Day: 26 May 2022

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline due largely to weakness in the resources sector. At the time of writing, the benchmark index is down 0.5% to 7,120.8 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

ALS Ltd (ASX: ALQ)

The ALS share price is up 4% to $12.49. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded this testing services company’s shares to an add rating with a price target of $14.38. This follows the release of a solid FY 2022 result yesterday.

Appen Ltd (ASX: APX)

The Appen share price is up a massive 30% to $8.31. This has been driven by news that the artificial intelligence services company has received a takeover approach. Appen has received an unsolicited, conditional, and non-binding indicative proposal from Canada’s TELUS International to acquire it for $9.50 per share. This values Appen at approximately $1.2 billion. While management has engaged with TELUS, it appears to be looking for a higher offer.

Objective Corporation Limited (ASX: OCL)

The Objective Corp share price is up 3% to $15.53. This morning this software company revealed that it has been awarded a five-year NZ$13 million contract from the New Zealand Police for the implementation of the Arms Information System. Objective’s RegWorks will be used by New Zealand Police to manage the end-to-end regulation of registration and licensing for firearms.

WiseTech Global Ltd (ASX: WTC)

The WiseTech share price is up 3% to $41.03. Investors have been buying this logistics solutions company’s shares following a strong night on the tech-focused Nasdaq index. It isn’t just WiseTech that is rising today. The S&P/ASX All Technology Index is up 1.1% this afternoon despite the ASX 200 tumbling into the red.

The post Why ALS, Appen, Objective Corp, and WiseTech shares are pushing higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Appen rockets, Westpac super update
• Appen share price rockets 35% on Telus takeover approach
• Appen share price on watch amid $1.2 billion takeover bid
• Why ALS, Costa, Superloop, and Worley shares are charging higher
• What’s happening with ASX 200 tech shares today?

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 positions in and has recommended Appen Ltd, Objective Corporation Limited, and WiseTech Global. The Motley Fool Australia has positions in and has recommended WiseTech Global. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Shares in iron ore magnate Fortescue Metals Group Limited (ASX: FMG) have stumbled from the open today and now trade 4% down at $19.82 apiece.

Meanwhile, the price of iron ore continues its downward run today, with prices softening by more than 5% over the previous month of trade.

In wider market moves, the S&P/ASX 300 Metals & Mining Index (ASX: XMM) is also down by around 2% today.

What’s up with the Fortescue share price?

Fortescue joins a list of mining giants incurring losses today as investors sell off mining stocks in favour of tech and software names.

Whilst the mining index has dipped by around 2% today, the S&P/ASX All Technology Index (ASX: XTX) has gained by a similar amount.

Certainly not helping Fortescue’s prospects today is the price of iron ore, which has slipped from a high of US$159 per tonne in early March to now trade at US$130/tonne.

“Prices for iron ore cargoes with a 63.5% iron content for delivery into Tianjin rallied to an almost three-week peak of around $135-per-tonne on worries over supply shortages and better demand prospects in the metals market due to pledges for more stimulus in top consumer China,” Trading Economics reports

“On the flip side [is] persistent worries that slowing global growth will hit metals demand and limit the metal’s upside momentum,” it added.

Given Fortescue is a price taker on iron ore, its share price can and does fluctuate with volatility in both the metal itself and the wider commodity sector.

With the price of iron ore taking a backward step in recent weeks, the story starts to form as to why investors might be selling off Fortescue shares in the near term.

That, and the uncertainty around the outlook for the global metals market may also be weighing in, particularly seeing the widespread selloff in ASX miners today.

In the last 12 months, the Fortescue share price has slipped almost 7% into the red, despite holding onto a 3% gain this year to date.

The post Why is the Fortescue share price tumbling 4% today? appeared first on The Motley Fool Australia.

More reading

• Are ASX 200 mining shares good options for dividends?
• Australia’s renewable energy output could triple by 2030 under Labor. Will that impact these ASX 200 shares?
• Why has the Fortescue share price gained 10% in a week?
• Can Rio Tinto shares deliver 20% growth AND a juicy dividend yield in the coming year?
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?

Motley Fool contributor Zach Bristow 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 Scott Phillips.

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It doesn’t happen all that often, but this week the ASX and the S&P/ASX 200 Index (ASX: XJO) welcomed a new company to their ranks.

On Tuesday, The Lottery Corporation (ASX: TLC) was listed on the Australian share market. Lottery Corp used to be part of the gaming giant Tabcorp Holdings Ltd (ASX: TAH). But on Tuesday, all Tabcorp shareholders received one Lottery Corp share for every Tabcorp share owned.

This resulted in a huge drop in value for Tabcorp shares. The Tabcorp share price is currently 82% down since the announcement of the demerger. But there is a bevy of Lottery Corp shares to make up for it.

It’s been a bumpy ride for Lottery Corp shares in their first few days of ASX trading. The company reached a high of $4.78 during yesterday’s session. But the shares have tanked 1.8% so far today and are now priced at $4.57 each.

So now that this rather dramatic demerger has been completed, are Lottery Corp shares a buy today?

Are Lottery Corp shares worth buying?

Well, Lottery Corp has only been on the ASX for a few days. But even so, experts and brokers are starting to weigh in.

My Fool colleague James covered how analysts at Macquarie feel about the demerger earlier this week.

Macquarie reckons the best parts of Tabcorp have now left the business. It rates Tabcorp neutral with a share price target of $1 a share. That’s where Tabcorp shares are trading today. After a 2.94% slump since the opening bell, the Tabcorp share price is now 99 cents.

But Macquarie is more optimistic about the new Lottery Corp. The broker rates Lottery Corp outperform, and gives the new company a 12-month share price target of $5. If that came to pass, it would mean an upside of about 9% for investors.

Fellow broker Morgan Stanley is also bullish on Lottery Corp. As we covered just yesterday, Morgan Stanley has rated Lottery Corp shares overweight, citing its “monopoly positioning” across its markets.

This broker reckons the company could be worth $5.15 a share in a year’s time. It says Lottery Corp “provides a rare mix of defensiveness, growth, and yield”.

So that’s how two prominent ASX brokers are rating the new Lottery Corp share price. It will be interesting to see what course this new ASX 200 share charts over the next year.

The post Are newly-listed Lottery Corp shares worth buying? ASX brokers weigh in appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: Appen rockets, Westpac super update
• Guess which ASX 200 shares UBS just added to its ‘best ideas’ list
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX shares today
• This is the top ASX 200 share I wish I’d bought when starting out

Motley Fool contributor Sebastian Bowen 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 Scott Phillips.

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The Coronado Global Resources Inc (ASX: CRN) share price is in the red today. The coal miner’s shares are currently trading at $2.26 apiece, a 3% fall.

The fall comes on the day of the company’s annual general meeting. Let’s take a look at what Coronado reported today.

Coal prices in focus

The Coronado share price is sliding today, but it is not the only ASX energy share to fall. The New Hope Corporation Limited (ASX: NHC) share price is down 9%, Allegiance Coal Ltd (ASX: AHQ) is slipping 7%, while the Whitehaven Coal Ltd (ASX: WHC) share price has plunged 6.3%. For context, the S&P/ASX 200 Energy Index (ASX: XEJ) is falling 1.2% at the time of writing.

The benchmark coal price has fallen 1.96% to US$400 per tonne, Trading Economics data shows.

However, in today’s AGM presentation, Coronado reported metallurgical coal index prices reached a new record price of US$670 per tonne in March 2022.

Coronado’s group metallurgical coal realised price for the first quarter of 2022 was US$267 per tonne, a 183% boost from the prior corresponding quarter. Tight supply, strong demand, and geopolitical tensions have helped drive record realised prices, Coronado noted. The company said there is long-term demand for the company’s products in Asia.

AGM address

Addressing shareholders at the AGM, chairman William Koeck said the Russia/Ukraine conflict pushed coal prices to “unprecedented levels”. He said:

While Met Coal prices are expected to moderate over the course of 2022, we anticipate they will remain elevated above historical averages due to ongoing trade restraints from Russia and China and elevated thermal coal pricing providing a floor for Met Coal prices.

Coronado revenue in the 2021 financial year jumped 47% to $2.148 billion. Looking ahead, Coronado said it will continue to take advantage of high coal prices. The company is aiming for full-year production of 18 to 19 million tonnes. The mine is weighted to greater production in the second half of the year. Koeck added:

To achieve this, we will double our investment in the business, increasing capital expenditure from $91.1 million to between $170 million and $190 million. Continually strengthening our business will allow us to take advantage of opportunities as they arise and deliver the next phase of growth.

The company has declared a $200 million unfranked special dividend to be paid on 21 June this year.

Coronado share price snapshot

The Coronado share price has ascended by 245% in the past year, while it is up 81% in the year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned nearly 2% in the past year.

Coronado has a market capitalisation of about $8.9 billion based on today’s share price.

The post Coronado share price slips despite record coal prices appeared first on The Motley Fool Australia.

More reading

• Here are the best performing dividend shares in the ASX All Ords so far in 2022
• Which ASX 200 mining shares were the worst-performing on Friday?
• 3 ASX 300 shares rocking new 52-week highs on Thursday
• 3 ASX All Ordinaries shares that smashed new 52-week highs today
• Up 80% in 2022, are Coronado shares heading for the ASX 200?

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 Scott Phillips.

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S&P/ASX 200 Index (ASX: XJO) gold shares have put in a mixed performance so far in 2022.

The early months of the new year saw most ASX 200 gold shares charging higher, as the yellow metal hit multi year highs of US$2,050 per troy ounce on 8 March.

Since that high, gold hit a low of US$1,812 per ounce earlier this month on 13 March. It’s again been trending higher since then, currently fetching US$1,854 per ounce.

We’ll get to the outlook for the big gold miners in a tick. But first…

How do Aussie gold stocks stack up against the benchmark?

Since the opening bell on 4 January the All Ordinaries Index (ASX: XAO) is down 6.6%.

Over that same period the S&P/ASX All Ordinaries Gold Index (ASX: XGD) has lost 1.4%. Not exactly shooting out the lights, but certainly a better performance.

As for some of the top ASX 200 gold shares, the Newcrest Mining Ltd (ASX: NCM) share price is in the green for 2022, up 1.6%.

Meanwhile, Northern Star Resources Ltd (ASX: NST) shares have slipped 5.2% while Gold Road Resources Ltd (ASX: GOR) has come under pressure, with shares down 14.9% year-to-date.

That’s what’s been happening.

Now, what can investors expect for the month ahead?

What’s the outlook for ASX 200 gold shares in June?

Gold prices, and by extension ASX 200 gold shares, could continue to benefit in June from the yellow metal’s safe haven status, with investor uncertainty stoked by Russia’s war in Ukraine.

Gold has historically also proven to be a decent hedge against inflation. And we don’t need to tell you that inflation concerns are costing many investors some sleep.

ASX 200 gold shares could also get some tailwinds from a weakening US dollar. On 12 May AU$1 was worth 69 US cents. Today the Aussie dollar is swapping for 71 US cents.

According to Matt Sherwood, head of investment strategy at Perpetual (courtesy of the Australian Financial Review), “We’ve seen a massive rally in the US dollar, since about June last year it’s rallied about 15 or 16 per cent. But it’s just starting to roll over a bit now, so gold looks good to investors.”

But there are some potential headwinds on the horizon as well.

Looking ahead to June, investors eyeing ASX 200 gold shares should bear in mind that the labour crimping impacts of the pandemic are still with us. And that’s driving up costs for the big miners.

According to UBS (quoted by the AFR), “Our recent Perth trip highlighted tight labour markets, supply chains and [cost] inflation rates of 10 to 15 per cent. With no immediate solution in sight and COVID impacts lingering, we are looking for those [miners] less exposed.”

The broker forecasts the US dollar will slip some more with AU$1 buying 75 US cents.

UBS maintained its neutral rating for Newcrest, with a reduced price target of $26.20 per share. That’s 5.6% above the current share price.

UBS has a buy rating for Northern Star, with a reduced price target of $11.70 per share. That’s 31% above the current share price of $8.91.

And ASX 200 gold share Gold Road also has a buy rating from the broker, also with a slightly reduced price target of $1.95. That’s 45% higher than the current $1.34 per share.

The post What’s the outlook for ASX 200 gold shares in June? appeared first on The Motley Fool Australia.

More reading

• Why I think these 3 ASX shares are top-quality buying at today’s prices
• Why are ASX gold shares leaping today?
• 5 things to watch on the ASX 200 on Wednesday
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
• What’s happening with the Newcrest share price on Monday?

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 Scott Phillips.

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The Essential Metals Ltd (ASX: ESS) share price has been a positive performer on Thursday.

In morning trade, the lithium explorer’s shares were up as much as 6.5% to 56.5 cents.

The Essential Metals share price has since pulled back but remains 2% higher at 54 cents currently.

Why is the Essential Metals share price charging higher today?

The catalyst for the rise in the Essential Metals share price has been the release of an update on the Pioneer Dome Lithium Project.

According to the release, the company’s ~9,000m resource extension drilling programme commenced in mid-May with four reverse circulation (RC) pre-collars completed to date and the diamond rig expected on site in June.

After which, diamond drilling is expected to commence shortly after, with the first drill core from the down-plunge interpreted pegmatite zone of the Cade deposit expected to be available by end-June.

Drilling is ultimately expected to be completed by mid-August, subject to rig scheduling and drilling productivity rates.

In addition, the company advised that assays from the exploration and metallurgical diamond drill programme completed in the March quarter are now expected by mid-June instead of the end of May. Metallurgical test work will commence upon the receipt of these assays.

All in all, management expects these activities to underpin an update and likely expansion of the lithium mineral resource estimate (MRE) for Pioneer Dome and the commencement of a scoping study in the December quarter.

Essential Metals Managing Director, Tim Spencer, commented:

We are working hard to maintain our timelines, notwithstanding the bottlenecks and delays being experienced with drill rigs and assays due to the exceptionally high levels of activity in the WA resource sector. Despite these challenges, the pivotal resource expansion program is underway and gathering momentum.

The MRE extension drill programme, together with assays from the drilling completed earlier this year and the upcoming metallurgical test work programmes, have the potential to rapidly transform Essential from lithium explorer to developer.

The post Essential Metals share price jumps on lithium update appeared first on The Motley Fool Australia.

More reading

• What’s the outlook for ASX 200 gold shares in June?
• Volpara share price up on record full-year results
• Why is the Nitro Software share price leaping 8% today?
• Why is the Yancoal share price on ice today?
• ASX 200 midday update: Appen rockets, Westpac super update

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 Scott Phillips.

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Shares in Volpara Health Technologies Ltd (ASX: VHT) jumped out of the gates on Thursday and are now trading 2% higher at 75 cents.

Investors are bidding up the Volpara share price following the release of the company’s full-year results.

Volpara achieves record revenue

Key takeouts from the period include:

• Record revenue from customer contracts, up 32% to NZ$26.1 million
• Revenue result exceeds guidance of between NZ$25 million and NZ$26 million
• Subscription revenue up 37% to NZ$24.8 million
• Gross margin remained consistent at more than 91%
• Net loss for the year after tax improved 6% to NZ$16.4 million
• Normalised non-GAAP EBITDA loss declined 13% to NZ$14.1 million.

What else happened this period for Volpara?

Volpara achieved record full-year revenue for the year ending 31 March 2022, scoring NZ$26.1 million, which is a 32% year-on-year (YoY) gain.

Subscription revenues saw higher leverage this period and “continue to grow at a faster rate than total revenue”, Volpara says.

In total, revenue from subscriptions increased to NZ$24.8 million, a 37% YoY gain.

Margins were held tight at the gross level at roughly 91% in FY22, in line with the previous year and guided ranges.

“Although further cost reductions were achieved through the continued work on the scaling of Microsoft Azure services, some one-off or non-standard costs were incurred during the year.”

Finally, the group’s net loss after tax (NLAT) improved 6% from NZ$17.5 million to NZ$16.4 million.

Over the 12 months to 31 March 2022, the Volpara share price dropped by more than 30%.

Management commentary

Speaking on the announcement, Teri Thomas, Volpara’s CEO, said:

FY22 has been a great year for Volpara, with strong forward momentum in spite of Covid-driven uncertainties. Volpara has amassed a talented team of individuals who are passionate about our purpose, saving families from cancer. I’m honoured to lead this team forward into our next year of
making a positive impact on our customers and communities and for our shareholders.

Volpara share price snapshot

In the past 12 months, the Volpara share price has collapsed 40% into the red. It is down 28% this year to date.

The post Volpara share price up on record full-year results appeared first on The Motley Fool Australia.

More reading

• 2 ASX-listed companies that are growing rapidly
• Buy these 2 impressive ASX shares in May 2022: experts

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended VOLPARA FPO NZ. The Motley Fool Australia has positions in and has recommended VOLPARA FPO NZ. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Shares of Nitro Software Ltd (ASX: NTO) are surging higher on Thursday and now trade 8% in the green at $1.35 apiece.

Despite no market-sensitive updates from the company, Nitro shares have jumped out of the gates today and rallied to an intraday high of $1.36 before heading sideways to their current levels.

In wider market moves, the S&P/ASX All Technology Index (ASX: XTX) has also jumped around 1.5% higher on the day on last check.

What’s up with the Nitro share price?

Investors are bidding up tech and software shares on Thursday with the tech index outstripping most other sectors in trading today.

The moves come after a bloodbath on the tech-heavy Nasdaq composite on Tuesday, seeing the drop 407 points to its lowest point.

However, ASX tech shares appear to have pushed through the selloff, with the index tracking the sector holding up well amid the selling pressure.

Nitro appears to have matched this performance and gains have been carried through until today’s session.

Aside from the market mechanics, Nitro also released the chairman’s address of its annual general meeting (AGM) today.

Whilst the release isn’t price-sensitive at all, the company’s chairman, Kurt Johnson, gave a walkthrough of the company’s performance during the period.

“Last year was an exciting time for Nitro and one of the most dynamic years in our history as we
purposefully scaled to drive even stronger growth in the years to come,” Johnson said.

“Across 2021, we significantly expanded our product offering and addressable market with the
two game-changing acquisitions of PDFpen and Connective NV driven by the desire to add
technical capabilities to the Nitro Productivity Platform,” he added.

Johnson then went on to talk about this year’s results to date:

Turning now to 2022, we were pleased to announce strong Q1 results, with continued high revenue growth and record cash receipts. ARR, including Connective, was up 61% year-on year, and was driven by the continued success of our Nitro Productivity Platform and the Connective e Sign offering.

In the last 12 months, the Nitro Software share price has faltered more than 51% after a 45% loss this year to date.

The post Why is the Nitro Software share price leaping 8% today? appeared first on The Motley Fool Australia.

More reading

• A top fund manager has been buying these ASX tech shares after the market selloff
• Why is the Nitro Software share price rallying 5%?
• 3 ASX tech shares we’re sticking with: Forager
• Analysts say these top ASX growth shares are buys
• 2 highly rated small cap ASX shares that analysts say have huge potential

Motley Fool contributor Zach Bristow 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 recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Yancoal Australia Ltd (ASX: YAL) share price won’t be going anywhere on Thursday.

Australia’s largest pure-play coal producer has requested a trading halt pending an announcement.

The Yancoal share price was $6.08 at yesterday’s close. It’s worth noting the shares touched a multi-year high of $6.19 yesterday following a bullish run for coal prices.

Why are Yancoal shares in a trading halt?

According to the release, the company is planning to make a statement relating to a potential market transaction.

The trading halt will remain in place until Monday 30 May, or when the announcement is made, whichever comes first.

Media speculation on what it’s all about

While no details have been given by Yancoal, several media outlets have indicated what could be happening behind the curtain.

According to the Australian Financial Review, Yancoal may be subject to a potential bid by its parent company, Yankuang.

Yancoal ownership comprises Yankuang 63%, China Cinda Asset Management 16%, and Glencore 6%.

Should a non-binding proposal be offered, it could be one of the biggest takeovers on the ASX this year.

Yancoal reported a stellar result for FY21, with record revenue of $5.4 billion for the 12 months ending 31 December. This reflected an increase of 56% over the prior corresponding period.

In addition, Yancoal’s net profit after tax (NPAT) surged to $791 million, well above the $1.04 billion loss in FY20.

Yancoal share price snapshot

Since this time last year, Yancoal shares have travelled north to register an incredible gain of 190%.

In 2022, the company’s shares have zipped 133% higher on the back of positive investor sentiment as commodity prices boom.

Based on valuation grounds, Yancoal presides a market capitalisation of roughly $7.88 billion.

The post Why is the Yancoal share price on ice today? appeared first on The Motley Fool Australia.

More reading

• 3 ASX All Ordinaries shares smashing multi-year highs on Tuesday
• Why are ASX coal shares charging higher again today?
• Here are the best performing dividend shares in the ASX All Ords so far in 2022
• 3 ASX All Ordinaries shares hitting multi-year highs on Monday
• Why are these ASX coal shares having a top run today?

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 Scott Phillips.

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is under pressure due to weakness in the resources sector. The benchmark index is currently down 0.45% to 7,122.4 points.

Here’s what is happening on the ASX 200 today:

Appen rockets on takeover approach

The Appen Ltd (ASX: APX) share price is rocketing higher on Thursday after the artificial intelligence services company received a takeover approach. Appen revealed that it has received an unsolicited, conditional, and non-binding indicative proposal from Canada’s TELUS International to acquire it for $9.50 per share. This values Appen at approximately $1.2 billion. Management has engaged with TELUS but appears to be looking for a better offer.

Champion Iron falls on full-year results

The Champion Iron Ltd (ASX: CIA) share price is falling on Thursday. This is despite the Canadian iron ore miner delivering a solid full year result which was largely in line with expectations. Champion reported a 14% increase in revenue to C$1,460.8 million and a 13% lift in EBITDA to C$925.8 million. This was underpinned by stronger iron ore prices, which offset softer production and higher costs.

Westpac super update

The Westpac Banking Corp (ASX: WBC) share price is pushing higher on Thursday. This follows news that Westpac and BT Funds Management have signed an agreement to merge BT’s personal and corporate superannuation funds with Mercer Super Trust. In addition, Westpac has agreed to sell its Advance asset management business to Mercer. Combined, the bank expects to record an after-tax gain of $225 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Appen share price by some distance. Its shares are up 27% following the receipt of a takeover approach. Going the other way, the worst performer on the ASX 200 has been the Whitehaven Coal Ltd (ASX: WHC) share price with a 9% decline. A number of coal miners are tumbling lower today.

The post ASX 200 midday update: Appen rockets, Westpac super update appeared first on The Motley Fool Australia.

More reading

• Champion Iron share price falls on FY22 results
• Guess which ASX 200 shares UBS just added to its ‘best ideas’ list
• Appen share price rockets 35% on Telus takeover approach
• Here’s why the Westpac share price is pushing higher today
• Appen share price on watch amid $1.2 billion takeover bid

Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Appen Ltd. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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