Insights

Why are ASX hydrogen shares tumbling today?

Are international markets weighing on ASX hydrogen companies today?
The post Why are ASX hydrogen shares tumbling today? appeared first on The Motley Fool Australia. –

Wednesday is proving to be tough for ASX hydrogen shares.

At the time of writing, the share prices of ASX hydrogen companies, Hazer Group Ltd (ASX: HZR), Pure Hydrogen Corporation Ltd (ASX: PH2), and Province Resources Ltd (ASX: PRL) are down 3.36%, 3.03%, and 3.12% respectively.

For context, the S&P/ASX 200 Index (ASX: XJO) has slipped 0.36%, while the All Ordinaries Index (ASX: XAO) is sporting a 0.44% slump.

Additionally, the S&P/ASX 200 Materials Index (ASX: XMJ) is see-sawing on Wednesday. Currently, it is 0.54% higher.

Let’s take a look at what could be weighing on ASX hydrogen shares today.

Have US markets caused ASX hydrogen shares suffering?

It’s a tough day for hydrogen-focused ASX shares, which are potentially being driven downwards by the poor performance of some of their international peers.

As my Foolish US colleague reported yesterday, the growth positions of many hydrogen companies might be weakening their performance.

Of course, hydrogen as an energy source is relatively new. That means many hydrogen companies are in their infancy.

In fact, Hazer, Pure Hydrogen, and Province Resources all sport market capitalisations of between $167 million and $215 million.

Growth stocks are generally at the mercy of markets. Unfortunately, those markets – particularly that of the United States – could look a little rocky at the moment.

Yesterday, United States Federal Reserve chair Jerome Powell said the Omicron COVID-19 variant is a risk to the nation’s employment and economic activity.

It is, therefore, a potential harbinger of inflation.

Finally, ASX shares tend to move in trend with their United States-listed counterparts.

Thus, ASX hydrogen shares might be reacting to some NASDAQ-listed hydrogen stocks movement overnight.

While most of Australia slept last night, the FuelCell Energy Inc (NASDAQ: FCEL) share price slipped 2.6%. Meanwhile, that of Plug Power Inc (NASDAQ: PLUG) tumbled 4.2%.

Though, plenty of US-listed hydrogen shares did post modest gains in Tuesday’s session.

The post Why are ASX hydrogen shares tumbling today? appeared first on The Motley Fool Australia.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of August 16th 2021

More reading

Why is the Hazer (ASX:HZR) share price getting tasered today?

Pure Hydrogen (ASX:PH2) share price rebounds 5% on project upgrade

Why did the Pure Hydrogen (ASX:PH2) share price sink 9% today?

Pure Hydrogen (ASX:PH2) share price leaps 9% as first plant set to be operational next year

The Hazer (ASX:HZR) share price is having a bad day but it’s still up 50% in a month

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!