Day: September 5, 2021

Why the ELMO (ASX:ELO) share price is charging higher today

stock market gaining

The ELMO Software Ltd (ASX: ELO) share price has started the week in a positive fashion.

In early afternoon trade, the human resources technology company’s shares are up 2.5% to $5.11.

Why is the ELMO share price is pushing higher?

Investors have been bidding the ELMO share price higher today following the release of a positive product announcement this morning.

According to the release, the company has launched a new module, COVIDsecure.

Developed in-house, COVIDsecure allows employers to automate record keeping of COVID testing and the vaccination status of their workforce. The company believes the module will act as the technology that supports businesses to reopen safely post-lockdown.

The module also provides employers with the ability to capture employees’ vaccination and test status for the entire or targeted areas of their business such as location, department, or even role.

Furthermore, employers can configure periodic expiry alerts so they can be notified when an employee is due to update their vaccine or test status. ELMO believes this alert functionality will be particularly useful for workers required by government regulation to submit for testing at regular intervals.

Management commentary

ELMO’s CEO and Co-Founder, Danny Lessem, spoke very positively about the new module.

He commented: “Many businesses have announced they will be mandating vaccinations among their workforce, ELMO’s COVIDsecure module makes it easier to keep records of the vaccination and testing status of that workforce, with employee consent.”

“ELMO’s COVIDsecure module gives employers a tool to help keep their employees and the community safe. The new module increases the breadth of our solution, further differentiates ELMO’s value proposition and provides new revenue opportunities,” he added.

The ELMO share price is down 22% in 2021. Shareholders will no doubt be hoping this news is the catalyst to getting the ELMO share price heading in the right direction again.

The post Why the ELMO (ASX:ELO) share price is charging higher today appeared first on The Motley Fool Australia.

Should you invest $1,000 in ELMO right now?

Before you consider ELMO, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and ELMO wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

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

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Westpac (ASX:WBC) share price slumps amid reports of sale delays

Man looking puzzled and thinking about which shares to buy

The Westpac Banking Corp (ASX: WBC) share price is slipping amid reports the bank has delayed the potential sale of its wealth management business.

BT Panorama, a wealth management platform, is said to be the next business segment on Westpac’s chopping block. It’s reported to be in focus after the bank sold its life insurance business last month. However, its sale has reportedly been delayed following a technical glitch.

Right now, the Westpac share price is $25.78, 0.92% lower than its previous close.

That sets it up as the worst-performing of the four big banks today. The share price of the Commonwealth Bank of Australia is only just ahead of that of Westpac, having slipped 0.82%.

Meantime, those of the National Australia Bank Ltd (ASX: NAB) and Australia and New Zealand Banking Group Ltd (ASX: ANZ) have fallen just 0.09% and 0.05% respectively.  

Let’s take a closer look at today’s news of Westpac.

Is this why the Westpac share price is slipping?

The Westpac share price is bringing up the rear of its big bank peers amid reports it’s delayed the sale of its wealth management platform.

According to last month’s reporting by the Australian Financial Review, BT Panorama recently experienced technical difficulties. The publication noted Westpac had said the glitch wouldn’t affect the timeline of its sale.

However, The Australian today reported the sale will be delayed until 2022 due to the troubles.

Neither Westpac nor BT Panorama has commented on the reported difficulties or the sale and its reported delay.

Westpac didn’t respond to The Motley Fool Australia’s request for comment in time for publication.

However, market watchers interested in the Westpac share price might want to keep an eye out for official news of the sale.

According to The Australian, Westpac will be looking to sell BT Panorama separately from the platform’s superannuation business. The platform is said to be worth around $1 billion.

The newspaper reported Macquarie Group Ltd (ASX: MQG) and IOOF Holdings Limited (ASX: IFL) might be among the potential buyers.

The post Westpac (ASX:WBC) share price slumps amid reports of sale delays appeared first on The Motley Fool Australia.

Should you invest $1,000 in Westpac Banking Corp right now?

Before you consider Westpac Banking Corp, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Westpac Banking Corp wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

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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 owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Alumina (ASX:AWC) share price rocketed 9% to an 18-month high today

The Alumina Limited (ASX: AWC) share price shot up early on Monday, jumping 9.27% higher to $2.18 within the first few minutes of trade.

Those big gains have since retreated, but the Alumina share price is still trading higher, currently up 6.02% at $2.12.

Let’s take a look.

What’s driving the Alumina share price?

With no news released today, price increases and a supply shortage could be the forces behind a 25% rally in the Alumina share price in the last 7 trading sessions.

The company is engaged in a broad range of aluminium-related activities including bauxite mining, alumina refining and aluminium smelting.

Aluminium prices have hit their highest levels in more than a decade amidst potential shortages in China, according to a Reuters report.

The report said benchmark three-month aluminium climbed 2.7% to $2,722 a tonne, while the “most-traded” October aluminium contract on the Shanghai Futures Exchange closed 1.2% up at $3,311 a tonne, near its highest since August 2008.

To add some perspective, Alumina’s 1H21 results last month highlighted average realised aluminium prices of US$2,303/t.

According to reports, aluminium shortages have been fulled by production cutbacks in China. The government is increasing oversight on highly polluting industries in an attempt to meet its climate and emission goals.

Last Monday, Bloomberg said that producers in China’s southern Guangxi province would “cut output of energy-intensive materials in response to Beijing’s campaign to save power and restrain emissions”.

The Guangxi government has asked for production cuts in sectors including aluminum, alumina, steel, ferroalloys and cement. Some aluminum and alumina smelters will be required to cap output in September at half their capacity, while some new smelting projects will be delayed.

What’s next for Alumina?

The Alumina share price is up 10.3% year-to-date thanks to its recent rally. The company is bullish on the outlook for the aluminium market.

In its half-year results, the company said:

Global aluminium demand is now back to pre-virus levels, largely due to economies recovering post-COVID, helped by Government stimulus packages.

This is expected to grow with further economic recovery and greater demand for aluminium in a decarbonising world, largely due to its lightweight properties and recyclability.

From an operational perspective, the company’s “low-cost assets” were able to produce record bauxite and alumina outputs in the first half.

The post The Alumina (ASX:AWC) share price rocketed 9% to an 18-month high today appeared first on The Motley Fool Australia.

Should you invest $1,000 in Alumina right now?

Before you consider Alumina, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Alumina wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

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Motley Fool contributor Kerry Sun 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.

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Why the MoneyMe (ASX:MME) share price is leaping 6% today

rising asx share price represented by smiling woman holding piggy bank

The MoneyMe Ltd (ASX: MME) share price is charging higher, up 6% in late morning trade to $2.28 per share.

Below, we take a look at the digital consumer credit company’s trading update that appears to be driving ASX investor interest.

What trading update did MoneyMe announce?

MoneyMe’s share price is leaping today after the company reported record originations of $112 million for July and August, the first 2 months of the new financial year (Q1 FY22).

The technology-oriented credit company achieved this in a period that’s seen much of Australia in lockdown.

It said originations increased 307% compared to the prior corresponding period (pcp) of July and August 2020. And they were up 7% on the $105 million of originations in April and May of this year.

The MoneyMe share price could also be getting a boost today with its report of an increase in the credit quality in its loan book. The average Equifax score in its loan portfolio stands at 675, up from 650 as at 30 June.

Additionally, the company said it’s reached $25 million in Autopay originations to date, with Autopay ramping up to $18 million in July and August from $6 million in Q4FY21 when it was launched.

The company’s partnership with EasyCars has given it access to hundreds of dealerships with direct to dealer auto-finance integration.

Commenting on the trading update, MoneyMe’s CEO Clayton Howes said:

We are incredibly pleased to see the strong originations growth and increasing credit quality in the business, especially in the current environment. It is a testament to our product diversification strategy and huge growth opportunity that exists.

The rapid growth in Autopay is exciting, and the new partnership with EasyCars will further accelerate our penetration into the auto-finance market by making Autopay more accessible to dealers.

MoneyMe share price snapshot

The MoneyMe share price is up an impressive 54% year-to-date. That compares to a gain of 12% for the All Ordinaries Index (ASX: XAO) so far in 2021.

Over the past month, MoneyMe’s share price is up 3%, while the All Ords has slipped into the red.

The post Why the MoneyMe (ASX:MME) share price is leaping 6% today appeared first on The Motley Fool Australia.

Should you invest $1,000 in MoneyMe right now?

Before you consider MoneyMe, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and MoneyMe wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of August 16th 2021

More reading

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.

from The Motley Fool Australia https://ift.tt/2Ymf3vI