Day: September 27, 2021

LBT Innovations (ASX:LBT) share price plummets 14% despite positive update

doctor looks out window resting head in hand

The LBT Innovations Limited (ASX: LBT) share price is deep in the red today. This comes regardless of the medical technology company providing investors with a positive update yesterday.

At the time of writing, LBT Innovations shares are down a sizeable 14.29% to 12 cents apiece.

What did LBT Innovations announce?

According to its announcement, LBT Innovations advised Clever Culture Systems (CCS) has signed an exclusive distribution agreement with Thermo Fisher Scientific.

CCS is a joint-venture company owned equally by LBT Innovations and German medical equipment group Hettich.

Thermo Fisher is a leading provider of instrumentation and consumables in the US microbiology market.

The 5-year deal will see Thermo Fisher become the exclusive distributor for the company’s automated culture plate reader, APAS Independence, in the US.

APAS Independence is the first and only FDA-cleared automated culture plate reader available in the United States. The innovative technology uses advanced imaging and artificial intelligence to interpret bacterial growth on culture plates.

Under the agreement, Thermo Fisher will engage in sales and marketing activities for APAS Independence in the US. In addition, the company will also provide installation, maintenance and support services to customers.

The agreement is a major milestone for LBT Innovations as it will provide sales and commercial activities in the US market which is the largest in the world. It offers more than 1,500 target laboratories for the potential placement of APAS Independence readers.

LBT Innovations CEO and managing director Brent Barnes commented:

This is a really important milestone for LBT and represents a major step forward in our commercialisation strategy in the United States.

We have spoken previously about the importance of appointing well recognised, leading distributors to support our sales efforts in key markets. Thermo Fisher is a leader in microbiology that is recognised globally, and we will benefit greatly from the depth and strength of their sales team in the United States…

We are very pleased to now have two of the world’s largest microbiology companies selling our technology across the two main markets of the United States and Europe, which is a further validation of benefits of our technology.

LBT Innovations share price summary

Since the beginning of the year, LBT Innovations shares have moved in circles, remaining relatively unchanged for the period. When zooming out to the last 12 months, however, its shares are down around 8%.

LBT Innovations presides a market capitalisation of roughly $33 million and has over 289 million shares on its books.

The post LBT Innovations (ASX:LBT) share price plummets 14% despite positive update appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras 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 Oil Search (ASX:OSH) share price is surging 5% on Tuesday

Happy child jumping for joy.

The Oil Search Ltd (ASX: OSH) share price is surging higher in Tuesday’s session. Shares in the Aussie oil exploration and production company have jumped more than 5% today despite no announcements to the ASX.

So, what’s driving the Aussie energy producer’s valuation higher right now?

Why the Oil Search share price is surging 5% on Tuesday

Perhaps unsurprisingly, the clues to today’s energy share price gains lie in commodity markets.

Crude oil prices have been tearing higher lately. Reduced supply has meant producers are dipping into their inventories in a bid to meet demand. That contrast has sparked a rally in crude oil prices which continued overnight.

Brent crude jumped 1.73% to US$79.44 per barrel on Monday to cap three straight weeks of price gains. Meanwhile, West Texas Intermediate (WTI) futures gained 2.04% to US$75.49 per barrel and hit its highest point since July.

Higher oil prices are good news for producers like Oil Search. It means a higher average realised price which helps to drive earnings for the company.

That’s been reflected in the Oil Search share price which has rocketed more than 5% in Tuesday’s session. Shares in the Aussie energy group are now up a whopping 14.8% in the past 5 days.

That volatility has been reflected in the company’s share price all year. Oil Search shares are outperforming the S&P/ASX 200 Index (ASX: XJO) this year with 15.1% gains but it has been a bumpy ride for investors.

Foolish takeaway

Tuesday is shaping up as another good day for the Oil Search share price with the ASX energy share adding more than 5% at the time of writing.

With oil prices continuing to climb, Oil Search remains one to watch in 2021 as the world eyes a re-opening in the post-COVID-19 environment.

The post Why the Oil Search (ASX:OSH) share price is surging 5% on Tuesday appeared first on The Motley Fool Australia.

Should you invest $1,000 in Oil Search right now?

Before you consider Oil Search, 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 Oil Search 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.

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Motley Fool contributor Ken Hall 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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Technology shares are dragging the ASX 200 down on Tuesday

Man looks frustrated looking at computer screen in an office

The S&P/ASX 200 Index (ASX: XJO) is slipping today, weighed down by the S&P/ASX 200 Information Technology Index (ASX: XIJ).

At the time of writing, the ASX 200 is down 0.9%, having fallen 66 points.

Meanwhile, the ASX 200 tech sector is down a whopping 2.4% or 58 points.

The S&P/All Technology Index (ASX: XTX) is also down 2% at the time of writing.

The dip is being led by the Megaport Ltd (ASX: MP1) share price and its 6% fall.

Additionally, the share prices of Xero Limited (ASX: XRO), Nextdc Ltd (ASX: NXT), and WiseTech Global Ltd (ASX: WTC) are down 4%, 3%, and 2% respectively.

In fact, Link Administration Holdings Ltd (ASX: LNK) is the only member of the information technology sector in the green today. The company’s share price is up 0.5% despite no price-sensitive news having been released to the ASX.

The dips come despite no price-sensitive news having been released by any of the above companies.

So, what’s weighing so heavily on the index on Tuesday? Let’s take a look.

What’s dragging ASX 200 tech shares down?

Today’s fall from ASX tech shares follows a similar slide seen in US markets overnight.

While most of Australia slept, the S&P 500 (IndexSP: .INX) – the 500 largest companies listed on US markets – fell 0.28%.

Like today’s ASX 200, it was dragged down by tech shares. The US tech sector fell 1% on Monday (Tuesday AEST).

At the same time, the tech-heavy Nasdaq Composite fell 0.52%.

Some of their weights included stock in tech giants Alphabet Inc Class A (NASDAQ: GOOGL), Apple Inc (NASDAQ: AAPL), and Microsoft Corporation (NASDAQ: MSFT), which fell 0.8%, 1%, and 1.7% respectively.

Also worth noting, the US’s healthcare sector fell 1.4% overnight. That trend is also being mirrored on the ASX today.

The S&P/ASX 200 Health Care Index (ASX: XHJ) is down 2.8% at the time of writing.

The post Technology shares are dragging the ASX 200 down on Tuesday appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alphabet (A shares), Alphabet (C shares), Apple, Link Administration Holdings Ltd, MEGAPORT FPO, Microsoft, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia owns shares of and has recommended WiseTech Global and Xero. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), Apple, Link Administration Holdings Ltd, and MEGAPORT FPO. 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 this broker sees the Santos (ASX:STO) share price jumping 20%

Oil worker drilling on the oil field

The Santos Ltd (ASX: STO) share price has been a very positive performer on Tuesday after oil prices charged higher.

In afternoon trade, the energy producer’s shares are up 6% to $7.14.

Can the Santos share price keep rising?

The good news is that one leading broker believes the Santos share price can continue to rise from here.

According to a recent note out of Morgans, its analysts have an add rating and $8.55 price target on the company’s shares.

Based on the current Santos share price, this implies potential upside of 20% over the next 12 months excluding dividends.

Morgans is also forecasting a fully franked dividend of 13.3 cents per share, which represents a modest but attractive 1.9% yield.

What did the broker say?

Santos is the broker’s top large cap pick in the energy sector. This is due to its growth prospects and diversified earnings base.

It commented: “We expect the resilience of STO’s growth profile and diversified earnings base see it best placed to outperform against a backdrop of a continuing broader sector recovery. While pre-FEED, we see Dorado as likely to provide attractive growth for STO, while its recent acquisition increasing its stake in Darwin LNG has increased our confidence in Barossa’s development. PNG growth meanwhile remains a riskier proposition, with the government adamant it will keep a larger share of economic rents while operator Exxon has significantly deferred growth plans across its global portfolio.”

In addition, the broker is bullish on the Santos share price due to its positive view on the proposed merger with Oil Search Ltd (ASX: OSH).

Its analysts said: “STO remains our top preference amongst our large-cap energy universe. With early indications supportive of our view that material synergies and enhanced growth plans will result from the OSH merger. While in good shape, we expect STO to continue gaining investor support as it executes on the opportunistic OSH merger. We maintain our ADD rating.”

The post Why this broker sees the Santos (ASX:STO) share price jumping 20% appeared first on The Motley Fool Australia.

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Before you consider Santos, 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 Santos 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. 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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