Month: May 2022

This Tuesday has given ASX investors a bit of a wild ride. The S&P/ASX 200 Index (ASX: XJO) finished down 0.42% at just over 7,320 points after multiple stints in both positive and negative territory today. But it has been a far happier day for the Metcash Limited (ASX: MTS) share price.

Metcash shares closed 0.84% higher at $4.82 a share. But earlier in the trading day, Metcash rose as high as $4.90 a share. That was a new 52-week high for the company, as well as representing the highest level Metcash shares have been since 2007, before the onset of the global financial crisis.

The operator of the IGA chain of supermarkets, as well as hardware chain Mitre 10, has been on a tear for a while now. The Metcash share price is up 7% over 2022 thus far, healthily outperforming the ASX 200 Index. The company has also seen a gain of almost 36% over the past 12 months, and more than 120% over the past five years.

So what had investors flocking to Metcash shares today?

Why is the Metcash share price at a 15-year high?

Well, it’s possible that it could be a result of the announcement Metcash made this morning. The company told investors it has entered into a supply agreement with Australian United Retailers. This will see Metcash “supply its national network of supermarkets and convenience stores, including its FoodWorks bannered supermarkets, for a further five-year period, commencing 1 July 2022”. 

This gives Metcash and its investors some significant certainty, seeing as the company had been supplying Australian United Retailers’ 540-plus stores around Australia on a rolling 12-month contract basis since 2019.

But this latest piece of news isn’t the only tailwind Metcash shares have been enjoying of late. As we’ve covered numerous times, Metcash has been the recipient of some love from more than one ASX broker over the past few months. Last month, my Fool colleague Tristan covered the buy ratings of both Macquarie and Credit Suisse on Metcash shares.

So it could be a combination of these factors that have led Metcash shares to the levels we saw today. No doubt the company has some happy shareholders right now.

At the current Metcash share price, this ASX 200 consumer staples share has a market capitalisation of $4.6 billion, with a dividend yield of 4.15%.

The post Here’s why the Metcash share price just hit a 15-year high appeared first on The Motley Fool Australia.

More reading

• Here’s how some of the biggest ASX 200 shares are responding to the RBA’s rate rise
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why Block, Domain, Metcash, and Zip shares are pushing higher
• Could Polynovo shares get kicked out of the ASX 200?
• RBA increases cash rate by 25bps and warns of more hikes

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 Hawsons Iron Ltd (ASX: HIO) share price has been on a rollercoaster ride today.

The company’s shares have closed down 18.64% to 72 cents. However, in earlier trade, the Hawsons Iron share price surged 21% above yesterday’s closing price of $1.07 before retreating.

For perspective, the S&P/ASX 200 Resources Index (ASX: XJR) closed 0.84% lower today. The shares of iron ore giant Fortescue Metals Group Ltd (ASX: FMG) shed 4.69%.

So what caused this ASX iron ore’s share price to fluctuate today?

Share price fluctuates

The Hawsons Iron share price went up and down like a yo-yo today despite no news from the company.

It’s exploring the Hawsons Iron Project, 60km southwest of Broken Hill in New South Wales.

In today’s news, the Reserve Bank of Australia (RBA) has lifted the cash rate by 25 basis points to 35 basis points. As my Foolish colleague James reported, this sent the S&P/ASX 200 Index (ASX: XJO) down within minutes. The RBA board is preparing to increase interest rates further in the future. Interest rate rises can increase costs for many ASX shares, including mining companies.

The iron ore price is flat today, however, it has fallen nearly 7.79% in a month, Trading Economics data shows.

The Hawsons Iron Project has recently been granted a three-year extension of its major project status from the federal government.

The company reported an $18.377 million cash balance in quarterly results, up to 31 March 2022.

Share price snapshot

The Hawsons Iron share price has surged about 1,675% in the past year while it has rocketed 168% in the past month.

For perspective, the benchmark ASX index has gained about 4% over the past year.

Hawsons Iron has a market capitalisation of about $536 million based on the current share price.

The post Hawsons Iron share price subjects investors to wild ride on Tuesday appeared first on The Motley Fool Australia.

More reading

• Guess which ASX iron ore share has surged more than 260% in a month. Hint: it’s not Fortescue

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 Fortescue Metals Group Limited (ASX: FMG) share price is coming under selling pressure today. This is despite the iron ore mining outfit not releasing any price-sensitive announcements to the ASX.

At the time of writing, Fortescue shares are fetching at $20.67, down 4.53%.

In comparison, the S&P/ASX 200 Index (ASX: XJO) is also treading lower to 7,308.3 points, down 0.53%.

Below, we take a look at what’s dragging the miner’s shares along with the benchmark index.

Iron ore prices plummet

After spending the last couple of months hovering around the US$150 barrier, iron ore prices have continued to fall.

According to Trading Economics, the steel making ingredient is trading at US$142 per metric tonne as of last night. This represents a decline of 5.26% compared to this time last week.

The sharp decrease will have an impact on Fortescue’s bottom line; however, profits are still expected to be churned out. The company reported industry leading C1 costs of US$15.28 per wet metric tonne for H1 FY22. C1 costs refer to the ‘direct’ production costs incurred in mining and processing the iron ore.

China’s heavy-handed lockdown

Weighing down the market price for iron ore, and effectively Fortescue’s shares, has been China’s COVID-19 situation.

The government has amplified its already harsh restrictions on Chinese residents to achieve its strict zero-COVID policy.

Repeat testing as well as barring access to public places without a negative result has been initiated in the capital of Beijing.

China is seeking to limit the spread and the chaos that ensued in its most populous city, Shanghai.

It’s worth noting that with the economic conditions rife, the construction sector has been hampered. This has led to the shrinking price of iron ore as demand wanes.

RBA increases rates

Another factor playing again Fortescue is the Reserve Bank of Australia (RBA) lifting its official cash rate by 0.25% today.

Notably, this is the first time the RBA has increased its rates since the Julia Gillard era in November 2010.

With the official cash rate now at 0.35%, which has pushed the ASX deeper in the red during afternoon trade.

The RBA is using its tools to curb inflation which has risen 5.1% on an annualised basis.

Fortescue share price snapshot

Regardless of Fortescue shares being lower today, its shares have gained 8% since the start of 2022.

Based on valuation metrics, Fortescue presides a market capitalisation of approximately $65.34 billion.

The post Why is the Fortescue share price down 5% on Tuesday? appeared first on The Motley Fool Australia.

More reading

• Here’s how some of the biggest ASX 200 shares are responding to RBA’s rate rise
• How did the Fortescue share price stack up in April?
• What’s the outlook for ASX 200 mining shares in May?
• Top brokers name 3 ASX shares to sell next week
• What’s the outlook for the Fortescue share price in May?

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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The Reserve Bank of Australia (RBA) has increased the interest rate by 25 basis points to 0.35%. S&P/ASX 200 Index (ASX: XJO) shares are already reacting.

Market commentators have been speculating whether the interest rate rise would happen this month or next month. The RBA took the plunge and increased rates today, signalling more increases were on the way.

RBA governor Philip Lowe said:

The Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time. This will require a further lift in interest rates over the period ahead. The Board will continue to closely monitor the incoming information and evolving balance of risks as it determines the timing and extent of future interest rate increases.

How are ASX 200 shares responding?

Changes to the RBA interest rate may have different impacts on the profit and loss, and valuations, of different businesses.

Banks are some of the biggest businesses in Australia and interest rates play a significant part in their margins.

Economists at the big four ASX banks were predicting that interest rates would start increasing this month or next month. However, there is a question of how much of the rate hike they will pass on and when.

At the time of writing, the Commonwealth Bank of Australia (ASX: CBA) share price is down 0.5% and the National Australia Bank Ltd (ASX: NAB) share price is down around 0.68%. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is up slightly by 0.04%.

However, other banks have reacted differently. At the time of writing, the Westpac Banking Corp (ASX: WBC) share price is up 0.29% and the Macquarie Group Ltd (ASX: MQG) share price is up 0.34%, though it earns less of its net profit from Australia than the other big banks.

With all of the big banks scheduled to release a profit result/update in May, they may include some commentary regarding impacts on the net interest margin (NIM) as interest rates increase.

The biggest ASX 200 mining shares are all in the red.

The BHP Group Ltd (ASX: BHP) share price is down 0.77%, the Fortescue Metals Group Limited (ASX: FMG) share price is down a hefty 4.9%, and the Rio Tinto Limited (ASX: RIO) share price is down 1.66%.

Some of the biggest consumer-facing ASX 200 shares are also seeing movement today.

At the time of writing, the Wesfarmers Ltd (ASX: WES) share price is up 0.59% and the Woolworths Group Ltd (ASX: WOW) share price is up 0.43%. However, the Coles Group Ltd (ASX: COL) share price is down 0.4%.

Why did the RBA increase the interest rate?

Dr Lowe explained what’s going on in the economy and why the RBA saw the need to react quickly:

The Board judged that now was the right time to begin withdrawing some of the extraordinary monetary support that was put in place to help the Australian economy during the pandemic. The economy has proven to be resilient and inflation has picked up more quickly, and to a higher level, than was expected. There is also evidence that wages growth is picking up. Given this, and the very low level of interest rates, it is appropriate to start the process of normalising monetary conditions.

Inflation has picked up significantly and by more than expected, although it remains lower than in most other advanced economies. Over the year to the March quarter, headline inflation was 5.1 per cent and in underlying terms inflation was 3.7 per cent…A further rise in inflation is expected in the near term.

The post Here’s how some of the biggest ASX 200 shares are responding to RBA’s rate rise appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Could Polynovo shares get kicked out of the ASX 200?
• RBA increases cash rate by 25bps and warns of more hikes
• How did the Fortescue share price stack up in April?
• Woolworths share price rises after Q3 update beats consensus estimates

Motley Fool contributor Tristan Harrison has positions in 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 positions in and has recommended COLESGROUP DEF SET and Wesfarmers Limited. The Motley Fool Australia has recommended Macquarie Group Limited and 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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The Graincorp Ltd (ASX: GNC) share price is lifting once more on Tuesday. In fact, it surged more than 2% to a new record high in intraday trade.

It’s the third session in a row the agribusiness has struck the milestone despite no word having been released by the company since early April.

At the time of writing, the Graincorp share price is $10.51, 0.96% higher than its previous close.

Though, earlier today it hit a high of $10.64, representing a 2.2% gain and new record high.

For context, the S&P/ASX 200 Index (ASX: XJO) has slipped 0.51% today amid the Reserve Bank’s decision to increase the cash rate.

Let’s take a look at what’s boosting the Graincorp share price to never-before-seen heights today.

Why’s the Graincorp share price trading at a record high?

The Graincorp share price hit a new all-time high on Tuesday following months of strong performance.  

Way back in February the company revealed its expectation that financial year 2022 would bring it underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) of between $480 million and $540 million and underlying net profits after tax (NPAT) of $235 million to $280 million.

That guidance was a significant step up from the company’s financial year 2021 earnings.

Its heightened expectations were due to its strong Australian production alongside a supply shortage in the Northern Hemisphere.

That guidance upgrade likely sated many bullish market watchers. But it didn’t end there.

Global demand for grain and oil skyrocketed soon after the upgrade on the back of Russia’s invasion of Ukraine.

Additionally, the company dodged potentially major disruptions from weather events on Australia’s east coast while conditions for its winter crop remained excellent.

As a result, it upgraded its guidance once more in April.

Graincorp now expects to report between $590 million and $670 million of underlying EBITDA. It’s also forecasting underlying NPAT of between $130 million and $370 million.

Perhaps unsurprisingly, the Graincorp share price has gained nearly 25% since the start of 2022, helping it reach today’s record high.

The post What’s driving the Graincorp share price to all-time highs? appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX 200 shares in April
• Why has the Graincorp share price already rallied 17% in April?
• These were the best performing ASX 200 shares last week
• Can the Graincorp dividend really triple in 2022?
• Could these ASX shares be the new FAANG stocks on the block?

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 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 AGL Energy Limited (ASX: AGL) share price is taking the foot off the gas on Tuesday amid an eventful morning.

Shares in the energy retailer are coming under pressure after announcing a monumental deal to help make green strides. At the time of writing, the AGL share price is swapping hands at $8.38, representing a decrease of 2.8%.

Green funding secured amid Mike Cannon-Brookes turmoil

This week is shaping up to be a pivotal one for the AGL share price and the company more broadly. However, the eventfulness is not translating into a positive reception. Instead, the energy company appears to be shrouded in uncertainty now more than ever.

In a release, AGL revealed $2 billion in funding from Global Infrastructure Partners (GIP) for its Energy Transition Investment Partnership (ETIP). This will see the New York City investment fund take a 49% equity interest in AGL’s ETIP.

Importantly, the fund will be used to develop, own, and operate an initial estimate of 2.7 gigawatts of renewable assets under the proposed AGL demerged entity, Accel Energy. The deal will also see GIP pay an upfront $40 million in cash to Accel as part of its $94 million investment.

While the deal is significant for the company’s plans to turn a new leaf, the announcement is clouded by the latest development in the Mike Cannon-Brookes saga. As my colleague Tristan detailed covered, the Atlassian billionaire is looking to foil the AGL demerger.

To do this, Cannon-Brookes has taken an 11.3% stake in the company. Nonetheless, the weakness in the AGL share price is prevailing.

What does the funding really mean?

Essentially, the $2 billion of funding will help AGL Energy in establishing itself as a renewable energy provider. As noted in the announcement, projects already mapped out include:

• Liddel Battery (NSW)
• Loy Yang Battery (VIC)
• Bells Mountain Pumped Hydro (NSW)
• Barn Hill Wind Farm (SA)

Commenting on the deal, AGL CEO and managing director Graeme Hunt said:

There was strong interest shown in ETIP by a number of globally renowned infrastructure investors, and we are excited to have selected Global Infrastructure Partners. The establishment of ETIP will support Accel in funding low-carbon developments whilst providing Global Infrastructure Partners exclusive access to a portfolio of investments. If all the Foundation Projects in ETIP were to proceed, it would represent an investment of approximately $4.7 billion into the future of energy in Australia.

AGL share price still ahead

Despite the drama surrounding the energy giant and its dance with Mike Cannon-Brookes, the AGL share price has delivered so far this year.

Notably, major ASX-listed utility companies have all enjoyed green performances in 2022. However, AGL has surpassed its peers with a gain of 31.6% year-to-date.

At present, AGL holds a market capitalisation of $5.59 billion.

The post AGL share price dips despite $2 billion energy transition deal appeared first on The Motley Fool Australia.

More reading

• Why AGL, Booktopia, Cleanaway, and Corporate Travel Management shares are dropping
• ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid
• Own AGL shares? Here’s why the company’s demerger could be dead in the water
• AGL share price in focus amid Cannon-Brookes raid
• ASX 200 midday update: NAB’s AUSTRAC update, AGL downgrades guidance, Qantas takes off

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 Scott Phillips.

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What a rollercoaster the S&P/ASX 200 Index (ASX: XJO) is on this Tuesday. The ASX 200 has been playing jump rope with the breakeven line all day. But the decision of the Reserve Bank of Australia (RBA) to increase interest rates this afternoon has seen the market slump. The ASX 200 is now down by 0.27% at just over 7,300 points. 

But rather than trying to figure all of that out, let’s dig deeper into the markets and take a look at the ASX 200 shares that are currently at the top of ASX’s share volume charts, according to investing.com.

The 3 most-traded ASX 200 shares by volume this Tuesday

Telstra Corporation Ltd (ASX: TLS)

Our first notch on the belt today is ASX 200 telco Telstra. This telecommunications giant has had a hefty 11.66 million of its shares find a new home on the markets thus far. There’s not much in the way of news out from Telstra today, save for a share buyback notice. These ongoing buybacks themselves could help explain this volume. But no doubt the weakness of the Telstra share price is also assisting this volume. Telstra shares are currently down by 0.63% at $3.97 each.

Alumina Limited (ASX: AWC)

ASX 200 alumina and aluminium producer Alumina is next up. So far today, a sizeable 12.47 million Alumina shares have been bought and sold on the markets. There’s nothing out from Alumina today at all. So it’s probably the volatility we have seen in the company’s share price today that has sparked so many shares trading. Alumina shares were up around 1.4% at one point today. But the company has fallen back to $1 a share this afternoon, flat on its closing price yesterday. 

Pilbara Minerals Ltd (ASX: PLS)

Our third, final and most traded share of the day today is none other than ASX 200 lithium stock Pilbara Minerals. This Tuesday has seen a significant 16.36 million Pilbara shares trade hands as it currently stands. Once again, we seem to have some rather wild volatility to thank for this volume. Pilbara shares have been down 1.5%, up 1.5% and are now flat at $2.66 a share. No wonder so many shares have bounced around on the markets. 

The post Here are the 3 most heavily traded ASX 200 shares on Tuesday appeared first on The Motley Fool Australia.

More reading

• Could Polynovo shares get kicked out of the ASX 200?
• Rates are up! Expert names 2 ASX shares for a global downturn
• RBA increases cash rate by 25bps and warns of more hikes
• ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid
• The ASX 200 shares that fund managers are buying and dumping

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation 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 positions in and has recommended Telstra Corporation 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

April was pretty rough for investors of digital currencies. All eight of the world’s most valuable cryptocurrencies — not including stablecoins — posted double-digit percentage declines. Stocks and bonds also took big steps back last month, but crypto led the sinkers between the three asset classes. 

It’s frustrating. Investors who turned to crypto as a way to diversify into alternative assets aren’t seeing a disconnect between cryptocurrencies and the stock market. The downticks and volatility have been even worse through the Wall Street drawdown. Things look pretty bleak right now, but is it too early — or perhaps too late — to throw in the towel? Let’s go over the grim landscape before ending on a more promising note.

Tales from the crypto

There are plenty of good reasons for the recent retreat of cryptocurrencies. Gas fees for Ethereum (CRYPTO: ETH) transactions continue to be high, briefly spiking late last week as a result of a popular non-fungible token (NFT) marketplace release. With the next phase in Ethereum’s migration to a proof-of-stake model possibly not completed by next month, it could be another confidence crunch.

Even more conservative crypto investors are getting smoked. Crypto has become popular among income investors with some wiggle room when it comes to risk. Many exchanges and decentralized finance platforms allow investors to earn healthy interest by allowing the stablecoins and riskier tokens to be staked, loaned out, or otherwise pledged by the platform operator. April was brutal on that front. Many platforms have been reeling back the available yields, and regulatory concerns have seen some options bow out of certain regional markets. 

It also doesn’t help fans of staking stablecoins in pursuit of healthy income that bond rates themselves are on the rise. You can buy an inflation-indexed Series I savings bond today directly from the U.S. Treasury with an annualized interest rate of 9.62% for the next six months. The rates adapt to inflation rates every six months — and investors lose three months of interest if the bonds are redeemed within one to five years — but it does make riskier crypto money makers less attractive. 

Inflation has hurt another way. Consumer savings rates will be challenged as folks have to spend more on essentials. The end result is less money to invest in any market. 

Things don’t have to end badly for crypto traders. We’ve seen sharp corrections and crashes in the past. Ethereum and its digital peers have always managed to claw their way back. Geopolitical unrest could also inspire more international traders to diversify away from their home fiat currencies. 

Ethereum itself will eventually complete its transition to Ethereum 2.0. High gas fees may continue to be problematic, but there are other cryptocurrencies specializing in ways to make transacting in Ethereum easier, faster, and cheaper.  

It’s not easy to call a bottom after crypto corrections. Technical analysis may be the same, but investors don’t have the same fundamentals and valuation ratios to assess the way they do in sizing up equities. The crypto market still has time to work its way through — and ideally out of — the April malaise in May. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Can cryptocurrency bounce back in May? appeared first on The Motley Fool Australia.

More reading

• Why Bitcoin, Ethereum, and Coinbase Jumped Today
• Why Shiba Inu, Ethereum, and Dogecoin are sinking today
• Crypto king Bitcoin to be dethroned by this hot rival: experts
• Bitcoin, Ethereum, and Cardano are turning it around today. Here’s why
• Why Bitcoin, Ethereum, and XRP are struggling today

Rick Munarriz has positions in Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Ethereum. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Metalstech Ltd (ASX: MTC) share price is exploding today on the back of a gold discovery.

The company’s shares are currently swapping hands at 30 cents, a 20% gain. This comes after an intraday high of 35 cents a share, a 40% jump on yesterday’s closing price.

The company’s gains contrast with the S&P/ASX 200 Resources Index (ASX: XJR) today. It’s currently down 0.84%.

So what is causing this ASX gold explorer’s share price to surge today?

Drilling intersects gold

Metalstech provided an update on a “bonanza gold intersection” from drilling at the company’s Sturec Gold Mine in Slovakia.

Drilling at hole UGA-30 intersected with a thick mineralised zone of 173.2 metres (m) at 3.27 grams of gold per tonne (g/t) and 11.8 g/t of silver from 0m. This included 103m at 5.06 g/t gold and 13.4 g/t silver from 57m.

Meanwhile, drilling at hole UGA-25 intersected with a thick mineralised zone of 53m at 0.86 g/t of gold and 10 g/t of silver from 95m.

Commenting on the news, Metalstech director Gino D’Anna said:

The ore body at Sturec continues to deliver impress zones of gold mineralisation.

Our drilling has grown the confidence of the existing Sturec Mineral Resource and demonstrated that the mineralisation extends further to the south along strike of the existing resource and remains open down dip/plunge.

The company has completed drilling 12 diamond drill holes from the second drill chamber and eight from the third drill chamber. A nine drill hole within his third chamber is currently in progress.

Share price snapshot

The Metalstech share price has surged more than 210% in the past year while it’s gained 3.45% in the year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has gained just over 4% during the past year.

Metalstech has a market capitalisation of about $50 million based on the current share price.

The post Metalstech share price booms 20% on ‘bonanza gold’ discovery appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Can cryptocurrency bounce back in May?
• Why AGL, Booktopia, Cleanaway, and Corporate Travel Management shares are dropping
• Have investor fears set ASX 200 shares up for a rebound?
• Imugene share price seesaws on ‘clarification announcement’

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 S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. In afternoon trade, the benchmark index is down 0.35% to 7,320.9 points.

Four ASX shares that are falling more than most are listed below. Here’s why they are dropping:

AGL Energy Limited (ASX: AGL)

The AGL share price is down 3% to $8.37. Investors have responded negatively to news that Mike Cannon-Brookes has snapped up an 11.28% blocking stake in the energy company. Mr Cannon-Brookes wants to prevent AGL’s demerger. Though, management revealed that it remains committed to progressing the proposed demerger and believes it is in the best interests of AGL shareholders.

Booktopia Group Ltd (ASX: BKG)

The Booktopia share price has crashed 25% to 47 cents. Investors have been selling this online book retailer’s shares after it released a disappointing trading update and announced the shock resignation of its co-founder and CEO. In respect to the former, revenue for the quarter fell 1% over the prior corresponding period to $64.5 million and EBITDA fell 65% to $1.5 million.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price is down 4% to $3.02. Investors have been selling this waste management company’s shares after it revealed that its EBITDA would be $15 million to $20 million lower than expected in FY 2022. This is due to higher fuel and labour costs and one-off operational disruptions.

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price is down 3% to $24.97. This follows the release of a trading update from the corporate travel specialist. Corporate Travel Management revealed that the Omicron variant impacted its recovery during the third quarter. And while management expects a big fourth quarter and for momentum to carry over into FY 2023, it hasn’t been enough to keep some investors from selling shares.

The post Why AGL, Booktopia, Cleanaway, and Corporate Travel Management shares are dropping appeared first on The Motley Fool Australia.

More reading

• Why is the Corporate Travel share price lagging the ASX 200 today?
• ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid
• Own AGL shares? Here’s why the company’s demerger could be dead in the water
• Booktopia share price crashes 26% on earnings dive and shock CEO exit
• AGL share price in focus amid Cannon-Brookes raid

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 recommended Booktopia Group Limited. The Motley Fool Australia has recommended Corporate Travel Management 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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