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On Tuesday the S&P/ASX 200 Index (ASX: XJO) was out of form and tumbled lower. The benchmark index ended the day at 0.45% lower at 7,252.2 points.

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

ASX 200 futures pointing higher

The Australian share market looks set to storm higher on Wednesday following a strong night on Wall Street. According to the latest SPI futures, the ASX 200 is expected to open the day 55 points or 0.8% higher. On Wall Street, the Dow Jones rose 1.6%, the S&P 500 climbed 1.5%, and the Nasdaq stormed 1.6% higher.

Quarterly updates

Beach Energy Ltd (ASX: BPT) and South32 Ltd (ASX: S32) shares will be ones to watch this morning when they hand in their quarterly updates. The latter is expected to have been benefitting greatly from a strong rise in aluminium prices.

Oil prices rebound

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could be on the rise on Wednesday after oil prices rebounded overnight. According to Bloomberg, the WTI crude oil price is up 1.4% to US$67.32 a barrel and the Brent crude oil price is up 1.5% to US$69.54 a barrel. Traders were buying oil on the belief it had been oversold.

JB Hi-Fi shares fully valued

The JB Hi-Fi Limited (ASX: JBH) share price could be fully valued according to analysts at Goldman Sachs. According to a note, the broker was pleasantly surprised by the retail giant’s update. However, Goldman believes the current sales and margin strength is unsustainable and expects earnings declines in FY 2022 and then FY 2023. The broker has a neutral rating and $49.40 price target on its shares.

Gold price edges higher

Gold miners Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) will be on watch after the gold price edged higher. According to CNBC, the spot gold price is up 0.1% to US$1,810.60 an ounce. Surging COVID-19 cases across the world could be supporting the safe haven asset.

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

More reading

• ASX 200 drops, ANZ up and Afterpay rises
• Why the Elders (ASX:ELD) share price is outperforming today
• Here’s why the Beach Energy (ASX:BPT) share price is in the red today
• Why BHP, HUB24, Qantas, & Santos shares are dropping today
• Here are 3 of the ASX 200’s most heavily traded shares on Tuesday

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 Bruce Jackson.

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Exchange traded funds (ETFs) continue to grow in popularity with investors and it certainly isn’t hard to see why.

As well as being an easy way to invest your hard-earned money, they provide investors with opportunities that were unattainable a decade ago.

But given the many options, it can be difficult to decide which ones to buy ahead of others. With that in mind, I have picked out three ETFs that are highly rated right now. They are as follows:

BetaShares Global Cybersecurity ETF (ASX: HACK)

The first ETF to look at is the BetaShares Global Cybersecurity ETF. With cybersecurity continuing to grow in importance for personal and business use, demand for cybersecurity services is increasing and shows no sign of slowing. Particularly given some high profile cyber attacks in recent months. The BetaShares Global Cybersecurity ETF gives investors exposure to this trend by providing access to the leading players in the global cybersecurity sector. This means you’ll be buying a slice of companies such as Accenture, Cisco, Cloudflare, Crowdstrike, and Okta.

The index the fund tracks has generated a return of 23% per annum over the last five years.

iShares S&P 500 ETF (ASX: IVV)

Another ETF for investors to look at is the iShares S&P 500 ETF. It aims to provide investors with the performance of the famous S&P 500 Index, before fees and expenses. This means investors will be buying a slice of the top 500 U.S. stocks through a single investment. Blackrock believes this can be useful for investors seeking to diversify internationally and looking for long-term growth opportunities for a portfolio. Among the companies included in the fund are Amazon, Apple, Berkshire Hathaway, Facebook, JP Morgan, Johnson & Johnson, Microsoft, and Tesla.

The iShares S&P 500 ETF has provided investors with a return of 17.2% per annum since 2016.

VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT)

A final ETF to consider is the VanEck Vectors Morningstar Wide Moat ETF. This ETF gives investors access to a diversified portfolio of companies with sustainable competitive advantages and fair valuations. These are traits that Warren Buffett looks for when he picks his investments. At present, there are a total of 49 US based stocks in the fund. This includes Amazon, Bank of America, Berkshire Hathaway, Intel, McDonalds, Microsoft, Philip Morris, and Yum Brands.

The index the VanEck Vectors Morningstar Wide Moat ETF tracks has generated a return of 19.6% per annum over the last five years.

The post 3 high quality ETFs for ASX investors 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. owns shares of and has recommended BETA CYBER ETF UNITS. The Motley Fool Australia owns shares of and has recommended BETA CYBER ETF UNITS. The Motley Fool Australia has recommended VanEck Vectors Morningstar Wide Moat ETF and iShares Trust – iShares Core S&P 500 ETF. 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) fell by around 0.5% today to 7,252 points.

Here are some of the highlights from the ASX:

Afterpay Ltd (ASX: APT)

The Afterpay share price went up around 1.6%. Afterpay, the buy now, pay later business revealed its money app that it plans to officially launch later this year.

This new money app is going to be called ‘Money by Afterpay’ which will begin its roll out today with an Australian staff pilot, with a full Australian customer launch expected in October 2021.

Afterpay’s money app will offer one daily account with a physical debit card, digital wallet offerings and the ability to make and receive real time payments. This app will be offered with no fees.

It will also come with the ability to open up to 15 different savings accounts with an interest rate of 1% per annum.

The Afterpay executive vice president of new platforms, Lee Hatton, said:

We’ve built upon the trust and love of the Afterpay brand to bring Gen Z and Millennials a money and lifestyle app that’s truly built for them. Combining money management with the BNPL offering will allow us to help customers spend, save and play just by using money as their primary app.

The first release in July is just the beginning for us. We will deliver new and unique features to customers consistently throughout the year and we’ll be nimble enough to quickly act on feedback in near real-time.

JB Hi-Fi Limited (ASX: JBH)

One of the top-performing shares in the ASX 200 today was the electronics retailer.

It released its fourth quarter sales update as well as expectations of its profit numbers for FY21.

In the quarter ending 30 June 2021, JB Hi-Fi Australia saw total sales drop 8.2%, in New Zealand total sales rose 46.9% and The Good Guys total sales declined 1.5% respectively against the FY20 final quarter numbers.

In July 2021, it’s expecting disruption and “variability” to sales as a result of various lockdowns and store closures in places like Sydney and Melbourne.

The company said that for FY21, its preliminary and unaudited numbers showed total sales were up 12.6% to $8.9 billion, earnings before interest and tax (EBIT) grew 53.8% to $743 million and net profit after tax (NPAT) went up 67.4% to $506.1 million. Online sales climbed 78.1% to $1.1 billion, representing 11.9% of total sales.

It also said it managed its gross margins, with strong improvements. This, combined with disciplined cost control and strong sales growth, led to “significant” operating leverage.

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

The ANZ share price was one of the few financial businesses in the ASX 200 to be in the green today, rising 0.6%.

ANZ announced yesterday evening that it intends to buy-back up to $1.5 billion of shares on-market as part of its capital management plan.

The ANZ Chair Paul O’Sullivan said:

Despite the very real challenges being experienced by many of our customers, we have the financial strength to continue to support our customers, while also returning surplus capital to shareholders. After reviewing options, we consider an on-market buy-back to be the most prudent, fairest and flexible method to return capital in the current environment.

Our capital position may allow future capital returns to be considered, however we will continue to focus on balanced and prudent outcomes for all stakeholders.

The post ASX 200 drops, ANZ up and Afterpay rises appeared first on The Motley Fool Australia.

More reading

• $1.5bn buy-back: Is the ANZ (ASX:ANZ) share price a bargain buy?
• Why the Elders (ASX:ELD) share price is outperforming today
• Top-10 ASX dividend share delivers market-thumping share price gains
• Here are 3 of the ASX 200’s most heavily traded shares on Tuesday
• Afterpay and Zip were among the most traded ASX shares last week

Motley Fool contributor Tristan Harrison 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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If you’re currently looking for growth shares to buy, then you might want to look at the two listed below.

Here’s why these ASX 200 growth shares could be in the buy zone right now:

IDP Education Ltd (ASX: IEL)

The first ASX 200 growth share to look at is IDP Education. It is a provider of international student placement and English language testing services at home and overseas.

The company has recently strengthened its international operations with a key acquisition in India. It has agreed to acquire the British Council’s Indian International English Language Testing System (BC IELTS India) operations for 130 million pounds (~A$240 million).

This transaction is estimated to be approximately 13% earnings per share accretive (pre-synergies) on a pro forma calendar year 2019 basis. Management also sees scope for material combination benefits, with estimated run-rate synergies of A$6 million to A$8 million expected to be delivered within 24 months of completion.

And while trading conditions remain tough because of the pandemic, demand is expected to rebound quickly once the situation improves. As a result, analysts at Goldman Sachs believe the company’s growth will accelerate post-pandemic. In addition, the broker sees plenty of opportunities for the company to boost its growth with further earnings accretive acquisitions.

Goldman Sachs currently has a buy rating and $35.00 price target on IDP Education’s shares.

Kogan.com Ltd (ASX: KGN)

Another ASX 200 growth share to look at is Kogan. This ecommerce company was one of the highlights of 2020, but has been the complete opposite in 2021. This has been driven by management failing to predict a sharp slowdown in sales after physical stores reopened, leaving the company with a significant inventory excess.

While this is disappointing, these issues are only expected to be short term. In addition to this, the recent lockdowns across several Australian states could boost sales and help Kogan work through its inventory quicker than expected.

One broker that sees the recent weakness in the Kogan share price as a buying opportunity is Credit Suisse.  It currently has an outperform rating and $17.93 price target on its shares.

Credit Suisse feels that investors should look beyond the short term issues and focus on its long term growth potential. This is thanks to its exposure to the structural shift to online shopping.

The post 2 highly rated ASX 200 growth shares that could be buys 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. owns shares of and has recommended Idp Education Pty Ltd and Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. 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 NIB Holdings Ltd (ASX: NHF) share price hit a new 52-week high today after it announced a key restructuring of its board.

The Australian private health insurer’s shares finished the day up by 3.19% to $6.79. At one stage during intraday trade, shares were swapping hands for $6.88 — a new 52-week high.

What did NIB announce?

NIB announced the retirement of its non-executive director and chair this morning.

Steve Crane will step down from the post on 29 July. He will be succeeded by independent non-executive director David Gordon.

Gordon is a founding principal of Lexicon Partners, and is also the current chair of Accent Group Ltd (ASX: AX1). He joined the NIB board in 2020.

The new chair said he was “honoured and excited to assume the role and would like to thank Mr Crane for his extraordinary contribution to the company for over ten years”.

Furthermore, NIB announced it will appoint Peter Harmer as an independent, non-executive director. Harmer has “over 40 years experience in the Australian and international insurance and financial sectors”, according to NIB.

Speaking on Harmer’s appointment, outgoing chair Crane said:

We’re thrilled to welcome Peter to our board. He brings enormous experience as both a company director and executive. He also has an impressive track record in leading organisations through digital transformations, a big priority in the company today.

Harmer will stand for election at the 2021 annual general meeting, scheduled for November.

NIB share price snapshot

The NIB share price has climbed 14% this year to date, extending the previous 12 month’s return of 47%.

Both of these returns have outpaced the S&P / ASX 200 Index (ASX: XJO)’s return of 20% over the past year.

NIB has market capitalisation of $3 billion.

The post NIB Holdings (ASX:NHF) share price hits 52-week high as chairman retires appeared first on The Motley Fool Australia.

More reading

• NIB Holdings (ASX:NHF) share price hits new 52-week high today

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 recommended NIB Holdings 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 Ethereum (CRYTPO: ETH) share price is falling hard, down 8.5% over the past 24 hours.

Ethereum is currently worth US$1,752 (AU$2,400). That gives the world’s second biggest crypto a market cap of US$2.04 billion, according to data from CoinMarketCap.

With today’s falls factored in, Ethereum has now lost 60% of its value since hitting all times highs of US$4,383 earlier this year on 12 May.

Despite those falls, the Ethereum price is still up an impressive 135% so far in 2021. That puts Bitcoin‘s (CRYTPO: BTC) 1.9% year-to-date gains to shame. Bitcoin, if you’re wondering, is down 6.5% over the past 24 hours.

While most digital tokens are following the biggest players downhill, a select few are bucking the trend.

Dashing for a 7% daily gain as Ethereum tanks

The best performing crypto (among the top 100 by market cap) over the past 24 hours is Dash (CRYPTO: DASH). One Dash is currently worth US$124, up 7.0% since this time yesterday.

Dash – which stands for “digital cash” – is an ancient veteran amongst cryptocurrencies. It was launched way back in January 2014 as a fork of Litecoin (CRYPTO: LTC).

Today’s gains put Dash back up to a 23% year-to-date rise. But, in a worthy reminder of the large sums of money that can be made on lost in the crypto world, Dash was trading for US$1,551 back on 20 December, 2017. That was right at the peak of the Bitcoin bubble.

So what exactly is Dash? For that answer we turn back to CoinMarketCap, which tells us:

Dash is an open-source blockchain and cryptocurrency focused on offering a fast, cheap global payments network that is decentralized in nature. According to the project’s white paper, Dash seeks to improve upon Bitcoin (BTC) by providing stronger privacy and faster transactions.

If you’re considering investing in crypto, whether that’s Ethereum or some of the smaller tokens, bear in mind the extreme price volatility that comes along with them. If you have the cast iron stomach for that, and are investing money you can afford to lose, best of luck!

The post The Ethereum price is crashing as this little known token soars appeared first on The Motley Fool Australia.

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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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It’s a frustrating time to be bullish for the Qantas Airways Ltd (ASX: QAN) share price.

Shares in Australia’s leading airline have tanked another 2.37% to $4.54 on Tuesday.

At these levels, the Qantas share price has gone nowhere since November 2020.

Let’s explore why Qantas shares continue to remain grounded this week.

Qantas share price under pressure following overnight selloff

Major indices overnight, including the Dow Jones Industrial Average and FTSE 100, tumbled more than 2% driven by increasing concerns of rising COVID-19 cases and a slowdown in economic growth.

Bloomberg described this move as a “reversal of the reopening trade that has powered this year’s equity rally, cyclical companies bore the brunt of Monday’s rout. Commodity, financial and industrial shares led losses in the S&P 500, which fell the most since May. Airlines and cruise operators tumbled amid concern over further travel restrictions.”

Shares in aircraft manufacturer Boeing experienced the largest percentage decline on the Dow Jones last night, falling 4.94% to a 5-month low.

Similarly, major US airline shares including United Airlines, American Airlines and Delta Air Lines tumbled 5.54%, 4.14% and 3.74% respectively.

It looks like the heavy selling overnight could be a factor weighing on the Qantas share price on Tuesday.

Lockdown woes continue

Lockdowns have proven costly for the Qantas share price.

On 20 May, the company flagged that a three-day lockdown in Perth during April cost an estimated $15 million in earnings before interest, taxes, depreciation, and amortisation (EBITDA).

Furthermore, a Brisbane lockdown in late March and Sydney’s Northern Beaches outbreak resulted in respective $29 million and $400 million hits to EBITDA.

Unfortunately, the lockdown situation in Australia is far from over.

This afternoon, South Australia announced that it will go into a 7-day lockdown from 6:00 pm tonight.

Victoria’s 5-day snap lockdown, which was expected to end at midnight on Tuesday, has been extended by another 7 days until midnight on Tuesday, 27 July.

And finally, Greater Sydney will remain in lockdown until midnight on Friday, 30 July.

The post Qantas (ASX:QAN) share price tanks another 2% on Tuesday appeared first on The Motley Fool Australia.

More reading

• Why BHP, HUB24, Qantas, & Santos shares are dropping today
• What happened on the US stock market overnight and how could it impact ASX shares?
• Top broker still thinks the Qantas (ASX:QAN) share price is great value
• It hasn’t been a great 2021 so far for the Qantas (ASX:QAN) share price
• Fresh blow to ASX 200 travel shares as Victoria lockdown looms large

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 Argosy Minerals Limited (ASX: AGY) share price plunged today. This comes on a day the lithium mining company announced a positive update on its wholly-owned Tonopah Lithium Project.

At market close, Argosy shares were down 8.7% to 10.5 cents apiece.

What did Argosy announce?

In its update, Argosy advised magnetotelluric resistivity surveying works have begun at the Tonopah Lithium Project in the US state of Nevada.

Following the earlier review of geophysical gravity data, Argosy identified lithium brine trap targets that could contain concentrated lithium brine. As such, the company has progressed to the next stage of its exploration program works.

A Nevada-based geophysical contractor will carry out a magnetotelluric (MT) resistivity survey along 3 profile lines covering around 20 lineal kilometres.

Upon completion of the MT survey work and data acquisition, the findings will be sent for processing and analysis. It’s expected the interpreted information will provide the company with a better understanding of geological structures in the survey area.

This includes identifying the geologic basement and outlining low resistivity anomalies, potentially caused by lithium brine.

From there, Argosy is able to look at a possible drilling campaign to test the area.

Argosy managing director Jerko Zuvela commented:

The significant push for lithium supply in the USA is fast becoming critical and is paramount in their aim to promote the highly strategic battery minerals industries. The Tonopah Lithium Project will place Argosy in prime position to take advantage of our technological expertise (and successfully producing battery quality lithium carbonate) in an established tier 1 mining region.

We look forward to progressing and realising the potential from our Tonopah Lithium Project and the benefits of being located in the US during this next stage of exponential growth in this industry.

Argosy share price summary

In the last 12 months, the Argosy share price has gained around 110%, with year-to-date up almost 40%. The company’s shares rose strongly at the start of the calendar year before profit-taking took hold. More recently, Argosy shares have been moving sideways since the start of March.

On valuation grounds, Argosy has a market capitalisation of roughly $137 million, with 1.25 billion shares on issue.

The post Argosy (ASX:AGY) share price falls 9% despite positive update appeared first on The Motley Fool Australia.

More reading

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• EROAD (ASX:ERD) share price slumps on opening of SPP
• Why the Elders (ASX:ELD) share price is outperforming today
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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 Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price defied the market weakness on Tuesday and pushed higher.

The banking giant’s shares ended the day with a gain of 0.6% to $27.32.

This means the ANZ share price is now up almost 19% in 2021.

What drove the ANZ share price higher?

The catalyst for the rise in the ANZ share price on Tuesday was the positive reaction to its surprise announcement of a $1.5 billion on-market share buy-back.

ANZ’s Chair, Paul O’Sullivan, commented: “Despite the very real challenges being experienced by many of our customers, we have the financial strength to continue to support our customers, while also returning surplus capital to shareholders. After reviewing options, we consider an on-market buy-back to be the most prudent, fairest and flexible method to return capital in the current environment.”

What was the reaction?

The market was caught by surprise by the announcement. With Australia battling COVID-19 outbreaks and lockdowns occurring across much of the country, most analysts expected the big four banks to postpone capital management initiatives.

One broker that was pleased with the news is Goldman Sachs. In response, the broker retained its buy rating and lifted its price target on the company’s shares to $30.50.

Based on the current ANZ share price, this implies potential upside of 11.5% excluding dividends.

What did the broker say?

Goldman commented: “While today’s announcement is broadly consistent with management commentary at its 1H21 result, the timing does come as a positive surprise, particularly in light of the current Sydney-centric Covid-19 outbreak and announcement today by APRA of further regulatory capital support for loans subsequently impacted.”

The broker notes that APRA has signed off on the buyback, which bodes well for Commonwealth Bank of Australia (ASX: CBA) and the rest of the big four.

It explained: “With APRA having signed off on this buyback, we think the ANZ announcement highlights the regulator’s comfort around the financial strength of ANZ — and the sector more broadly — despite the recent Covid-19 outbreak.”

“We forecast CBA to announce a A$3.5 bn special dividend at its FY21 results on 11-Aug and note that pro-forma surplus capital as a percentage of market capitalisation currently sits at 9.1% for NAB, 7.7% for WBC, 6.4% for CBA and 5.7% for ANZ.,” Goldman added.

The good news for shareholders and the ANZ share price, is that Goldman doesn’t expect the capital returns to stop there. It is forecasting a further $1.5 billion buy-back over the course of FY 2022 due to the surplus capital that still remains.

The post $1.5bn buy-back: Is the ANZ (ASX:ANZ) share price a bargain buy? appeared first on The Motley Fool Australia.

More reading

• Top-10 ASX dividend share delivers market-thumping share price gains
• Why Afterpay, ANZ, JB Hi-Fi, & Zip shares are pushing higher
• ANZ’s (ASX:ANZ) $1.5bn buyback puts other ASX 200 banks under capital return spotlight
• What happened on the US stock market overnight and how could it impact ASX shares?
• ANZ (ASX:ANZ) share price on watch after announcing $1.5bn buy-back

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 Bruce Jackson.

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The Lovisa Holdings Ltd (ASX: LOV) share price has slipped lower today after the company provided a business update.

By the close of trade, the jewellery retailer’s shares were trading 1.1% lower ate $15.29. Earlier in the day, the Lovisa share price had reached as low as $14.95 – representing a 3.3% fall on the prior day’s closing price.

So, let’s flick through the latest market release pushing Lovisa shares downward.

COVID-19 woes impact the Lovisa share price

According to the release, the company has continued to experience disruptive trading conditions and temporary store closures. This is the consequence of government restrictions following the uptick in COVID-19 cases in recent months.

Additionally, temporary store closures are still occurring across a large number of locations. For instance, 36 stores across Victoria remain temporarily closed since 16 July. This is in addition to 32 stores in Greater Sydney, and 8 stores in South Australia.

Meanwhile, 28 stores in Malaysia have been temporarily closed since early June due to local government responses to rising coronavirus cases.

Lastly, the company has imposed temporary store closures at 6 locations in South Africa during the civil unrest and rioting across the country. The news has weighed on the Lovisa share price today.

To the disappointment of shareholders, the duration of these closures will rest upon government advice as the situation proceeds.

Investors might have noticed that the total number of temporary store closures has climbed to 102. This is an increase from the 61 stores notified to the market as being closed at the end of May 2021.

Still rather fetching to brokers

Despite the disruptions to the company’s bricks and mortar segment, leading broker Morgans recently put a buy rating on the Lovisa share price. The broker holds a price target of $17.95 on the ASX-listed retailer.

As a fellow Fool covered a couple of weeks ago, Lovisa is focused on developing its digital capabilities. This is becoming increasingly important during the current trading environment.

Morgans sees the Lovisa share price as an attractive play for reopening.

The post Lovisa (ASX:LOV) share price takes a hit on further store closures appeared first on The Motley Fool Australia.

More reading

• 2 compelling ASX shares that could be buys in July 2021
• Lovisa (ASX:LOV) share price gains 7% following co-founder’s Honey sale

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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