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Now that interest rate rises may be nearing their end, could there be some relief for much-battered ASX technology shares?

Two examples that have suffered during the growth sell-off over the last 18 months are Appen Ltd (ASX: APX) and Altium Limited (ASX: ALU).

The Appen share price has lost more than 78% since its November 2021 peak, and Altium has dropped 18.5% from the end of 2021.

So if you were a bargain hunter, which one’s the better buy?

Appen struck badly by the spicy flu 

As an artificial intelligence data provider, one would imagine Appen would be riding high on the current hype for that theme.

Unfortunately, the COVID-19 pandemic was the worst thing that could have hit the Sydney company.

The big tech companies that were Appen’s major customers all cut back on spending and the business has not recovered since. Revenue has stalled and a profitable business has switched to a loss-making one.

The total plunge in the Appen share price since its August all-time daily high amounts to 93.5%.

An update to the market on Wednesday did not flatter either.

“​​Appen continues to face headwinds from the broader technology market slowdown. As a result, we expect revenue to decline materially in FY23 compared to FY22.”

However, it did announce a cost cutting and “revenue diversification” drive to improve the business.

Altium turning it around after a hiccup

Believe it or not, Altium has been around since the 1980s making software for designing printed circuit boards.

While the share price has been skittish, it didn’t suffer as much as Appen when the pandemic hit.

Its pains came more from its transition from selling one-off licences to customers to a subscription model.

So while revenue went backwards for the 2021 financial year, growth has returned since.

The Altium share price is up more than 7% year to date, and 23.5% over the past 12 months.

The great positive for its outlook is that circuit boards don’t look like fading into obsolescence any time soon.

Betashares manager Libby Hopper last month declared Altium as one of Australia’s “under the radar success” stories.

“Altium stands to benefit from increased advancements in and adoption of key technologies such as robotics, artificial intelligence as well as electric and autonomous vehicles,” she said.

“Altium has subsequently reaffirmed its guidance for the 2023 financial year, with total revenue anticipated to rise between 15% to 20% to approximately US$255 to 265 million.”

The verdict

While there are reasons to be optimistic about each of these tech shares from this point on, my current pick to buy is Altium.

It seems to be the safer pick for future growth with all its fundamentals heading in the right direction.

Appen, unfortunately, will require much to go right both within and outside the company for investors to flock back to the stock.

The post Better ASX tech share to buy now that the Nasdaq bear market is over: Altium or Appen? appeared first on The Motley Fool Australia.

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More reading

• Why Appen, Bank of Queensland, Kogan, and Mayne Pharma shares are dropping
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Are Appen shares finally cheap enough to buy following today’s nosedive?
• Appen share price crashes 22% amid ‘materially’ declining revenue
• 2 exciting ASX growth shares I’d buy and hold to 2030

Motley Fool contributor Tony Yoo 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 Altium and Appen. 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 Wednesday, the S&P/ASX 200 Index (ASX: XJO) had another subdued session and edged into the red. The benchmark dropped 0.1% to 7,255.7 points.

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

ASX 200 expected to fall

The Australian share market is expected to have a subdued session on Thursday despite the reasonably strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 13 points or 0.2% lower this morning. In the United States, the Dow Jones was down 0.1%, but the S&P 500 rose 0.45% and the NASDAQ jumped 1%. A lower than expected US inflation reading boosted stocks.

Allkem to merge with Livent

The Allkem Ltd (ASX: AKE) share price will be on watch today after the miner announced plans to merge with lithium giant Livent. Allkem, which was formed through the merger of Galaxy Resources and Orocobre, will combine with Livent in an all-stock merger of equals creating a US$10.6 billion (A$15.7 billion) lithium monster. The release suggests that the agreement values Allkem shares at $13.54 per share. However, recent share price movements could mean a much higher valuation.

Oil prices fall

ASX 200 energy shares Beach Energy Ltd (ASX: BPT) and Santos Ltd (ASX: STO) could have a tough session after oil prices fell on Wednesday night. According to Bloomberg, the WTI crude oil price is down 1.2% to US$72.83 a barrel and the Brent crude oil price is down  1% to US$76.67 a barrel. A surprise increase in U.S. inventories weighed on prices.

Westpac shares go ex-dividend

The Westpac Banking Corp (ASX: WBC) share price is likely to trade lower on Thursday. That’s because the banking giant’s shares are going ex-dividend this morning for its fully franked interim dividend of 70 cents per share. Eligible shareholders can look forward to receiving this dividend towards the end of next month on 27 June.

Gold price edges lower

ASX 200 gold shares Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a soft session after the gold price edged lower overnight. According to CNBC, the spot gold price is down 0.3% to US$2,036.4 an ounce. Gold fell despite the release of US inflation data boosting Fed rate-hike pause bets.

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

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More reading

• Allkem share price on watch amid $15.7b mega lithium merger with Livent
• Here are the top 10 ASX 200 shares today
• Why Appen, Bank of Queensland, Kogan, and Mayne Pharma shares are dropping
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Liontown share price cracks yet another all-time high on Wednesday

Motley Fool contributor James Mickleboro has positions in Allkem and 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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Brokers have been busy in recent weeks adjusting their forecasts and recommendations to reflect recent market updates.

Two ASX 200 dividend shares that have fared well are listed below. Here’s why brokers think income investors should be buying these shares:

ANZ Group Holdings Ltd (ASX: ANZ)

The first ASX 200 dividend share that has just been tipped as a buy is banking giant, ANZ.

The team at Citi has been running the rule over its half-year results and has reaffirmed its view that ANZ is the broker’s top pick in the sector.

Citi has a buy rating and $26.50 price target on its shares.

The broker commented that it sees “ANZ’s unique capabilities as set to deliver relative outperformance in the current market conditions. ANZ is our preferred Major Bank exposure.”

As for dividends, Citi is forecasting fully franked dividends of 164 cents per share in FY 2023 and then 166 cents per share in FY 2024. Based on the current ANZ share price of $24.11, this will mean yields of 6.8% and 6.9%, respectively.

Rio Tinto Ltd (ASX: RIO)

Another ASX 200 dividend share that has been given the thumbs up following a recent update is mining giant Rio Tinto.

Goldman Sachs remains very bullish on the miner and has kept it on its conviction list with a buy rating and $136.20 price target. The broker highlights Rio Tinto’s “compelling relative valuation vs. peers” and “strong FCF.”

Its analysts expect the latter to support some very big dividend yields in the coming years.

Goldman is expecting fully franked dividends per share of US$5.36 (A$8.07) in FY 2023 and then US$4.68 (A$7.05) in FY 2024. Based on the current Rio Tinto share price of $110.92, this will mean yields of 7.3% and 6.35%, respectively.

The post 2 ASX 200 dividend shares to buy following recent updates: brokers appeared first on The Motley Fool Australia.

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More reading

• Rio Tinto and this ASX 200 share are strong buys: analysts
• 5 reasons Rio Tinto shares could surge 21%
• 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
• Brokers say these ASX 200 mining shares are top buys

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 Allkem Ltd (ASX: AKE) share price will be one to watch closely on Thursday.

That’s because the lithium miner released a major announcement after the market close yesterday.

Why is the Allkem share price on watch?

It might be a case of déjà vu for longer term shareholders after Allkem announced an agreement to merge with lithium giant Livent Corp (NYSE: LTHM).

According to the release, Allkem, which was formed via the merger of Galaxy Resources and Orocobre, plans to combine with Livent in an all-stock merger of equals to create a US$10.6 billion (A$15.7 billion) leading global lithium chemicals producer.

Management expects the transaction to close by the end of calendar year 2023, subject to approvals. After which, upon closing, Allkem shareholders will own approximately 56% of “NewCo” and Livent shareholders will own the balance.

NewCo will have a primary listing on the NYSE and maintain a foreign exempt listing on the ASX.

Why merge?

The release highlights that the merger will combine a highly complementary range of assets, growth projects, and operating skills across extraction and processing under a vertically integrated business model with the scale and expertise to meet the rapidly growing demand for lithium chemical products.

It also highlights that the proximity of certain assets in Argentina and Canada means that significant cost synergies and capex savings, in addition to other anticipated commercial synergies, are expected to be realised from the opportunity to co-develop and de-risk future expansion projects and operations.

NewCo’s run-rate operating cost synergies are estimated to be approximately US$125 million (pre-tax) per annum from SG&A, asset optimisation, and logistics and procurement savings. In addition to operating synergies, NewCo is expected to realise approximately US$200 million in one-time capital expenditure savings.

‘Transformational’

Allkem’s CEO, Martín Pérez de Solay, commented:

The combination of Allkem and Livent is transformational with compelling strategic logic and marks a significant milestone in our efforts to grow the company. We are bringing together two highly complementary businesses to create a leading global lithium chemicals company, building on Allkem’s demonstrated track record of integration.

The vertically integrated NewCo will improve delivery of high-quality, value-added products to our diverse customer base and unlock material synergies. The combination brings together teams with strong expertise in project development, product innovation, and marketing, and sets us up for a faster and de-risked delivery of the next phase of our growth. I believe Allkem shareholders will realize significant benefits from the Transaction as the business transforms into a truly global player with listings in the US and Australia.

What does the transaction mean for Allkem shares?

The release highlights that the transaction implies a premium of approximately 14% to Allkem shareholders measured using volume weighted average share prices over the one-month period from April 10 to May 9, 2023.

This premium is calculated assuming Allkem shareholders contribute their shares to the merged entity at an implied price of A$13.54 per share, calculated using the Livent one month volume average weighted price over the same period of US$21.81 (A$32.17), the agreed exchange ratio of 2.406 NewCo shares per Livent share, and the daily USD:AUD foreign exchange rates over the period.

However, it is worth highlighting that both the Allkem share price and the Livent share price have risen meaningfully from these averages.

At the time of writing, the Livent share price is fetching US$25.05 (A$36.95), which based on that exchange ratio, implies a value of approximately A$15.36 for Allkem shareholders. Based on the current Allkem share price of $12.91, this represents an 18% premium.

The post Allkem share price on watch amid $15.7b mega lithium merger with Livent appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• What’s with ASX 200 lithium stocks today?
• Add these ASX growth stocks to your portfolio today: analysts
• Why did ASX lithium shares dominate the market on Friday?
• Here are the top 10 ASX 200 shares today

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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It may have been a reasonably disappointing session for the All Ordinaries Index (ASX: XAO), but the same cannot be said for a couple of the index’s constituents.

Two ASX All Ords shares in particular stood out and were glowing a very bright green during today’s trade. Here’s what happened:

Deep Yellow Limited (ASX: DYL)

The Deep Yellow share price was up as much as 16% to a high of 65 cents on Wednesday despite there being no news out of the company.

However, as you can see on the chart below, the Deep Yellow share price is still down materially from its highs of last year.

Lotus Resources Ltd (ASX: LOT)

The Lotus Resources share price was another very strong performer on Wednesday, rising up to 18% to 22 cents at one stage.

Once again, this was despite there being no news out of the company.

So why are these ASX All Ords shares rocketing higher?

Well, recording very strong gains today is not the only thing the two ASX All Ords shares have in common. They both also provide investors with exposure to uranium.

And with analysts at Bank of America saying that there’s a bull market underway in uranium, investors appear to have been jumping in feet-first today.

This bull market looks set to be underpinned by governments around the world announcing or confirming commitments to include nuclear in their energy portfolios.

This is in an effort to create energy independence, as well as reduce their carbon footprint.

All this bodes well for Deep Yellow and Lotus Resources as they look to develop their uranium operations.

The good news for shareholders of Deep Yellow is that one leading broker appears to believe that more gains could be on the way.

Analysts at Bell Potter currently have a speculative buy rating and $1.05 price target on its shares. This implies over 60% upside for investors even after today’s heroics.

The post 2 ASX All Ords shares booming over 16% on Wednesday appeared first on The Motley Fool Australia.

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• Why Best & Less, Deep Yellow, Mirvac, and Syrah shares are falling today

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 S&P/ASX 200 Index (ASX: XJO) slumped on Wednesday, dropping 0.12% to close at 7,255.7 points.

Its day in the red came on the back of the 2023 federal budget, delivered on Tuesday night.

It included $14.6 billion of spending aimed at easing cost-of-living pressures. However, that might have increased the likelihood of further interest rate hikes, as my Fool colleague Bernd reports.

Back to the bourse, and the S&P/ASX 200 Health Care Index (ASX: XHJ) posted today’s biggest gain, lifting 1%.

But most sectors traded lower in today’s session. The S&P/ASX 200 Financials Index (ASX: XFJ) fell hardest, sliding 0.5%.

Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) and the S&P/ASX 200 Materials Index (ASX: XMJ) both dropped 0.3%.

Interestingly, however, it was an ASX 200 energy stock that led the market higher on Wednesday. Let’s take a look at today’s top performers.

Top 10 ASX 200 shares countdown

Uranium producer Paladin Energy Ltd (ASX: PDN) took out today’s top spot. Its share price gained 8.4% to close at 71 cents.

These shares made today’s biggest gains:

ASX-listed company	Share price	Price change
Paladin Energy Ltd (ASX: PDN)	$0.71	8.4%
Monadelphous Group Ltd (ASX: MND)	$13.30	3.5%
Telix Pharmaceuticals Ltd (ASX: TLX)	$10.95	3.3%
Lynas Rare Earths Ltd (ASX: LYC)	$7.57	3.27%
Life360 Inc (ASX: 360)	$5.68	2.9%
BrainChip Holdings Ltd (ASX: BRN)	$0.425	2.41%
Graincorp Ltd (ASX: GNC)	$7.10	2.16%
Core Lithium Ltd (ASX: CXO)	$1.02	2%
Ipd Education Ltd (ASX: IEL)	$27.15	1.91%
Incitec Pivot Ltd (ASX: IPL)	$3.27	1.87%

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 Dicker Data, Ioneer, Monadelphous, and Weebit Nano shares are rising
• Why Appen, Bank of Queensland, Kogan, and Mayne Pharma shares are dropping
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Liontown share price cracks yet another all-time high on Wednesday
• Top broker tips 7 ASX 200 property-related shares to cash in on the 2023 budget

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 positions in and has recommended Idp Education and Life360. The Motley Fool Australia has recommended Idp Education. 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) is having another underwhelming session on Wednesday. In late trade, the benchmark index is down 0.2% to 7,247.2 points.

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

Dicker Data Ltd (ASX: DDR)

The Dicker Data share price is up 6% to $8.82. This follows the release of the computer hardware and software distributor’s first-quarter update. For the three months ended 31 March, Dicker Data delivered a 14.7% increase in total revenue to $772.3 million and 6.7% lift in net profit before tax to $25.4 million.

Ioneer Ltd (ASX: INR)

The Ioneer share price is up 8.5% to 38.5 cents. This morning, this emerging lithium-boron producer announced a commercial offtake agreement partnership with Dragonfly Energy Holdings Corp (NASDAQ: DFLI). The agreement between the two Nevada-based companies is expected to provide Dragonfly with a domestic supply of lithium carbonate, a critical component in lithium iron phosphate battery cells.

Monadelphous Group Ltd (ASX: MND)

The Monadelphous share price is up 3% to $13.27. This appears to have been driven partly by a reasonably positive broker note out of Citi. According to the note, the broker has taken its sell rating off the engineering company’s shares and upgraded them to a neutral rating with an improved price target of $12.80.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is up 8.5% to $7.57. This is despite there being no news out of the semiconductor company. This appears to have been driven by day traders and message board hype. Time will tell if Weebit Nano is yet another meme stock that investors eventually get burned with, but I wouldn’t bet against that happening.

The post Why Dicker Data, Ioneer, Monadelphous, and Weebit Nano shares are rising appeared first on The Motley Fool Australia.

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More reading

• Here’s why this ASX tech share is storming 6% higher on Wednesday
• These ASX income shares have very big forecast dividend yields
• 3 ASX lithium shares to buy right now: Wilsons
• 3 ASX 300 shares being bought up by insiders
• Brokers say buy these ASX dividend stocks for their big fully franked yields

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 Dicker Data. The Motley Fool Australia has positions in and has recommended Dicker Data. 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. At the time of writing, the benchmark index is down 0.2% to 7,251.1 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 27% to $2.33. Investors have been hitting the sell button in a panic after the artificial intelligence data services company released 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. The latter compares to positive EBITDA of $7.9 million a year earlier.

Bank of Queensland Ltd (ASX: BOQ)

The Bank of Queensland share price is down 4.5% to $5.64. This has been driven by the regional bank’s shares trading ex-dividend this morning for its interim dividend. Eligible shareholders can now look forward to being paid this fully franked 20 cents per share dividend on 1 June.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 4% to $4.29 despite there being no news out of the struggling online retailer. However, it is worth noting that Kogan was recently named among a group of companies that Jarden thinks could suffer from Amazon’s rampant rise in Australia.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is down 9% to $3.74. This follows the release of an investor update this morning. Management warned that it now expects its key Nextstellis product to achieve its breakeven weekly run rate in the United States in the first half of 2024. However, it was pleased with the performance of the whole portfolio, which it notes is delivering steady revenue growth and positive contribution margin.

The post Why Appen, Bank of Queensland, Kogan, and Mayne Pharma shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Are Appen shares finally cheap enough to buy following today’s nosedive?
• Liontown share price cracks yet another all-time high on Wednesday
• Top broker tips 7 ASX 200 property-related shares to cash in on the 2023 budget
• ASX 200 stock Technology One halted following cyber attack

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 Appen and Kogan.com. The Motley Fool Australia has positions in and has recommended Kogan.com. 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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Sadly, it’s been another red day for the S&P/ASX 200 Index (ASX: XJO) so far this Wednesday, albeit a mild one. Following yesterday’s loss, the ASX 200 has slipped again today, with the index currently down by 0.23%, putting it at just under 7,250 points. 

Let’s now delve deeper into this anaemic performance by checking out the ASX 200 shares that are topping the share market’s trading volume charts at present, according to investing.com. 

The 3 most traded ASX 200 shares by volume this Wednesday

Appen Ltd (ASX: APX)

First up today is ASX 200 tech stock Appen. So far this Wednesday, a decent 13.44 million Appen shares have been exchanged on the ASX. Unfortunately for investors, this volume is almost certainly a result of the devastating 26% loss the company is nursing right now.

Yep, Appen shares closed at $3.19 yesterday, but are currently down to $2.36. This follows the company releasing a trading update. This revealed the company has recorded a drop in revenues of 21.4% over the first four months of FY2023, as well as a 24.7% slide in gross profits.

Pilbara Minerals Ltd (ASX: PLS)

Next up, we have ASX 200 lithium share Pilbara Minerals to check out. A hefty 14.58 million Pilbara shares have been bought and sold so far this session. We haven’t had any fresh news out of Pilbara today that might explain this volume.

So it’s probably a result of the company’s share price movements themselves. Pilbara is indeed having a tough one today. While not as devastating as the Appen experience, this lithium leader has still shed a notable 2.24% so far today, putting Pilbara down to $4.58 a share.

Paladin Energy Ltd (ASX: PDN)

Last, but certainly not least in terms of trading volumes, we have ASX 200 uranium share Paladin Energy to consider. In this case, it seems another large share price movement is responsible for this elevated volume – some 20.35 million shares thus far. But luckily for Paladin shareholders, it is one going in the opposite direction to Pilbara and Appen. The Paladin share price is on fire today, currently up by almost 8% at 71 cents a share.

That’s despite no news out of this company today either. However, investors seem to have been flooding into this company for the past week, following the release of a corporate presentation back on 4 May. Since then, Paladin has gained more than 14%.

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

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More reading

• Are Appen shares finally cheap enough to buy following today’s nosedive?
• Liontown share price cracks yet another all-time high on Wednesday
• Top broker tips 7 ASX 200 property-related shares to cash in on the 2023 budget
• ASX 200 stock Technology One halted following cyber attack
• Appen share price crashes 22% amid ‘materially’ declining revenue

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 positions in and has recommended Appen. 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 Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) share price reached a new 52-week high earlier today, going above $32 and hitting $32.08.

Investment conglomerate is known for owning a large portfolio of different assets including small-cap ASX shares, blue-chip ASX shares, property, debt, private businesses and a portfolio of shares where it owns large stakes.

It’s those large stakes that could be a key driver of the Soul Pattinson share price rising by 15% since 20 March 2023.

Investments increase

Some of Soul Pattinson’s biggest investments include its 12.8% stake in telecommunications provider TPG Telecom Ltd (ASX: TPG) and the 43.1% it owns in building products business Brickworks Limited (ASX: BKW).

Since 6 April 2023, the Brickworks share price has gone up by 9.5%.

From 28 March 2023 to now, the TPG share price has risen by 18%.

These were two of the three biggest investments within the Soul Pattinson portfolio at 31 January 2023.

Some of its other largest investments have risen over the last month or two. For example, the Tuas Ltd (ASX: TUA) share price has gone up by around 40% since 20 March 2023, the Macquarie Group Ltd (ASX: MQG) share price has risen by 6.25% since 27 March 2023 and the CSL Limited (ASX: CSL) share price has gone up 8.9% from 14 March 2023.

The Soul Pattinson share price can benefit from these gains because it increases the underlying portfolio value.

The business said that it had a total net asset value (NAV), pre-tax, of $10.5 billion at 31 January 2023. The NAV could have risen further since then.

What next for the Soul Pattinson share price?

The performance of Soul Pattinson shares could come down to a mixture of how the underlying NAV performs and what investors are willing to pay for that NAV.

When the investment business released its FY23 half-year result, it said that in February 2023, the total portfolio outperformed the All Ordinaries Accumulation Index (ASX: XAOA) as its defensive portfolio settings “gain traction” in the current market.

It noted it has “strong” cash reserves and an active pipeline of investments under consideration. The business is looking to deploy that money into “robust, defensible models and uncorrelated assets.” The company believes that having a long-term view assists in investing through market volatility.

Soul Pattinson share price snapshot

Since the start of 2023, Soul Pattinson shares have risen by around 18%.

The post Why did the Washington H Soul Pattinson share price just smash a new 52-week high? appeared first on The Motley Fool Australia.

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More reading

• How my ASX share portfolio is ready for a stock market crash
• Top defensive ASX shares to buy in May 2023
• 2 ASX dividend income beasts with impressive payout records
• My 5-step plan to achieving $500 in monthly passive income
• Worried about the market? 2 ASX dividend stocks that could help you sleep at night

Motley Fool contributor Tristan Harrison has positions in Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Brickworks, CSL, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has positions in and has recommended Brickworks, Macquarie Group, and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Tpg Telecom. 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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