ASX performance in June: Here are three top gainers and losers

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ASX performance in June: Here are three top gainers and losers

 ASX performance in June: Here are three top gainers and losers
Image source: © Rawpixelimages | Megapixl.com

Highlights

  • The ASX 200 finished June down 8.9% at 6,568.1 points.

  • The benchmark index fell due to rate hikes, geopolitical tensions, recession concerns and surging inflation.

  • Investors would now hope for July to rebound significantly.

June was a dismal month for the Australian share market. The benchmark ASX 200 index witnessed huge volatility on account of interest rate hikes, ongoing geopolitical tensions, recession concerns and surging consumer prices. As a result, the benchmark index finished the month of June 8.9% down at 6,568.1 points.  

While there were several laggards, a few ASX-listed stocks managed to defy the overall market gloom to post gains in June. Stocks such as Tabcorp Holdings advanced over 15% during the month, helping some investors to limit losses.

Meanwhile, investors would now hope July to be a brighter month and boost their muted investment portfolios.

Here we look at three top gainers and losers on the ASX in the month of June 2022:

Top gainers

Tabcorp Holdings Ltd (ASX:TAH)

Tabcorp provides gambling and entertainment services. Tabcorp’s stock was the top gainer in the last month and ended with a gain of 15.1%. The ASX-listed stock mainly gained on account of settlement of its Racing Queensland litigation for AU$150 million, putting an end to a three-year-old dispute.

Atlas Arteria Group (ASX:ALX)

Atlas Arteria operates and manages a portfolio of toll road assets and trades. The stock advanced 12.1% during the month. Atlas Arteria’s share price majorly gained following the news that IFM Global Infrastructure Fund lapped up a 15% stake in the company, seeking to make a takeover proposal. But Atlas Arteria has denied IFM’s request to provide it access to non-public information, which would help it to draft a bid.

Iress Ltd (ASX:IRE)

Iress provides information technology and management services to its clients. The stock of Iress was the third best performer on the ASX 200 in June, ending with a gain of 9.9%. The stock gained despite no major price-sensitive information coming out of the company during the month.

Top losers

Zip Co Ltd (ASX:ZIP)

Zip is an Australia-based payments solution provider. The stock of the major buy-now-pay-later (BNPL) player was the topmost loser in June, ending the month with a decline of 52.2%. Zip’s share price was under pressure amid overall weakness in the tech sector on account of rising interest rates. The other major factor which weighed on the BNPL stock was the announcement by tech major Apple of launching its advanced BNPL service, which may create sizeable competition in the sector.

Lake Resources NL (ASX:LKE)

Lake Resources produces high-purity lithium. The stock fell 49% in June. The decline came despite the stock’s inclusion in the ASX 200 club during the period under review. The stock was mainly under pressure last month following the sudden exit of its Chief Executive Officer (CEO) Steve Promnitz.

Novonix Ltd (ASX:NVX)

Novonix is a battery materials and technology firm. The stock witnessed a 44.3% fall in June. The stock fell despite the company not releasing any major price-sensitive news during the month.

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