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It has been a volatile start to the week for the S&P/ASX 200 Index (ASX: XJO). In afternoon trade, the benchmark index has given back its earlier gains and is down 0.1% to 7,398.7 points.

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

Afterpay Ltd (ASX: APT)

The Afterpay share price is down over 2.5% to $122.94. This follows a pullback in the Square share price on Friday night after weakness in the US tech sector. As Square’s takeover of Afterpay is being made in shares, any fluctuations in the Square share price impacts the value of the offer.

Chorus Ltd (ASX: CNU)

The Chorus share price has fallen 2% to $6.46. The catalyst for this decline has been the New Zealand based telco’s shares trading ex-dividend this morning for its 13.9 cents per share final dividend. Eligible shareholders can now look forward to being paid this dividend next month on 12 October.

National Australia Bank Ltd (ASX: NAB)

The NAB share price is down 1.5% to $28.05. Investors have been selling this banking giant’s shares after it was downgraded by analysts at Credit Suisse. According to the note, the broker has downgraded the bank’s shares to a neutral rating with a $28.50 price target. The broker made the move largely on valuation grounds after a strong gain.

Omni Bridgeway Ltd (ASX: OBL)

The Omni Bridgeway share price has continued its slide and is down a further 5% to $3.57. Investors continue to sell this litigation funder’s shares since the release of an update on the Brisbane Flood class action last week. Unfortunately for Omni Bridgeway, the Supreme Court of New South Wales Court of Appeal has found the remaining defendant not liable.

The post Why Afterpay, Chorus, NAB, & Omni Bridgeway shares are dropping appeared first on The Motley Fool Australia.

More reading

• ASX 200 tech shares are dragging the market on Monday
• National Australia Bank (ASX:NAB) share price dragged lower by downgrade
• Afterpay (ASX:APT) shares are up 900% since the crash. These experts still think they’re worth holding
• 5 things to watch on the ASX 200 on Monday
• These were the worst performing ASX 200 (ASX:XJO) shares last week

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. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. 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 DevEx Resources Ltd (ASX: DEV) share price is extending its month-long run on Monday.

At the time of writing, shares in the mining exploration company are trading 15% higher to 36 cents per share. The continued momentum in the company’s share price puts its monthly gain at 40%.

Despite the impressive move, there are no fresh announcements from DevEx today.

On that note, let’s take a look at what DevEx has been up to.

Busy collecting results

DevEx is an exploration company with multiple tenements covering a range of resources. Interestingly, the company is chaired by Chalice Mining Ltd (ASX: CHN) and Liontown Resources Ltd (ASX: LTR) chairman Tim Goyder.

DevEx’s exploration activities span several discovery hot spots including the Julimar Complex in Western Australia, Lachlan Fold Belt in New South Wales, and Alligator Rivers Uranium Province in the Northern Territory. However, investors have likely been snacking on two predominant themes concerning the DevEx share price recently.

Firstly, on 17 August 2021, DevEx shared its results from an air-core drilling program at its Sovereign Project. The company highlighted a 12km long mafic-ultramafic intrusion defined by its exploration results. This finding has buoyed hopes for nickel-copper-platinum exploration in the region.

DevEx share price catches uranium surge

Secondly, the strong gust behind uranium shares has likely flowed into DevEx Resource’s sails. The small-cap explorer is not alone in this. Other ASX-listed uranium players such Peninsula Energy Ltd (ASX: PEN) and Paladin Energy Ltd (ASX: PDN) are flying 20% and 15% higher respectively.

While not quite of the same calibre in terms of market capitalisation, DevEx holds exposure to uranium with the Nabarlek Project in the Northern Territory.

The company holds a tenement covering 4,700 square kilometres in the Alligator Rivers Uranium Province. The tenement covers the historical Nabarlek uranium mine which produced 24 million pounds of ore at 1.84% U₃O₈.

Due to the improving uranium market, DevEx is conducting a project-wide review of the Nabarlek Project. This statement bodes well for the DevEx share price, considering the boom in interest from uranium investors.

The post DevEx Resources (ASX:DEV) share price surges 15%, up 40% in a month. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Chorus, NAB, & Omni Bridgeway shares are dropping
• The Aristocrat (ASX:ALL) share price has hit 10 new record highs in the past month
• Why the Endeavour (ASX: EDV) share price is down 8% in 2 weeks
• Leading brokers name 3 ASX shares to buy today
• Talga (ASX:TLG) share price surges 9% on expanded partnership agreement

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has 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 Aristocrat Leisure Limited (ASX: ALL) share price has continued its miraculous run today.

Shares in the gaming technology giant soared to a new record high today after hitting a high of $49.02.

In the past month alone, shares in Aristocrat have hit 10 new record highs.

Let’s take a look at what’s been fuelling the Aristocrat share price.

What’s propelling the Aristocrat share price?

Shares in Aristocrat have managed to shrug off COVID-19 induced lockdowns and restrictions.

Although its traditional gaming machines have struggled, the gaming giant has maintained growth through its digital gaming business.  

Aristocrat’s strong performance during turbulent times was somewhat at odds with it’s recent half-year report for FY21.

For the 6 months ending 31 March 2021, the company saw its operating revenues fall 1% to $2.23 billion.

Gross profit for the half-year also decreased 3.5% to $1.13 billion.

However, Aristocrat buoyed its report by reporting an 18.4% increase in net profit after tax (NPAT) of $362.2 million.

As noted, Aristocrat cited substantial growth in its digital segment for the increase in profits.

For the first half, 54% of group revenue was generated from the company’s digital gaming business.

In addition, the company highlighted that it ranks in the top 5 mobile game players across Tier 1 western markets.

The company did not provide guidance for the full-year, however Aristocrat’s management plans to enhance its market-leading position in casino gaming operations. In addition, the gaming giant plans to drive further growth in its digital games business.

More on the Aristocrat share price

Since the start of the year, shares in Aristocrat have soared more than 50%.

By comparison, the S&P/ASX 200 Index (ASX: XJO) has only managed to claw 12% higher in 2021.

The gaming giant expects further investment and growth in its digital bookings.

Aristocrat’s user acquisition investment is expected to be above the historic range of 25% and 28% of overall digital revenues.  

The company’s growth outlook has also been supported by numerous brokers and analysts.

Recently, leading broker Citi released a bullish outlook on the company, initiating a buy rating of a $46 share price target.

Analysts noted that Aristocrat’s digital business and traditional gaming segments are pulling together.

At the time of writing, shares in Aristocrat are currently up more than 3% for the day at a record high of $48.26.

The post The Aristocrat (ASX:ALL) share price has hit 10 new record highs in the past month appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to buy today
• 3 ASX 200 (ASX:XJO) growth shares to buy
• How is the Aristocrat (ASX:ALL) share price hitting record highs during lockdowns?
• 3 fantastic ASX shares to buy in September
• 10 ASX shares we’re overweight in right now: fund

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

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The Endeavour Group Ltd (ASX: EDV) share price has slipped 8.4% in just 2 weeks despite no news posted by the company.

Along with the residents of Victoria, the ACT and New South Wales, however, Endeavour’s operations have faced enduring lockdowns as COVID-19 continues to spread through communities.

Endeavour has previously noted the negative impact lockdowns have on its business, particularly its hotel segment.

Right now, the Endeavour share price is $6.67, 0.15% lower than its previous close.

Let’s take a closer look at what could be dragging on the drinks retailer and hotel operator’s share price lately.

Why is the Endeavour share price sliding?

The last fortnight has been tough for the Endeavour share price. Here’s what might be weighing on it.

The COVID-19 lockdowns, including those that have ended over the past 14 days, have possibly impacted Endeavour’s business and perhaps, its share price movement.

Endeavour experiences a unique response to COVID-19 outbreaks as its retail segment generally performs well during lockdowns while its hotel segment suffers. The company outlined the impact of the pandemic in its financial year 2021 earnings.

Endeavour reported that the company’s hotels have been hit hard. There were just 195 days in FY21 in which all of the company’s hotels were open.

And since the start of FY22, nearly every state in the country has experienced at least one lockdown, leaving many of Endeavour’s hotels shut once more.

Sydney has been in lockdown since the end of June. Melbourne was under stay-at-home orders for 12 days in July. Then, on 6 August, it was plunged into its ongoing lockdown. The ACT’s current restrictions began on 12 August.

Meanwhile, regional Victorian and New South Wales residents had lockdown restrictions lifted just last week.

However, the Endeavour share price gained 16% between the end of June and the end of August. That could suggest the company’s stock initially responded well to the lockdowns.

It’s possible the recent drop in the Endeavour share price is reflecting a simple rebalancing by the market.

The post Why the Endeavour (ASX: EDV) share price is down 8% in 2 weeks appeared first on The Motley Fool Australia.

More reading

• ASX quarterly rebalance: A2 Milk dumped from ASX 50, Nuix kicked out of ASX 200
• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX 200 shares on Tuesday
• Endeavour (ASX:EDV) share price down 2% after maiden FY21 results announcement
• The Endeavour (ASX:EDV) share price has broken its record – again!

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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With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Aristocrat Leisure Limited (ASX: ALL)

According to a note out of Credit Suisse, its analysts have retained their outperform rating and lifted their price target on this gaming technology company’s shares to $50.30. The broker estimates that Aristocrat Leisure will pay royalties of ~$700 million to platforms such as Apple’s App Store and the Google Play Store in the current financial year. In light of this, it feels a reduction in these royalty payments due to regulatory pressures could be a big boost to its profits. The Aristocrat Leisure share price is fetching $48.22 today.

Rio Tinto Limited (ASX: RIO)

A note out of Ord Minnett reveals that its analysts have retained their buy rating but trimmed their price target on this mining giant’s shares to $150.00. The broker has reduced its iron ore forecasts and amended its earnings estimates lower to reflect this. Nevertheless, it still sees a lot of value in the Rio Tinto share price at the current level and has retained its buy rating. The Rio Tinto share price is trading at $105.98 on Monday afternoon.

Telstra Corporation Ltd (ASX: TLS)

Analysts at Goldman Sachs have retained their buy rating and lifted their price target on this telco giant’s shares to $4.40. According to the note, the broker is very positive ahead of the company’s Strategy for the Future Investor Day event this week. This strategy is expected to provide investors with an idea of its plans beyond its highly successful T22 strategy. The broker expects a continuation of the current strategy but with a tilt towards growth. The Telstra share price is fetching $3.91 today.

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

More reading

• What to watch at the Telstra (ASX:TLS) Strategy for the Future event this week
• 5 things to watch on the ASX 200 on Monday
• Leading broker says Telstra (ASX:TLS) share price is a buy
• How have ASX resources shares performed during the August 2021 earnings season?
• 3 ASX 200 (ASX:XJO) growth shares to buy

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 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 Talga Group Ltd (ASX: TLG) share price is accelerating today following a positive update from the technology minerals company.

At the time of writing, Talga shares are hovering 8.93% higher to a 3 month high of $1.525 apiece.

Talga explores electrification strategy

In today’s statement, Talga advised it has expanded the Memorandum of Understanding (MoU) with leading global technology leader, ABB.

Talga is building an ultra-low emission battery anode production facility and integrated graphite mining operation in Northern Sweden. It aims to use 100% renewable electricity to supply greener anode for lithium-ion batteries.

As such, Talga is seeking to electrify its underground mining operations once the expansion phase of its battery anode operations is reached. An electrification strategy will be studied under the extended MoU, focusing on adopting ABB’s Ability eMine solutions.

Under the framework, ABB will also provide its industrial automation and electrification expertise for Talga’s initial operation. In addition, both companies will work on a front-end engineering and design (FEED) in constructing the Vittangi Anode Project.

It is projected the commercial FEED stages will be completed around June 2022. Executive binding agreements with ABB are expected to take place following construction and operations.

Talga managing director, Mark Thompson commented:

We are very pleased to deepen our relationship with ABB in the development of what will be the largest integrated lithium-ion battery anode production facility in Europe.

The pursuit of innovation towards zero-emission mining is a goal we share with ABB, and we are excited to continue the expanded partnership towards construction of the Vittangi Anode Project and future expansions.

Talga share price summary

Since the beginning of the year, Talga shares have moved mostly sideways, posting a 6% loss for the period. However, when looking at the last 12 months, its share price has posted a 150% gain.

Based on today’s price, Talga commands a market capitalisation of roughly $460.9 million and has approximately 303 million shares outstanding.

The post Talga (ASX:TLG) share price surges 9% on expanded partnership agreement appeared first on The Motley Fool Australia.

More reading

• Why Energy Resources of Australia, Incitec Pivot, Sydney Airport, & Talga are rising
• Talga (ASX:TLG) share price lifts following drilling update

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 Woodside Petroleum Ltd (ASX: WPL) share price is lifting in intraday trade, up 1.7% to $19.59 per share.

That will come as welcome news to investors who’ve watched the Woodside share price drop by 11.22% over the past month.

What’s driving investor interest?

Woodside’s share price looks to be potentially impacted from 2 fronts today.

Firstly, energy prices continued to edge higher over the past 24 hours.

West Texas Intermediate crude rose 0.5% overnight, currently trading at US$73.22 (AU$98.95) per barrel. Just over 3 weeks ago, on 20 August, that same barrel was selling for US$65.18, or 12% below the current price.

This trend has helped place all but 1 of the 10 shares listed in the S&P/ASX 200 Energy Index (ASX: XEJ) in the green today. Overall, the ASX 200 Energy index is up 1.13% at time of writing, compared to a more muted gain of 0.09% on the S&P/ASX 200 Index (ASX: XJO).

The second factor that could be impacting the Woodside share price today is some news, reported by the Australian:

Hong Kong-based investor CKI is understood to have bowed out of the competition for a $US3bn stake in the Pluto Train 2 development in Western Australia. Bids are understood to have landed with owner Woodside Petroleum during the week starting August 30.

CKI was reportedly concerned it might not be granted Australian government approval. The Foreign Investment Review Board (FIRB) has been subjecting international investors – especially those linked with China – to greater scrutiny before approving investments in critical infrastructure assets.

The Pluto Train 2, located in Western Australia, would certainly qualify as a critical infrastructure asset. On completion, it will process gas from the offshore Scarborough gas field.

With CKI bowing out of the bidding, the Australian noted that the remaining contenders are Brookfield and Global Infrastructure Partners as well as IFM and APA.

Woodside share price snapshot

Year-to-date, the Woodside share price is down 14%. That compares to a gain of 11% posted by the ASX 200.

Over the past 5 day, its shares are flat.

The post Why the Woodside (ASX:WPL) share price is gaining today appeared first on The Motley Fool Australia.

More reading

• ASX 200 energy and materials shares are leading the market on Monday
• 5 things to watch on the ASX 200 on Monday
• September is not being kind to the Woodside (ASX:WPL) share price
• How have ASX energy shares performed during the August 2021 earnings season?
• 5 things to watch on the ASX 200 on Friday

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 Pilbara Minerals Ltd (ASX: PLS) share price is bouncing higher on Monday after hovering around 1-month lows of $2.

At the time of writing, shares in the lithium producer are up 6.34% to $2.18.

Pilbara Minerals share price rallies on record lithium prices

Lithium spot prices have continued to climb despite the Pilbara Minerals share price trading sideways since mid-August.

According to S&P Global, lithium hydroxide prices have continued to strengthen, marking an all-time high of US$20,000 metric tonne (mt) on 8 September.

“China domestic lithium carbonate prices have surged over 50% from the start of August — rising to Yuan 140,000/mt Sept. 8 from Yuan 91,500/mt Aug. 2.”

The report highlighted a bullish landscape for lithium in China, citing “… there is also very limited spot availability of cargoes, a Chinese trader said. Sellers are likely to continue raising offers for any spot cargoes, given the higher prices for lithium carbonate and spodumene as feedstock” the source added.

“Previously, the surge in prices in June was fueled by strong spot demand from Japan and South Korea on lower allocation of term contract supply volumes” another producer said.

Top things off with a bullish broker note

The Motley Fool reported this morning bullish commentary for the Pilbara Minerals share price from Macquarie Group Ltd (ASX: MQG).

Its analysts retained an outperform rating with a $2.70 target price for the lithium miner’s shares.

This was backed by its positive view for the lithium market and Pilbara Minerals’ growing production capabilities.

The broker pointed to the ramp up of its Pilgan and Ngungaju operations as major growth drivers with the ability to “support a seven-year production growth rate of around 20% per annum”.

In terms of recent production, Pilbara Minerals produced 281,098 dry metric tonnes (dmt) in FY21. And forecasts FY22 production to ramp up between 460,000 to 510,000 dmt.

The post Pilbara Minerals (ASX:PLS) share price up 6% on Monday as lithium prices hit record high appeared first on The Motley Fool Australia.

More reading

• ASX 200 energy and materials shares are leading the market on Monday
• Pilbara Minerals (ASX:PLS) share price lifts following bullish broker note
• Top brokers name 3 ASX shares to buy next week
• Here are the 3 heaviest traded ASX 200 shares this Friday
• Here are the 3 heaviest trading ASX 200 shares on Thursday

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 AGL Energy Limited (ASX: AGL) share price is setting new 52-week lows on Monday despite signing a new gas sales arrangement with Cooper Energy Ltd. (ASX: COE).

At the time of writing, shares in the energy company are down 1.06% to $6.04. However, the AGL share price clocked in its unceremonious 52-week low milestone at $5.97 apiece just after midday today. The lacklustre performance puts the AGL share price at a loss of 50.25% year to date.

New gas deal fails to ignite AGL share price

AGL investors are facing yet another disappointing share price move on Monday. Unfortunately, the market has not met AGL’s latest announcement with enthusiasm.

According to the release, Cooper Energy and AGL have entered into a new Otway Basin gas sales agreement (GSA) for all developed and uncontracted volumes. The new agreement covers output from Cooper Energy’s Casino, Henry, and Netherby wells in the Otway Basin.

Under the agreement, pricing will be consistent with the Australian Competition and Consumer Commission’s (ACCC) July 2021 gas inquiry interim report range of $6 to $8 per gigajoule for contract gas supply.

Additionally, the existing Sole GSA has been amended. As a result, the annual contract quantity has been reduced from 12 petajoules to 6 petajoules worth of gas supply per year (1 million gigajoules in 1 petajoule). At the same time, the agreement will extend a further 2 years. This takes it out to 31 December 2030 under the new terms. Unfortunately, the increased visibility hasn’t done much for the AGL share price today.

Importantly, the amendments made to the Sole GSA allow the energy company to increase the annual quantity by a maximum of 6 petajoules per year. However, the ceiling on these annual increases is capped at 30 petajoules. Meanwhile, pricing and other terms have remained unchanged.

Both the new and amended gas agreements will come into effect from 1 January 2022.

Despite the changes, AGL Energy remains Cooper Energy’s largest customer by annual contracted gas volume. Following behind is Energy Australia with 5 petajoules per year, and Alinta Energy with 2 petajoules.

Cooper Energy’s perspective

Commenting on the new gas sale arrangements, Cooper Energy managing director David Maxwell said:

We are pleased to be working closely with AGL and look forward to ongoing collaboration. The new gas sale arrangements are a further illustration of Cooper Energy taking decisive action to increase certainty and position the company for further growth.

The gas company also narrowed its sales volume guidance for FY22 on the back of the announcement. Originally, FY22 guidance was for 3.7 to 4.3 million barrels of oil equivalent. Now, the company expects somewhere between 3.7 million and 4.1 million barrels of oil equivalent.

AGL share price snapshot

The AGL Energy share price has been a major underperformer on the Australian indices this year, having posted a loss of 49.2% since 1 January. This extends the loss over the last 12 months to 58.88%. In the past month alone, AGL shares have slipped a further 18% into the red.

AGL Energy has a market capitalisation of about $3.78 billion, and has 623 million shares on issue.

The post AGL (ASX:AGL) share price slumps despite new gas agreement appeared first on The Motley Fool Australia.

More reading

• How have ASX energy shares performed during the August 2021 earnings season?
• September hasn’t been a great month so far for the AGL (ASX:AGL) share price
• AGL (ASX:AGL) share price falls amid fresh climate credentials pressure
• The AGL (ASX:AGL) share price is down 16% in a month. Here’s why
• AGL Energy (ASX:AGL) share price hits 19-year low

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

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The S&P/ASX 200 Index (ASX: XJO) is having a pretty slow start to the trading week this Monday. At the time of writing, the ASX 200 is up a sluggish 0.04% so far to 7,409 points. Arguably, one ASX sector is holding back the markets today. That would be ASX tech shares.

Even though many ASX shares are rising today, tech shares are proving to be a big drag on the overall market. While the ASX 200 is up today, the S&P/ASX All Technology Index (ASX: XTX) has gone backwards, down 0.5% at the time of writing to 3,139 points.

So let’s go through some of the All Technology Index’s major holdings.

The largest ASX tech share is presently Afterpay Ltd (ASX: APT). And Afterpay shares are helping to lead the ASX tech losses this Monday with the buy now, pay later (BNPL) company down a nasty 2.4% to $123.43 a share so far.

Xero Limited (ASX: XRO) is the second-largest share in the All Tech Index and it’s made up some ground to be down 0.17% so far today at $150.46 a share. Earlier, it was trading for $147.81.

Seek Limited (ASX: SEK) is next up and it too is in the red today, down 0.78% to $31.80 a share.

Faring worse is Appen Ltd (ASX: APX) which has lost a hefty 2.3% and now sits at $9.75 a share.

Appen’s fellow WAAAXer Altium Limited (ASX: ALU) is doing a little better, only down 0.47% to $31.56.

Zip Co Ltd (ASX: Z1P) is travelling similarly though, down 2.04% to $7.01 a share.

But WiseTech Global Ltd (ASX: WTC), another WAAAXer, is bucking the trend and is up 0.84% at $49.35 a share.

Why are ASX tech shares falling today?

It’s not exactly clear why most ASX tech shares are falling today. One possible explanation could be provided by what happened on the US markets late last week. On Friday night (our time), the tech-heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) took a pretty big hit, falling by 0.87%.

This was sparked by many of the Nasdaq’s largest holdings, which are all massive tech giants like Microsoft Corporation (NASDAQ: MSFT) and the FAANG stocks, taking a beating. This negative sentiment from America often flows over to the ASX so that could be behind today’s weakness in the tech sector.

The post ASX 200 tech shares are dragging the market on Monday appeared first on The Motley Fool Australia.

More reading

• National Australia Bank (ASX:NAB) share price dragged lower by downgrade
• ASX 200 energy and materials shares are leading the market on Monday
• ASX 200 (ASX:XJO) midday update: Sydney Airport jumps, Qantas falls
• Zip (ASX:Z1P) share price continues slide, down 13% in a month. What’s happening?
• Afterpay (ASX:APT) shares are up 900% since the crash. These experts still think they’re worth holding

Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. 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. owns shares of and has recommended AFTERPAY T FPO, Altium, Appen Ltd, Microsoft, WiseTech Global, Xero, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Altium, Appen Ltd, WiseTech Global, and Xero. The Motley Fool Australia has recommended SEEK 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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