no news having been released by the company.

Though, Hipages isn’t alone in enjoying a day in the green.

The S&P/ASX All Technology Index (ASX: XTX) and the S&P/ASX 200 Info Tech Index (ASX: XIJ) are gaining despite the broader market’s struggles.

Right now, the All Tech index is up 0.31%, while the ASX 200 Information Technology sector has gained 0.71%.

Further, Hipages shares are flying off the shelf on Wednesday. At the time of writing, 497,227 of Hipages shares – around $2 million worth – have swapped hands today.

For context, an average month sees 210,839 Hipages shares traded.

While the cause of Hipages’ popularity today is unclear, it’s undeniable the market is enthused about the SaaS company’s stock.  

Hipages share price snapshot

Today’s boost has added to Hipages’ strong recent performance on the ASX.

Right now, it is 58.58% higher than it was at the start of 2021. It has also gained 54% since it debuted on the ASX in September 2020.  

The post Why is the Hipages (ASX:HPG) share price leaping 6% on Wednesday? appeared first on The Motley Fool Australia.

More reading

• 3 rapidly growing ASX shares to buy in October
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• 2 stellar ASX growth shares rated as buys
• 2 excellent ASX growth shares named as buys

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Yesterday I looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:

A2 Milk Company Ltd (ASX: A2M)

According to a note out of Credit Suisse, its analysts have retained their underperform rating and $5.50 price target on this infant formula company’s shares. The broker notes that infant formula prices stabilised in September. It also highlights that marketing activity is increasing ahead of the major Double 11 shopping event in China. However, Credit Suisse appears to believe it is too soon to get excited and holds firm with its underperform rating. The A2 Milk share price is fetching $6.11 on Wednesday.

Fortescue Metals Group Limited (ASX: FMG)

A note out of Goldman Sachs reveals that its analysts have retained their sell rating and cut their price target down to a lowly $11.40. The broker is particularly bearish on low grade iron ore prices and feels the miner’s shares are overvalued at the current level. This is particularly the case in comparison to some of its iron ore peers. The Fortescue share price is trading at $14.09 this afternoon.

Unibail-Rodamco-Westfield CDI (ASX: URW)

Analysts at Ord Minnett have retained their sell rating and $4.00 price target on this shopping centre operator’s shares. According to the note, the broker acknowledges that the company’s shares have pulled back meaningfully in recent months. However, it still doesn’t see enough value in its shares or proof that a rebound in trading conditions is taking place. In light of this, it holds firm with its sell rating for now. The Unibail-Rodamco-Westfield share price is trading at $4.92 today.

The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

More reading

• Broker warns Fortescue (ASX:FMG) share price could sink a further 20%
• ASX 200 (ASX:XJO) midday update: A2 Milk class action, tech shares rebound
• Fortescue (ASX:FMG) share price at 16 month lows. What’s next for iron ore?
• A2 Milk (ASX:A2M) share price on watch after being hit with class action
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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