The MA Financial Group Ltd (ASX: MAF) share price endured a tough session on Monday, which included an unexpected trading halt. Shares in the company were 21.76% lower at $3.99 at the close today.

The MA Financial share price went tumbling, and an unprecedented velocity of shares traded on the red candles this morning before being halted. This afternoon, the company issued an ASX market update concerning media coverage around the speculated axing of the significant investor visa (SIV).

The company attempted to dispel investor fears in its update by reconfirming its FY22 guidance “for 30% to 40% underlying earnings per share growth on FY21”.

MA Financial also supplied other details to the market. Let’s cover the highlights.

What did the company say?

In reaffirming its guidance, the company described its business model as “highly diversified” with asset management, lending, corporate advisory and equities segments.

The company also responded to the description that its asset management business was almost equally funded by resident and non-migration investors. It noted that 63% of its assets under management (AUM) were non-migration related, which was a higher percentage than the 52.8% originally reported in the Australian Financial Review.

It provided some nuance to this side of the business, saying:

In the first eight months of FY22, 85% of gross fund inflows into the asset management business related to non-migration investors, with the remaining 15% sourced from clients under migration-related programmes.

In its response to the price query, the company noted that today’s price and volume action happened alongside the government’s review of its immigration system and SIV visa and that it had no other news or explanation for these movements.

MA Financial share price snapshot

The MA Financial share price is down more than 55% year to date. In comparison, the S&P/ASX 200 Index (ASX: XJO) has fallen 8.25% over the same period.

The company’s market capitalisation is $702 million at the time of writing.

The post Down 21%, what happened to the MA Financial share price today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Matthew Farley 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 Tyro Payments Ltd (ASX: TYR) share price dropped by more than 5% today. It was reported that the potential suitor of the payments business, Potentia Capital Management, has been trying to get shareholders to accept its offer.

For readers who didn’t see it last week, Tyro received an “unsolicited, non-binding and indicative proposal”. The offer was from a consortium of private investors, led by Potential Capital Management. The offer was $1.27 per share, with the option for shareholders to receive shares in a private Tyro business.

Potentia advised that it has entered into a voting and acceptance deed with Mike Cannon-Brookes’ Grok in relation to its 12.5% shareholding in Tyro.

The Tyro board rejected the offer, indicating that it significantly undervalued Tyro and that it’s highly opportunistic given the offer price is “substantially below” where the Tyro share price has traded in the last year. It pointed out that the company has attractive growth prospects as it increases its market share. The company said it’s expecting to achieve strong and improving operating leverage in the medium-term.

What happened today?

The Australian reports that Potentia has been trying to convince shareholders to accept the takeover bid. It reported that Cannon-Brookes wants to be a co-owner of Tyro if a sufficiently better bid doesn’t come in.

The newspaper reported that other shareholders are unlikely to accept the deal because of how quickly the offer was rejected.

Morgan Stanley analysts think that an offer of between $2 to $2.50 would be the “going rate” for similar companies. Don’t forget, the company’s initial public offer (IPO) price was $2.75 per share. So the offer price represented an offer of less than half.

Tyro Payments share price snapshot

Over the last month, Tyro shares have risen by around 30%. This rise came after the Potentia bid.

The broker UBS has a buy rating and a price target of $1.80 on the business after the initial takeover bid came in. That represents a rise of more than 30%, if the broker ends up being right.

The post Tyro share price dips amid Potentia pressure rumours appeared first on The Motley Fool Australia.

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More reading

• Why Chorus, MA Financial, Tyro, and Vulcan Energy shares are dropping
• Tyro share price climbs another 10%. Could a fresh takeover bid be on the horizon?
• Nitro now Tyro: Could there be ‘Potentia-l’ for other ASX tech shares?
• Tyro share price rallies 31% following rejected takeover bid
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Motley Fool contributor Tristan Harrison 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 Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. 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 MC Mining Ltd (ASX: MCM) share price was on fire again on Monday after returning from a trading halt.

The coal explorer’s shares jumped a further 14% to 57 cents.

This means the MC Mining share price is now up 87% since this time last week.

Why is the MC Mining share price on fire?

Investors have been scrambling to buy MC Mining and other ASX coal shares such as Whitehaven Coal Ltd (ASX: WHC) recently in response to sky high coal prices.

In addition, after the market close on Friday, the company responded to a price query response from the ASX.

MC Mining suggested that the positive work that has been happening at its operations recently could be behind the rampant buying. The company explained:

[T]he Company has recently made a number of positive announcements (including in relation to the potential optimisation of its flagship Makhado hard coking coal project (Makhado) and in relation to a sales and marketing agreement which is expected to facilitate the sale and export of coal from the Company’s Uitkomst Colliery) at favourable API4 prices.

MC Mining also notes that these positive developments have occurred at a time when coal is a hot commodity.

The above noted positive announcements have been made by the Company at a time of robust hard coking coal prices, recent major corporate activity in the (increasingly buoyant) coal sector in Australia, and internationally, and renewed investor interest in advanced coal exploration, project development and mining companies.

Funding update

MC Mining also provided a small update on the its plans to implement a comprehensive financing solution to enable the development of the Makhado project.

While no agreement or decision has been entered into or made, the company continues to explore various fundraising options including both debt and equity financing. However, although talks are well advanced, it warned that they are still incomplete and there can be no certainty that any such transaction will be initiated.

The post Boom! This ASX coal share has rocketed 90% in a week 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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The S&P/ASX 200 Index (ASX: XJO) ended up having a stellar start to the trading week during this Monday’s session. At the closing bell, the ASX 200 finished up at 6,964.5 points, a healthy gain of 1.02% over Friday’s close. But the De Grey Mining Limited (ASX: DEG) share price fared even better than that.

De Grey shares finished up at $1.14 each at market close, up a pleasing 5.07% from last Friday’s close of $1.08 per share. This latest rise means the De Grey share price has gained an impressive near-60% from the 52-week low of 72 cents per share that we saw only a few months ago. It also means De Grey is now at its highest share price in four months.

So what caused such an enthusiastic share price gain for De Grey shares this Monday?

What gave the De Grey share price its glitter today?

Well, it seems like it was nothing to do with any ASX announcements out of the company itself, seeing as there were none today. However, last Friday did see ASX broker Macquarie come out with a new outperform rating on the company.

As we covered at the time, Macquarie gave De Grey an optimistic 12-month share price target of $1.65. This was spurred by some good news out last week for the miner’s Mallina gold project in Western Australia.

But we also have another potential catalyst to discuss: the gold price itself.

As a gold miner, De Grey’s fortunes are heavily dependent on what price the yellow metal itself can command.

And, as my Fool colleague James covered this morning, gold has indeed had a positive movement in recent days. As stated this morning, “the spot gold price was up 0.4% to US$1,727.6 an ounce on Friday night. A softening US dollar gave the precious metal a boost”.

So this could be feeding into the stellar gains De Grey shares saw today as well. Other ASX gold shares like Newcrest Mining Ltd (ASX: NCM) and Gold Road Resources Ltd (ASX: GOR) also had positive days today, which adds credence to this hypothesis.

So it’s likely that it’s this mix of rising gold prices, positive developments out of the company and some love from brokers, that has led the De Grey share price to such a rewarding day today.

At the current De Grey Mining share price, this ASX 200 gold share has a market capitalisation of $1.61 billion.

The post Why did the De Grey share price leap 5% to a 4-month high today? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• 3 ASX 200 mining shares going great guns on Monday
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• Here are the top 10 ASX 200 shares today
• Why De Grey, Mineral Resources, Nuix, and Yancoal shares are racing higher

Motley Fool contributor Sebastian Bowen has positions in Newcrest Mining Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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