Shares in the multi-listed, France-based commercial property developer closed yesterday at $7.17. In morning trade on Friday, shares are trading for $7.12 apiece, down 0.7%.

This comes as investors mull over the announcement, released after market close on Thursday, that the ASX 300 stock won't be trading on the ASX much longer.

Here's what's happening.

ASX 300 stock to delist from ASX

Unibail-Rodamco-Westfield shares are dipping after the company reported that it had requested and received formal approval from the Australian Securities Exchange (ASX) to be removed from the ASX.

The ASX 300 stock expects to be officially delisted on 27 August. Management said that its ASX CHESS Depositary Interests (CDIs) will likely stop trading on the ASX at the closing bell on 25 August.

Unibail-Rodamco-Westfield shares will continue to trade uninterrupted in France on the Euronext Paris stock exchange. The real estate developer trades there under the same ticker as in Australia, namely URW.

Why are Unibail-Rodamco-Westfield shares exiting the ASX?

When Unibail-Rodamco-Westfield first listed on the ASX on 30 May 2018, its CDIs made up around 24% of all the company's issued shares.

But the ASX 300 stock's CDIs have seen a big reduction in their slice of the developer's pie since then.

According to the release, as at 19 June, those Aussie CDIs only made up around 3.1% of the shares admitted to trading on Euronext Paris.

Management noted:

Daily trading volumes and liquidity of CDIs traded on ASX are very low compared to that of shares traded on Euronext Paris and other European trading venues. URW considers that the administrative and compliance obligations and costs associated with maintaining the ASX listing are no longer in the best interests of URW's shareholders as a whole.

What should I do if I own this ASX 300 stock?

If you own ASX-listed Unibail-Rodamco-Westfield shares, don't worry. You have several options available, with no need to rush your decision.

The ASX 300 stock said that each CDI holder will receive a communication setting out an overview of the delisting process, the delisting timetable, and the options available for you.

Those options include selling your URW CDIs on ASX before the stock is suspended from trading on 25 August.

If you want to maintain your exposure to Unibail-Rodamco-Westfield, whose share price is up 23% over the past year, you can also convert those CDIs into shares, listed on Euronext Paris.

The company noted:

At any time up until the closing date of the Voluntary Sale Facility (3 November 2025), CDI holders may [subject to certain requirements] request to convert their CDIs to shares on a 20 CDIs :1 share basis.

Other options for investors in the ASX 300 stock include participating in a voluntary sale facility.

Management noted that for investors who elect for none of the above options:

Unless CDI holders sell their CDIs on ASX on or before the suspension date, or elect to participate in the voluntary sale facility, or become a holder of shares listed on Euronext Paris, then the shares underlying their CDIs will be sold, by default, pursuant to the compulsory sale facility.

The post Guess which ASX 300 stock is exiting the Aussie stock market appeared first on The Motley Fool Australia.

But there are plenty of ASX All Ords shares that are doing even better than that. In fact, no fewer than seven of these stocks have clocked a new 52-week high this session. Let's check them out.

ASX All Ords shares at new 52-week highs today

First up we have RPMGlobal Holdings Ltd (ASX: RPM). RPM shares opened at $2.28 each this morning, and are currently up 2.6% at $2.33. But earlier this morning, this mining services company rose as high as $2.38 a share, RPM's new 52-week and all-time high.

There's been no fresh news out of the company today that might explain why investors are pushing this stock higher though.

Next, we have Monash IVF Group Ltd (ASX: MVF) to discuss. Monash shares opened at $1.49 each this morning and are currently up 201% at $1.52 each. But Monash hit $1.53 a share soon after market open – the company's new 52-week high.

Again, there are no fresh developments out of this company either that might easily explain this new benchmark for Monash.

Link Administration Holdings Ltd (ASX: LNK) is another ASX All Ords share smashing out a new high today. Link shares are currently trading at $2.24 apiece, up 0.22% for the day thus far. But Link opened at $2.25 this morning, which is the financial services stock's new 52-week high.

Yesterday, Link released an update regarding the acquisition offer from Mitsubishi UFJ Trust & Banking Corporation, which told investors that "all regulatory approvals which are Conditions Precedent to the Scheme have been satisfied, waived or will not be required". Perhaps this is still feeding into positive sentiment for Link stock today.

Then we have ASX All Ords building products stock CSR Ltd (ASX: CSR). CSR shares are currently flat at $8.87 each. But earlier this morning, those shares climbed as high as $8.89 – CSR's new 52-week high – after opening at $8.86 each.

With CSR, there has also been no news or announcements out of the company that might conceivably explain this new high watermark.

More stocks at new highs

ASX All Ords real estate investment trust (REIT) Unibail-Rodamco-Westfield (ASX: URW) is next. This REIT's units opened at $6.31 each this morning and are currently up 2.1% at $6.35. But this comes after Unibail-Rodamco-Westfield hit a new high of $6.37 earlier in the session today.

Investors seem to have been taking another look at this REIT ever since the 11 April update on the Westfield Hamburg project.

Another ASX All Ords stock hitting new highs today is Steamships Trading Company Ltd (ASX: SST). Steamships stock is currently enjoying a 1.23% boost at $16.50 a share.

However, this morning, those same shares opened at $17, which was, and is the company's new 52-week high. But this is another benchmark that has occurred today without any obvious catalyst.

Finally, let's discuss ASX All Ords chemical and explosives manufacturer Orica Ltd (ASX: ORI). Orica shares opened at $18.30 each this morning and are presently trading at $18.39, up 0.6% for the day thus far. But Orica explored as high as $18.45 a share earlier today, which is the company's new 52-week high.

There haven't been any fresh developments or announcements out of Orica in recent weeks. But investors have been flocking to this stock all year, with Orica shares now up a rosy 15.4% in 2024 to date.

The post 7 ASX All Ords shares smashing new 52-week highs on Tuesday appeared first on The Motley Fool Australia.

There are 500 companies comprising the ASX All Ords shares index.

Of those, 110 are trading below their book value, and some of them are trading at fire sale prices.

Let us explain.

What is book value?

A company's book value reflects how much it is worth, according to its financial statements. 

It's calculated by subtracting the value of a company's liabilities from the value of its assets.

The price-to-book (P/B) ratio is the share price today divided by the book value per share.

You determine the book value per share by dividing the book value by the number of shares on issue. 

Say you've got an ASX All Ords company trading at $13 per share and its book value is $10. You divide 13 by 10 to get a P/B ratio of 1.3.

A P/B ratio of 1 indicates the ASX All Ords share is trading at fair value. Anything above 1 indicates the share is expensive in relation to its intrinsic worth. Below 1 indicates the share is relatively cheap.

Of course, many other factors determine the individual value of ASX All Ords shares.

Some of them are quantifiable, such as growing profits. Others are intangible, such as investor sentiment.

If ASX investors feel hopeful about a share, they will bid up the price. And vice versa.

As investors, we need to consider a range of factors to help us decide what we are happy to pay for the ASX All Ords shares we are interested in.

This is called fundamental analysis, which involves looking at a wide range of financial metrics to get a good overall picture of a company's health and its future prospects.  

But we all need a starting point for our research.

After all, among ASX All Ords shares, we've got 500 companies to choose from! So, we need to separate them out somehow to determine which ones deserve a detailed investigation.

How to identify ASX All Ords shares trading below book value

Screening programs are terrific tools for achieving this task. Using them is far less time-consuming than calculating the book value of scores of ASX All Ords shares manually.

They are available through most brokerage platforms, and are accessible for free on some investing websites, too.

You can enter a few data points into a screening program, like a P/B ratio under 1 to ensure you don't overpay for a share, or a market capitalisation above $2 billion if you want to avoid small-cap shares.

The screening program will then create a list of ASX All Ords shares that meet those criteria.

You can also find the book value for a share on your existing share trading platform.

Go to the share's information page and look for a tab or link to financial information. Some sites show historical data, so you can see how the book value of an ASX share has changed over time. Helpful!

A consistently rising book value is always a good sign.

Which ASX All Ords shares are trading at fire sale prices?

S&P Global Market Intelligence data shows there is a mixed bag of ASX All Ords shares trading below their book value today.

Dominating those 110 shares are real estate investment trusts (REITs) and other ASX property shares.

The absolute standout is Unibail-Rodamco-Westfield CDI (ASX: URW) with a P/B ratio of 0.374.

It's a European multinational commercial real estate company that specialises in shopping centres.

Here are other examples of ASX All Ords shares with a P/B ratio below 1 (from lowest to highest):

• Cromwell Property Group (ASX: CMW) shares (with a P/B ratio of 0.595)
• Centuria Office REIT (ASX: COF) shares (0.606)
• Charter Hall Long WALE REIT (ASX: CLW) shares (0.693)
• GPT Group (ASX: GPT) shares (0.724)
• Centuria Industrial REIT (ASX: CIP) shares (0.744)
• Charter Hall Retail REIT (ASX: CQR) shares (0.758)
• HomeCo Daily Needs REIT (ASX: HDN) shares (0.779)
• Scentre Group (ASX: SCG) shares (0.786).

There are also several ASX financial shares, including ASX bank shares, trading below book value.

Examples include:

• Buy now, pay later share Humm Group Ltd (ASX: HUM) (0.353)
• Virgin Money UK CDI (ASX: VUK) shares (0.339)
• Bank of Queensland Ltd (ASX: BOQ) shares (0.614)
• Pepper Money Ltd (ASX: PPM) shares (0.727)
• Bendigo and Adelaide Bank Ltd (ASX: BEN) shares (0.734)
• AMP Ltd (ASX: AMP) shares (0.798).

What do the experts say about these ASX All Ords shares?

Let's take a look at a few recent broker ratings on these ASX All Ords shares.

Ord Minnett upgraded its rating on AMP shares to 'accumulate' with a 12-month share price target of $1.35. The AMP share price is currently $1.10, implying a potential upside of 23%.

Citi has a buy rating and a $5 price target on the Charter Hall Long WALE REIT. The share is currently $4.25, so there's no huge upside expected in terms of growth. However, for dividend-focused investors, this share looks attractive, with Citi tipping dividend yields of 6.6% in FY23 and 6.85% in FY24.

UBS has a sell rating on Bendigo Bank shares with an $8 price target. This implies a 10% downside with the Bendigo Bank share price currently trading at $8.80.

Morgans has downgraded Bank of Queensland shares from an add rating to a hold rating. The team slashed their 12-month share price target on Bank of Queensland stock from $11 to $6.75. Ouch.

ASX All Ords shares are up 5.9% in the year to date and down 4% over the past 12 months.

The post Are these ASX All Ords shares ready to buy at fundamentally fire sale prices? appeared first on The Motley Fool Australia.

That's come as rapid interest rate rises from the Reserve Bank of Australia (RBA), the US Federal Reserve and other global central banks have made it harder to invest in stocks for potential share price gains. As illustrated by the 12% decline in the S&P/ASX 200 Index (ASX: XJO) year to date.

And with inflation still hitting investors where it hurts, ASX dividend shares paying healthy yields are finding stronger support.

As Kristiaan Rehder, portfolio manager of the Bennelong Kardinia Absolute Return Fund, told The Motley Fool this week, "Kardinia is very focused on dividends. Particularly fully franked dividends."

In our interview (to be published in full next week) Rehder noted:

To illustrate the importance of dividends to the Australian market, if you look at the S&P/ASX 300 Index (ASX: XKO), that's returned about 2.8% per annum over the last five years.

If you compare that to the ASX 300 accumulation index, which includes dividends, it's around 6.8%. So that 4% difference per annum is all to do with dividends.

Is there a difference between ASX dividend shares and distribution shares?

ASX shares that pay out regular dividends or distributions both return some of their profits to shareholders. If those payouts are franked, investors also get credit from the ATO for the taxes the company has already paid on its profits.

Some well-known names and popular ASX dividend shares include BHP Group Ltd (ASX: BHP) and Commonwealth Bank of Australia (ASX: CBA).

At the current share price, CBA pays a 3.8% trailing dividend yield, fully franked.

With its monster dividend payout earlier this year, BHP pays a trailing yield of 11.8%, also fully franked.

So how about distributions?

ASX distribution shares differ from dividend shares in that you'll get distributions from a real estate investment trust (REIT) or an exchange-traded fund (ETF).

Unibail-Rodamco-Westfield (ASX: URW), for example, is a REIT focused on shopping malls across much of the world. It pays an 8.9% unfranked distribution yield.

Then there's Centuria Industrial REIT (ASX: CIP). The REIT owns a range of distribution centres, manufacturing facilities, and data centres across Australia and pays a distribution yield of 6.2%, also unfranked.

Some REITs offer franking credits on their distributions, while not all ASX dividend shares will do so.

As for ETFs, any franking credits on their distribution payouts will depend on whether the fund holds Australian companies paying taxes Down Under.

Atop potential tax variations, a core difference between ASX dividend shares and those that pay distributions is that distribution payments are based on profits earned during the current financial year. And those distributions are paid out during that financial year.

While these differences are important to understand, at the end of the day, most investors will be happy to see the extra income dropping into their bank accounts.

The post ASX dividend shares or distribution shares? Is there even a difference? appeared first on The Motley Fool Australia.

Energy Resources of Australia Limited (ASX: ERA), Unibail-Rodamco-Westfield (ASX: URW) and Beacon Lighting Group Ltd (ASX: BLX) shares are all in the green.

Let's take a look at why these three shares are rising.

Unibail-Rodamco-Westfield

Unibail shares are soaring nearly 6% today. The company advised it has appointed Audrey Arnoux as Group Director of Investor Relations. Arnoux will work with the company and local teams to develop and expand relationships with investors and financial analysts.

Commenting on the news, Chief financial officer Fabrice Mouchel said:

I am excited to welcome Audrey to lead our Investor Relations function. Her significant capital markets and investor relations experience will be a tremendous asset for URW and I look forward to working with her to further strengthen our relationships with the financial
community

Energy Resources

Energy Resources shares are surging 7% today. The company produces uranium from the Ranger Mine in the Northern Territory. Energy Resources advised that chairman Peter Mansell and independent non-executive directors Paul Dowd and Shane Charles are intending to resign from the board of the company.

Rio Tinto had called for Mansell to resign to allow for board renewal. Rio Tinto is the majority shareholder of Energy Resources.

Energy Resources also provided a table responding to recent media reporting.

Beacon Lighting

Beacon Lighting shares are lifting 5.7% today. This is despite no news out of the company. Meanwhile, the S&P/ASX 200 Consumer Discretionary is down 0.19% today.

Beacon is an ASX consumer share selling lighting, globes and ceiling fans. Beacon's gross profit margin lifted to 69.1% in FY22. The company recorded record sales of $304.3 million and a record EBITDA of $92.7 million. Beacon is planning to open five new stores in FY23.

Sales in the USA lifted 51.9% in FY22. In recent news, data from the USA shows spending increased 0.4% in the month of August in the USA, CNBC reported.

The post 3 ASX All Ordinaries shares defying today's sell-off to surge higher appeared first on The Motley Fool Australia.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are pushing higher:

Mesoblast limited (ASX: MSB)

The Mesoblast share price is up almost 8% to 84 cents. Investors have been buying this biotech company's shares after it confirmed the submission of substantial new information on clinical and potency assay items to the FDA. This is for items identified by the regulator for its remestemcel-L product in the treatment of children with steroid-refractory acute graft versus host disease.

Unibail-Rodamco-Westfield (ASX: URW)

The Unibail-Rodamco-Westfield share price is up over 4% to $3.20. This has been driven by news that the shopping centre operator has completed the sale of the Villeneuve 2 centre in the Lille region of France to Ceetrus. This means that the company has now completed 3.2 billion euros of disposals, representing 80% of its 4 billion euros European disposal programme.

Widgie Nickel Ltd (ASX: WIN)

The Widgie Nickel share price is up 28% to 30 cents. This follows the announcement of a major lithium discovery from the company's Mt Edwards project. Management commented: "This initial reconnaissance work identifying high grade spodumene over a significant strike length couldn't be a better outcome for Widgie."

Yancoal Australia Ltd (ASX: YAL)

The Yancoal share price is up 2% to $5.78. This morning this coal miner announced that it will make a major debt repayment. Yancoal advised that it intends to prepay US$1.0 billion of debt from available cash on 4 October. This consists of payment toward Yancoal's Syndicated Facility and its unsecured related-party loans. This is expected to deliver an approximate US$207 million reduction in total finance cost over the loan periods.

The post Why Mesoblast, Unibail-Rodamco-Westfield, Widgie Nickel, and Yancoal are rising appeared first on The Motley Fool Australia.

Four ASX shares that have failed to follow the market higher today are listed below. Here's why they are dropping:

Australian Vanadium Ltd (ASX: AVL)

The Australian Vanadium share price is down 12% to 5 cents. This has been driven by the completion of the vanadium developer's equity raising this morning. Australian Vanadium has raised a total of $20 million from institutional, professional, and sophisticated investors at a 17% discount of 4.7 cents per new share. The proceeds will be used primarily to finance ongoing work at the company's Australian Vanadium Project.

Johns Lyng Group Ltd (ASX: JLG)

The Johns Lyng share price is down almost 4% to $5.99. This follows news that the building services company's CEO and COO have been selling shares. According to the release, both executives have sold 1 million shares each, bringing in over $6 million apiece. It is worth noting, though, that they still retain significant shareholdings despite these sales.

Nufarm Ltd (ASX: NUF)

The Nufarm share price is down 5% to $5.78. This may have been driven by a broker note out of Morgans. According to the note, the broker has downgraded the agricultural chemicals company's shares to a hold rating and cut the price target on them to $6.65. Its analysts are expecting a strong result in FY 2022 but then a pullback in earnings in FY 2023.

Unibail-Rodamco-Westfield (ASX: URW)

The Unibail-Rodamco-Westfield share price is down 10% to $4.87. This follows news that the global real estate developer will rebrand three flagship shopping centres in Spain, Sweden and Poland. The centres being rebranded are Parquesur in Madrid, Taby Centrum in Stockholm, and Galeria Mokotow in Warsaw.

The post Why Australian Vanadium, John Lyng, Nufarm, and Unibail-Rodamco-Westfield are dropping appeared first on The Motley Fool Australia.

At the time of writing, the S&P/ASX All Ordinaries Index (ASX: XAO) is up 1.06% to 7,380 points. The URW share price is currently trading at $4.86, down 10% on yesterday's close.

The move follows a news release from the company to the ASX shortly before the market closed yesterday.

In its release, the ASX global real estate developer said it would rebrand as Westfield three flagship shopping centres in Spain, Sweden and Poland.

The centres involved are the most important in their respective markets. They are Parquesur in Madrid, Taby Centrum in Stockholm, and Galeria Mokotow in Warsaw.

The three centres share a number of characteristics. These include excellent locations and public transport, distinctive architecture, and a best-in-class approach to the customer experience.

What did management say?

In a statement, Unibail-Rodamco-Westfield said it was focused on rebranding flagship centres in Europe's wealthiest cities and catchment areas.

The company said:

The rebranding continues the expansion of the Westfield brand in Europe as the company drives new revenues through media advertising and brand experiences, turning its huge footfall of 550 million visits across its European assets into a qualified audience, while also leveraging the Westfield brand's significant value to retailers, who see over 20% higher sales at URW's centres even when compared to other A-category malls.

Unibail-Rodamco-Westfield chief customer officer Caroline Puechoultres added:

The significant opportunity afforded to both retailers and brands by this increasingly digitally linked network of destinations is unparalleled – through Westfield our partners can reach tens of millions of European consumers, driving new possibilities in advertising, brand marketing and retail.

What else is happening at Unibail-Rodamco-Westfield?

The company has a global portfolio of real estate assets worth 54.5 billion euros as of 31 December. About 86% are retail assets, including 84 shopping centres of which 53 in Europe and the United States are considered flagships.

On 28 April, the company released its Q1 FY22 update. It showed a 34.2% lift in turnover compared to Q1 FY21, representing "strong post-COVID-19 recovery and asset deliveries".

The report revealed tenant sales at 93% of 2019 levels and an improvement in rent collection to 93% for Q1. It also reported "sustained" leasing activity with 521 deals in Q1, up 4% on 2019 and 60% being long-term leases.

URW share price snapshot

The URW share price is down 3% year-to-date. This represents a significant outperformance of the real estate sector's benchmark index. The S&P/ASX 200 A-REIT Index (ASX: XPJ) has fallen 18% in 2022 so far.

There are mixed results among other property groups with a heavy retail focus. The Scentre Group (ASX: SCG) share price is down 11% in 2022 so far. Vicinity Centres (ASX: VCX) shares are up 6%.

The post Why is the Unibail-Rodamco-Westfield share price tumbling 10% today? appeared first on The Motley Fool Australia.

At all.

ASX 200 stocks were down 2.4% in morning trade, having shed 2.3% within the first minutes of the opening bell. At the time of writing, however, the benchmark index is clawing back some ground, now 1.88% lower.

That's the worst performance for ASX 200 stocks since 21 January, when Russian forces crossed into Ukraine and unleashed war on the European continent.

Energy and resource companies are among the worst performers today, as witnessed by the 5.1% loss on the S&P/ASX 200 Energy Index (ASX: XEJ) and the 5.4% loss posted by the S&P/ASX 200 Resource Index (ASX: XJR) at this same time.

So, why are investors hitting the sell button today?

Why ASX 200 stocks are under pressure

ASX 200 stocks have faced a multitude of headwinds in 2022.

First, there was rising global inflation and the spectre of numerous interest rate hikes ahead.

Then there was Russia's horrendous invasion of neighbouring Ukraine.

Now COVID-19 is back in the playbooks.

While Australia has joined most of the rest of the world in reopening its domestic and international borders and learning to live with the coronavirus, China remains intent on its COVID-zero policies. And this determination is seeing Shanghai, a city with more residents than all of Australia, forced into extended lockdowns.

Now signs are emerging that China, the world's number two economy, is facing some serious setbacks in its growth ambitions. And that's having a big impact on commodity and energy prices.

Brent crude, for example, is currently trading for just under US$103 per barrel. That's down 9% since this time last week when that same barrel was fetching just over US$113 per barrel.

Even more crucially for the Aussie economy and some of the top ASX 200 stocks by market cap, iron ore is taking a hit.

The industrial metal is down some 10% to $US135.75 per tonne.

As the Australian Financial Review reports, China's lockdowns have seen Nomura cut its Q2 forecast for China's GDP growth to 1.8% from 3.4%.

According to Nomura's chief economist Ting Lu:

Without the ending in sight, Chinese households and private sector corporates may reduce their investment in their homes and capital goods. With other countries shifting to full reopening, China's export growth is set to slow even without lockdowns.

Best and worst performers

There aren't a whole lot of top performers among ASX 200 stocks to look at today.

In fact, only three of the 200 are posting gains in excess of 1.0%.

Of those, Unibail-Rodamco-Westfield (ASX: URW) leads the pack, up 2.9% at the time of writing.

As for the worst performers, that unwanted honour goes to EML Payments Ltd (ASX: EML), down 35%. Investors are selling shares after the financial services company cut its earnings guidance for FY22 in an ASX update this morning.

And with iron ore tanking, you won't be surprised to find the likes of BHP Group Ltd (ASX: BHP) among the bottom ten performers of ASX 200 stocks as well. The BHP share price is down 5.3% today.

Deriving an even greater share of its revenue from iron ore, the Fortescue Metals Group Ltd (ASX: FMG) is falling even harder, down 6.46% at the time of writing to $19.85 per share.

As long-term investors in ASX 200 stocks, we know that down days – like what we're witnessing today – happen. We also know that, historically, they'll fade away as investors look to capture good value from the markets.

The post ASX 200 stocks dive 2.4% in worst trading day since Ukraine crisis hit appeared first on The Motley Fool Australia.

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

Block Inc (ASX: SQ2)

The Block share price has tumbled 10% to $137.50. Investors have been selling this payments company's shares following a poor night of trade for its US listed shares on Friday night. In addition, futures contracts are currently pointing to a very red start to the week for tech shares on Wall Street. This is weighing on the Australian tech sector, which has dragged the S&P ASX All Technology index down 4% this afternoon.

GQG Partners Inc (ASX: GQG)

The GQG share price is down 7% to $1.23. This follows the release of the fund manager's latest funds under management (FUM) update. That update revealed that fund inflows have continued but its overall FUM has fallen by 1.6% month on month to $89.8 billion.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is down 9% to $4.49. Investors have been selling this airline operator's shares amid concerns about rising oil prices. With prices briefly topping US$130 a barrel earlier today, Qantas' fuel costs are likely to increase materially and put pressure on its margins. This could push back its break-even point once again.

Unibail-Rodamco-Westfield (ASX: URW)

The Unibail-Rodamco-Westfield share price is down 7% to $4.31. This shopping centre operator's shares have come under pressure today following news that they will be dumped from the ASX 200 index later this month. At the quarterly rebalance on 22 March, Unibail-Rodamco-Westfield will be one of four shares removed from the index.

The post Why Block, GQG, Qantas, and Unibail-Rodamco-Westfield are sinking today appeared first on The Motley Fool Australia.

Here's what is happening on the ASX 200 today:

AGL rejects second takeover offer

The AGL Energy Limited (ASX: AGL) share price is trading lower today. This follows news that the energy giant has rejected an improved takeover approach from the Brookfield Consortium. According to the release, the consortium has increased its offer by 10% from $7.50 per share to $8.25 per share. However, the AGL Board continues to believe that this undervalues the company and has rejected the approach.

Appen makes strategic investment

The Appen Ltd (ASX: APX) share price is falling again on Monday despite the AI data services company announcing a strategic investment. Appen revealed that it has made a ~$3.6 million investment in Mindtech Global. Mindtech is the creator of Chameleon, which specialises in developing training data for AI computer vision models. The two parties have formed a commercial partnership agreement following the investment.

Zip co-founder buy shares

The co-founders of Zip Co Ltd (ASX: Z1P) appear to believe the sharp pullback by its shares this year could be a buying opportunity. According to a release, the company's co-founders Larry Diamond and Peter Gray have purchased approximately $1.5 million of Zip shares. A number of non-executive Directors, including chair Diane Smith-Gander, also purchased Zip shares at the end of last week.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Woodside Petroleum Limited (ASX: WPL) share price with an 8% gain. This follows another strong rise in oil prices. The worst performer has been the Unibail-Rodamco-Westfield (ASX: URW) share price with a 7% decline. The shopping centre operator's shares have come under pressure amid news that they will be dumped from the ASX 200 later this month.

The post ASX 200 (ASX:XJO) midday update: AGL rejects new takeover offer, Appen makes strategic investment appeared first on The Motley Fool Australia.

These changes are for the March quarterly rebalance, that will take place at the commencement of trade on 22 March.

ASX 200 exits

A total of four ASX 200 shares will be kicked out of the index later this month.

These are struggling biotechnology company Mesoblast limited (ASX: MSB), casino and resorts operator SKYCITY Entertainment Group Limited (ASX: SKC), New Zealand telco Spark New Zealand Ltd (ASX: SPK), and shopping centre operator Unibail-Rodamco-Westfield (ASX: URW).

This could be bad news for these shares, as when a company is removed from the ASX 200, it can lead to an increase in selling. This is because index funds that track the ASX 200 will need to sell these shares in order to reflect the changes.

In addition, some fund managers have mandates that mean they are only allowed to own shares that are included in certain indices. With these shares now dumped out of the benchmark index, they could soon be dumped out of portfolios of fund managers that are only allowed to own shares included in the ASX 200.

ASX 200 additions

Replacing these shares in the benchmark index on 22 March will be lithium exploration company AVZ Minerals Ltd (ASX: AVZ), plus sized fashion retailer City Chic Collective Ltd (ASX: CCX), gold explorer De Grey Mining Limited (ASX: DEG), and property company Home Consortium Ltd (ASX: HMC).

Their inclusion in the index could have a positive effect on their respective share prices for the same reasons mentioned above, but in reverse. Fund managers (with ASX 200-only mandates) that have wanted to own these shares will soon be able to, and index funds tracking the ASX 200 will have to purchase shares as part of the rebalance.

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

ASX 200 expected to rebound

The Australian share market looks set to start the week on a positive note despite a poor finish on Wall Street on Friday. According to the latest SPI futures, the ASX 200 is expected to open the day 28 points or 0.4% higher this morning. On Wall Street, the Dow Jones fell 0.5%, the S&P 500 dropped 0.8%, and the Nasdaq tumbled 1.7%.

Oil prices rise again

Energy producers such as Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a great start to the week after oil prices surged higher again. According to Bloomberg, the WTI crude oil price jumped 7.5% to US$115.68 a barrel and the Brent crude oil price rose 6.9% to US$118.11 a barrel. Supply concerns are supporting prices.

ASX 200 quarterly rebalance

After the market close on Friday, S&P Dow Jones Indices announced changes to the ASX 200 at the next rebalance. These changes will see Mesoblast limited (ASX: MSB), SKYCITY Entertainment Group Limited (ASX: SKC), Spark New Zealand Ltd (ASX: SPK), and Unibail-Rodamco-Westfield (ASX: URW) dumped out of the index on 22 March.

Gold price up again

Gold miners Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) could have a good start to the week after the gold price pushed higher on Friday night. According to CNBC, the spot gold price rose 1.6% to US$1,966.6 an ounce. The gold price added 4.1% over the week thanks to increased demand for safe haven assets.

Blackmores downgraded to sell

The Blackmores Limited (ASX: BKL) share price could come under pressure today. This follows news that Goldman Sachs has downgraded the health supplements company's shares to a sell rating with a $75.20 price target. The broker believes that the need for reinvestment will suppress the company's near-term earnings.

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

Unfortunately, not all shares were able to climb higher with the market. Here's why these were the worst performing ASX 200 shares last week:

Zip Co Ltd (ASX: Z1P)

The Zip share price was far and away the worst performer on the ASX 200 last week with a 22.2% decline. This buy now pay later provider's shares came under pressure for a number of reasons. This includes the completion of a ~$150 million institutional placement at a 14% discount of $1.90 per new share. In addition, the market gave its decision to acquire rival Sezzle Inc (ASX: SZL) a lukewarm response, while analysts at UBS downgraded the company's shares to a sell rating and cut the price target on them by 80% to a lowly $1.00.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price was under pressure again last week and dropped 12.9%. Last week the team at UBS responded to Magellan's latest funds under management (FUM) update by retaining its sell rating and cutting its price target to $15.40. UBS has concerns over its falling FUM, which it fears won't be helped by its flagship Global Fund being downgraded by a ratings agency.

Unibail-Rodamco-Westfield (ASX: URW)

The Unibail-Rodamco-Westfield share price wasn't far behind with a 10.4% decline. On Monday this shopping centre giant revealed that a member of its Supervisory Board had sold ~580,000 euros worth of shares via an on-market trade. In other news, after the market close on Friday, it was announced that Unibail-Rodamco-Westfield would be dumped out of the ASX 200 at the next rebalance. It is possible that some fund managers were anticipating this and sold their shares ahead of the rebalance announcement.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price was a poor performer and tumbled 9.2% over the five days. This was despite there being no news out of the fund manager. However, it is worth noting that its shares traded ex-dividend last week. In addition, at the end of the previous week, analysts at Macquarie retained their underperform rating and slashed their price target by 18%.

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Four ASX shares that are avoiding the market weakness today are listed below. Here's why they are pushing higher:

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is up over 4% to $4.74. Investors have been buying this insurance giant's shares following the release of its half year results. For the six months ended 31 December, IAG delivered a cash profit of $176 million. While this was short of what the market was expecting, investors appear to be willing to overlook this due to management upgrading its FY 2022 gross written premium (GWP) guidance. It now expects GWP growth in the mid single-digits compared to low single digits.

Rio Tinto Limited (ASX: RIO)

The Rio Tinto share price is up 3% to $122.50. Investors have been buying Rio Tinto and other iron ore miners after the steel making ingredient continued its ascent. According to CommSec, the spot iron ore price has risen by a sizeable US$7.00 or 4.8% to US$153.75 a tonne.

Unibail-Rodamco-Westfield (ASX: URW)

The Unibail-Rodamco-Westfield share price is up 7.5% to $5.66. Investors have been buying this shopping centre operator's shares after its announced the sale of a 45% stake in Westfield Carré Sénart and the creation of a joint venture with Societe Generale Assurances and BNP Paribas Cardif.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is up 1% to $22.83. Investors may be buying the banking giant's shares due to the prospect of rising interest rates. A stronger than expected inflation reading in the US has led to speculation the US Federal Reserve could act sooner. Rising rates would be a boost to the bank's margins.

The post Why IAG, Rio Tinto, Unibail, and Westpac shares are pushing higher appeared first on The Motley Fool Australia.

The real estate company — which owns and runs 85 shopping centres and more than 50 flagship sites in Europe and the United States — also released its full-year results for the 2021 financial year yesterday.

At the time of writing, the Unibail Rodamco share price is up 7.32% at $5.65.

So what does this joint venture mean for the company? And how has it fared over the last 12 months with the worldwide COVID-19 challenges?

Let's dive straight in…

Unibail-Rodamco's joint venture

The Unibail-Rodamco share price is gaining after the company announced it had agreed to sell a 45% stake in Westfield Carré Sénart in Paris.

It will also enter into a long-term joint venture and management contract with insurance companies Societe Generale Assurances and BNP Paribas Cardif to provide asset and property management services.

The centre has an implied sticker price of €1 billion with a transaction date expected in Q1 FY22. The sale will cut €280 million of debt from the company's balance sheet.

Unibail-Rodamco-Westfield CEO Jean-Marie Tritant said:

We are pleased to announce the completion of this transaction and the creation of a long-term partnership with two leading French institutional investors.

The agreement is fully in line with our European disposal strategy to find the right joint venture partners for select assets, allowing us to release capital while continuing to leverage our established management capabilities.

FY21 full-year results

Additionally, the Unibail-Rodamco share price is likely being boosted by the company's earnings for FY21, which it also released after the market closed on Thursday.

The real estate company saw decreased vacancies across the board, with "tenant sales approaching pre-COVID levels". In fact, sales-based rents were up 30% against 2019.

As of 31 December 2021, the Unibail-Rodamco portfolio was valued at €54.5 billion — retail accounted for 86% of this, offices 6%, convention and exhibition venues 5%, and services 2%. It has also seen its asset values stabilise.

Further, it reported "above guidance" adjusted recurring earnings per share (EPS) of €6.91. Its 2022 adjusted earnings per stapled share (AREPS) are predicted to be between €8.20 and €8.40.

The company has also made a €2.2 billion debt reduction dent in its deleveraging plan and is pushing towards its goal of reducing its US financial exposure this year and the next.

Tritant said Unibail-Rodamco's "operational performance over the past 12 months, achieved in the extremely difficult context of COVID-19, gives us great confidence for 2022".

Unibail-Rodamco share price snapshot

Over the past 12 months, the Unibail-Rodamco share price has increased by 21%. It saw its highest price of $6.53 in June and its lowest of $4.25 in February.

Its shares are also up 18% this year to date.

The company has a market capitalisation of $1.01 billion and a price-to-earnings ratio (P/E) of 6.13.

The post Merci! Here's what's driving the Unibail (ASX:URW) share price 7% higher today appeared first on The Motley Fool Australia.

Here's what is happening on the ASX 200 today:

IAG shares rise following half year results

The Insurance Australia Group Ltd (ASX: IAG) share price is pushing higher today following the release of its half year results. The insurance giant delivered a cash profit well short of consensus estimates at $176 million. However, the market appears willing to overlook this due to management upgrading its FY 2022 gross written premium guidance from low to mid single-digit growth.

Magellan shares sink after FUM update

The Magellan Financial Group Ltd (ASX: MFG) share price is tumbling again on Friday. This follows the release of an out of cycle funds under management (FUM) update. That update reveals that Magellan's FUM has fallen 6.85% since the end of January to $87.1 billion. And with several ratings agencies putting its funds under review or downgrading them, there's a real chance that its FUM could continue to fall as the month rolls on.

Zip shares tumble

The Zip Co Ltd (ASX: Z1P) share price is tumbling lower today in response to a heavy decline from a rival on Wall Street. The Affirm share price crashed 21.5% during the overnight session and then a further 7% in after-hours trade. Investors were selling down the BNPL provider's shares after its quarterly update disappointed.

Best and worst ASX 200 performers

The Unibail-Rodamco-Westfield (ASX: URW) share price is the best performer on the ASX 200 today with a 7% gain. This follows news that it is selling a 45% stake in Westfield Carré Sénart and creating a joint venture with Societe Generale Assurances and BNP Paribas Cardif. The worst performer has been the Appen Ltd (ASX: APX) share price with a 7.5% decline. This follows broad weakness in the tech sector and ongoing concerns over demand for its services.

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While a number of shares rose with the market, some climbed more than most. Here's why these were the best performing ASX 200 shares last week:

Unibail-Rodamco-Westfield CDI (ASX: URW)

The Unibail-Rodamco-Westfield share price was the best performer on the ASX 200 last week with a 10.3% gain. Other than revealing the termination of a debt facility, there wasn't any news out of this shopping centre operator. However, its ASX listed shares tend to follow the lead of its European shares, which performed very positively.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price continued its meteoric rise and climbed a further 9.4% over the four days. Investors have been buying Pilbara Minerals and other lithium miners in recent weeks thanks partly to a bullish broker note out of Macquarie. Its analysts believe lithium prices could stay at record levels for the next four years. In light of this, it put an outperform rating and $3.70 price target on its shares.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price wasn't far behind with a gain of 8.8%. This may have been driven by an announcement at the end of the previous week which revealed that its Malaysian permanent disposal facility (PDF) for Water Leach Purification (WLP) residue has finally received environmental approval from the relevant Malaysian regulatory authorities.

Santos Ltd (ASX: STO)

The Santos share price was on form and charged 7.6% over the period. A decent rise in oil prices appears to have been behind this rise. Oil prices pushed higher amid unrest in Kazakhstan and an outage in Libya. This was enough to offset concerns over rising COVID cases and OPEC's plan to increase production next month.

The post These were the best performing ASX 200 shares last week appeared first on The Motley Fool Australia.

Here's what is happening on the ASX 200 today:

Travel share volatility

The travel sector has been very volatile on Monday. The likes of Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB) sank notably lower in early trade before recovering a good portion of these declines. Concerns over the impact that the Omicron variant could have on travel markets is behind this volatility.

Healthcare shares outperform

One area of the market performing positively today is the healthcare sector. Shares including Healius Ltd (ASX: HLS) and Sonic Healthcare Limited (ASX: SHL) are recording solid gains at the time of writing. These two companies have been generating significant revenue from COVID-19 testing. Investors appear to believe the emergence of the Omicron variant will underpin strong demand for testing for some time to come.

Oil prices rebound

Energy shares including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) are performing relatively positively considering the 13% decline in the WTI crude oil price to US$68.15 on Friday night. This better than expected performance appears to have been driven by a rebound in oil prices this morning. According to Bloomberg, the WTI crude oil price is now back up to US$70.94 a barrel. Santos and Woodside shares are down around 1% at lunch.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Domino's Pizza Enterprises Ltd (ASX: DMP) share price with a 4% gain. The prospect of lockdowns in Europe could be boosting this pizza chain operator's shares. The worst performer has been the Unibail-Rodamco-Westfield (ASX: URW) share price with a 6% decline. While lockdowns in Europe could boost Domino's sales, they would have the opposite effect on this shopping centre operator's performance.

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The Motley Fool chats with fund managers so that you can get an insight into how the professionals think. In part II of this edition, Katana Asset Management's co-founder Romano Sala Tenna, reveals the ASX shares poised for outperformance in 2022.

MF: What ASX sectors are looking promising to you in the year ahead?

RST: There are a few sectors that look strong.

First, financials, on the back of inflation and the expected increase in interest rates. Provided the interest rates don't turn up so aggressively that you start to see an increase in bad and doubtful debts. But the early stages in recovering interest rates are generally good for financials. They can extract more margin from their book. And the front and back book become more aligned.

The other big thematics are decarbonisation and electrification, which are really 2 sides of the same coin. There's no bigger opportunity in the market at the moment. But it can be hard to play these thematics in Australia, because we don't have world leading technologies. So we've had to restrict ourselves to EV metals such as nickel, copper and lithium. I think that's the best way in Australia to play those 2 themes.

Then, on the opposite end of the spectrum from EVs, is the energy market. I think the energy market was sold down very aggressively over a short period of time. We're now starting to see good value opportunities in the energy market, even though the headwinds are there.

We're starting to see Woodside Petroleum Ltd (ASX: WPL) trade on a single digit PER [price-earnings ratio], with LNG at record prices. That's giving them some very large cash flow from current spot cargoes. The oil price is around US$80 per barrel. We think the outlook for Woodside is very good. It's been heavily sold down on the back of the ESG thematic.

We're capable and comfortable to look at both ends. The EV thematic is clearly macro driven. Energy is very much a value driven opportunity.

MF: Which ASX shares look well positioned for the EV thematic?

RST: In the lithium space, Mineral Resources Ltd (ASX: MIN) is our largest holding. We've had other positions, such as Pilbara Minerals Ltd (ASX: PLS), which we've now taken some profit on.

Mineral Resources will be the largest lithium spodumene producer in the country once they restart Wodgina and get it up to full production. At the moment it's on care and maintenance. They just announced they're in the process of getting their first train back online by the third quarter of next year. They've built 3 lines already, which should produce about 750,000 tonnes per annum when fully operational.

They've also got the joint venture with Albemarle, which enables them to do downstream production as well. So we'll see them in the hydroxide space in the future, with up to 40,000 tonnes per annum.

In terms of what the market's attributing to that value, you're pretty much buying the entire Mineral Resources asset, including all their iron ore production, all their mining services division, plus other cash and miscellaneous assets for about the same price you're paying just for Pilbara, which is quite an extraordinary state of affairs.

A $7.2 billion market cap on Pilbara and a $7.7 billion market cap on Mineral Resources, and they're the largest contract crushing company in the world. It does seem to be quite a disconnect.

MF: You also mentioned nickel and copper. Do any ASX shares stand out in that space?

RST: The nickel space is very hard to play. We have some limited exposure through IGO Ltd (ASX: IGO) and Western Areas Ltd (ASX: WSA). But not with any particular conviction.

As for copper, there are really 4 listed copper players on the ASX. We've chosen to play it through Oz Minerals Ltd (ASX: OZL) and Aeris Resources Ltd (ASX: AIS).

Oz Minerals is probably the tier-1, dedicated copper asset in the Australian landscape. And Aeris, on a valuation basis, is on 3.5 to 4 times earnings. Aeris also has some very good hits coming out of its Constellation deposit. We think that's setting them up for an extension in mine life of 10 plus years.

MF: Which sectors are you likely to avoid?

RST: We're very cautious on concept tech versus real tech.

We love some of the real technology that's coming through with real revenue, real profitability, good rates of growth and the likes. That makes sense.

But there's a lot of concept tech out there that I think is going to get caught out. As your bond yields turn up the discounted rate of return increases. When you start modelling some of these earnings 5 to 10 years out in today's dollar terms, they don't stack up. So I think a lot of the concept tech is going to come under pressure.

Also, with interest rates turning up as our base case, the infrastructure space could come under pressure.

Infrastructure stocks are often seen as a bond proxy; you buy them instead of buying bonds. As bond yields increase, infrastructure stocks are going to become less attractive. Even more importantly, a lot of these funds are heavily geared. As interest rates turn up, it will have a material impact on their bottom line and there's no way to hide that impact on those earnings.

Some REITs [real estate investment trusts] fall into that same space. But you can be discerning.

A share like Unibail-Rodamco-Westfield (ASX: URW), for example, is one of our larger holdings. We think that has a hard NTA [net tangible assets] backing at around $13 per share and it's trading just over $5 per share.

As shopping centres across Europe and the US open up, we think URW will start to get some more attention. They own 18 of the top 30 shopping centres in Europe. These are tier-1 assets. They're slowly repairing their balance sheet. As we start to see more interest coming to the reopening trade off shore, in Europe and the US, I think we'll start to see Unibail-Rodamco gain greater interest in the market place.

MF: If the market closed tomorrow for 5 years, which ASX share would you want to hold?

RST: It's a company I already mentioned, and that's Mineral Resources.

We've been an investor in Mineral Resources for about as long as our fund has been around. We've scaled our weighting up and down, but we're an ultra long-term shareholder.

Back in 2006 when the company listed, it had an EBITDA – earnings before interest, taxes, depreciation and amortisation – of about $38 million. Fast forward to 2021 and their EBITDA has grown to $1.9 billion. Now that is a peak earnings EBITDA based on a very high iron ore price. But through the cycle we think their EBITDA is somewhere north of $1billion for the business.

When you look at that, north of $1billion of sustainable levels of earnings versus $38 million in 2006, you can see the long-term trajectory that business has been on.

Over the last 3 years, it's averaged a return on equity north of 20%. There are very few companies in the Australian landscape that can boast that. And we think they've set themselves up once again for the next level of growth.

They're going to be volatile because of the cyclicality of their underlying earnings, being iron ore, lithium and mining services. But in 5 years' time, we expect them to be generating substantially more than they are today.

**

If you missed part I of our interview with Romano Sala Tenna, you can find that here.

(To learn more about the Katana Australian Equity Fund, click here.)

The post These are the biggest opportunities on the ASX in 2022: fund manager appeared first on The Motley Fool Australia.