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ASX lithium shares had a top run on the market on Tuesday.

Core Lithium Ltd (ASX: CXO) shares rose 3.79%, while Pilbara Minerals Ltd (ASX: PLS) shares leapt 4.42%.

Meanwhile, Sayona Mining Ltd (ASX: SYA) shares jumped 2.08% and Allkem Ltd (ASX: AKE) shares leapt 3.34%. For perspective, the S&P/ASX 200 Index (ASX: XJO) climbed 0.36% today.

Let’s take a look at why ASX lithium shares fared well today.

A ‘tighter’ lithium market

Lithium shares charged higher today amid a broker upgrade on the lithium price.

Macquarie is tipping spot lithium prices to peak at US$6,500 per tonne, the Australian Financial Review reported. Analysts said:

We believe the theme of supply security could result in lithium trading and processing reshuffles, leading to an even tighter market.

Spot lithium prices have remained buoyant.

Core Lithium and Pilbara Minerals were among the top ASX 200 shares traded by volume today.

Bell Potter has recently maintained a buy rating on the Allkem share price with a $19.45 price target. This suggests a 26% upside. Bell Potter said:

AKE is aiming to maintain 10% share of supply in a global lithium market experiencing unprecedented growth; it has a portfolio of growth projects, balance sheet strength and cash flow from existing projects to achieve this.

As my Foolish colleague Bronwyn recently reported, Argo Investments Limited (ASX: ARG) are tipping global electric vehicle (EV) sales to jump from six million in 2022 to 30 million in 2030.

Meanwhile, the Federal Government tips spodumene prices to hit US$3,280 in 2023 before easing to US$2,490 a tonne in 2024. Lithium hydroxide prices are forecast to rise to US$51,510 in 2023 before dropping back to US$37,650 in 2024.

The post Why did ASX lithium shares smash the market on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• Why did the Pilbara Minerals share price have such a cracker day?
• Here are the top 10 ASX 200 shares today  
• Here are the 3 most traded ASX 200 shares on Tuesday
• Why is the Core Lithium share price spiking 3% today?
• Is the Allkem share price a buy ahead of next week’s AGM?

Motley Fool contributor Monica O’Shea 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 Pilbara Minerals Ltd (ASX: PLS) share price was one of the strongest performers today, rising by 4.42%. Considering the S&P/ASX 200 Index (ASX: XJO) only went up by 0.36% during today’s trading, it was a good performance by the ASX lithium share.

It has been a very good year for the company. In the past six months, the share price has more than doubled.

Other ASX lithium shares also saw positive movements in their share prices today, including Core Lithium Ltd (ASX: CXO) and Mineral Resources Limited (ASX: MIN).

What caused the pleasing gain?

According to reporting by the Australian Financial Review, the broker Macquarie has increased its expectations for the lithium price again.

Even though there are near-term economic headwinds in China, including ongoing lockdowns, Macquarie decided to increase the Chinese and regional lithium price forecast, and the peak price for spodumene (lithium).

The reason for this increase was to include the latest changes in supply and demand fundamentals, as well as movements in spot prices.

Macquarie wrote:

We believe the theme of supply security could result in lithium trading and processing reshuffles, leading to an even tighter market.

Spot lithium prices have remained buoyant; we now expect spodumene prices to peak at US$6,500 per tonne.

Pilbara Minerals is already experiencing strong pricing

Investors have already been hearing throughout 2022 that the lithium price has been climbing.

Approximately a year ago, on 26 October 2021, the lithium miner announced that it had sold a cargo of 10,000 dry metric tonnes at a target grade of 5.5% lithia, via the Battery Material Exchange (BMX).

It said there was strong interest at that auction in both participation and bidding by a broad range of buyers. Pilbara Minerals sold to the highest bidder for a price of US$2,350 per dmt. This equated to a price of US$2,629 when accounting for the lithia content and including freight costs.

A few weeks ago, the ASX lithium share announced it had sold a cargo of 5,000 dmt for US$7,255 per dmt. This equated to an equivalent of approximately US$8,000 per dmt when adjusting for lithia content and including freight costs.

While Pilbara Minerals is only selling relatively small amounts of production at these high levels, we can see that it is achieving very strong prices.

Snapshot

Over the past month, the Pilbara Minerals share price has managed to climb another 4%, despite the volatility. It is up 54% this year to date.

The post Why did the Pilbara Minerals share price have such a cracker day? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today  
• Here are the 3 most traded ASX 200 shares on Tuesday
• Here are the 3 most heavily traded ASX 200 shares on Monday
• With a forward P/E ratio of 8, is the Pilbara Minerals share price actually cheap?
• Here are the 3 most traded ASX 200 shares on Friday

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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group Limited. 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 US markets have been on a bit of a tear over the past month or so. Since 12 October, the S&P 500 Index (SP: .INX) has gained more than 6% – not a bad return for under a month. Saying that, the S&P 500 remains down a depressing 20% or so over the year to date. So things haven’t been too rosy over stateside.

But perhaps the US markets could be set for a major boost this week.

The Americans are about to hold their midterm elections. No, president Joe Biden isn’t up for reelection just yet. His term expires in January 2025, with the next presidential election to be held in November 2024.

But under the American political system, all members of the lower house, the House of Representatives, are up for re-election every two years. As are a third of the Senate. And these midterm elections are scheduled for this week.

At the moment, the president’s Democratic Party controls both chambers of congress by slim margins. But control of one or both Houses could well change this week. This would deliver what is known as ‘divided government’.

For a law to pass in the US, it must pass through both houses of congress, and be approved by the president. As such, it is harder to pass laws when control of congress is divided between the parties.

Divided government could help boost the US stock market

According to reporting in Reuters, the opposition Republican Party looks likely to gain control of at least the House, and possibly the Senate. As such, it looks as though the US is heading towards divided government. This, according to the report, would be seen as a positive for markets:

A split government could result in political gridlock that stymies major policy changes, an outcome that investors see as favorable for equities.

Regardless of the winner, past midterm elections have ushered in a period of positive market performance, something investors would welcome after a year in which the S&P 500 has declined by nearly 21%.

Divided government could also lead to a renewed push for increased US energy production. As well as higher defence spending and changes to healthcare and pharmaceutical laws or regulations.

It would also likely move the US away from the possibility of federal cannabis legalisation, which has historically weighed down the domestic cannabis industry in the US.

But overall, it seems that divided government would be a positive tailwind for the US markets, and possibly by extension, the S&P/ASX 200 Index (ASX: XJO).

Remember, the ASX is heavily influenced by what happens across the Pacific. So keep your eye on America this week as the outcome of the midterm elections becomes clear. It could well have an impact on the US stock market and our own.

The post Could the US stock market be set for a major boost? appeared first on The Motley Fool Australia.

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More reading

• Why did the Pilbara Minerals share price have such a cracker day?
• Here are the top 10 ASX 200 shares today  
• Looking to buy CBA shares? Here’s the latest on the bank’s class action
• Happy deal: The ASX tech share rocketing 46% on a McDonald’s agreement
• Bendigo Bank share price climbs as chair slams ANZ-Suncorp deal as ‘sub-optimal’

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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The S&P/ASX 200 Index (ASX: XJO) posted a third consecutive gain on Tuesday. The index closed 0.36% higher at 6,958.9 points.

The United States’ mid-term elections were the talk of the town today as they kicked off. Some experts predict Wall Street could rejoice if the US Republican Party takes power in either the senate or the house, thereby potentially limiting sweeping legislative changes.

Meanwhile, back home, the S&P/ASX 200 Utilities Index (ASX: XUJ) led the way, gaining 1.4%.

The S&P/ASX 200 Financials Index (ASX: XFJ) and the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) also outperformed, lifting 1% and 1.3% respectively.

It wasn’t such a great day for the S&P/ASX 200 Energy Index (ASX: XEJ), though. It fell 2.3% amid easing oil prices.

The Brent crude oil price dropped 0.7% to US$97.92 a barrel overnight, while the US Nymex crude oil price slipped 0.9% to US$91.79 a barrel.

The S&P/ASX 200 Materials Index (ASX: XMJ) also dropped 0.3% on Tuesday.

All in all, nine of the ASX 200’s 11 sectors closed higher. But which share outperformed all others? Keep reading to find out.

Top 10 ASX 200 shares countdown

Today’s top-performing ASX 200 stock was Mineral Resources Limited (ASX: MIN). It posted a near-5% gain despite no news having been released by the diversified mining company.

Today’s biggest gains were made by these shares:

ASX-listed company	Share price	Price change
Mineral Resources Limited (ASX: MIN)	$79.11	4.95%
Pilbara Minerals Ltd (ASX: PLS)	$5.43	4.42%
A2 Milk Company Ltd (ASX: A2M)	$5.73	3.99%
Lottery Corporation Ltd (ASX: TLC)	$4.47	3.95%
Core Lithium Ltd (ASX: CXO)	$1.505	3.79%
Allkem Ltd (ASX: AKE)	$15.46	3.34%
Block Inc (ASX: SQ2)	$97.21	2.82%
Tabcorp Holdings Ltd (ASX: TAH)	$0.975	2.63%
IGO Ltd (ASX: IGO)	$15.67	2.49%
Nickel Industries Ltd (ASX: NIC)	$0.83	2.47%

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

• Here are the 3 most traded ASX 200 shares on Tuesday
• Why A2 Milk, Cettire, Lottery Corp, and Weebit Nano shares are rising
• Why is the A2 Milk share price surging 5% on Tuesday?
• Why is the Core Lithium share price spiking 3% today?
• Guess which ASX 200 director sold $6.5m worth of their company shares last week

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 Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Commonwealth Bank of Australia (ASX: CBA) share price closed higher today despite the company being accused of “law-breaking on a grand scale” in a class action lawsuit brought against it.

Shares of the big-four bank ended the day up 1.36% at $104.48 each.

CBA’s share price performance might have been helped by the fact the S&P/ASX 200 Financials Index (ASX: XFJ) was also up for the day, by 1.02%.

Let’s cover the highlights of the class action lawsuit against the ASX bank share.

The lawsuit

The Age reported that Maurice Blackburn and Phi Finney McDonald are suing CBA on behalf of affected shareholders after the bank agreed to pay a $700 million fine to settle a case with financial intelligence agency AUSTRAC in 2017.

The article notes the CBA share price dropped more than 5% amid AUSTRAC announcing it would pursue the bank for allegedly breaching money laundering laws, which saw criminals launder money through its ATMs.

The lawsuit claims CBA knew about these cash deposits being made at its ATMs but did not report them to the agency, nor the ASX, thus allegedly breaching its continuous disclosure obligations and consequently destroying shareholder value amid its share price dropping lower.

Meanwhile, the CBA is denying these claims, stating that it did not need to disclose these developments to the market as they were not price-sensitive.

A spokesperson for the bank said CBA vigorously denies the allegations and is defending the actions.

What happened this week

The first hearing for the case was held on Monday, with Maurice Blackburn’s lawyer Jeremy Stoljar stating that CBA broke the Anti-Money Laundering and Counter-Terrorism Financing Act a massive number of times over three years.

Stoljar said:

The issue is, is this information of the kind that would or would be likely to influence investment decisions? Well, of course it would. Look at the sheer number of contraventions: 53,506 contraventions is, objectively, a very large number to say the least. It’s law-breaking on a grand scale.

Stoljar continued:

It had continued for a long period of time indicating ongoing and systemic failing. It increased the cost of doing business involving remediation, persistent costs and potentially civil penalties.

Stoljar then showed the court an email chain of CBA executives stating that the breach needed to be taken “extremely seriously”, and that its chief risk officer should be in contact with AUSTRAC to inform the agency of its breaches.

“This is absolutely at odds with the case CBA tries to put, which is that it’s not material,” Stoljar said.

The case continues. It is scheduled to last six weeks in Federal court.

The post Looking to buy CBA shares? Here’s the latest on the bank’s class action appeared first on The Motley Fool Australia.

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More reading

• Are ASX 200 bank shares a no-brainer buy in an inflationary environment?
• Why Morgans added CBA shares to its best ideas list
• Is Bendigo Bank the best bet for dividends out of all the ASX 200 bank shares?
• The CBA share price has soared 17% in a month. Is it time to cash in?
• The CBA share price soared 15% in October

Motley Fool contributor Matthew Farley 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 Skyfii Limited (ASX: SKF) share price is exploding today amid an agreement with McDonald’s Corp (NYSE: MCD).

Skyfii shares are soaring 45.71% at the time of writing and currently trading at 5.1 cents. For perspective, the S&P/ASX 200 Index (ASX: XJO) is climbing 0.4% today.

Let’s take a look at why this ASX tech share is rocketing ahead today.

McDonald’s deal

Skyfii has signed a deal with McDonald’s to supply technology at eight restaurants in the United States.

The three-year contract has a total contract value of $2 million.

Skyfii will provide the fast food chain with real-time restaurant monitoring and analysis technology. This is an industry first, according to Skyfii.

The data from the technology will enable McDonald’s to find out how long it takes for a customer to receive their order. Skyfii has partnered with global strategy and research company Halverson Group on this solution.

Commenting on the news, Skyfii CEO Wayne Arthur said:

The opportunity to partner with both Halverson Group and McDonald’s to create an industry-first solution that solves some critical pain points for such a large and
globally recognised QSR brand is a privilege

What else?

Skyfii also delivered an investor presentation to the market today. Total operating revenue lifted 7% on the prior corresponding period to $5.4 million. Net operating cash flow improved 333% to -$0.9 million.

Skyfii said 75% of its new contract wins are outside the APAC region. Of the deals closed, 79% have been in the last six months.

Looking ahead, the company is expecting to deliver another year of “strong revenue growth”.

Skyfii share price snapshot

The Skyfii share price has fallen 46% in the past year, while it has lost 48% in the year to date.

For perspective, the ASX 200 has fallen nearly 7% in a year.

This ASX tech share has a market capitalisation of about $21 billion based on the current share price.

The post Happy deal: The ASX tech share rocketing 46% on a McDonald’s agreement appeared first on The Motley Fool Australia.

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More reading

• Here’s how I allocate my ASX share portfolio and why

Motley Fool contributor Monica O’Shea 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 Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is currently edging higher, up 1.47% to $8.95.

This comes as one of the company’s leadership commented on the deal between Australia and New Zealand Banking Group Ltd (ASX: ANZ) and Suncorp Group Ltd (ASX: SUN).

ANZ wants to buy the banking division of Suncorp for $4.9 billion.

For ANZ, it’s trying to beef up its business so that it can better compete with its rivals Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC) and National Australia Bank Ltd (ASX: NAB).

For Suncorp, it will enable the company to focus on its insurance operations.

Bendigo Bank’s view on the deal

The Bendigo Bank share price is rising amid the company holding its annual general meeting (AGM) today.

Chair Jacqueline Hey noted that the business is firmly focused on its organic growth strategy, though it does “from time to time” consider mergers and acquisitions that “will create value for shareholders and customers”.

Hey said:

Whilst we do not comment on these type of activities in the normal course of business, given this one is public we do believe it’s important our shareholders are fully aware that Suncorp avoided engagement with our bank – despite repeated approaches – and instead announced a transaction with a big four bank. We believe this will only further entrench Australia’s banking oligopoly and provide sub-optimal outcomes for customers and communities.

Deal requires government approval

A deal this size between two S&P/ASX 200 Index (ASX: XJO) shares requires government approval.

The Queensland government is taking a close interest in the deal because of how important Suncorp is for the local economy.

While there are reports the Queensland Treasurer isn’t opposed to the transaction, there was criticism from other sources.

The Australian Financial Review quoted the Finance Sector Union Queensland secretary Wendy Streets, who said:

There are currently around 40 suburbs [or] towns where there are both Suncorp and ANZ branches and we believe these ANZ’s will be targeted to close during the three-year moratorium.

At the conclusion of the three-year commitment, it is our view that the savings will come from back office synergies between the two which ultimately will mean a significant amount of Queensland job losses as the work transfers to ANZ Melbourne departments.

Other highlights from the Bendigo Bank AGM

The Bendigo Bank CEO and managing director Marnie Baker noted that the current economic outlook remains complex, challenging, and “in flux”.

Cash rates are starting to impact property values and the regional bank is expecting credit growth to moderate, while competition remains intense.

With that in mind, the bank will continue to focus on managing its costs, strengthening returns, future-proofing the business and improving its overall returns.

Bendigo Bank share price snapshot

Over the last month, Bendigo Bank shares have risen by close to 10%.

However, they are down almost 14% in the past six months and 4% year to date.

The post Bendigo Bank share price climbs as chair slams ANZ-Suncorp deal as ‘sub-optimal’ appeared first on The Motley Fool Australia.

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More reading

• Are storm clouds gathering over ANZ’s Suncorp bid?
• Analysts say these ASX dividend shares are buys this week
• ‘Undemanding’ valuation: Morgans tip 17% upside for the Suncorp share price
• Are ASX 200 bank shares a no-brainer buy in an inflationary environment?
• Why ANZ, Coronado Global, Eclipx, and Westpac shares are dropping

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. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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S&P/ASX 200 Index (ASX: XJO) investors are keeping a close eye on the interest rate moves and signals from the Reserve Bank of Australia (RBA) this year.

And for good reason.

It was only back on 3 May, a touch over six months ago, that Australia’s official cash rate stood at the all-time low of 0.10%. A historic low rate that RBA governor Philip Lowe had said in 2021 was likely to remain in place for several more years.

We know now that’s far from the case.

Faced with fast-rising inflation, on 4 May the RBA raised interest rates by 0.25%, taking the cash rate to 0.35%. That was the central bank’s first tightening move in more than a decade.

And the RBA has followed through with another hike every month since, taking us to the current 2.85%.

The rapid pace of tightening has hit ASX 200 shares hard. Year-to-date, the benchmark index is down 8.3%. That came after the ASX 200 posted an impressive 13% gain in 2021, when rates were at all-time lows.

Which brings us to the latest interest rate forecast from Goldman Sachs.

What to expect next from the RBA

There is broad consensus among leading economists that ASX 200 investors should expect at least some further interest rate increases from the RBA.

Of the big four ASX 200 banks, Commonwealth Bank of Australia (ASX: CBA) has the most dovish forecast, predicting rates will top out at 3.1%. Australia and New Zealand Banking Group Ltd (ASX: ANZ) believes the RBA will be forced to tighten further, taking the terminal interest rate to 3.85%.

However, the latest forecast from Goldman Sachs sees the RBA increasing rates five more times. Goldman believes rates will reach 4.1% in six months before declining modestly in 2024. That’s likely a good bit higher than the market has currently priced in.

According to Goldman Sachs chief economist Andrew Boak (courtesy of The Australian Financial Review):

We do not expect the RBA will risk falling too far behind a synchronised global tightening cycle. All considered, we now expect plus 25 basis point rate hikes each month to May 2023 (inclusive) – to a terminal rate of 4.1 per cent (prior: 3.6 per cent) – followed by 110 basis points of easing over 2024 to 3 per cent.

In context, our revised terminal rate forecast sits around the hawkish extreme of peer economist expectations, but is broadly in line with pricing in financial markets. We see risks to our forecast in both directions.

How might ASX 200 shares react to a more hawkish RBA?

If Goldman Sachs has it right, some ASX 200 shares are likely to weather the rapid rate increases better than others.

Stocks that could come under further pressure would include those in the consumer discretionary sector. Higher rates will put further pressure on household budgets, leading to reduced discretionary spending.

ASX 200 shares holding a lot of debt may also find investors jumping ship, as the cost of servicing that debt marches higher than anticipated.

And growth stocks, valued with future earnings in mind, will face renewed headwinds if interest rates rise higher than investors have already priced in. The higher interest rates go, the dearer the cost of investing in those future earnings today.

On the flip side, ASX 200 companies with strong balance sheets should be able to weather any unexpectedly higher rates more easily.

Also, companies operating in sectors where they can pass on at least some of any increased operating costs from higher rates to their customers could outperform.

Then there are the ASX 200 energy shares.

With fossil fuel and lithium prices likely to remain elevated over the medium term, the big producers should be able to handle a more hawkish RBA, should rates indeed spike to 4.1%.

The post Here’s what Goldman’s RBA rate forecast could mean for ASX 200 shares appeared first on The Motley Fool Australia.

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More reading

• Warren Buffett bought $9 billion in stocks and sold more than $5 billion last quarter
• Why has the Argosy Minerals share price rocketed 23% in a month?
• Here are the 3 most traded ASX 200 shares on Tuesday
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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 positions in and has recommended Goldman Sachs. 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 share price of lithium hopeful Argosy Minerals Limited (ASX: AGY) has had a lightning run over the last 30 days, gaining nearly 23% in that time.

That’s a far better performance than both the broader market and the company’s home sector.

The S&P/ASX 300 Metals and Mining Index (ASX: XMM) has gained just 2.4% in that time while the broader S&P/ASX 300 Index (ASX: XKO) has listed 4.3%.

Right now, the Argosy share price is 59 cents, 22.92% higher than it was this time last month.

So, what’s been going so right for the ASX 300 minerals developer? Let’s take a look.

Why has the Argosy share price surged 23% in a month?

The Argosy share price has been outperforming both the market and many of its peers lately despite the market reacting poorly to the only news released over the last month.

The first word from the company over the past month was its quarterly report, released on 28 October.

Then, it noted its Rincon operation’s development was 97% complete with drilling works continuing well amid positive sentiment in lithium markets.

The company ended the September quarter with around $34 million of cash, having spent close to $1 million on operating activities during the period.

Sadly, the market was unimpressed. It bid the Argosy share price nearly 8% lower on the day of the release. And it wasn’t much happier about the company’s next update.

The lithium developer revealed that 98% of Rincon’s development was completed on 1 November.

It also confirmed that commissioning and production testing activities were progressing well, with a primary lithium product having been produced. 

The Argosy share price slumped 1.9% on the back of the release. Fortunately, however, it regained all that and then some the following day, wherein it soared 6.9%.

Perhaps positive sentiment for ASX lithium shares in general has helped bolster the stock over the last 30 days. Other lithium favourites such as Core Lithium Ltd (ASX: CXO), Lake Resources N.L. (ASX: LKE), and Sayona Mining Ltd (ASX: SYA) have also posted notable gains in that time.

Recent gains included, the Argosy share price is currently 79% higher than it was at the start of 2022. Meanwhile, the ASX 300 has fallen 7% year to date.

The post Why has the Argosy Minerals share price rocketed 23% in a month? appeared first on The Motley Fool Australia.

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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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Berkshire Hathaway (NYSE: BRK.A)(NYSE: BRK.B), the conglomerate run by legendary investor Warren Buffett, released its third-quarter earnings on Saturday, reporting a solid operating profit of roughly $7.76 billion.

The report also gave Berkshire watchers some insight into third-quarter investing activity by Buffett and his investing team.

Berkshire runs a massive equities portfolio — roughly $328 billion — and given the company’s success, it’s never a bad idea to look at stocks the company is buying and selling. Here’s what we know so far about some of the moves Berkshire made between August and September.

A net buyer of stocks

Despite the broader market’s rocky performance in the third quarter, with the S&P 500 falling about 5%, Buffett and Berkshire remained active, purchasing about $9 billion of equities, according to its cash flow statement. Berkshire also sold roughly $5.3 billion of equities in the quarter, making the company a net buyer of about $3.7 billion in stocks.   

While we don’t know exactly what Berkshire was buying and selling just yet, we can get clues from Berkshire’s quarterly report and other filings made during the third quarter. For instance, we know Berkshire added to its stake in the large U.S. oil producer Occidental Petroleum, which is not a huge surprise considering Buffett and Berkshire have been heavily buying shares all year.

Although Berkshire was a net buyer of stocks in the third quarter, it reported that its cost basis for all of its stocks fell from $149.7 billion at the end of the second quarter to $142.3 billion at the end of the third. This is likely because Berkshire’s stake in Occidental topped 20% during the quarter, so it’s now using the equity accounting method to report that position. Companies typically use the equity method when they hold significant control of another business — often 20%. Berkshire’s equity method holdings jumped about $11.2 billion in the third quarter, which is similar to the size of its position in Occidental as of Sept. 30.

Berkshire also reports the cost basis of stocks it owns in different sectors, which can give us an idea of whether it was a net seller or buyer of stocks in that sector. Notably, its cost basis in the banking, insurance, and finance sectors fell about $4.7 billion in the quarter, so it looks like this is where Berkshire did most of its selling.

Berkshire also increased its sizable cash position by about $3.6 billion in the quarter to $109 billion and conducted share repurchases of about $1 billion.

Stay tuned 

While Buffett and Berkshire weren’t buying the dip as aggressively as they did in the first quarter of the year, it will still be interesting to see what moves they ultimately made in a rough three months for the broader market. 

We’ll soon get more information about exactly which stocks Berkshire bought and sold in the third quarter when the company updates its holdings in its quarterly 13F filing. Institutional investment managers are required to file this form no later than 45 days after the third quarter ends. Berkshire usually does so at the end of that window, so look for it to be released to the public on Nov. 14.  

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Warren Buffett bought $9 billion in stocks and sold more than $5 billion last quarter appeared first on The Motley Fool Australia.

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Bram Berkowitz has no position in any of the stocks mentioned. The Motley Fool has positions in and recommends Berkshire Hathaway (B shares). The Motley Fool recommends the following options: long January 2023 $200 calls on Berkshire Hathaway (B shares), short January 2023 $200 puts on Berkshire Hathaway (B shares), and short January 2023 $265 calls on Berkshire Hathaway (B shares). 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.               

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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