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The S&P/ASX 200 Index (ASX: XJO) plummeted on Tuesday, dropping 0.92% to finish the session at 7,267.4 points.

Its day in the red came amid the Reserve Bank of Australia (RBA) board’s May meeting, wherein it hiked interest rates once more.

The official cash rate now stands 0.25% higher at 3.85% – 3.5% higher than it was this time last year when the first of what is now 11 rate hikes was implemented.

The RBA made the move despite admitting inflation has passed its peak – coming in at 7% last month.

Leading today’s tumble was the S&P/ASX 200 Real Estate Index (ASX: XRE), which fell 2.1%.

It was also a tough day for the S&P/ASX 200 Communication Index (ASX: XTJ) and the S&P/ASX 200 Energy Index (ASX: XEJ). They fell 1.8% and 1.5% respectively.

But it wasn’t all red across the boards. The S&P/ASX 200 Information Technology Index (ASX: XIJ) rose 0.02% despite the Computershare Ltd (ASX: CPU) share price dropping 4.8% after the company reaffirmed its full-year guidance.

So, with all that in mind, let’s take a look at which ASX 200 share outperformed all others in today’s session.

Top 10 ASX 200 shares countdown

The index’s biggest gains on Tuesday were posted by the Pinnacle Investment Management Group Ltd (ASX: PNI) share price. It leapt 6.1% today despite no news having been released by the company.

These shares made today’s biggest gains:

ASX-listed company	Share price	Price change
Pinnacle Investment Management Group Ltd (ASX: PNI)	$9.06	6.09%
Cleanaway Waste Management Ltd (ASX: CWY)	$2.56	5.79%
Lake Resources N.L. (ASX: LKE)	$0.47	5.62%
Telix Pharmaceuticals Ltd (ASX: TLX)	$10.78	3.06%
Graincorp Ltd (ASX: GNC)	$7.10	2.16%
Fletcher Building Ltd (ASX: FBU)	$4.37	2.1%
Healius Ltd (ASX: HLS)	$3.07	1.66%
NRW Holdings Limited (ASX: NWH)	$2.49	1.63%
Newell Brands Inc (ASX: NWL)	$13.77	1.62%
Costa Group Holdings Ltd (ASX: CGC)	$2.61	1.56%

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 Cleanaway, Graincorp, Healius, and PolyNovo shares are pushing higher today
• ‘Attractive entry point’: 2 ASX 200 dividend shares to pounce on right now
• 5 things to watch on the ASX 200 on Tuesday
• Why Perenti, Pointsbet, ResMed, and Telix shares are rising today
• A ‘big red flag’ for ASX investors to avoid at all costs

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 Netwealth Group and Pinnacle Investment Management Group. The Motley Fool Australia has positions in and has recommended Netwealth Group and Pinnacle Investment Management Group. The Motley Fool Australia has recommended Costa Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Sayona Mining Ltd (ASX: SYA) share price finished the session down 2.5% to 20 cents on Tuesday.

The S&P/ASX All Ordinaries Index (ASX: XAO) also languished in red, down 0.8% at the close.

Sayona Mining shares lost 4.8% of their value between the close on 31 March and the close on 28 April.

By comparison, the All Ords rose by 1.7%.

Funnily enough, April was actually a great month for the North American lithium and graphite producer.

Sayona Mining made three positive price-sensitive announcements, with investors pushing the share price up as a result.

But after these fits and starts, the share price kept retreating.

Let’s review.

What news did this ASX lithium share provide in April?

On 14 April Sayona announced a “substantial rise” in the estimated pre-tax net present value (NPV) of its 75% owned North American Lithium (NAL) project and Authier Lithium Project.

Its 25% project partner is Piedmont Lithium Inc (ASX: PLL).

A definitive feasibility study (DFS) revealed an NPV of $2.2 billion. This represented a big increase in the project NPV compared with NAL’s pre-feasibility study (PFS) released to the market in May 2022.

The PFS gave NAL alone a $1 billion NPV.

Sayona told investors the operation is now expected to generate estimated total net revenue of $7.6 billion with earnings before interest, taxes, depreciation, and amortisation (EBITDA) of $3.7 billion.

Sayona Mining said:

Improvements in estimated project financial returns have been driven by the accelerated restart program, increased estimated head grade of 1.04% Li2O, high initial recovery rate (70.2%) and expanded LOM average annual concentrate production of around 190,000t (up 16% compared to the PFS), together with higher spodumene concentrate pricing.

Sayona’s Managing Director, Brett Lynch, said:

This DFS demonstrates the benefits of our hub strategy in Abitibi, with NAL proving to be one of the lowest cost and highest returning investments in the lithium industry.

We are now in the process of successfully derisking the NAL operation, which will generate long‐term, sustainable returns for shareholders together with providing new jobs and investment for Québec.

The Sayona Mining share price rose by 5.3% to 21 cents on the news.

The ASX lithium share had an even better day on 17 April.

The company announced a major resource expansion for its Moblan Lithium Project to 51.4 million tonnes at 1.31% Li2O. This made the project “one of North America’s single largest lithium resources”.

Investors were thrilled and drove the Sayona Mining share price 10% higher to 22 cents.

All this buying activity made Sayona Mining one of the most heavily traded ASX shares on the day.

Then the company released its March quarter activities and cash flow report on 28 April. Investors were happy, and the Sayona Mining share price rose 5.3% from 19 cents to 20 cents.

So why did the Sayona Mining share price drop 5%?

Sayona Mining is a small-cap company with a $1.83 billion market capitalisation.

It is not yet producing any lithium, and these are the shares that lithium investors are concerned about.

They worry that the non-producers won’t be operational in time to take advantage of historically high lithium prices before a bump in supply dampens the commodity’s value further.

The lithium price is now down 70% from its record high in November 2022. This is mainly because China ceased its electric vehicle subsidies in January.

The price today is still high in a historical context, but it keeps falling. It’s down 23% over the past month.

This may go some way to explaining why the Sayona Mining share price was stuck in rangebound mode between 19 cents and 22 cents over the month of April.

A quick look at the performance of other ASX lithium shares over the past month shows a pattern.

The share prices of producers such as Allkem Ltd (ASX: AKE), Pilbara Minerals Ltd (ASX: PLS), and Core Lithium Ltd (ASX: CXO) all went up.

The share prices of explorers such as Sayona Mining and Lake Resources N.L. (ASX: LKE) went down.

Having said that, Sayona did report its first lithium production at NAL in March. It was only 70 tonnes of spodumene concentrate though — not a commercial quantity.

Its first saleable concentrate is expected to be shipped in July.

Sayona Mining share price snapshot

The Sayona share price has fallen by 37.5% over the past year.

Sayona Mining remains one of the most shorted shares on the ASX.

All this recent good news prompted my colleague Seabastian to ask, Are short sellers wrong about Sayona Mining shares?

Time will tell.

The post Why did the Sayona Mining share price sink 5% in April? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• Here are the 10 most shorted ASX shares
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Friday
• Here are the 3 most heavily traded ASX 200 shares on Thursday

Motley Fool contributor Bronwyn Allen has positions in Allkem and Core Lithium. 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) had a rough start to the morning, and it only seems to be getting worse. The ASX 200 was getting close to the breakeven line around lunchtime today. 

But the shock decision of the Reserve Bank of Australia (RBA) to resume interest rate hikes has smashed investors’ confidence this afternoon. At the time of writing, the ASX 200 has plunged a nasty 1.06% and is back down to around 7,256 points. 

But let’s not dwell too long on all of that. Instead, it’s time for a checkup of the ASX 200 shares that are currently topping the share market’s trading volume charts, according to investing.com. 

The 3 most traded ASX 200 shares by volume this Tuesday

Qantas Airways Limited (ASX: QAN)

The first ASX 200 share up for consideration today is the national carrier Qantas. So far this Tuesday, a notable 12 million Qantas shares have flown across the ASX boards. This looks to be a consequence of the big news that Qantas revealed to the markets this morning.

As we covered at the time, the airline has named current chief financial officer Vanessa Hudson as Alan Joyce’s nominated successor. Investors don’t seem too thrilled though, with Qantas currently suffering a significant 2.74% share price drop, putting the company at $6.555 a share at present.

Whitehaven Coal Ltd (ASX: WHC)

Next, we have ASX 200 coal share Whitehaven to check out. A hefty 13.58 million Whitehaven shares have been bought and sold on the ASX at this point of the trading day.

Unlike Qantas, there’s been no big news out of Whitehaven today that could explain this high volume.

But looking at the Whitehaven share price, we can see that it has indeed had a big move today. The coal miner is currently down 2.37% at $7.215 a share. That’s certainly chunky enough to result in some elevated trading volumes.

Pilbara Minerals Ltd (ASX: PLS)

Third and finally today, we have ASX 200 lithium stock Pilbara Minerals. A sizeable 19.8 million Pilbara shares have been exchanged on the ASX at this point in time. Again, this looks like a byproduct of the company’s share price movements, with no news out of Pilbara itself today.

Pilbara has had a very bouncy day indeed. The lithium stock started out strongly this morning, rising as high as $4.23 a share by mid-morning. But investors seem to have gotten a case of cold feet as the afternoon has progressed.

As it currently stands, Pilbara is down by 0.37% at $4.085 a share, but dipped as low as $4.06 earlier this afternoon. All of that bouncing around is probably the smoking gun for the high volumes on display here.

 

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

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More reading

• How might Qantas shares perform under Vanessa Hudson?
• Brokers name 3 ASX 200 blue chip shares to buy
• ASX 200 plunges as RBA surprises investors with another interest rate boost
• Why Beach, Computershare, Endeavour, and Qantas shares are dropping today
• Qantas share price falls on CEO succession news

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

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Looking for some additions to your portfolio? Listed below are two ASX 200 growth shares that have been given buy ratings by brokers.

Here’s why its analysts rate them highly:

Aristocrat Leisure Limited (ASX: ALL)

The first ASX 200 growth share to buy could be Aristocrat Leisure.

Aristocrat is one of the world’s leading gaming technology companies. It has operations spanning poker machines, mobile games, and real money gaming.

The team at Morgans is very positive on the company’s long term growth potential. The broker recently commented:

We’re optimistic about ALL’s long-term growth potential, given its superior capitalisation and strong ability to invest in the development of its land-based and digital gaming businesses. Additionally, ALL has a high cash conversion rate and ROCE, despite running a capital-light model. Additionally, ALL has ample funding for investment in online RMG, even following the recent buyback extension.

Morgans currently has an add rating and $43.00 price target on its shares.

Breville Group Ltd (ASX: BRG)

Another ASX 200 growth share that is rated as a buy is Breville. It is the leading appliance manufacturer behind brands such as Breville, Kambrook, and Sage.

Breville has been growing at a solid rate over the last decade thanks to its highly successful global expansion and product development.

The good news is that more of the same is expected by analysts at Goldman Sachs. In fact, the broker believes Breville can achieve double-digit earnings growth through to at least FY 2025. This is thanks partly to its exposure to the coffee market. It recently said:

We remain supportive of BRG’s characteristics as a high quality name in a secular growth category and believe they will be able to demonstrate revenue and EBIT CAGR of 7.6% and 11.1% over FY22-25.

Goldman has a buy rating and $22.70 price target on the company’s shares.

The post Why analysts are bullish on these ASX 200 growth shares appeared first on The Motley Fool Australia.

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More reading

• 2 ASX 200 shares I’d buy for global long-term returns
• Strengthen your ASX portfolio with these blue chip blockbusters: analysts
• Brokers say these ASX growth shares could generate big returns for investors
• Supercharge your portfolio with these 3 ASX growth shares: brokers
• These are the 10 most shorted ASX shares this 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. 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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Well, one of the big pieces of news on the ASX boards today relates to Qantas Airways Ltd (ASX: QAN) shares. The ASX 200 travel share and flag-carrying airliner announced a big development this morning regarding the CEO position. 

Qantas has been helmed by the opinion-dividing Alan Joyce since 2008. But earlier this year, Joyce announced that he would be stepping down from Qantas after 15 years at the top.

Speculation had been mounting on who would succeed Joyce ever since this news broke. Well, today, we have the answer. This morning, Qantas announced to the ASX that the airline’s present chief financial officer, Vanessa Hudson, has been tapped to replace Joyce.

But now that we have a new face to put to the Qantas name, what might this appointment mean for the Qantas share price going forward?

Can a new CEO take Qantas shares higher?

Unfortunately for Hudson, the markets don’t seem to be taking too kindly to the news of her appointment. At present, the Qantas share price has slumped a nasty 2.37%, down to $6.58 a share:

That’s a significant underperformance of the broader ASX 200, which is currently nursing a far smaller loss of 0.1%.

However, this probably doesn’t mean too much. So let’s check out the views of an expert.

According to reporting in the Australian Financial Review (AFR) this morning, RBC Capital Markets has called Hudson’s appointment “the logical choice” in replacing Joyce.

In a broker’s note, analyst Owen Birrel had this to say:

Vanessa Hudson was the logical choice, in our view. She has been involved in developing group strategy for the last five years and also led the fleet selection process in 2022 for the renewal of the domestic jet aircraft fleet…

Given the significant fleet renewal program that Qantas is undertaking through Projects Winton and Sunrise, we believe Vanessa is the most suitable and appropriate candidate to execute on the strategy that she has been heavily involved in developing.

Importantly, Vanessa has been market-facing as CFO since October 2019, which will have prepared her well for the very public role as Qantas CEO.

This echoes the comments of Qantas chair Richard Goyder, who, although obviously biased, stated this morning that “Vanessa has a deep understanding of this business after almost three decades in a range of roles both onshore and offshore, across commercial, customer and finance”.

Let’s now see how Qantas shares go when Hudson takes to the cockpit later this year.

The post How might Qantas shares perform under Vanessa Hudson? appeared first on The Motley Fool Australia.

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More reading

• Brokers name 3 ASX 200 blue chip shares to buy
• Why Beach, Computershare, Endeavour, and Qantas shares are dropping today
• Qantas share price falls on CEO succession news
• Up 21% in a year, can the Qantas share price keep flying higher?
• Why 29Metals, Allkem, Alliance, and Rio Tinto shares are falling today

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

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If you’re wanting to build a strong portfolio, then having a few blue chips in there could be a good starting point.

But which blue chip ASX 200 shares could be in the buy zone? Here are three to consider:

Goodman Group (ASX: GMG)

The first blue chip ASX 200 share to look at is Goodman Group. It is a leading integrated commercial and industrial property company.

Goodman has been growing at a consistently strong rate for many years thanks to its strategy of developing high quality industrial properties in strategic locations, close to large urban populations and in and around major gateway cities globally.

Macquarie believes that this positive form can continue and has an outperform rating and $22.61 price target on its shares.

Qantas Airways Limited (ASX: QAN)

Another blue chip ASX 200 share that has been named as a buy is airline giant Qantas.

Goldman Sachs is a big fan of the company and has been impressed with its post-pandemic transformation and is expecting strong earnings in the coming years. So much so, the broker believes “the current share price does not reflect the group’s improved earnings capacity.”

Goldman has a conviction buy rating and $8.30 price target on its shares.

Treasury Wine Estates Ltd (ASX: TWE)

A final blue chip ASX 200 share that has been named as a buy is Treasury Wine. It is one of the world’s largest wine companies and the owner of a collection of hugely popular brands such as Penfolds and Wolf Blass.

Morgans is very positive on the company and believes it is well-placed to deliver “strong earnings growth […] over the next few years.”

In light of this and its “material discount” to peers, the broker has put an add rating and $15.05 price target on its shares.

The post Brokers name 3 ASX 200 blue chip shares to buy appeared first on The Motley Fool Australia.

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More reading

• How might Qantas shares perform under Vanessa Hudson?
• Why Beach, Computershare, Endeavour, and Qantas shares are dropping today
• Qantas share price falls on CEO succession news
• Dalio says US and China ‘on brink of war’. Which ASX shares could be impacted?
• Top ASX shares to buy in May 2023

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Goodman Group and Treasury Wine Estates. 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) spent most of the day modestly in the red.

Then, at 2:30pm AEDT, the Reserve Bank of Australia (RBA) released its latest interest rate decision.

And the ASX 200 plunged 0.9% in the minutes that followed.

The RBA board announced another 0.25% increase in interest rates. That lifts Australia’s official cash rate to 3.85%.

Atop today’s cash rate hike, the RBA board also increased the interest rate on Exchange Settlement balances by another 0.25%, taking that to 3.75%.

ASX 200 investors are hitting the sell button as consensus expectations had the RBA holding fire today. Of the big four banks, only Commonwealth Bank of Australia (ASX: CBA) had forecast a rate hike.

Having paused in the tightening cycle in April, following ten consecutive interest rate hikes, this marks the 11th rate hike from the central bank since last year.

The first rate hike from the RBA in more than 12 years was delivered on 3 May 2022. At the time the official cash rate still stood at a rock bottom 0.10%.

With rates now up at 3.85%, some ASX 200 shares could come under additional pressure.

Why did the RBA opt to tighten once more?

Explaining why the board raised the cash rate again this month, RBA governor Philip Lowe said, “Inflation in Australia has passed its peak, but at 7% is still too high and it will be some time yet before it is back in the target range.”

The central bank’s target range for inflation is 2% to 3%, so indeed, it would appear ASX 200 investors might have a while to wait before interest rates begin to head lower.

Lowe noted that despite last month’s pause, the bank was determined to get inflation in check and that it will likely take several years for inflation to fall back to 3%.

The RBA is forecasting inflation to be around 4.5% in 2023 before dropping to 3% by mid-2025. Goods inflation has pulled back sharply recently. But services price inflation and rising labour costs remain a concern amid historic low unemployment levels.

And Lowe made it clear that tackling inflation remains the central bank’s primary objective, saying:

The board’s priority remains to return inflation to target. High inflation makes life difficult for people and damages the functioning of the economy. And if high inflation were to become entrenched in people’s expectations, it would be very costly to reduce later, involving even higher interest rates and a larger rise in unemployment.

ASX 200 investors may also be feeling jittery from Lowe’s admission that, “The path to achieving a soft landing remains a narrow one.”

The RBA expects the Aussie economy to keep growing, but slower than normal. It’s forecasting GDP growth of 1.25% in 2023 and “around 2% over the year to mid-2025”.

What’s ahead for ASX 200 investors?

Looking at what ASX 200 investors can expect in the months ahead, Lowe concluded:

Some further tightening of monetary policy may be required to ensure that inflation returns to target in a reasonable timeframe, but that will depend upon how the economy and inflation evolve.

He said the board will keep closely monitoring developments in the global economy, trends in household spending and the outlook for inflation and the labour market.

And as in previous statements, he stressed that the RBA “will do what is necessary” to return inflation to target.

The post ASX 200 plunges as RBA surprises investors with another interest rate boost appeared first on The Motley Fool Australia.

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More reading

• Qantas share price falls on CEO succession news
• 5 things to watch on the ASX 200 on Tuesday
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Why Scott Phillips is begging you to buy ASX shares right now!
• How did the AMP share price manage to surge 8% in April?

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

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The S&P/ASX 200 Index (ASX: XJO) has taken a tumble this afternoon after the Reserve Bank surprised the market with a rate hike. In afternoon trade, the benchmark index is down 0.85% to 7,271.6 points.

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

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price is up 5% to $2.54. This follows the release of an update from the waste management company at an investor conference. Management revealed that it continues to expect underlying EBITDA of $670 million in FY 2023. And with depreciation and amortisation expected to be approximately $370 million, the company’s EBIT is forecast to come in at $300 million.

Graincorp Ltd (ASX: GNC)

The Graincorp share price is up 2% to $7.10. This morning, Bell Potter upgraded the grain exporter’s shares to a buy rating with an $8.00 price target. It commented: “El Niño events can undermine near term earnings (i.e. FY24e), however, we see the current share price as beginning to reflect value on a through the cycle basis.”

Healius Ltd (ASX: HLS)

The Healius share price is up over 2% to $3.09. This follows the release of a broad market update. Healius revealed that it has received cash proceeds of $127 million from the sale of Montserrat Day Hospitals. It also announced a new debt covenant waiver and confirmed that it is on track to achieve consensus earnings estimates in FY 2023.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is up 1% to $1.65. This medical device company’s shares were up as much as 12% at one stage after it announced the first sales of a new product. PolyNovo has sold its advanced wound care treatment called NovoSorb MTX to two hospitals in the US. It said its first sales had “occurred faster than expected.”

The post Why Cleanaway, Graincorp, Healius, and PolyNovo shares are pushing higher today appeared first on The Motley Fool Australia.

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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 PolyNovo. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has come under pressure after a shock rate hike by the Reserve Bank. At the time of writing, the benchmark index is down 0.8% to 7,273.9 points.

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

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down almost 3% to $1.44. Investors have been selling this energy producer’s shares after oil prices tumbled overnight. Beach isn’t the only energy share falling. The S&P/ASX 200 Energy index is down 1.7% this afternoon.

Computershare Ltd (ASX: CPU)

The Computershare share price is down 5% to $21.32. This follows the release of an update from the share registry company at an investor conference today. Management has reaffirmed its earnings per share guidance for FY 2023. It seems that some investors were betting on an upgrade from Computershare.

Endeavour Group Ltd (ASX: EDV)

The Endeavour share price is down 2.5% to $6.59. Investors have been selling this drinks company’s shares following the release of its third-quarter update. Endeavour reported a 1.2% increase in retail sales and an 18.5% lift in hotels sales. This led to total third-quarter sales increasing 3.7% over the prior corresponding period.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is down 2.5% to $6.57. This morning, the airline operator announced that its long-serving CEO, Alan Joyce, would be retiring from the role later this year. Joyce will be replaced by the company’s current chief financial officer, Vanessa Hudson, when he steps down in November. The outgoing CEO has been in the role for approximately 15 years.

The post Why Beach, Computershare, Endeavour, and Qantas shares are dropping today appeared first on The Motley Fool Australia.

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• Qantas share price falls on CEO succession news
• 5 things to watch on the ASX 200 on Tuesday
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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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Core Lithium Ltd (ASX: CXO) shares have been front of mind for many investors in recent years.

The stock rocketed 320% in 2021 and another 70% in 2022. This year, however, hasn’t been so fruitful for the company’s share price – it’s fallen 5% year to date to trade at 95.25 cents today.

Still, Core Lithium has surpassed some notable milestones in 2023, and the S&P/ASX 200 Index (ASX: XJO) lithium producer still thinks its shares could make a worthwhile investment.

Here are seven reasons why the company outlined in a presentation on Tuesday.

7 reasons Core Lithium thinks you should buy its shares

It’s a producer of battery-quality lithium

Core Lithium is the baby of Australian lithium producers, having realised its maiden production of high-quality spodumene concentrate in February.

That was when Finniss Operation’s dense media separation plant was in its commissioning phase.

The company quickly sold the approximately 3,500 tonnes of material produced during the commissioning to its long-term customer Sichuan Yahua.

It’s bringing in cash

Speaking of sales, Core Lithium is officially generating cash flow.

The company recorded its first revenue event earlier this year when its maiden lithium shipment set sail.

It has since begun to bring in cash from regular shipments of ore.

It boasts offtake agreements with industry leaders

But who has been snapping up that ore? Well, that would be the company’s industry-leading offtake partners, Yahua and Ganfeng Lithium.

As previously mentioned, Yahau bought the company’s maiden production.

Both it and Ganfeng have also each signed on to buy 300,000 tonnes of spodumene concentrate over four years, with the material priced in line with the market.

It offers exposure to electric vehicles

Electric vehicles (EVs) are becoming more and more mainstream. Indeed, EVs made up more than 3% of all car sales in Australia in 2022 – a figure that grew over the course of the year, according to the Federal Chamber of Automotive Industries.

Building the batteries that power EVs demands large amounts of lithium. Thus, buying shares in Core Lithium can provide some exposure to the EV movement.

Location, location, location

Core Lithium’s flagship Finniss Operation boasts an attractive location compared to many other lithium mines.

It’s found in a tier 1 mining jurisdiction, just 88 kilometres by road to the Darwin Port where its production can be shipped to customers around the globe.

Its leaders have plenty of experience

Core Lithium believes investors would be wise to pay attention to its experienced board and management.

Looking to the top, the ASX 200 company is chaired by co-founder Greg English, who has been with the company since its inception.

CEO Gareth Manderson, meanwhile, has spent nearly three decades in the mining industry.

It has expansion potential

The final reason Core Lithium thinks ASX investors should snap up its shares is its potential for growth.

The company recently announced a 62% increase in Finniss’ mineral resource estimate on the back of last year’s exploration program.

And that could be just the beginning. Commenting last month, Manderson said:

Our exploration team returns to Finniss in 2023 with a pipeline of new and existing deposits.

The success of the 2022 exploration program is a strong endorsement of our near-doubled 2023 exploration budget [$25 million] as we target growth at the Finniss Lithium Operation.

The post 7 reasons why Core Lithium says you should buy its shares appeared first on The Motley Fool Australia.

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• Short sellers reveal 4 ways to spot dud ASX shares
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• Own Core Lithium shares? Here’s why the miner backed off its Tesla deal

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 Scott Phillips.

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