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Date : 05/06/2023

Best ASX Stocks To Buy Now For June 2023

As we enter June 2023, there are promising opportunities within mining, insurance and retail sectors in the ASX. Take your portfolio to the next level by adding these best ASX stocks to buy now for enhanced returns. 


Mineral Resources Limited (ASX:MIN) 

Mineral Resources Ltd (ASX MIN) is an Australian mining company that produces iron ore, lithium, and energy (gas), while also providing mining services. Over the past months, there’s a 25% decline in the ASX MIN share price, offering a buy-the-dip opportunity.

ASX lithium shares have dropped by 70% following a decline in lithium commodity prices since November 2022. Similarly, ASX iron ore shares have been affected as the iron ore price recently fell below US$100 per tonne. Mineral Resources, being involved in both metals, has experienced the impact. Nevertheless, long-term ASX MIN investors should focus on the bigger picture beyond short-term commodity price fluctuations.

The demand for iron ore, crucial for steel production, remains robust. Furthermore, the global transition to electric vehicles (EVs) is in its early stages, pointing to a promising future for lithium. In addition, Mineral Resources has showcased its resilience through the recent acquisition of 100% of Northwest Energy’s shares, highlighting its strength in the industry.

asx min mineral resources on


NIB Holdings Limited (ASX:NHF)

NIB Holdings Limited (ASX: NHF) is a prominent player in the health insurance industry, offering private health insurance and a range of other insurance products. As insurers typically maintain substantial cash reserves to cover claims, they stand to benefit significantly from rising interest rates, as these funds are often held in interest-bearing accounts or government bonds. 

One notable development in the past five years is NIB’s successful diversification of its earnings sources. The company has achieved strong growth in its Australian resident policyholders, surpassing the industry average over the long term. 

Additionally, NIB Holdings Ltd aims to seize opportunities in the expanding NDIS market. By FY25, NIB Thrive anticipates managing plans for 50,000 NDIS participants. Furthermore, the company predicts that the NDIS will double in size by 2030, which bodes well for the NHF share price over the next five years and beyond.

ASX NHF NIB Holdings Limited on


Metcash Limited (ASX:MTS)

With its diversified business segments and strong growth potential, Metcash Limited (ASX: MTS) emerges as one of the best ASX stocks to buy now, with plenty of reasons for optimism this June.

Metcash’s food and liquor divisions offer resilience in generating consistent cash flows. Surprisingly, the market currently undervalued Metcash stock, with the Metcash share price trading at less than 13 times the estimated earnings for FY24. Additionally, Metcash shares have experienced a decline of over 10% since January 27, 2023, suggesting potential underestimation by investors.

While the hardware division may face some short-term uncertainties, its long-term prospects appear promising. Metcash Limited (ASX MTS) has demonstrated its ability to enhance profit margins, which can positively impact its overall financial performance.

Likewise, Metcash’s profitability within the last three years sets the stage for an expected increase in Metcash stock price over the same period. In fact, earnings are projected to experience a steady annual growth rate of 6.55%, indicating a positive outlook for Metcash’s financial performance.



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