Fund manager Matthew Haupt from Wilson Asset Management (WAM) has identified some of the most important factors that investors should consider in 2023 with their ASX share portfolio.

Last year saw a large change to the economic landscape as central banks in Australia, the United States and elsewhere ramped up interest rates to try to tame inflation.

In Haupt's view, the economy is likely to slow this year and that could end up having a damaging impact on "bad management teams and poor strategies", according to reporting by The Australian.

What's going on with the economy?

A month ago, the Reserve Bank of Australia (RBA) increased the Australian cash rate target by 25 basis points to 3.35%. It's expected to increase the interest rate again to 3.6% this week.

Households and ASX shares are now feeling the impact of those rate rises.

While the six months to 31 December 2022 saw "strong resilience" by many companies, the environment has "clearly turned", according to The Australian's reporting.

Inflation has helped the revenue side for some businesses, but costs are also going higher – wages, fixed costs, and borrowing costs are more expensive, Haupt noted.

Haupt said:

Best breed management will shine in this environment, whereas the weak will get shown up. If you've got the wrong management, wrong culture and wrong strategy, it all falls apart.

Now it is crunch time. Managers have two choices: cut jobs and increase productivity. Good ones will do a combination of both – bad managers will probably just cut jobs.

Time to be defensive?

The WAM Leaders portfolio is positioned defensively, with a strong allocation to infrastructure names like Atlas Arteria Group (ASX: ALX) and Transurban Group (ASX: TCL).

The idea is that infrastructure can, and tends to, perform well regardless of what's happening in the economy. At the moment, there are a number of negative indicators, including slowing business and consumer confidence.

Another name that Haupt pointed out was high-quality office owner DEXUS Property Group (ASX: DXS) which trades at a 40% discount to its net tangible assets (NTA). That one looks "compelling" despite the economic outlook.

Other names included packaging business Orora Ltd (ASX ORA), and insurer QBE Insurance Group Ltd (ASX: QBE), which is benefiting from rising interest rates and hiking insurance premiums.

However, Haupt is becoming more cautious about ASX bank shares. Not necessarily because of bad debts but due to strong competition that could hurt their margins.

Haupt suggested that interest rates could stay higher for years. He said:

We could be in for a (Alan) Greenspan era where you're cutting, raising and cutting rates as we navigate inflation. That's why it's prudent to have the slight defensive view.

Defensives do well when the economy goes bad, but defensives do well when interest rates fall too. The cash flows means you're going to get revalued up. That makes them a safe bet right now.

The post Why you need defensive ASX shares in your portfolio right now: WAM appeared first on The Motley Fool Australia.

The fund manager Wilson Asset Management (WAM) has recently identified some S&P/ASX 200 Index (ASX: XJO) shares that it owns (or owned) in one of its main portfolios.

WAM operates several listed investment companies (LICs), including WAM Capital Limited (ASX: WAM) and WAM Research Limited (ASX: WAX).

There's also one called WAM Leaders Ltd (ASX: WLE) that looks at the larger businesses on the ASX, often referred to as ASX blue-chip shares.

WAM says WAM Leaders actively invests in the highest quality Australian companies. But does WAM have a good reputation for picking stocks?

The WAM Leaders portfolio has delivered gross returns (before fees, expenses, and taxes) of 15.2% per annum since its inception in May 2016. This compares to the S&P/ASX 200 Accumulation Index average return of 9.2% over the same period.

The fund manager commented that infrastructure is a key theme in the WAM Leaders' investment portfolio given the "high-quality names" with defensive, inflation-linked cash flows sheltered from the full severity of the economic downturn.

It also said that infrastructure names are yield sensitive and will benefit from central banks pausing rate hikes. The fund manager said, "This is the economic environment we believe we are facing over the coming years."

WAM outlined these ASX 200 shares in its recent monthly update.

Transurban Group (ASX: TCL) and Atlas Arteria Group (ASX: ALX)

Both of these businesses are toll road companies, which are involved with developing, operating, and maintaining toll road networks.

Transurban is mostly Australian-based, with roads such as CityLink in Melbourne and WestConnex in Sydney.

Meanwhile, Atlas Arteria operates in France, Germany, and the US. The most recent Atlas investment is the Chicago Skyway, a 12.5km transport link in the US's third largest metropolitan area, with a concession life of more than 80 years.

WAM said that the investment team believes both ASX 200 shares will offer "strong earnings growth over the coming years as well as significant dividend yields".

APA Group (ASX: APA)

The fund manager described APA as an energy infrastructure business playing a "key role" in Australia's energy transition. This includes a range of opportunities from "expanding the East Coast Grid to bring gas to southern markets ahead of forecast shortfalls as well as building new renewable energy solutions".

The investment team at WAM Leaders explained:

We remain positive on this business with 85% of its revenue guaranteed through its take-or-pay revenue agreement, positive inflation exposure and 100% interest cost hedging over the next six years.

The post 3 ASX 200 shares that could drive strong returns in an inflationary world: expert appeared first on The Motley Fool Australia.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. At the time of writing, the benchmark index is down 0.4% to 7,230.8 points.

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

Atlas Arteria Group (ASX: ALX)

The Atlas Arteria share price is up 1% to $7.11. Investors have been buying this toll road operator's shares after it announced the receipt of the approvals required to acquire a 66.67% majority interest in Skyway Concession Company. It is the concessionaire of the Chicago Skyway.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price is up 1.5% to $2.79. This follows the release of the waste management company's strategy update. Management expects its strategy to create a competitive advantage and leverage digitisation, as well as support margin expansion, organic growth and reduce customer churn.  In addition, the company expects to realise significant efficiency gains through business simplification.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is up 2% to $11.20. Last week, analysts at Citi responded to the furniture retailer's annual general meeting update by retaining their buy rating and lifting their price target to $15.83. Citi notes that Nick Scali is performing notably better in FY 2023 than it was expecting. Macquarie is also positive and retained its outperform rating with an improved price target of $12.50.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price is up 9% to $1.72. This also appears to have been driven by a positive reaction to an annual general meeting update by a broker. At the end of last week, Morgans retained its add rating with an improved price target of $2.05. It commented: "[W]e believe recent updates are now pointing to improved business momentum and importantly a greater focus on driving profitability. Potential corporate action also remains an area of possible upside."

The post Why Atlas Arteria, Cleanaway, Nick Scali, and Tyro shares are pushing higher appeared first on The Motley Fool Australia.

Despite posting a strong start to Monday's session, the S&P/ASX 200 Index (ASX: XJO) finished the day in the red. As of today's close, the index was down 0.17% at 7,139.3 points.

Leading the fall were many ASX 200 miners. The S&P/ASX 200 Materials Index (ASX: XMJ) closed Monday's session 1.5% lower with Fortescue Metals Group Limited (ASX: FMG)'s 3.8% fall weighing it down.

The tech sector also underperformed, with the S&P/ASX 200 Technology Index (ASX: XIJ) plunging 1.5%. Giants Block Inc (ASX: SQ2) and Xero Limited (ASX: XRO) were among its worst performers.

Though, not all was dire on the Aussie bourse today.

The S&P/ASX 200 Utilities Index (ASX: XUJ) led today's gains, surging 1.8% higher.

The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) also put out a decent gain, lifting 0.9%.

All in all, seven of the index's 11 sectors closed in the green on Monday. But which share rocketed higher to take out today's crown? Keep reading to find out.

Top 10 ASX 200 shares countdown

Today's top-performing ASX 200 stock was AGL Energy Limited (ASX: AGL). Interestingly, there's been no news from the company since the dramatic outcome of its annual general meeting (AGM) last week.

Today's biggest gains were made by these shares:

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.

The S&P/ASX 200 Index (ASX: XJO) crept higher on Wednesday despite energy shares weighing it down. The index lifted 0.31% to close at 6,800.1 points.

Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) dumped 0.5% as oil prices slumped lower again.

The Brent crude oil price slipped 1.7% to US$90.03 a barrel overnight while the US Nymex crude oil price fell 3.1% to US$82.82 a barrel.  

On the greener side of the fence, however, the S&P/ASX 200 Utilities Index (ASX: XIJ) led the way, posting a 1% gain.

Consumer stocks also performed well, with the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) and the S&P/ASX 200 Consumer Staples Index (ASX: XCJ) gaining 0.9% and 0.5% respectively.

Finally, it was a bright day for many of the market's favourite mining shares, with the S&P/ASX 200 Materials Index (ASX: XMJ) rising 0.3%.

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

Top 10 ASX 200 shares countdown

Lithium shares reigned supreme on Wednesday, with the share price of Core Lithium Ltd (ASX: CXO) posting the biggest gain. It lifted 8% despite the company's silence.

Today's biggest gains were made by these shares:

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.

But let's not let that ruin our weekends. So rather than dwelling on that, let's instead take a glance at the ASX 200 shares that are currently topping the share market's trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Friday

Pilbara Minerals Ltd (ASX: PLS)

First up today is the ASX 200 lithium share Pilbara minerals. Pilbara has had a hefty 20.2 million shares trade accounts on the market today. This probably has something to do with the notable share price fall this company has suffered through.

There's been no news out of Pilbara itself. But the company has retreated from yesterday's all-time highs and is currently down a chunky 2.45% at $4.58 a share. It's likely that this market-exceeding fall has prompted the high volume levels we are seeing.

Atlas Arteria Group (ASX: ALX)

Next up is a rare guest appearance for this list in ASX 200 toll road operator Atlas Arteria. This Friday has seen a sizeable 22.01 million Atlas shares cross the bridge to a new owner. This company's presence here is almost certainly the result of the horrible 14.2% drop Atlas has recorded so far to $6.70 a share.

As my Fool colleague Matthew covered earlier today, this is a result of the company coming out of a trading halt. The proposed acquisition of the US-based Skyway Concession company has not gone down too well with some investors.

Lake Resources NL (ASX: LKE)

Our third, final and most traded ASX 200 share this Friday is none other than Pilbara's fellow lithium share Lake Resources. Today has seen a whopping 24.8 million Lake shares bought and sold on the ASX so far. There hasn't been much news to go off here.

But like Pilbara, Lake shares are also dropping today. The company has shed another 3% to 89.5 cents a share, putting its five-day losses at a depressing 33.2%. This drop is probably the reason we are seeing such elevated trading volumes.

The post Here are the 3 most heavily traded ASX 200 shares on Friday 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 dropping:

Atlas Arteria Group (ASX: ALX)

The Atlas Arteria share price is down 14% to $6.69. This morning this toll road operator announced the completion of a $2.5 billion institutional entitlement offer. These funds were raised at $6.30 per new share, which represents a discount of 19.3% to its last close price. Atlas Arteria is raising the funds to acquire a 66.67% stake in the Skyway Concession company.

Liontown Resources Limited (ASX: LTR)

The Liontown share price is down over 5% to $1.62. Investors have been selling this lithium developer's shares despite there being no news out of it. However, it is worth noting that the lithium industry is a sea of red today. Investors appear to be selling higher risk shares during this latest market selloff.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down a sizeable 8% to 80.5 cents. This has been driven largely by a pullback in the gold price overnight. Traders have been selling down the yield-less safe haven asset after US treasury yields widened. The S&P/ASX All Ordinaries Gold index is down 4.6% this afternoon.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down 3% to 83.5 cents. This follows the broad market selloff and calls for stricter regulations on buy now pay later (BNPL) providers in the United States. The U.S. Consumer Financial Protection Bureau (CFPB) wants to subject BNPL lenders to the same vigorous oversight as credit card companies.

The post Why Atlas Arteria, Liontown, St Barbara, and Zip shares are dropping today appeared first on The Motley Fool Australia.

The Atlas Arteria Group (ASX: ALX) share price is down 14.85% today.

Shares of the toll road operator trade for $6.65. Earlier today, shares dipped to an intraday low of $6.38, and peaked late morning at an intraday high of $6.75.

The S&P/ASX 200 Industrials Index (ASX: XNJ), of which Atlas Arteria is a part, is only down 1.87%. So, what's going on?

The company made a significant announcement today, so, let's investigate what happened.

What's going on with the Atlas Arteria share price?

This morning the company announced the completion of its institutional component of entitlement offering for new ALX securities. This offer raises a total of $2.5 billion from the settlement of 403.5 million stapled securities which it expects to issue on 26 September.

Using the funds, Atlas Arteria will acquire a 66.67% stake in the Skyway Concession company. This includes partial ownership of the Chicago Skyway, where some red flags are being raised, according to insiders and commentators.

An audit will be completed for the bridge if the intended acquisition moves ahead. The company notes "there is a risk that these post-completion audits may identify the need for capex expenditure beyond what has been budgeted," as reported by The Australian.

Skyway Concession company acquisition lampooned

Atlas Arteria's biggest shareholder, IFM Investors, are critics of the deal. IFM's head of infrastructure Kyle Mangini and executive director Aaron McGovern describing the deal as "significantly value destructive", stating:

We do not believe the company could construct any credible set of parameters or assumptions in order to justify the pursuit of the Chicago Skyway acquisition.

Macquarie analysts also agree with some parts of IFM's evaluation of the deal, focusing on the weakness of the Chicago Skyway.

The analysts said:

Traffic has been a material disappointment on the road. There once was expectation of growth, but this never eventuated and ultimately traffic is down 20 per cent on 2005 and 2.5 per cent on 2016. Core issues we think are population growth is weak, there is an alternative corridor and users are more price-elastic than normal roads.

However, the Macquarie analysts also said that "strategically, the acquisition gives Atlas scale". And noted, "that strategic gain is at the expense of the dividend and dividend growth".

Atlas Arteria dividends will continue in FY22 and FY223

Despite the possible long-term weaknesses of its dividend, the company said it would continue its hefty 40 cents per share dividend in the immediate future for FY22 and FY23.

My Fool colleague Brooke notes that the company has "considerable debt capacity," with future dividends likely paid out of capital releases.

The company notes its dividend is "sustainable" after acquiring a stake in Skyway Concession.

Atlas Arteria share price snapshot

The Atlas Arteria Group share price is down 3.9% year to date. That's considerably better than the S&P/ASX 200 Index (ASX: XJO), which has lost 9.3% over the same period.

The company's market capitalisation is $7.48 billion.

The post Why did the Atlas Arteria share price just dive 16%? appeared first on The Motley Fool Australia.

The Atlas Arteria Group (ASX: ALX) share price is withstanding today's sell off for a good reason. It's still in a trading halt.

Indeed, the stock hasn't gone anywhere today as the company undergoes a $3.098 billion capital raise to fund its acquisition of a majority stake in the Chicago Skyway.

The S&P/ASX 200 Index (ASX: XJO) toll road operator is selling shares for $6.30 apiece under a 1 for 1.95 entitlement offer.

The Atas Arteria share price last traded on Monday, closing at $7.81.

Let's take a closer look at what's happening with the approximately $7.5 billion company.

Atlas Arteria share price frozen amid $3b capital raise

The Atlas Arteria share price remains in the freezer on Wednesday as the company undergoes a massive capital raise to fund its $2.9 billion acquisition.

The near-$3.1 billion capital raise will see the company issuing 491.8 million new shares – representing 51.3% of its shares on issue. Newly issued shares won't be eligible for the company's upcoming 20-cent dividend.

The raise will be made up of an institutional entitlement offer that will be conducted today and tomorrow.

Following that, a retail entitlement offer will open on 21 September before closing on 6 October.

New dividend guidance

The company also reaffirmed and added to its dividend guidance. The company expects to pay out 40 cents per share in 2022 and the same amount in 2023. It says that's "a sustainable level going forward".

It expects future dividends to be supported by periodic capital releases from Skyway, given its "considerable debt capacity".

The company anticipates it will receive at least US$230 million in capital releases from Skyway over the next two years. That represents approximately 23 cents per share.

On top of that, there's the potential to regear every four to five years as coverage ratios increase while maintaining headroom to investment-grade credit metrics.

Atlas Arteria expects to behold proceeds from capital releases on its balance sheet before distributing them gradually to shareholders over time to smooth dividends.

The post Atlas Arteria share price remains on ice amid $3 billion cap raise appeared first on The Motley Fool Australia.

The Atlas Arteria Group (ASX: ALX) share price is frozen today amid news of a major acquisition.

Before being placed on ice, the toll road company's share price was trading at $7.81.

So what is going on at Atlas Arteria?

Atlas to acquire Chicago toll road

Atlas Arteria plans to acquire a 66.67% majority interest in the Chicago Skyway in the city of Chicago, Illinois.

The 12.5-kilometre toll road connects the Indiana Toll Road to the Dan Ryan Expressway on Chicago's south side.

The toll road has 81 years of concession life remaining. Ontario Teachers' Pension Plan will retain a 33.3% interest in the toll road.

Atlas has gone ahead with the acquisition despite threats from IFM Investors to spill the board if it purchases the US toll road, the Australian Financial Review reported.

The acquisition, subject to regulatory approvals including from the City of Chicago, is valued at US$2,013 million. This is equivalent to about $2.92 billion Australian dollars, based on the current exchange rate.

Atlas requested a trading halt on Tuesday morning while the company finalises details of an entitlement offer to fund the acquisition.

The trading halt is expected to end once Atlas has completed the institutional component of the offer. UBS and RBC Capital Markets are managing the capital raising on behalf of Atlas.

Meanwhile, Atlas has also announced a 20-cent per share unfranked dividend for FY22. Atlas will trade ex-dividend on 21 September and the dividend will be paid on 3 October.

Share price snapshot

The Atlas Arteria share price has soared 16% in the past year while it has climbed nearly 13% year to date.

However, in the last month, Atlas shares have lost nearly 2%.

Atlas Arteria has a market capitalisation of $7.48 billion based on the current share price.

The post Atlas Arteria share price halted amid $2.9 billion acquisition appeared first on The Motley Fool Australia.

The Atlas Arteria Group (ASX: ALX) share price has started the session down on Monday and now trades in the red.

At the time of writing, shares in the toll road operator and developer are trading at $7.87 apiece, extending losses over the past month to more than 1.6%.

What's up with the Atlas Arteria share price?

Shares have traded flat this morning following a company update regarding Atlas' potential takeover of a new toll road.

In an announcement to the ASX, the company confirmed it was in the running to potentially acquire the Chicago Skyway toll road, in no certain terms.

"ALX regularly reviews growth opportunities and strategic options available to ALX," it said in the statement.

"ALX confirms that it is participating in the sale process for Chicago Skyway. However, there is no certainty that a transaction will eventuate," it added.

"[The company] does not propose to make further comment on this transaction until an outcome is known or it ceases to be involved in the sale process."

Meanwhile, the Atlas Arteria share price has been somewhat of a steady performer this year.

It comes as investors seek out potential hedging plays to overcome the eroding impacts of inflation on their portfolios.

The share had been snaking higher across the year to date. That was until news surfaced it was a potential takeover target from IFM Investors back in June.

Investors sent it in a vertical uptrend, harpooning a new 52-week high onto the chart in the process.

It has held the line since, as seen on the chart below.

In the last 12 months, the Atlas Arteria share price is up 18% after a nearly 14% gain this year to date.

The post Why is the Atlas Arteria share price hitting the headlines on Monday? appeared first on The Motley Fool Australia.

The Atlas Arteria Group (ASX: ALX) share price is on the move today after the ASX 200 toll road group handed in its first-half 1H22 results.

While the S&P/ASX 200 Index (ASX: XJO) reverses by 0.4% in late morning trade, the Atlas Arteria share price has climbed 0.9% to $8.04.

Atlas Arteria share price rallies as COVID recovery continues 

Here's a summary of the headline results from Atlas' first-half report:

• Weighted average traffic was 22.7% above 1H21 and just 1.3% below 1H19
• Toll revenue came in at $53.8 million, up 25% on the prior corresponding period (pcp) of 1H21
• APRR toll revenue grew by 20% on the pcp to €1,290 million
• Statutory net profit after tax (NPAT) soared 184% on the pcp to $117.1 million
• Distribution guidance of 20 cents for 1H22 and a further 20 cents for 2H22

A record full-year distribution of 40 cents would represent an 11% increase over FY21. It puts Atlas shares on a prospective forward dividend yield of 5%.

However, for now, this is simply guidance. Atlas expects to announce its first-half distribution in September. 

On the whole, Atlas' first-half growth was driven by increased traffic across the APRR network and the easing of COVID restrictions.

APRR is the second-largest toll road network in France and the fourth-largest motorway group in Europe. 

Atlas holds a 31.14% indirect interest in APRR, which brings in the lion's share of the group's revenue. In the first half, APRR contributed to 90% of Atlas Arteria's revenue.

What else happened in 1H22?

APRR traffic was the highlight, increasing by 23.4% on the pcp on the back of a busy winter holiday period, strong domestic tourism, and reduced COVID restrictions across Europe. Notably, these traffic levels were 2.3% higher than pre-COVID levels of 1H19.

During the half, APPR expanded its network with the addition of the A79 motorway in southern France. Construction of the 88km road upgrade is expected to finish in late 2022, with tolling to commence on opening.

The roll-out of electric vehicle charging stations across the APRR network continues. Around 70% of motorway service areas are now equipped with high or very high power terminals. 

At Dulles Greenway in the United States, Atlas' second-largest contributor of revenue, traffic increased by 12.3% on the pcp. However, traffic remained 34% lower than 1H19 due to the delayed return to office-based work.

What did management say?

Commenting on the results, Atlas Arteria CEO Graeme Bevans said:

Atlas Arteria delivered a strong result during the period, driven by improved operating conditions across France, Germany and the USA.

Atlas Arteria is well positioned in the current high inflationary environment. In 2022 we are absorbing some inflationary impacts in our costs given higher pricing, however with toll prices at APRR, ADELAC and Warnow Tunnel directly linked to inflation and a high proportion of fixed debt across the portfolio, securityholders stand to benefit from 2023 onwards.

What's next?

Commenting on the outlook, Atlas noted that its financial performance was positively correlated to inflation. Thus, shareholders stand to benefit during a high inflationary environment.

This is because most of the toll prices across Atlas' network are directly linked to inflation. In other words, it can hike up toll prices as inflation soars.

Rounding out its outlook statement, Atlas believes it has strong organic growth potential within the current portfolio and continues to focus on improving average concession life.

Atlas Arteria share price snapshot

Since Atlas benefits from rising inflation, the Atlas Arteria share price has bucked the broader ASX 200 this year to punch in strong gains.

In the last six months, the Atlas Arteria share price has jumped 24%. Zooming out further, Atlas shares are up 17% in the last year.

The post Atlas Arteria share price drives higher on record dividend guidance appeared first on The Motley Fool Australia.

It was a rough start to the week for the S&P/ASX 200 Index (ASX: XJO), with the index recording its worst session since June. Indeed only four ASX 200 shares finished in the green today. The index closed 2.06% lower at 6,957.60 points.

It followed a disastrous Friday on Wall Street that saw the S&P 500 Index (SP: .INX) slip 3.4% and the Dow Jones Industrial Average Index (DJX: .DJI) dump 3%. Meanwhile, the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) fell 3.9%.

Perhaps unsurprisingly then, the S&P/ASX 200 Information Technology Index (ASX: XIJ) was today's worst performing sector. It fell 4.4%.

The S&P/ASX 200 Materials Index (ASX: XMJ) came in as the second worst performing sector, with a 2.4% drop. That's despite iron ore futures lifting 0.4% to US$105.38 a tonne on Friday while gold futures slumped 1.2% to US$1,749.80 an ounce. However, Singapore iron ore futures fell as much as 4.4% today to US$101.15, The Australian reports.

And new data from the Australian Bureau of Statistics finding retail turnover lifted 1.3% in July wasn't enough to boost consumer shares today. The S&P/ASX 200 Consumer Staples Index (ASX: XSJ) fell 0.9% while the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) slumped 2.1%.

Indeed, all of the ASX 200's 11 sectors closed lower today. Nonetheless, four shares managed to record gains, while plenty of others outperformed the broader market.

Top 10 ASX 200 shares countdown

Today's best performing ASX 200 share was none other than A2 Milk Company Ltd (ASX: A2M). It gained 10% as the company posted a 42.3% year-on-year net profit after tax (NPAT) gain for financial year 2022 and announced an on-market buyback.

While the market can't boast 10 gainers, today's top performances were put on by these ASX shares:

Our top 10 ASX 200 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.

The share price of S&P/ASX 200 Index (ASX: XJO) toll road operator Atlas Arteria Group (ASX: ALX) is lifting amid news that seemingly indicates it's still firmly in the sights of private equity.

IFM Investors abandoned takeover talks with the company last week, saying it's "not presently in a position to meaningfully progress a proposal".

However, a release to the ASX today shows it's been snapping up more of Atlas Arteria's stock. IFM and its associates now hold a 19% stake in the ASX 200 infrastructure company.

The Atlas Arteria share price lifted to a high of $8.19 earlier today – a 5.7% gain. However, it's slipped to trade at $8.05 right now, representing a 3.87% increase.

That's a notably better performance than that posted by the ASX 200. The index has lifted just 0.13% at the time of writing.

Let's take a closer look at today's news from the ASX 200 share.

Is this ASX 200 share still a takeover target?

The Atlas Arteria share price is gaining on Thursday. It comes amid news that IFM is still buying up the company's stock despite walking away from acquisition talks.

The pair entered discussions regarding a potential proposal in early June after IFM increased its holding in the ASX 200 company to 15%.

After a period of back and forth, IFM walked away. Though, it left the door open to future talks.

And its interest in such discussions appears to remain. Indeed, a 19% interest in the toll road operator is now in the hands of IFM and associates.

However, neither party have pointed to takeover talks since their previous discussions were put to bed.

A release to the ASX today shows IFM now holds a 9.99% relevant interest and a 9.01% economic interest in Atlas Arteria.

The last purchase made by IFM was dated today and comprised 30.7 million shares priced at $8.10 apiece. That represents around 3% of the ASX 200 company's outstanding stock.

The post Up 4% today, could this ASX 200 share finally receive a takeover bid? appeared first on The Motley Fool Australia.

The Atlas Arteria Group (ASX: ALX) share price is suffering today after hopes of a takeover bid were dashed.

After weeks of back and forth negotiations, IFM Global Infrastructure Fund has backed out of acquisition discussions with the S&P/ASX 200 Index (ASX: XJO) toll road operator.

At the time of writing, the Atlas Arteria share price is $7.60, 6.7% lower than its previous close.

Let's take a closer look at the news driving the infrastructure giant into the red.

Infrastructure fund backs out of ASX 200 takeover talks

The Atlas Arteria share price is defying the ASX 200's gains on Thursday to plunge lower after $76 billion infrastructure fund IFM scrapped plans for a takeover bid.

The fund nabbed a 15% hold in the ASX 200 company's shares last month.

On announcing its new major shareholder status, it revealed it was also considering posting a takeover bid for the company.

The takeover interest – and the $8.10 per share IFM paid for Atlas Arteria's stock – took the market by storm. The Atlas Arteria share price launched 16% on the back of the news.

But any remaining excitement has been quashed today after IFM announced it's "not presently in a position to meaningfully progress a proposal". Though, it has left the door open for future takeover talks.

IFM Global Infrastructure Fund is run by IFM Investors, which is owned by Australian industry super funds. The fund headed the consortium that acquired Sydney Airport earlier this year.

Today's news follows two meetings in which IFM and Atlas Arteria shared non-confidential information to help the fund progress an offer.

The Atlas Arteria share price's Thursday tumble leaves it 10% higher than it was at the start of the year. It's outperformed the ASX 200 by around 20% in that time.

It is also up by 24% over the past 12 months.

The post No deal: Why this $7.8b ASX 200 share is sinking 7% today appeared first on The Motley Fool Australia.

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

Rio Tinto shares drop

The Rio Tinto Limited (ASX: RIO) share price is missing out of the good times today. Investors have been selling the mining giant's shares after its half-year results fell short of estimates. Rio Tinto reported a 26% decline in underlying EBITDA to US$15,597 million and declared an interim dividend of US$2.76 per share. This compares to estimates of US$16,813 million and US$3.97 per share, respectively.

Tech shares jump

One area of the market that is booming on Thursday is the tech sector. The likes of Block Inc (ASX: SQ2), Megaport Ltd (ASX: MP1), and Zip Co Ltd (ASX: ZIP) are all recording strong gains and helping to drive the S&P ASX All Technology index 1.3% higher today. This follows a very strong night of trade on Wall Street's NASDAQ index, which saw the tech-focused index rise a stunning 4.1%.

Macquarie Q1 update impresses

The Macquarie Group Ltd (ASX: MQG) share price is pushing higher today after investors responded positively to the investment bank's first quarter update. Management advised that favourable trading conditions saw Macquarie's operating groups deliver net profit contributions that were up on the first quarter of FY 2022. The highlight was its annuity-style businesses, which delivered a combined first quarter net profit contribution that was "significantly" up on the prior corresponding period.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Zip share price with a 16% gain on no news. Its shares have now risen over 200% since the end of June. Going the other way, the worst performer has been the Atlas Arteria Group (ASX: ALX) share price with a 7% decline. This follows news that IFM has walked away from takeover talks.

The post ASX 200 midday update: Rio Tinto drops, tech shares jump, Macquarie impresses appeared first on The Motley Fool Australia.

Earnings season is nearly on us, and rising inflation and hiked interest rates may prove a major weight for many S&P/ASX 200 Index (ASX: XJO) constituents.

Data released yesterday found Australian inflation hit its highest point in two decades last quarter, with the nation's annual CPI surging to 6.1%.

A plethora of inflationary causes and effects, alongside other happenings, have seen the ASX 200 dump 10% since the start of 2022.  

And fund manager Fidelity International isn't sitting on its hands. Its Fidelity Future Leaders Fund snapped up shares in three ASX 200 companies it believes have "defensive earnings stream[s]" and are in prime position for a post-pandemic recovery.

3 ASX 200 shares with defensive earnings: fundie

Ampol Ltd (ASX: ALD)

Shares in ASX 200 fuel and convince retailer Ampol have been performing well this year. Fidelity is expecting Ampol to deliver decent earnings in the future.

The company released an update last week announcing "unprecedented" refiner margins in the June quarter, coming in at US$32.96 per barrel.

Ampol was added as a new holding in the fund last quarter, taking up a 4.1% position.

Viva Energy Group Ltd (ASX: VEA)

2022 has also been a great year so far for the Viva share price. It has lifted 11% year to date.

The company also benefited from higher refinery margins last quarter, as well as rising sales. Its earnings before interest, tax, depreciation, and amortisation (EBITDA) are expected to have more than doubled in the first half.

Viva shares made up 2.8% of the fund's holdings as of the end of June.  

Atlas Ateria Group (ASX: ALX)

Finally, ASX 200 toll road operator Atlas Ateria has seen its share price spike nearly 18% this year.

The company is benefiting from fewer COVID-19 restrictions, posting a 19% increase in revenue for the June quarter.

It has also been a takeover target in the eyes of private equity in recent weeks. Atlas Arteria has had two meetings with IFM after the fund noted it was considering posting an acquisition offer earlier this month. IFM announced it's not currently interested in putting forward a bid this morning.

Atlas Arteria was added as a new position in the Fidelity Future Leaders Fund last quarter. It takes up a 2.8% spot.

The post 3 ASX 200 shares wielding a shield for returns: fundie appeared first on The Motley Fool Australia.

ASX shares involved in infrastructure are back in vogue due to the current macroeconomic and geopolitical climate.

That's according to ClearBridge Investments portfolio manager Charles Hamieh, who said investors are turning to such stocks to counter rapid interest rate rises and rampant inflation.

"This is because infrastructure returns are driven by investment plans in essential services, which span 10 or more years into the future, accelerate over time, and provide considerable predictability compared to more volatile equities," he said.

"The relative predictability of infrastructure returns is delivered by regulated and contracted assets, which are our focus as we build infrastructure portfolios."

Two attractive features of infrastructure shares

Hamieh reckons infrastructure offers a couple of advantages that are well-suited to the current global environment.

"First, infrastructure works as an inflation hedge," he said.

"Infrastructure's pricing power comes from the essential nature of its assets: even at times of economic weakness, consumers continue to use water, electricity and gas; drive cars on toll roads, and use other essential infrastructure services."

Even better is that infrastructure providers often have long-term contracts with their clients.

The second attractive feature is the role infrastructure plays in the global decarbonisation trend.

"Infrastructure and utilities are at the forefront of this effort and can offer investors a stable return on equity without taking technology risk," said Hamieh.

"Annual power sector capital spending is expected to increase from US$760 billion in 2019 to US$2.5 trillion (in 2019 dollars) by 2030, with approximately half spent on solar, wind and other renewable energy generation and a third on modernising and extending electricity networks."

As well as electrical infrastructure, there is infrastructure involved with electric vehicles, public transport, hydrogen and carbon capture.

"So there are several areas of infrastructure benefiting from decarbonisation tailwinds, not to mention other secular trends like 5G driving investment in communication towers."

Three ASX shares going gangbusters

In its quarterly report, ClearBridge named three infrastructure ASX shares it holds that have performed well in recent months.

Atlas Arteria Group (ASX: ALX) is a toll road operator that has 75% of its business in France.

"Atlas Arteria has an experienced management team with a long track record in toll road and infrastructure investment, making them well placed to further optimise the Atlas Arteria portfolio," read the report.

ClearBridge analysts have especially high hopes for the APRR concession in eastern France.

"We expect APRR to continue to negotiate network enhancements resulting in concession extensions or toll increases."

Atlas shares performed well after pension fund IFM Investors snapped up 15% of the stocks last month.

There is a possibility that IFM will want to take over the entire company, the ClearBridge report read.

Gas and energy operator APA Group (ASX: APA) also contributed significantly to ClearBridge last quarter.

"Most of APA's assets consist of gas transmission pipelines that are regulated or have long-term contracts," read the report.

"Average contract tenor at APA is in excess of 12 years."

According to the analysts, APA generates "attractive" return on investments from its contracted gas assets, above the cost of capital.

"Following a period of heavy investment (organic and acquisition-based), APA is generating high levels of operating cash flow and returning strong dividend growth to investors."

ClearBridge also holds Transurban Group (ASX: TCL), which dominates toll road ownership in Sydney and Melbourne.

"Transurban is an attractive company due to its increasing free cash flow profile driven by traffic growth, toll increases linked to CPI and strong cost control resulting in their ability to increase dividends," read the report.

"Transurban has a high-quality management team and actively manages assets through its owner/operator model to extract cost savings and synergies, which maximises margins and returns on capital."

The company has contracts that allow for price increases at or above inflation.

"As the dominant toll road owner in the regions it operates, Transurban has significant optionality in the network for future enhancement projects and a proven track record of working with government partners."

ClearBridge analysts also like Transurban's "attractive yield with growth potential".

The post 3 ASX shares for 'predictability' through tough times: expert appeared first on The Motley Fool Australia.

The Atlas Arteria Group (ASX: ALX) share price is in the green on Wednesday after the company released an update on its performance in the June quarter.

At the time of writing, the Altas Arteria share price is $8.14, 0.37% higher than its previous close.

Atlas Arteria share price gains alongside quarterly revenue

Here are the key takeaways from the S&P/ASX 200 Index (ASX: XJO) toll road operator's quarterly update:

• Weighted average toll revenue increased 18.9% on that of the prior comparable period
• That marks a 2.4% increase on that of the same quarter of 2019
• Weighted average traffic on the toll road operator's assets increased 21.2%
• That was around 1.7% lower than the same quarter of 2019

All four of the company's toll road assets ­– located in France, the United States, and Germany – recorded higher revenue in the second quarter of 2022 than they did in the same quarter of 2021.

The increases were bolstered by greater tourism and employment in France and Germany and a gradual return to office-based work in the United States.

What else happened in the June quarter?

Of course, the quarter was also a brilliant one for the Atlas Arteria share price. It leapt 23% over the three months ended June.

Most of its gains came on the back of apparent takeover interest.

The IFM Global Infrastructure Fund snapped up 15% of the ASX 200 company's stock and noted it was considering putting in an acquisition bid last month.

However, Atlas Arteria declined to provide non-public information to help the fund build a bid.  

What's next?

Atlas Arteria didn't provide the market with new guidance today. Though, it did provide an insight into how its toll assets have been performing year to date.

Here's how much revenue its four major assets brought in over the six months ended June compared to the same period of 2021:

• France's APRR brought in 1,289.6 million euros ­– a 20% increase
• France's ADELAC brought in 29.55 million euros – a 52% increase
• The US's Dules Greenway brought in US$32.06 million – a 20% increase
• Germany's Warnow Tunnel brought in 6.08 million euros – an 11% increase

Atlas Arteria share price snapshot

The Atlas Arteria share price has outperformed the ASX 200 this year so far.

The company's stock has gained 17% year to date while the ASX 200 has tumbled around 12%.

Additionally, Atlas Arteria's stock is trading for 28% more than it was this time last year. Comparatively, the index has fallen 8% over the last 12 months.

The post Atlas Arteria share price lifts as revenue spikes 19% appeared first on The Motley Fool Australia.

Market trends come and go but "boring" ASX shares often win out, according to Atlas Funds Management founder Huge Dive.

The fundie – responsible for a portfolio that outperformed the S&P/ASX 200 Index (ASX: XJO) by 7.6% over the 12 months to June – told the Australian Financial Review (AFR) 'trendy' sectors often don't compete with market staples in the long term.

So, which old-school ASX shares appear to have caught Dive's eye recently? Keep reading to find out.

Old economy ASX shares > new school stocks: fundie

Dive is a dotcom bubble veteran, and his learnings from the disastrous early-2000s market crash saw him avoiding the recent buy now, pay later (BNPL) rally.

"We massively underperformed in that 1999-2000 era by focusing on boring industrial companies," Dive told the AFR. "But when the market eventually crashed, it was those companies … that ended up doing very well."

That experience has led him to focus on "old economy" stocks today. Dive said, courtesy of the AFR:

In mid-2020, if you were Jeff Bezos, you could've bought the entire ASX BNPL sector for $22 billion for an expected loss of $159 million in the following year.

For roughly the same amount, an investor could own the largest packing manufacturer in the world … one of the most efficient electrical goods retailers on earth … and the power distribution systems in South Australia and Victoria … Your expected following year profits would've been $1.8 billion.

Of course, the fundie refers to packing manufacturer Amcor CDI (ASX: AMC), electronics retailer JB Hi-Fi Limited (ASX: JBH), and electricity-focused investment company Spark Infrastructure.

The Amcor share price has surged 25% since mid-2020 while that of JB Hi-Fi has traded relatively flat.

Spark was trading at around $2.20 in mid-2020. It was snapped up in a $10.1 billion takeover – valuing the stock at $2.95 apiece – in December 2021.

Meanwhile, many of the market's former ASX BNPL favourites saw their share prices peak in February 2021.

Stock in both Zip Co Ltd (ASX: ZIP) and Sezzle Inc (ASX: SZL) tumbled more than 90% over the 12 months ended June. And their suffering intensified when the companies abandoned a long-awaited merger plan earlier this month.

The publication quoted Dive as saying:

While these three old economy stocks didn't have the blue sky and sizzle of the BNPL sector, these are also companies that have been around through a range of market conditions, good and bad.

What makes up the fundie's portfolio right now?

Dive manages the Atlas Concentrated Australian Equity Portfolio, which boasted notable ASX 200 infrastructure shares in its top active holdings last month.

Both Transurban Group (ASX: TCL) and Atlas Arteria Group (ASX: ALX) made the list. They were joined by Amcor, Ampol Ltd (ASX: ALD), and Incitec Pivot Ltd (ASX: IPL).

Meanwhile, the fundie is bullish on ASX 200 banks such as Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC), reports the AFR.

Though, Dive reportedly stays away from ASX iron ore shares, citing an "unsustainable" iron ore price.

The post How to beat the market with 'boring' ASX shares: fundie appeared first on The Motley Fool Australia.