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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Nearmap Ltd (ASX: NEA)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $3.20 price target on this aerial imagery technology and location data company’s shares. The broker feels that Nearmap’s shares are undervalued based on its growth potential. Morgan Stanley believes the company can deliver a 25% increase in annual contract value and improved customer retention in FY 2022. The broker is also pleased with Nearmap’s transition from selling images to selling insights. It expects this to result in deeper customer engagement. The Nearmap share price is fetching $1.94 on Friday.

Sealink Travel Group Ltd (ASX: SLK)

A note out of UBS reveals that its analysts have commenced coverage on this travel and transport company’s shares with a buy rating and $10.50 price target. The broker is a fan of the company’s transition from a tourism-based company to multi-modal transportation operator. It feels this has improved the quality of the business and opened up global growth opportunities. The Sealink share price is trading at $8.78 today.

Telstra Corporation Ltd (ASX: TLS)

Analysts at Morgans have retained their add rating and lifted their price target on this telco giant’s shares to $4.44. According to the note, the broker was pleased with Telstra’s T25 update. It notes that the company has set itself some bold growth targets. Based on this, the broker appears to believe that this means its shares are trading at an attractive level. The Telstra share price is fetching $3.92 on Friday afternoon.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are flying around the markets today
• Acquisitions for Wesfarmers and Domain, Telstra plans to grow and Myer back in profit. Scott Phillips on Nine’s Late News
• Is the Telstra (ASX:TLS) share price in the buy zone after its T25 update?
• 5 things to watch on the ASX 200 on Friday
• The Telstra (ASX:TLS) share price has a new 52-week high. Here’s why

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. owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. and Telstra Corporation 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 0.8% to 7,400.6 points.

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

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 3.5% to $127.92. This follows a strong night of trade for the Square share price on the Nasdaq and the strengthening of the US dollar. As Afterpay is being acquired by Square in an all-scrip deal, any movements in the Square share price has an impact on the takeover price. It is the same also for the US dollar.

Anteotech Ltd (ASX: ADO)

The Anteotech share price has continued its strong run and is up a further 17% to 27.5 cents. Investors have been buying the surface chemistry company’s shares this week after it announced a distribution agreement with Ramma Dental. This is for the distribution of the EuGeni Reader platform and SARS-CoV-2 Antigen Rapid Diagnostic Test in Greece and Cyprus. Investors appear to be pricing in significant sales already.

Cettire Ltd (ASX: CTT)

The Cettire share price has jumped 15% to $3.66. This latest gain means the luxury goods ecommerce company’s shares are now up almost 650% since the start of the year. Overnight the US reported stronger than expected retail sales data. Investors may believe this bodes well for Cettire’s performance in FY 2022.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 3% to $15.10. This appears to have been driven by bargain hunters swooping in after a sharp pullback on Thursday. The clean lithium company’s shares crashed lower after announcing firm commitments for a $200 million institutional placement. These funds were raised at $13.50 per new share, which represented a discount of 15% to the Vulcan share price at the time.

The post Why Afterpay, AnteoTech, Cettire, & Vulcan shares are storming higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 tumbles but the Afterpay (ASX:APT) share price is green?
• How has the Afterpay (ASX:APT) share price performed since reporting results?
• Why Accent, Ioneer, Lifestyle Communities, & Vulcan are sinking
• The surging Cettire (ASX:CTT) share price means the company is now bigger than Kogan
• These 3 ASX Healthcare shares have surged over 10% 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. owns shares of and has recommended AFTERPAY T FPO and Cettire Limited. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Cettire 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 All Ordinaries Index (ASX: XAO) is deep in the red today, down 1% in late afternoon trading. That puts the All Ords down 0.3% since this time last week.

But not every ASX share has been sinking.

Far from it.

Below we take a look at the top performing ASX share of the week listed on the All Ords.

And with cryptocurrency fans in mind, we compare that to the week’s top performing altcoin.

An altcoin, if you’re not familiar, is any crypto other than Bitcoin (CRYPTO:BTC).

First up…

ASX uranium shares boosted by rocketing prices

The best performing ASX share this past week is Energy Resources of Australia Limited (ASX: ERA).

While it’s down 1% today, the Energy Resources share price is up an eye-popping 41% since last Friday. And this for a company with a market cap of some $1.7 billion.

The ASX uranium miner is currently trading at 47 cents per share.

Investors have been driving up the share prices of most uranium explorers as the price of the nuclear fuel is soaring. Earlier in the week uranium spot prices hit US$48 per pound. That’s a 9-year high.

Nations around the world are reconsidering uranium as a potential energy source. While there are clear radiation related concerns, including long term safe storage, uranium can provide power without carbon emissions.

News this week that Australia has inked a defence pact with the United States and the United Kingdom (dubbed AUKUS) and will eventually deploy 7 or more nuclear submarines has also sparked investor interest.

So how does the 41% 1-week gain from this leading ASX uranium share compare to the week’s top crypto?

It’s crypto by a nose

It’s a pretty tight race this week, but altcoin Avalanche (CRYPTO: AVAX) beats out the top ASX share by a nose.

Spurred on by a 9% gain today, AVAX has gained 48% over the past week. One AVAX is currently trading for US$64.81, an all-time high.

That weekly leap makes it the 13th biggest crypto in terms of market cap. The total market value is now just over US$14.3 billion.

So, what is AVAX?

CoinMarketCap defines it as, “a hard-capped, scarce asset that is used to pay for fees, secure the platform through staking, and provide a basic unit of account between the multiple subnets created on Avalanche”.

And TechCrunch has some insight into why AVAX managed to beat the top performing ASX share this week.

Yesterday it reported that:

Avalanche completed a $230 million private sale of AVAX tokens to some well-known crypto funds. Polychain and Three Arrows Capital are leading the investment.

The Avalanche Foundation completed the private sale back in June 2021 and is disclosing it today.

Avalanche said it intends to use the funds to support its ecosystem.

The post This week’s top ASX share versus top altcoin winner revealed appeared first on The Motley Fool Australia.

More reading

• A 10-fold spike in the Bitcoin (CRYPTO:BTC) price? Not so fast!
• Is there a uranium ETF listed on the ASX?
• Why are ASX uranium shares in focus today?
• Cryptocurrencies are making their way into more retiree portfolios
• Why Energy Resources of Australia, Incitec Pivot, Sydney Airport, & Talga are rising

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. 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 Australian Strategic Materials Ltd (ASX: ASM) share price is defying expectations on Friday, rallying 4.94% to $11.26 at the time of writing.

This follows a harsh sell-off across the resources sector with the S&P/ASX Materials (ASX: XMJ) down 4.17%.

Perhaps more specific to the ASM share price is the overnight performance of the VanEck Rare Earth/Strategic Metals ETF (NYSEARCA: REMX).

The global exchange-traded fund invests in companies that derive at least 50% of total revenues from the rare earths or strategic metals industries. Its top 10 holdings include ASX 200 heavyweights Orocobre Limited (ASX: ORE), Pilbara Minerals Ltd (ASX: PLS) and Lynas Rare Earths Ltd (ASX: LYC).

Unfortunately, the ETF tumbled 4.6% overnight, reflecting broader weakness across ASM’s peers and industry. The gaining ASM share price illustrates strong buying support and the stock’s ability to stand tall in a weak market.

What’s pushing the ASM share price?

Recent price-sensitive announcements include the company’s entry into the S&P/ASX 300 Index (ASX: XKO) on 3 September. ASM also released its June quarterly activities report on 28 July.

The last quarter topped everything with major achievements for the emerging rare earths and oxide producer.

ASM’s managing director David Woodall said the company was at a “critical stage” of its evolution as projects matured and major milestones were achieved.

Woodall said:

The last quarter and the period since then have been transformational for ASM, with key financial support from the Australian Government, the backing from investors for our equity raising, and the Framework Agreement with the South Korean Investing Partnership that sets us on a path to realizing our ‘mine to metal’ vision.

Woodall said ASM will be working with its Korean partners to complete the conditions of its Framework Agreement. This will ultimately provide the company with a $250 million injection to drive its Dubbo Project.

The initial Framework Agreement announcement on 21 July drove the ASM share price 12.16% higher to $8.30.

What’s happening in the renewables sector?

There’s been a lot of hype around the renewables sector. ASX-listed lithium and rare earths shares are rallying to multi-year or all-time highs.

The renewables boom is underpinned by surging spot prices.

This week, Pilbara Minerals reported an almost 100% jump in its lithium auction prices in less than two months.

Lynas’ FY21 full-year results highlighted a rising average selling price from $21.5/kg in FY20 to $29.8/kg in FY21.

ASM share price snapshot

The ASM share price is up 71% year to date and 413% on this time last year.

The post Australian Strategic Materials (ASX:ASM) share price surges 5% against tumbling resources sector appeared first on The Motley Fool Australia.

More reading

• Which ASX shares are looking to finish the week as the top movers on the ASX 300 today?
• Which ASX shares are leading the way on the ASX 300?
• Which ASX 300 shares are the biggest winners and losers today?
• The Australian Strategic Materials (ASX:ASM) share price is sliding 7% on Monday
• Which ASX shares are the top movers in the ASX 300 today?

Motley Fool contributor Kerry Sun 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 A2 Milk Company Ltd (ASX: A2M) share price is trading lower again on Friday.

In afternoon trade, the struggling infant formula company’s shares are down almost 3% to a three-month low of $5.40.

This means A2 Milk’s shares are down approximately 54% since the start of the year.

Why is the A2 Milk share price dropping again today?

Today’s weakness in the A2 Milk share price appears to have been driven by souring relations between Australia and China. This follows yesterday’s news that Australia, the UK, and the United States have formed the AUKUS alliance.

It isn’t just A2 Milk that is falling today in response to these concerns. Health supplements company Blackmores Limited (ASX: BKL) is also down by a similar margin this afternoon. It generates meaningful revenues from the China market.

And while it is worth noting that A2 Milk is a New Zealand based company, investors appear to be overlooking this due to its close ties to Australia and Australian based daigou shoppers.

What else is weighing on its shares?

The main drag on the A2 Milk share price this year has been its operating performance.

Countless downgrades, huge inventory write-offs, and a weak outlook have all had investors running to the exits.

However, one potential positive for the A2 Milk share price is that it has now dropped in line with the price target of the most bearish major broker.

According to a note out Macquarie Group Ltd (ASX: MQG) from late last month, its analysts put an underperform rating and $5.40 price target on the company’s shares.

Shareholders will no doubt be hoping that this represents the bottom for its shares. Though, whether that is the case or not, could depend largely on its annual general meeting update in November.

A much-improved performance could give its shares a boost. And vice versa if its performance has continued to deteriorate.

The post A2 Milk (ASX:A2M) share price falls 3% to 3-month low appeared first on The Motley Fool Australia.

More reading

• A2 Milk (ASX:A2M) share price rises despite bearish broker note
• Top brokers name 3 ASX shares to sell next week
• How does the A2 Milk (ASX:A2M) share price compare to the ASX 200 today?
• Why A2 Milk, Flight Centre, Medibank, & St Barbara shares are dropping
• Why the A2 Milk (ASX:A2M) share price has this leading broker’s Aussie clients scrambling

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 owns shares of and has recommended Blackmores Limited. 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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Capital returns have been a big theme on our market and a leading broker reckons this S&P/ASX 200 Index (Index:^AXJO) share could be next inline.

Companies have been handing back excess cash to shareholders over the past year. As I wrote yesterday, capital returns are expected to contribute to the $84 billion plus cashback that investors can look forward to.

The ASX 200 shares with up to $800m in extra cash

Another ASX 200 company that could be looking to deploy the cash it doesn’t need to reward shareholders would be the Insurance Australia Group Ltd (ASX: IAG) share price.

Morgan Stanley reckons the insurer could have up to $800 million in cash that is surplus to its business needs.

But this is premised on whether the insurer getting a favourable outcome in a test case relating to business interruption (BI) claims related to the COVID-19 pandemic.

Court case to test ASX insurers

IAG isn’t the only insurer facing this challenge. The QBE Insurance Group Ltd (ASX: QBE) share price is also under the same cloud.

Insurers have largely rejected claims put in by small and medium sized businesses that have lost money due to lockdowns.

The claimants are taking insurers to court, and if they win, ASX insurers could be on the hook for a very large bill.

Release of provisions key to IAG’s capital return

IAG has put aside $865 million in claims provisions. If they can convince the judge that their insurance does not cover pandemics, most or all of this could be transferred back to profit.

This will leave IAG with a lot of excess cash given that they are already have a cash buffer that is above the requirement set by APRA.

“IAG has chosen to run as high as ~1.2x CET1 in recent years, slightly above its 0.9-1.1x preferred range,” said Morgan Stanley.

But even if IAG had to pay out around 50% of its provisions in claims, Morgan Stanley believes that it will still have circa $650 million of excess capital. This is from $425 million in BI claims savings post-tax and $225 million in capital drag release.

How ASX 200 shares return cash to shareholders

However, unlike the Suncorp Group Ltd (ASX: SUN) share price, IAG is unlikely to pay a special dividend to shareholders.

In fact, it is also not likely to do a off-market share buyback like Commonwealth Bank of Australia (ASX: CBA).

“With IAG holding close to nil franking credit balance at FY21, we believe IAG will have limited ability to pay franked special dividends in the next two years. An on-market buyback is the more likely scenario,” said Morgan Stanley.

“Our earlier work also showed that there is little evidence of buybacks leading to share price outperformance in financial stocks, based on our historical buyback analysis.”

Given this, it’s hard to get too excited about the IAG share price. This is probably one reason why the broker is recommending the IAG share price as “equal weight” (equivalent to “hold”) with a $4.80 a share price target.

The post The next ASX 200 shares that could undertake a big capital return appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are flying around the markets today
• Why this fund manager sees limited growth potential for ASX 200 banks
• Use the sharp commodity sell-off to buy these ASX 200 mining shares
• What’s happening with the CBA (ASX:CBA) share price this week?
• The Soul Patts (ASX:SOL) share price is down 3% on Friday

Motley Fool contributor Brendon Lau owns shares of Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Insurance Australia 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 Lotus Resources Ltd (ASX: LOT) share price has been one to watch these past few days.

Lotus Resources shares are now changing hands at 30.2 cents each. That’s a 5.47% drop from the market open. At one stage they were down 12% to 28 cents.

Yet, shares in the minerals exploration company have soared 26% into the green over the past week. In contrast, the S&P/ASX 200 index (ASX: XJO) has only edged 0.5% higher.

Let’s take a look at what’s fuelling the Lotus Resources share price lately.

What’s happening with Lotus Resources?

Lotus Resources shares have been on the move since the company made two distinct announcements over the past few days.

Earlier this week, Lotus advised its mining and exploration licence at the Kayelekera uranium project in Malawai was successfully renewed.

This grants Lotus an additional 15 years of tenure at the site. This “provides certainty and confidence to (its) investors” that the company has the “full backing of the Government” to develop Kayelekera.

In further news that could have boosted the Lotus Resources share price, the company announced it has commenced exploration activities at its Milenje Hills rare earths project, also in Malawi.

Lotus announced that from 22 mineralised samples, high-grade rare earth oxides (REOs) came up to 16%, with “critical” REOs up to 3.4%.

As such, several planned works are set to commence at the site, comprised mainly of testing and drilling schedules.

And let’s not forget the recent rally in uranium prices that has taken place over the last month. The price of uranium has soared from US$30 per pound to more than US$49 per pound since 16 August. That’s a 63% increase in just 1 month.

Lotus Resources share price snapshot

As Lotus is an ASX resources share that produces a commodity – in this case uranium – it is considered a price taker. As such, its share price is expected to fluctuate with volatility in the broader commodity markets.

The price of uranium has shot up vertically like a hockey stick on the chart, gaining 23% over the past week alone.

Given Lotus’ position as a price taker, and this rally in uranium prices, it starts to make sense why the Lotus Resources share price has soared over the last week.

As to today’s slump, there is no market-sensitive news from the company. Therefore, the dip could be a result of profit-taking from investors or a large sell order that was completed by a large institution.

The Lotus Resources share price has climbed around 140% this year to date, and almost 200% in the past 12 months.

Both of these results have far outpaced the broad index’s return of around 25% over the past year.

The post Lotus Resources (ASX:LOT) share price plunges 5% but is still up 26% this week appeared first on The Motley Fool Australia.

More reading

• Lotus Resources (ASX:LOT) share price jumps on rare earths update
• The Lotus Resources (ASX:LOT) share price is up 35% in a week
• Why the Lotus Resources (ASX:LOT) share price is jumping 18% on Monday

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) looks like it will finish up the week in the red today. So far this Friday, the ASX 200 is down a rather nasty 0.93% to 7,391 points.

But instead of leaving you with that depressing number, let’s instead check out the ASX shares that are flying around the markets today and topping the charts in terms of trading volume so far. So here are the top 3 most traded ASX 200 shares at the time of writing, according to investing.com.

3 ASX 200 shares flying around the markets today

Whitehaven Coal Ltd (ASX: WHC)

ASX 200 coal company Whitehaven is our first share to check out this Friday. Whitehaven has, so far today, seen a hefty 16.07 million of its shares swap hands. With no major news or announcements out of the company, we can probably put this high level of trading down to what has happened to the Whitehaven share price so far today.

The company is presently down a nasty 8.06% to $2.85 a share. As my Fool colleague Zach went through this morning, this seems to have been caused by a backlash to the company’s recently approved plans to extend its Vickery coal mine.

This is almost certainly behind the large volume of Whitehaven shares that are trading today.

Telstra Corporation Ltd (ASX: TLS)

ASX 200 telco Telstra is our next ASX share to check out today. At the time of writing, a sizeable 23 million Telstra shares have been bought and sold. That’s despite an absence of any news or announcements out of the company today.

However, Telstra did have a big day yesterday, rising more than 2% at one point to hit a new 52-week high. This was in response to a new cost-cutting plan the company announced. However, today Telstra shares are retreating, down 0.63% at the present to $3.92 each. This is probably the reason behind Telstra’s presence on today’s list.

Fortescue Metals Group Limited (ASX: FMG)

And our final and most traded ASX 200 share today is the giant iron ore miner Fortescue. Fortescue has seen a whopping 29.9 million of its shares trade hands so far this Friday. This large volume is almost certainly the result of what we see today with the Fortescue share price.

The miner is currently down a significant 10.9% today so far to $15.37 a share, after hitting a new 52-week low this morning of $15.25. As the Fool covered this morning, collapsing iron ore prices, as well as concerns over the Chinese market, seems to be the primary drivers here.

The post These 3 ASX 200 shares are flying around the markets today appeared first on The Motley Fool Australia.

More reading

• Use the sharp commodity sell-off to buy these ASX 200 mining shares
• Which ASX shares are looking to finish the week as the top movers on the ASX 300 today?
• Why Fortescue, IRESS, Newcrest, & Syrah shares are tumbling lower
• Why the Whitehaven Coal (ASX:WHC) share price is tumbling 8% today
• The Soul Patts (ASX:SOL) share price is down 3% on Friday

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation 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 Creso Pharma Ltd (ASX: CPH) share price edged higher during morning trade after the company announced the launch of new e-commerce channels and its first purchase order from Poland.

The Creso share price rose by more than 8% above yesterday’s close to 13 cents, before settling back to 12 cents in mid-afternoon trade.

Creso expands market presence

According to the release, Creso advised it has increased its European market presence with the launch of an e-commerce channel and marketing campaign. The online platform will sell a range of new human health products designed for sport, health and wellness.

This marks the first time Creso has utilised an e-commerce platform to unlock a new potential revenue stream.

The platform underwent a special development process with input from potential customers, suppliers and consumers. It will initially target Swiss customers and then expand throughout Europe.

Switzerland represents a large addressable market of CHF 21 billion (A$31 billion) for sports-related activities.

Creso will undertake an active marketing campaign using direct mailouts and social media targeting consumers.

The company also announced that it has received its first purchase order from Poland. The company that placed the order is the Polish medical and pharmaceutical company, Polvet.

The order consists of Creso hemp flour-based, anibidiol granule product for pets, large companion animals and livestock. Valued at roughly $80,000, the products will be used in Polvet’s animal clinics and distributed through established channels.

Creso head of international operations Jorge Wernli commented:

Creso Pharma’s European operations continue to grow … This represents a key strategic milestone in broadening our global footprint, as well as our presence in sports and recreational markets.

We will continue to pursue growth opportunities across Europe and can now focus on both business to business and direct to consumer paths. The Company will continue to update shareholders on progress in the coming months.

About the Creso share price

This year has been challenging for Creso shareholders. The Creso share price has fallen 33% year to date and 7.7% over the past month.

Creso has a market capitalisation of approximately $144.2 million with 1.2 billion shares on issue.

The post Creso Pharma (ASX:CPH) share price lifts following two positive updates appeared first on The Motley Fool Australia.

More reading

• Creso (ASX:CPH) share price edges 4% higher following export deal
• Creso Pharma (ASX:CPH) share price jumps 16% on merger termination & NASDAQ plans
• ASX cannabis shares eyeing $63 billion in legal global sales

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 Westpac Banking Corp (ASX: WBC) share price is in the red today amid news the bank has cut its savings rates.

The big bank cut its saving rates by up to 0.5% today, as did its subsidiaries St George, Bank of Melbourne, and Bank SA.

Right now, the Westpac share price is $25.81, 0.73% lower than its previous close.

That positions Westpac as the second worst performing big four bank on Friday. The Commonwealth Bank of Australia (ASX: CBA) share price is also in the red, down 0.32%.

Meanwhile, shares in Australia and New Zealand Banking Group Ltd (ASX: ANZ) have fallen 0.79%, while those of National Australia Bank Ltd. (ASX: NAB) are bringing up the rear with a 1.13% drop.

Westpac cuts savings rates once more

The Westpac share price is struggling today amid its decision to cut its savings rates for the third time in less than 12 months.

According to Australian financial comparison business, RateCity, Westpac has cut the savings rates on its Life savings accounts by 0.5% for those aged between 18-29 years, and 0.1% for all other adults.

It has also lowered the introductory savings rate for its eSavers accounts by 0.1%.

RateCity stated Westpac has now lowered its savings rates 3 times since the Reserve Bank of Australia lowered the cash rate in November 2020.

RateCity.com.au’s research director, Sally Tindall, commented the savings rate drops, saying:

Westpac has caved to the pressure of the low-rate environment, cutting savings rates despite no move to the cash rate.

Westpac isn’t the only big bank to have cut its saving rates recently. The Commonwealth Bank cut its savings rates by up to 0.07% last month.

Westpac share price snapshot

Despite today’s dip, the Westpac share price has been performing well lately.

It has gained 31% since the start of 2021. It is also 53% higher than it was this time last year.

The post Westpac (ASX:WBC) share price slides amid further savings rates cuts appeared first on The Motley Fool Australia.

More reading

• Why this fund manager sees limited growth potential for ASX 200 banks
• What this broker thinks of the Westpac (ASX:WBC) share price
• Could liar loans crash the housing market?
• How these 4 ASX 200 bank shares have performed since reporting results
• Why this broker sees the Westpac (ASX:WBC) share price hitting $30

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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