Today, the S&P/ASX 200 Index (ASX: XJO) conjured up a modest gain, in a similar performance to what occurred on Wall Street last night. At the end of the session, the benchmark index finished 0.47% higher at 7,478 points.

The majority of sectors on the ASX posted a gain today with 118 out of the 200 companies finishing in the green. In a solid showing, mining companies — predominantly gold and lithium miners — led the index higher. Meanwhile, the real estate shares provided some anchorage, with the sector falling 0.4%.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Paladin Energy Ltd (ASX: PDN) was the biggest gainer today. Shares in the uranium producer surged 13.13% amid the commodity reaching new multi-year high prices today. Find out more about Paladin Energy here.

The next biggest gaining ASX share today was platinum group metals miner, Zimplats Holdings Ltd (ASX: ZIM). The company reached a new all-time high today as it continues to ride the optimism surrounding commodities. Uncover the latest Zimplats Holdings details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Paladin Energy Ltd (ASX: PDN)	$0.905	13.13%
Zimplats Holdings Ltd (ASX: ZIM)	$30.87	6.45%
Johns Lyng Group Ltd (ASX: JLG)	$9.04	4.51%
Nufarm Ltd (ASX: NUF)	$6.40	4.07%
Whitehaven Coal Ltd (ASX: WHC)	$4.49	3.94%
Nickel Mines Ltd (ASX: NIC)	$1.26	3.70%
Yancoal Australia Ltd (ASX: YAL)	$5.17	3.40%
Newcrest Mining Ltd (ASX: NCM)	$27.59	2.91%
Champion Iron Ltd (ASX: CIA)	$7.69	2.26%
Iluka Resources Ltd (ASX: ILU)	$12.37	2.23%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Friday
• 3 ASX All Ordinaries shares rocking new all-time highs today
• Bond yields bounce past 3% for the first time since 2015. Here’s how the ASX 200 is responding
• Why are ASX uranium shares having such a stellar end to the week?
• ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal

Motley Fool contributor Mitchell Lawler 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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The Woodside Petroleum Limited (ASX: WPL) share price took a ride to the downside this afternoon. This followed the release of a presentation to Woodside shareholders covering details of the proposed merger with the petroleum division of BHP Group Ltd (ASX: BHP).

At the final bell, the oil and gas company’s shares were 1.52% lower to $32.40. Woodside’s shares recently hit a new 52-week high of $34.60 but it seems there wasn’t enough information in today’s presentation to keep the momentum going.

Independent review says the deal is fair

A swarm of materials pertaining to Woodside’s tie-up with the petroleum business of BHP landed in the lap of investors on Friday afternoon. The information has been provided to shareholders to assist with informing their decision as the shareholders vote on the merger approaches.

For reference, the shareholder vote is slated for 19 May 2022 at the annual general meeting. This would be nine months after the original merger confirmation made by Woodside last year.

Turning back to today’s presentation, a few notable items were included. Importantly, the independent expert report highlighted that KPMG finds the merger to be in the best interests of Woodside shareholders. Yet, this appears to not have done much for the Woodside share price today.

Additionally, the presentation outlined a potential $400 million in estimated annual synergies. In terms of production, the combined entity would be looking at around 193 million barrels of oil equivalent. The newly created energy dominance would position the company as a top 10 global oil and gas producer.

Outlining their findings, KPMG stated:

Whilst there are various factors that may not be attractive to Woodside shareholders, the benefits of holding a share in the merged group are sufficient to conclude that Woodside shareholders will be, on balance, better off by approving the proposed transition,

What’s next on the timeline for the Woodside share price?

From here, shareholders will convene on 19 May to make their decision on the merger. It will be on this date when the market will find out whether all the planning results in an official deal.

Finally, if shareholders vote in favour of the merger the next event will be the implementation date. Based on the presentation, this will occur on 1 June, which will see the distribution of new Woodside shares to BHP shareholders.

The Woodside Petroleum share price is up around 43% since the beginning of the year. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 1.5%.

The post What impacted the Woodside share price on Friday? appeared first on The Motley Fool Australia.

More reading

• The Woodside share price has gained just 1% in 5 years. Have the dividends been worth it?
• 5 things to watch on the ASX 200 on Friday
• Black gold! Here’s how well ASX energy shares performed over the March quarter
• 5 things to watch on the ASX 200 on Thursday
• Woodside share price dips despite project green light

Motley Fool contributor Mitchell Lawler 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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The Rio Tinto Limited (ASX: RIO) share price closed up 0.2% to $118.98 on Friday, though it reached a peak of $120.18 earlier in the day amid news relating to its alumina refinery.

Rio Tinto is one of the biggest iron ore miners in the world, along with BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG).

But it also has other operations. The company has exposure to aluminium, copper, borates, lithium, diamonds, salt and titanium dioxide.

Rio Tinto has an 80% stake in an alumina refinery called Queensland Alumina. Rusal, a Russian aluminium company, owns the other 20%.

Action on Russian business

According to reporting by the Australian Financial Review, Rio Tinto will not need to consult its Russian partner when making operational decisions at the Queensland alumina refinery. Rusal will now be a ‘silent party’ with no power.

Rio Tinto could also enjoy an “economic windfall” after executing step-in rights because of sanctions on Russian businesses and billionaires, according to the newspaper.

It was reported that Rusal won’t get access to its volumetric share of alumina produced at the refinery during the period to which the step-in rights are related. Rusal’s share won’t accrue during this period, so it will “suffer a permanent economic loss”.

Therefore, Rio Tinto is in line to receive the economic value of the alumina volumes that would normally go to Rusal.

However, Queensland Alumina has reportedly not been paying cash dividends to its owners. Instead, Rio Tinto and Rusal receive physical volumes of alumina which is converted into aluminium at their smelters.

The AFR reported that the step-in rights have been under negotiation since the Russian invasion of Ukraine.

Rio Tinto comments

A Rio Tinto spokesman (quoted by the AFR) said:

As a result of the Australian government’s sanction measures, Rio Tinto has taken on 100% of the capacity and governance of Queensland Alumina Limited (QAL) until further notice.

Our focus remains on ensuring the continued safe operation of QAL, as a significant employer and contributor to the local Gladstone and Queensland economies.

Is the Rio Tinto share price an opportunity?

The broker Ord Minnett thinks the Rio Tinto share price is a ‘hold’ with a price target of $118 after increasing its expectations for the iron ore price in 2022 and 2023 thanks to the strength of the commodity.

Ord Minnett is expecting a grossed-up dividend yield of 15% from Rio Tinto in FY22.

The post What drove the Rio Tinto share price higher on Friday? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• ASX 200 commodities players were the major winners in March. Take a look
• What sent ASX mining shares flaming higher in March?
• What happened to the Rio Tinto share price throughout March?
• Top brokers name 3 ASX shares to buy next week

Motley Fool contributor Tristan Harrison owns Fortescue Metals Group Limited. 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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Investing in the small side of the share market carries more risk than other areas.

But if your tolerance for risk allows for it, having a bit of exposure to this side of the market could be a boost for a balanced portfolio. This is due to the potential returns on offer from promising small caps.

With that in mind, here are three small cap ASX shares that analysts rate highly:

Airtasker Ltd (ASX: ART)

The first small cap ASX share to consider is Airtasker. It is growing online marketplace for local services with an estimated total addressable market of $600 billion across Australia, the UK, and the US. Morgans is very positive on Airtasker’s outlook due to this significant market opportunity and its attractive business model. Its analysts also highlight that this is a market that is in the early stages of ecommerce adoption, which puts Airtasker in a great position to benefit as the shift accelerates. Morgans has an add rating and $1.25 price target on the company’s shares.

Elmo Software Ltd (ASX: ELO)

Another small cap to watch is ELMO. It is a cloud-based human resources and payroll software company that provides a unified platform to streamline processes. It has been growing at a strong rate in recent years and has continued this impressive form in FY 2022. During the first half, Elmo grew its annualised recurring revenue (ARR) by 35% since the end of June to $98.3 million. This reflects strong trading conditions due to the increased adoption of cloud-software solutions by businesses to manage remote or hybrid workforces. Morgan Stanley is positive on the company and has an overweight rating and $7.80 price target on its shares.

PlaySide Studios Limited (ASX: PLY)

A final small cap ASX share to watch is PlaySide Studios. It is one of the largest video game developers in the ANZ region. It has developed a portfolio of games independently and in collaboration with studios such as Disney, Pixar, Warner Bros, and Nickelodeon. But it won’t stop there. The company has recently announced work for hire deals with games publishing giants 2K Games and Activision Blizzard. This could see the company work on some major titles for these gaming giants, which could give its reputation a huge boost. Canaccord Genuity is a fan of PlaySide. It currently has a buy rating and $1.30 price target its shares.

The post Here are 3 small cap shares analysts rate as buys appeared first on The Motley Fool Australia.

More reading

• Airtasker (ASX:ART) has been listed for a year. Has it been up to the task?
• Here are 3 small cap shares brokers rate as buys
• Growth investors should put these 2 top ASX shares on the watchlist
• 2 exciting small cap ASX shares for your watchlist
• 3 small cap ASX shares analysts are tipping for big things

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 and has recommended Elmo Software. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia owns 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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