Month: May 2022

The AnteoTech Ltd (ASX: ADO) share price is on the move today.

This comes after the nanotechnology company announced a regulatory update regarding its COVID-19 Rapid Antigen Test (RAT).

At the time of writing, AnteoTech shares are soaring 32.98% higher to 12.5 cents a pop.

AnteoTech expands market access

Investors are fighting to get a hold of the AnteoTech share price after the company received regulatory approval in Europe.

According to its release, AnteoTech advised it has successfully registered an updated EuGeni COVID-19 (RAT) in Europe. This comes under the In Vitro Diagnostic Directive (IVDD) 98/79/EC Regulations.

Management stated that the new registration is for the same core SARS-CoV-2 Ag Rapid Diagnostic Test registered in April 2021. However, this now covers multiple use claims to include combined nose and throat sampling and nasal mid-turbinate sampling.

By securing the latest registration, this strengthens EuGeni COVID-19 RAT’s competitive position by broadening sampling methods to current European trends.

Currently, the European clinical trial that is underway is also evaluating the updated multiple-use claim to be included in the EU Common List registration application.

AnteoTech said it will phase out the original nasopharyngeal test following orders for the updated multiple-use claim test kits.

About the AnteoTech share price

Despite today’s euphoric gains, the AnteoTech share price has lost around 60% in value over the past 12 months.

The company’s shares touched a 52-week low of 8.5 cents last week after being pounded by the broader market weakness.

Based on valuation metrics, AnteoTech presides a market capitalisation of roughly $374.3 million.

The post Why the AnteoTech share price is rocketing 33% today 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 Scott Phillips.

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As global travel gradually makes a comeback, travel shares are front and centre with market pundits evaluating their next moves on the sector.

After a return to green territory in 2022, the Qantas share price has managed an 11% gain since trading resumed in January.

Today, Qantas Airways Ltd (ASX: QAN) shares lifted from the open and now trade at $5.56 apiece, up 2.21%.

In wider market moves, the S&P/ASX 200 Industrials Index (ASX: XNJ) is up 1.1% in morning trade on Wednesday.

Are Qantas shares set for takeoff?

Analysts at investment bank JP Morgan are overweight on Qantas shares and value the airline at $6.40 per share.

The broker is constructive on Qantas given current industry headwinds, noting “the airline industry is in the midst of its greatest-ever challenge”.

In a note to clients, JP Morgan said:

Against this backdrop, we see QAN as being well positioned, given…it has taken material costs out of its business, approximately $1 billion p.a. of which are likely to be ongoing savings from FY23 [and] its high proportion of earnings from domestic and loyalty at ~70-75% of earnings.

JP Morgan also likes Qantas’ “strong relative balance sheet positioning; and more favourable competitive position – both domestically and internationally”.

With travel activity and momentum improving domestically, additional international destinations opening and Loyalty continuing to generate cash, we reiterate our overweight recommendation and price target of A$6.40.

Meanwhile, nine other brokers advocate buying Qantas shares at the moment, whereas three rate the company as a hold, according to Bloomberg data.

Just one broker, Credit Suisse, is urging its clients to sell Qantas shares at the minute.

From this list, the consensus price target is $6.32 apiece, suggesting there’s more upside yet to be baked in if this group has Qantas valued correctly.

In the last 12 months, the Qantas share price has climbed 21% into the green on the back of solid gains in 2022.

The post Ready for takeoff? Top broker sees smooth runway for Qantas shares in 2022 appeared first on The Motley Fool Australia.

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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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The Weebit Nano Ltd (ASX: WBT) share price has been rocketing higher on Wednesday.

In morning trade, the semiconductor company’s shares are up 23% to $2.80.

Though, despite this gain, the Weebit Nano share price is still down by almost 40% from its February high.

Why is the Weebit Nano share price rocketing higher?

Investors have been bidding the Weebit Nano share price higher today despite there being no news out of the semiconductor company.

However, it is worth noting that the company has been active at an industry event this week.

This could mean that Weebit Nano has caught the eye of some investors during its presentations on Monday and Tuesday.

What is the event?

Earlier this month, Weebit Nano revealed that it will be participating in the 14th International Memory Workshop (IMW) 2022 in Dresden, Germany.

The release notes that IMW is the premier international forum for technologists to share and learn about new developments in memory technology.

At the event, Weebit Nano’s Chief Scientist Gabriel Molas was due to outline test results of Weebit ReRAM in 28nm. This was to include details about the technology’s endurance and reliability at high temperatures.

It is possible this presentation went well and has piqued interest in the company.

Though, time will tell if Weebit Nano’s technology, and that of rival BrainChip Holdings Ltd (ASX: BRN), will ultimately amount to anything. But given the competition from world class, global semiconductor companies that are spending billions on research and development activities each year, I would be very surprised if they do.

For that reason, I would suggest investors approach BrainChip and Weebit Nano with extreme caution.

The post Why is the Weebit Nano share price rocketing 23% higher? appeared first on The Motley Fool Australia.

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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 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.

What happened 

The market is in a good mood again on Tuesday, and that’s helping cryptocurrency values push higher. Bitcoin (CRYPTO: BTC) was up as much as 3.5% in the past 24 hours, as of 2 p.m. ET, but is still off 4.7% in the past week. Its smaller rival Ethereum (CRYPTO: ETH) is up 3.2% today but is off 13.1% in the past week. 

Silvergate Capital (NYSE: SI), which is a digital finance company, has also seen its value rise as much as 13.2% in trading today, although it’s up 10.9% as I’m writing. Why is the digital currency market popping today? 

So what 

Last week was one of the worst we’ve seen in the crypto industry, with TerraUSD losing its peg to $1 and eventually collapsing both the stablecoin and Terra (LUNA). This led to a flurry of selling and multiple stablecoins losing their pegs momentarily. 

Some stability returned to the market over the weekend, and that’s brought some confidence back for investors. The values of cryptocurriencies like Bitcoin and Ethereum are on the rise again, and altcoins are climbing as well. 

As quickly as the crypto market dropped last week, we need to keep in mind that it’s much more mature than it was just a few years ago. Thousands of developers have moved into the industry, building on cryptocurrencies like Bitcoin and Ethereum, and these businesses are much more ingrained than in the crypto winter of 2017. Long term, I think the future looks brighter than it did a few years ago. 

Now what 

Volatility continues to be the norm in cryptocurrencies, and today is another reminder of that. But I think it’s important to keep in mind what’s being made here with payment systems and digital projects now being built on top of the blockchain. As that continues, it should help Bitcoin and Ethereum long term. 

I continue to be bullish on the crypto market, but there will be volatility in the meantime. A lot of money has been made and lost simply by trading cryptocurrencies over the past year, and we’re entering a new phase where utility, not trading, will likely generate the most value. That could lead to some investors abandoning the market as others move in, which isn’t bad as the industry matures. 

A down market like this can be a buying opportunity for investors willing to hold for the long term as well. Great companies and projects are built in a down market, so the cryptocurrencies and projects built on top of the blockchain that can thrive now will be the projects we talk about a decade from now, as long as investors are willing to buy and hold quality digital assets. 

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

The post Why Bitcoin and Ethereum popped on Tuesday appeared first on The Motley Fool Australia.

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Travis Hoium has positions in Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Silvergate Capital Corporation. The Motley Fool Australia owns and has recommended Bitcoin and Ethereum. 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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Shares in Eagers Automotive Ltd (ASX: APE) have sunk from the open today and now trade more than 3% down at $11.52 apiece.

Investors might be selling off Eagers Automotive shares today in response to (ASX: APE) have sunk from the open today and now trade more than 3% down at $11.52 apiece.” target=”_blank” rel=”noreferrer noopener”>the company’s market update for the half year ending June 2022.

In wider market moves, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) index has spiked 80 basis points into the green.

What did Eagers release?

Eagers gave commentary of its performance during the half to date and noted that market mechanics or the used car market continue to show bullish signs.

“The underlying performance of the business continues to benefit from a strong market where demand for new vehicles continues to materially exceed supply,” the company said.

“This has resulted in an increase in our record new car order book of more than 25% since 31 December 2021.”

On this backdrop, “new car margins” have also been supportive of sales growth, whereas the company says its finance performance is above industry levels.

What does Eagers expect moving forward?

The company notes there will be an impending slowdown in its core business due to softening output of new vehicles delivered in 1H FY22.

Despite the continuing strength of our underlying business, positive operational metrics and record order book, an anticipated reduction in the number of new vehicles delivered to customers in the first half of 2022 is expected to impact our half year financial performance.

This is due to the supply of new vehicles being impacted by multiple global events, largely attributable to the on-going effects of semi-conductor shortages in the industry and compounded by the both the Ukraine conflict and China’s on-going COVID lockdowns.

Consequently, Eagers is projecting underlying operating profit before tax (OPBIT) to land in the range of $183 million–$189 million.

This compares to underlying OPBIT of $214.8 million for the prior corresponding period (pcp) on a like for like basis, it says.

Similarly, Net Profit Before Tax (NPBT) for the half year is expected to be in the range of $225 million–$240 million, down from $267.4 million for the pcp.

“The forecast results in this update are subject to external audit review which will be conducted
following completion of the half year on 30 June 2022,” Eagers concluded.

Eagers Automotive share price snapshot

In the last 12 months, the Eagers Automotive share price has slipped more than 20% into the red, having clipped a 14% loss this year to date.

The post Here’s why the Eagers share price is sliding today appeared first on The Motley Fool Australia.

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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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The BlueScope Steel Limited (ASX: BSL) share price is getting attention on Wednesday morning following its latest announcement.

Shares in the big-name steel producer are swelling by 2%, trading at $18.30 per share in the process. Although, earlier in the session, the company’s shares hit an intraday high of $19.24. For context, it is a rather green morning on the ASX. The S&P/ASX 200 Index (ASX: XJO) is trading 1.05% higher within the first hour of the morning bell.

Second half looks more solid

Working in a commoditised business, much of BlueScope’s financial success comes down to the market price of steel. Today, the $8 billion steel manufacturer has informed investors that this time prices are working in its favour.

According to the release, shareholders are in for a better than previously expected result for the second half of FY2022. The company has lifted its forecast for underlying earnings before interest and tax (EBIT) to between $1.375 billion to $1.475 billion. Whereas, the prior guidance was for $1.2 billion to $1.35 billion.

The guidance revision represents an approximate 15% lift to the lower range and around 9% increase to the higher end. This improvement is likely behind the strong BlueScope share price today. However, BlueScope caveated this guidance by noting it was subject to spread, foreign exchange, and market conditions.

Importantly, the reason for the upgrade is the stronger outlook laying ahead for the company’s North Star and North America coated business. Meanwhile, the other areas of BlueScope’s operations remain in line with prior guidance.

Commenting on the update, BlueScope managing director and CEO Mark Vassella said:

Throughout recent macroeconomic and geopolitical volatility, BlueScope has continued to demonstrate strength and resilience in its business performance.

In the current strong demand environment, the entire BlueScope team is working as hard as they can to improve our service levels, which have been impacted by supply chain and pandemic-related disruptions.

The company’s half-year results are expected to be released on 15 August 2022.

BlueScope share price recap

The BlueScope Steel share price is down 16.5% since the beginning of the year, despite steel prices being slightly higher.

It appears the market is cautious about valuing BlueScope based on its current earnings. The reason for this observation is the company currently trades on a price-to-earnings (P/E) ratio of 3.6 times. Comparatively, the metals and mining industry carries an average P/E of 10.4 times.

The post ‘Strong demand’: Bluescope share price strengthens on guidance upgrade appeared first on The Motley Fool Australia.

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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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The James Hardie Industries plc (ASX: JHX) share price more than rebounded from yesterday’s sharp losses after a top broker upgraded its shares.

The ASX building materials supplier is “too cheap to ignore”, according to Morgan Stanley. The broker upgraded its recommendation on James Hardie to “overweight” from “equal-weight” following the company’s results announcement that triggered the sell-off.

When 36% profit growth isn’t enough

The company posted a 36% increase in FY22 adjusted net profit to US$620.7 million which didn’t impress the market. As a result, the James Hardie share price tumbled 3.5% on Tuesday although it regained all the loss, and then some, this morning when it surged as high as 6% to $39.79.

At the time of writing, the company’s share price has settled at $39.00, 4% higher than yesterday’s close.

It wasn’t James Hardie’s earnings or sales figures that scared investors. If anything, net profit was largely in line with consensus expectations.

Is too much bad news priced into the James Hardie share price?

Yesterday’s negative reaction to the James Hardie share price likely stems from worries about the impact of rising interest rates on housing.

Morgan Stanley said:

JHX is a quality business with a true structural growth theme.

Current mortgage rate concerns are valid – but after material recent de-rating, we find housing market weakness more than priced in, particularly given JHX’s skew towards R&R [repair and renovation] markets.

Building up to strong growth in FY23

Around 65% of the group’s business is from R&R with the balance from new builds. The broker also reckons the company could steal market share to maintain its growth rate.

It also helps that James Hardie has a full backlog of orders that should keep it busy till FY23, if not beyond.

Further, management is sticking to its FY23 earnings guidance for net profit of US$740 million to US$820 million.

It also increased its revenue growth forecast for its North America Fibre Cement (NAFC) business to 18% to 22%. That’s up from its original expectation of between 16% and 20%.

Morgan Stanley’s 12-month price target on the James Hardie share price is $51 a share.

What other brokers are saying about the James Hardie share price

But the broker isn’t the only one that is bullish on the shares. Citigroup and UBS have reiterated their buy call on James Hardie.

Citi acknowledges the risk of rising rates, particularly in the US. But it estimated that only around 2% to 3% market growth is factored into the company’s North American sales guidance.

UBS also pointed out that its buy thesis on James Hardie is largely unchanged despite the macroeconomic risks.

The Citi and UBS 12-month price targets on the James Hardie share price are $44.30 and $57.70 respectively.

The post Why is the James Hardie share price surging higher today appeared first on The Motley Fool Australia.

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Motley Fool contributor Brendon Lau 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 Northern Star Resources Ltd (ASX: NST) share price is moving higher in morning trade.

Northern Star shares closed yesterday at $8.60 and are currently trading for $8.68, up 0.9%.

This comes as the S&P/ASX 200 Index (ASX: XJO) gold miner released its investor presentation at the Bank of America Conference.

What did the company report at the BofA Conference?

Northern Star is one of the largest gold miners in the world. The company has producing mines in the US state of Alaska (Pogo) and Western Australia (Yandal and Kalgoorlie). The Aussie operations account for 85% of its total production.

All told, the miner reports it can sustainably produce some two million ounces of gold per year, citing continuing cost improvements and higher quality grades to increase profitability.

Investors may be bidding up the Northern Star share price on the report of its assets’ long mine life. The company forecasts at least 20 years of sustainable production, targeting a 20 million ounce reserve and a 60 million ounce resource.

On the environmental front, the gold miner is aiming for a 35% reduction in its emissions by 2030 with an end goal of net zero by 2050.

As for risk management, the miner has a three-year hedge book of 1.1 million ounces of gold at AU$2,446 per ounce. This represents around 20% of its gold production over the next three years.

The company also highlighted its previously reported results for the first half of the 2022 financial year (1H FY22). These included an underlying net profit after tax (NPAT) of $108 million and underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $699 million.

The forecast that its fourth-quarter performance will be better than its third-quarter performance could also be helping lift the Northern Star share price today.

And the updated dividend policy was discussed, which will see 20% to 30% of cash earnings (EBITDA less net interest and tax paid and sustaining capital) returned to investors as dividend payouts.

Northern Star share price snapshot

The Northern Star share price has struggled this year with gold prices currently down about 1% since 1 January.

Northern Star shares are down 8% in 2022, compared to a loss of 5% posted by the ASX 200.

The post What’s sending the Northern Star share price higher today? appeared first on The Motley Fool Australia.

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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 Tabcorp Holdings Ltd (ASX: TAH) share price is lifting from the open today and is currently trading 1.16% higher at $5.24.

It’s roughly in line with the S&P/ASX 200 Index (ASX: XJO) which is also trading 1.2% higher from the open today.

The Tabcorp share price might be on the move today following a company announcement yesterday regarding its spinoff of The Lottery Corporation Ltd (XASX: TLC).

What did Tabcorp announce?

Tabcorp advised that S&P Dow Jones Indices has announced it will make changes as a result of Tabcorp’s planned demerger from The Lottery Corporation.

Specifically, the ratings agency will make changes to the benchmark S&P/ASX 200 Index to reflect the separately formed entities.

Tabcorp said:

[A]s a result of the scheme of arrangement under which [Tabcorp] will spin-off [TLC] Tabcorp Holdings Limited, Tabcorp Holdings Limited will spin-off 1 share of The Lottery Corporation Limited for every 1 Tabcorp Holdings Limited share held. The Lottery Corporation Limited will be added to the S&P/ASX 200 Index effective prior to the open of trading on May 24, 2022 at a zero price.

There will be no removal from the S&P/ASX 200 Index as a result of the inclusion of The Lottery Corporation Limited.

Last week, Tabcorp shareholders “overwhelmingly approved ” the demerger following a shareholder vote, throwing their full support behind the move.

Subject to Supreme Court approval, Tabcorp says TLC shares should begin trading “on a deferred settlement basis” on Tuesday 24 May 2022, the same day as TLC’s inclusion into the ASX 200.

Tabcorp share price snapshot

In the last 12 months, the Tabcorp share price has clipped a 3.5% gain and has gained around 4% this year to date. Prices have compressed in the last month of trade and are down 2.6% in that time.

The company has a current market capitalisation of $11.6 billion.

The post Here’s why the Tabcorp share price is lifting on Wednesday appeared first on The Motley Fool Australia.

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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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The Firefinch Ltd (ASX: FFX) share price is having a strong start to the day.

In early trade, the gold and lithium explorer’s shares are up 10% to $1.00.

Why is the Firefinch share price charging higher?

Investors have been bidding the Firefinch share price higher today after the company provided an update on the Morila Gold Mine in Mali.

According to the release, the Government of Mali has agreed to extend the establishment convention for the Morila Gold Mine for three years until 16 May 2025. The terms and conditions of the convention remain unchanged to allow the ramp-up of activities and gold production at Morila.

The release notes that the purpose of the convention is to lay down the general, economic, legal, administrative, financial, tax, customs and social terms and conditions as they relate to the Societe des Mines de Morila, the owner and operator of Morila.

The convention sits alongside the mining exploitation licence for Morila, which is valid until 4 August 2029. In due course, Firefinch will seek the further renewal of the convention to align with the term of the mining exploitation licence.

‘Morila the Gorilla’

Firefinch highlights that the agreement demonstrates the Government of Mali’s support of its activities at Morila, as well as the company’s efforts in supporting local communities through the revival of “Morila the Gorilla.”

The company’s Managing Director, Dr Michael Anderson, commented:

It is fantastic to have a strong relationship with the Malian Government who have shown tremendous support of Firefinch as we ramp up our activities at Morila. Since taking over ownership of the mine, we have worked to deliver on our “Mali first” motto and are pleased to employ a workforce that is 97% Malian. We are very focused on continuing the production ramp-up and look forward to building on our good working relationship with the Malian Government in doing so.

The post Why is the Firefinch share price shooting 10% higher today? appeared first on The Motley Fool Australia.

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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 Scott Phillips.

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