Tag: Motley Fool

It has been a high-flying 12 months for Qantas Airways Limited (ASX: QAN) shares. After climbing 19% in the past year, the airline operator is a business that’s hard to ignore.

Qantas has been a famous Australian brand for over a century, but does it make a great investment?

Here are the arguments for and against buying shares in the Flying Kangaroo right now: 

Listen to Warren Buffett, please

By Tony Yoo: The world’s most famous investor, Warren Buffett, explained the futility of investing in the aviation industry perfectly in his 2007 letter to Berkshire Hathaway Inc (NYSE: BRK.A) (NYSE: BRK.B) shareholders.

“The worst sort of business is one that grows rapidly, requires significant capital to engender the growth, and then earns little or no money,” he said.

“Think airlines.”

Ever since the Wright brothers invented the plane, “a durable competitive advantage has proven elusive” for every carrier, Buffett added.

“The airline industry’s demand for capital ever since that first flight has been insatiable. Investors have poured money into a bottomless pit, attracted by growth when they should have been repelled by it.”

That’s not to say he and Berkshire Hathaway haven’t invested in aviation over the decades. But he has, more often than not, lost money in doing so.

But not our Qantas, I hear you say! It operates as the dominant player in a duopoly in Australia – how can you go wrong?

Remembering Buffett’s advice about how much capital is required to maintain an airline business, it’s worth noting that Qantas has a ridiculously ageing fleet.

Aircraft	Number that Qantas flies	Average age (years)	Qantas’ rank
Airbus A330	25	15.9	121 of 141 airlines
Airbus A380	8	13.4	9 of 10
Boeing 737 NG/Max	75	14.9	179 of 294
Boeing 787	11	4.4	23 of 73

According to airfleets.net, the average Qantas plane is 14 years old now. 

Looking specifically at the Boeing Co (NYSE: BA) 737 NG/Max and the Airbus SE (EPA: AIR) A330 that dominate its fleet, they average 14.9 and 15.9 years old respectively.

Out of 141 airlines that fly the A330, it ranks 121 for age. Of the 294 airlines that use the 737 NG/Max, Qantas operates the 179th oldest fleet.

This is horrifying stuff. 

New chief executive Vanessa Hudson will have to spend enormous amounts of capital expenditure in the coming years to bring the fleet back into shape.

This is something that seems to be glossed over in the Qantas board’s canonisation of the outgoing chief Alan Joyce. He has inflated profits by not spending enough on maintaining a modern fleet of planes.

I am not buying Qantas shares as a part of any long-term investment plan.

Motley Fool contributor Tony Yoo does not own shares in Qantas Airways Limited.

Qantas shares could be the ticket for returns

By Tristan Harrison: The Qantas share price has outperformed the S&P/ASX 200 Index (ASX: XJO) in 2023 to date and I think that can continue.

The ASX airline share has dipped since the start of May, making it cheaper for investors to buy. This decline may have coincided with the news that the CEO, Alan Joyce, is leaving and the reins are being taken over by the chief financial officer, Vanessa Hudson. I think there could be a lot of continuity with the new leader coming from within the Qantas ranks.

It’s been a few months since the last trading update, but when the company announced its FY23 half-year result it said that travel demand is expected to “remain strong throughout FY23 and into FY24”.

I think the return of tourists and Australia’s growing population will translate into more people using planes, which would be promising for Qantas earnings and the Qantas share price.

The valuation seems very reasonable to me. According to Commsec, it’s priced at just 7 times FY23’s estimated earnings and 6 times FY24’s estimated earnings. I think the Qantas share price could easily be valued 20% higher than it is today and it would still be on a single-digit price-to-earnings (P/E) ratio.

The improving balance sheet situation, as demonstrated above, could enable the business to start paying dividends in FY24 or FY25. Remember, Qantas already launched a share buyback.

By FY25, Commsec numbers suggest the ASX airline share could be paying an annual dividend per share of 21 cents. That’s a 3.3% dividend yield excluding any franking credits. 

Motley Fool contributor Tristan Harrison does not own shares in Qantas Airways Limited.

The post Qantas shares: High-flying potential or grounded expectations? appeared first on The Motley Fool Australia.

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More reading

• Rio Tinto and this ASX 200 share are strong buys: analysts
• Morgans names the best ASX 200 blue chip shares to buy in May
• Is the Qantas share price at risk over the airline’s $12 billion renewal plans?
• Why did the Qantas share price struggle in April?
• Here’s what this broker is saying about the Qantas share price

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Berkshire Hathaway. The Motley Fool Australia has recommended Berkshire Hathaway. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Looking to get in on the boosted Australia and New Zealand Banking Group Ltd (ASX: ANZ) dividend?

Then time’s running short.

The S&P/ASX 200 Index (ASX: XJO) bank stock trades ex-dividend on Monday.

Meaning if you want to grab the ANZ dividend, you need to own shares at market close today.

What kind of payout is the big four bank making?

ANZ reported its half-year results last Friday.

Among the highlights, the big four bank reported cash earnings of $3.8 billion, an increase of 12% from the corresponding six-month period.

That saw the board increase the ANZ interim dividend by 9.5% from the prior year to 81 cents per share, fully franked.

At yesterday’s closing price of $24.24, that equates to an instant yield of 3.3% from the single payout.

If you own shares when the closing bell rings today, you can expect the ANZ dividend to land in your bank account on 3 July.

The bank’s Dividend Reinvestment Plan (DRP) will be active for investors who prefer not to receive the cash payment. And there’s no limit on the number of shares that can participate in the DRP.

ANZ will neutralise the impact of the DRP by purchasing shares on market.

With CEO Shayne Elliot offering an optimistic outlook – citing “a robust capital position” and “a strong and diverse deposit base” – investors will be looking forward to the next round of ANZ dividends.

Though Elliot did caution on a potentially harder half-year ahead.

“The next six months will be more difficult than the last,” he said.

What is the ANZ dividend yield?

Atop the 81 cents per share interim dividend, ANZ shares also delivered a final dividend of 74 cents per share. That was paid out on December 15.

At yesterday’s closing price that works out to a trailing yield of 6.4%, with potential tax benefits from the franking credits.

The post Want to score the boosted ANZ dividend? You better hurry! appeared first on The Motley Fool Australia.

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More reading

• 2 ASX 200 dividend shares to buy following recent updates: brokers
• Leading brokers name 3 ASX shares to buy today
• If you invest $10,000 in ANZ shares here’s how much passive income you’ll earn
• 5 things to watch on the ASX 200 on Monday
• Is it time to buy ANZ shares after its strong results?

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought hard but fell jus short of positive territory. The benchmark index ended the day down just 3.8 points to 7,251.9 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to end the week in a subdued fashion following a mixed night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open 8 points or 0.1% lower this morning. In the United States, the Dow Jones was down 0.65% and the S&P 500 fell 0.2%, but the NASDAQ rose 0.2%.

REA third-quarter update

The REA Group Ltd (ASX: REA) share price will be one to watch today when the real estate listings company releases its third-quarter update. Expectations are high for the realestate.com.au operator. Commenting on the second half, Citi said: “[We] expect REA to deliver double digit yield growth in 2H23e/FY24e and flex its cost base if conditions are weaker than expected.”

Oil prices fall

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Woodside Energy Group Ltd (ASX: WDS) could have a poor finish to the week after oil prices fell overnight. According to Bloomberg, the WTI crude oil price is down 1.6% to US$71.39 a barrel and the Brent crude oil price is down 1.3% to US$75.38 a barrel. Concerns over the potential for an unprecedented US debt default weighed on sentiment.

Gold price drops

Gold shares Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could also have a poor finish to the week after the gold price dropped overnight. According to CNBC, the spot gold price is down 0.8% to US$2,021 an ounce. A stronger US dollar weighed on the gold price.

Allkem shares downgraded to hold

Allkem Ltd (ASX: AKE) shares may be fully valued now after yesterday’s stunning gain. That’s the view of analysts at Morgans, which have downgraded the lithium miner’s shares to a hold rating with a $14.40 price target. The broker said: “We reduce our rating to HOLD given the extremely strong share price reaction. We think the deal makes sense for AKE but there is limited fundamental upside given today’s rally.”

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why Allkem, Core Lithium, Graincorp, and Omni Bridgeway shares are racing higher
• Why Appen, CSR, Silver Lake, and Westpac shares are falling
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• 3 reasons this top broker just upgraded the Woodside share price

Motley Fool contributor James Mickleboro has positions in Allkem. 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 REA Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Thankfully for income investors, there are a good number of ASX 200 dividend stocks to choose from on the Australian share market.

To narrow things down, I have picked out two that have been named as buys by brokers recently. Here’s what they are saying about them:

Telstra Group Ltd (ASX: TLS)

The first ASX 200 dividend stock for income investors to look at is telco giant, Telstra.

A recent note out of Morgans reveals that its analysts are very positive on the banking giant. So much so, they have the company on their best ideas list. The broker believes Telstra’s outlook is much-improved and sees opportunities to unlock value through asset sales.

In addition, the broker is forecasting 17 cents per share fully franked dividends in both FY 2023 and FY 2024. Based on the current Telstra share price of $4.32, this will mean yields of 3.9% for investors.

Morgans also sees value in the company’s shares. It currently has an add rating and $4.70 price target on them.

Westpac Banking Corp (ASX: WBC)

Another ASX 200 dividend stock that has been named as a buy is big four bank Westpac.

In response to its half-year results this week, Goldman Sachs has retained its conviction buy rating with a $24.67 price target.

The broker was pleased with the results, noting that “WBC’s 1H23 cash earnings (GS basis ex-notables) from continued operations were up significantly hoh and +8% above GSe.”

And while Westpac has stepped back from its cost cutting targets, the broker still expects costs to be broadly flat in the coming years. This is a big positive in the current inflationary environment.

All in all, the broker expects this to lead to fully franked dividends of 140 cents per share in both FY 2023 and FY 2024. Based on the current Westpac share price of $21.13, this equates to yields of 6.6% in both years.

The post These ASX 200 dividend stocks are highly rated for a reason appeared first on The Motley Fool Australia.

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More reading

• Why Appen, CSR, Silver Lake, and Westpac shares are falling
• Why is the Westpac share price sinking today?
• Top broker says Telstra shares could benefit from 2023 federal budget
• 5 things to watch on the ASX 200 on Thursday
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor James Mickleboro has positions in Westpac Banking. 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 positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Westpac Banking. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you’re looking for an easy way to diversify your investment portfolio, then exchange traded funds (ETFs) could be the way to do it.

But which ETFs should you look at? Listed below are three excellent ETFs that could be worth considering in May. Here’s what you need to know about them:

BetaShares Global Cybersecurity ETF (ASX: HACK)

The first ASX ETF you might want to look at is the BetaShares Global Cybersecurity ETF. As you might have guessed from its name, this ETF provides investors with access to the growing cybersecurity sector. This means you’ll be owning cybersecurity companies such as Accenture, Cisco, Cloudflare, Fortinet, Okta, Splunk, Zscaler, Crowdstrike. As we have seen over the last 18 months, cybersecurity is becoming increasingly important and a failure to protect data can lead to significant brand damage and financial loss. This bodes well for companies in this ETF.

VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT)

Another ETF for investors to look at in May is the VanEck Vectors Morningstar Wide Moat ETF. This ETF provides investors with an easy way to invest in the type of companies that Warren Buffett buys. The ETF generally contains ~50 attractively priced companies with sustainable competitive advantages or moats. These include the likes of Alphabet (Google), Adobe, Boeing, Meta (Facebook), Kellogg Co, and Walt Disney.

VanEck Vectors Video Gaming and eSports ETF (ASX: ESPO)

A final ETF for ASX investors to look at this month is the VanEck Vectors Video Gaming and eSports ETF. This ETF gives investors easy access to a global video game market estimated to comprise almost 3 billion active gamers. Among the companies included in the fund are AMD, Electronic Arts, Nintendo, Nvidia, Roblox, and Take-Two. The fund manager, VanEck, points out that these companies are well-placed to benefit from the increasing popularity of video games and eSports.

The post 3 of the best ETFs for ASX investors to buy this month appeared first on The Motley Fool Australia.

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More reading

• Why these 2 ASX ETFs could be great options to buy for growth
• Invest like Warren Buffett with this ASX share to grow your wealth enormously
• 2 top ASX ETFs I’d buy with the goal of long-term capital growth
• 3 fantastic ETFs for ASX investors to buy in May
• 3 top quality ETFs for ASX investors to buy and hold for 10 years

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 positions in and has recommended BetaShares Global Cybersecurity ETF. The Motley Fool Australia has positions in and has recommended BetaShares Global Cybersecurity ETF. The Motley Fool Australia has recommended VanEck Vectors Video Gaming And eSports ETF and VanEck Morningstar Wide Moat ETF. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) slipped lower once more on Thursday, falling 0.05% to close at 7,251.9 points.

Weighing it down was the S&P/ASX 200 Materials Index (ASX: XMJ), which slumped 0.4% despite a ripper performance from many of the market’s lithium shares.

They surged on the back of merger news from Allkem Ltd (ASX: AKE). The lithium producer announced its intent to merge with Livent Corp (NYSE: LTHM) to create a $15.7 billion industry giant.

The S&P/ASX 200 Utilities Index (ASX: XUJ) put on an even worse performance, falling 1.1%.

But it wasn’t an endless sea of red. The S&P/ASX 200 Information Technology Index (ASX: XIJ) lifted 1.4% while the S&P/ASX 200 Communications Index (ASX: XTJ) rose 0.7%.

So, with all that in mind, let’s dive into the ASX 200 shares that outperformed all others on Thursday.

Top 10 ASX 200 shares countdown

Perhaps unsurprisingly, the index’s biggest gain in today’s session was posted by Allkem. Its share price rocketed 15.7% to close at $14.94, seemingly dragging many other ASX 200 lithium stocks along for the ride.

These shares made today’s biggest gains:

ASX-listed company	Share price	Price change
Allkem Ltd (ASX: AKE)	$14.94	15.72%
Lake Resources NL (ASX: LKE)	$0.575	12.75%
Graincorp Ltd (ASX: GNC)	$7.81	10%
Core Lithium Ltd (ASX: CXO)	$1.11	8.82%
Pilbara Minerals Ltd (ASX: PLS)	$4.78	5.05%
Sayona Mining Ltd (ASX: SYA)	$0.21	5%
Seek Ltd (ASX: SEK)	$24.37	3.79%
BrainChip Holdings Ltd (ASX: BRN)	$0.44	3.53%
Telix Pharmaceuticals Ltd (ASX: TLX)	$11.30	3.2%
Eagers Automotive Ltd (ASX: APE)	$14.46	3.14%

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Why Allkem, Core Lithium, Graincorp, and Omni Bridgeway shares are racing higher
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Top broker tips ‘scope for significant capital return’ on GrainCorp shares
• ASX lithium shares rocket higher amid Allkem merger news
• 3 ASX All Ordinaries shares rocketing over 14% on Thursday

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 recommended Seek. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Commonwealth Bank of Australia (ASX: CBA) share price may be trading meaningfully lower than its 52-week high, but that isn’t enough for one leading broker to become positive.

In fact, its analysts continue to believe that Australia’s largest bank’s shares are trading at an undeserved premium to peers.

As a result, it has responded to CBA’s third-quarter update by reiterating its sell rating.

What is the broker saying about the CBA share price?

According to a note out of Goldman Sachs, its analysts have retained their sell rating and $87.78 price target on the bank’s shares.

Based on the current CBA share price of $98.35, this implies potential downside of approximately 11% over the next 12 months.

While Goldman was pleased enough with CBA’s recent update, it hasn’t seen enough to justify its current valuation. It explains:

Overall, operational trends are broadly consistent with peers (NIMs at an inflection point with headwinds from mortgage and deposit competition; credit quality remains sound) and we struggle to justify the stock’s relative PER rating (43% premium to peers vs. 21% 15-yr average). Stay Sell rated.

Goldman then went on to name three key reasons why it think investors should be selling down CBA shares. It said:

We are Sell rated on CBA given: i) while operating trends have remained strong (evident in CBA’s above system lending growth, as well as its gain in business deposits and MFI market share), ii) NIMs seem to have peaked, which we had otherwise expected to occur in 1H24 and at a higher level, and iii) CBA, by nature of its skew towards consumer banking, is also more exposed to sector-wide headwinds such as intense mortgage price competition and adverse impacts from households experiencing higher interest burdens from still rising interest rates. Therefore, we cannot justify the 12-mo forward PER premium (ex-dividend adjusted) that CBA is trading on versus its peers (20% historic average).

The post 3 reasons the CBA share price is heading lower: Goldman Sachs appeared first on The Motley Fool Australia.

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More reading

• How to invest $5,000 in ASX shares today like Warren Buffett might
• Why is the Commbank share price smashing the banking sector today?
• Is the CBA share price running out of steam?
• 5 things to watch on the ASX 200 on Wednesday
• CBA share price slips today despite $2.6 billion cash profit

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 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 Scott Phillips.

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The Galan Lithium Ltd (ASX: GLN) share price is storming higher today.

Galan Lithium shares soared 23% to $1.27 from yesterday’s close of $1.03 in early afternoon trade. The lithium explorer’s shares have since pulled back, but are still up 19%. For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is sliding 0.44% today.

Let’s take a look at why this ASX lithium share is having such a top run.

What’s going on?

Galan Lithium shares are rising more than multiple ASX lithium shares today, but it is not the only lithium explorer in the green.

ASX lithium shares rising include:

• Pilbara Minerals Ltd (ASX: PLS), jumping 5%
• Allkem Ltd (ASX: AKE), gaining 9%
• Lake Resources N.L. (ASX: LKE), soaring 14%
• Sayona Mining Ltd (ASX: SYA), lifting 7.5%

Galan shares could be rising today amid major news from another ASX lithium player with projects in Argentina.

Galan Lithium owns two lithium brine projects in Argentina, which happen to be near the lithium operations of Livent Corp (NYSE: LTHM) and Allkem.

Allkem and Livent today announced they would merge to create a new US$10.6 billion mega lithium company.

If the deal receives regulatory and shareholder approval, Allkem shareholders would own 56% of the company while Livent would hold a 44% stake.

The new company would list on the New York Stock Exchange and maintain a foreign exempt listing on the ASX.

What’s been going on at Galan Lithium?

Galan 100% owns the Hombre Muerto West (HMW) and Candelas projects in Argentina, within the South American triangle.

Commenting on this lithium region on the company website, Galan states:

It is home to the established El Fenix lithium operations (Livent Corporation) and Sal de Vida (Allkem) and Sal de Oro (POSCO) lithium projects.

Recently, Galan Lithium announced the total resource at its HMW project has lifted to 6.6 million tonnes of lithium carbonate equivalent at 880mg/l Li.

Galan noted this is the third major resource upgrade since March 2020. Managing director Juan Pablo (JP) Vargas de la Vega said:

This latest increase in the high grade, low impurity HMW Resource highlights the potential enormity of
the brine resource that sits within Galan’s 100% owned tenements in Argentina. We have continued to
acquire tenements and continued to drill holes since our maiden resource was announced at HMW

Galan Lithium also owns the Greenbushes South lithium project in Western Australia.

Galan Lithium share price snapshot

The Galan Lithium share price has lost nearly 19% in the past 52 weeks.

This ASX lithium share has a market cap of about $375.97 million based on the last closing price.

The post Why is the Galan Lithium share price rocketing 23% today? appeared first on The Motley Fool Australia.

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More reading

• Why Allkem, Core Lithium, Graincorp, and Omni Bridgeway shares are racing higher
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• ASX lithium shares rocket higher amid Allkem merger news
• 3 ASX All Ordinaries shares rocketing over 14% on Thursday
• Why are Allkem shares rocketing 14% higher today?

Motley Fool contributor Monica O’Shea 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 Scott Phillips.

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In late trade, the S&P/ASX 200 Index (ASX: XJO) looks set to record another small decline. The benchmark index is currently down 0.1% to 7,246.7 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:

Allkem Ltd (ASX: AKE)

The Allkem share price is up 16% to $15.01. Investors have been scrambling to buy this lithium miner’s shares after it announced plans to merge with fellow industry giant Livent. This will create a $15.7 billion lithium monster with significant synergies and a collection of complementary operations.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up 8% to $1.10. As well as the above giving the whole lithium industry a boost, Core Lithium released some news of its own this morning. That news included the local government granting it approval for the BP33 underground project. BP33, which would be the second proposed mine at the Finniss Project, has a mineral resource of 10.1Mt @ 1.48% Li2O.

Graincorp Ltd (ASX: GNC)

The Graincorp share price is up almost 10% to $7.78. This morning, the grain exporter released its half-year results and upgraded its guidance for FY 2023. Graincorp now expects a full-year net profit after tax of $220 million to $260 million. This is up from its previous guidance of $180 million to $220 million.

Omni Bridgeway Ltd (ASX: OBL)

The Omni Bridgeway share price is up over 5% to $2.76. This follows the release of an announcement from the class action funder. The company revealed that it has entered into a term sheet to sell a participation in Fund 1 to Gerchen Capital Partners for an initial payment of US$38 million and a deferred fair value of the company’s retained residual interest in the Fund of US$35.7 million.

The post Why Allkem, Core Lithium, Graincorp, and Omni Bridgeway shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• Why is the Galan Lithium share price rocketing 23% today?
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Top broker tips ‘scope for significant capital return’ on GrainCorp shares
• ASX lithium shares rocket higher amid Allkem merger news
• 3 ASX All Ordinaries shares rocketing over 14% on Thursday

Motley Fool contributor James Mickleboro has positions in Allkem. 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 Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. The benchmark index is currently down 0.15% to 7,245.7 points.

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

Appen Ltd (ASX: APX)

The Appen share price is down a further 2.5% to $2.23. Investors have been selling the artificial intelligence data services company’s shares this week following the release of another disastrous update. For the first four months of FY 2023, Appen revealed that its revenue was down 21.4% to US$95.7 million and its constant currency underlying EBITDA was negative US$12.4 million.

CSR Limited (ASX: CSR)

The CSR share price is down 3% to $5.17. This appears to have been driven by the release of a couple of bearish broker notes. One of those came from Citi, which has downgraded the building materials company’s shares to a neutral rating with a $5.45 price target. Elsewhere, Macquarie has retained its underperform rating with a trimmed price target of $4.50.

Silver Lake Resources Ltd (ASX: SLR)

The Silver Lake share price is down over 4% to $1.08. This morning, the gold miner announced a new competing proposal to acquire the Leonara assets of St Barbara Ltd (ASX: SBM). SIlver Lake has increased its offer to $707 million. Investors appear to believe it could be overpaying for the assets.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is down 2.5% to $21.16. This has been driven by the banking giant’s shares trading ex-dividend this morning for its upcoming interim dividend payment. Eligible investors can now look forward to being paid this 70 cents per share fully franked dividend towards the end of next month on 27 June.

The post Why Appen, CSR, Silver Lake, and Westpac shares are falling appeared first on The Motley Fool Australia.

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More reading

• Why is the Westpac share price sinking today?
• 5 things to watch on the ASX 200 on Thursday
• Top broker tips 7 ASX 200 property-related shares to cash in on the 2023 budget
• Top brokers name 3 ASX shares to buy today
• Hoping to bag the boosted Westpac dividend? You’ll need to buy shares today

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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