Month: October 2022

Woodside Energy Group Ltd (ASX: WDS) shares have been rising over the past month. They are up by 12%. Santos Ltd (ASX: STO) shares have also gone up, rising by 7%.

Both of these numbers have outperformed the S&P/ASX 200 Index (ASX: XJO), which has only just risen by 6.25%.

It could be interesting to look at which ASX shares are getting more attention from investors.

JP Morgan Index

Reporting by The Australian said that Australian fund managers are being “decidedly downbeat” with their market commentary, levels of cash and defensive holdings, according to JP Morgan analyst Jason Steed.

When looking at JP Morgan’s ‘Love Index’, it was reported that the consumer staples sector was the “favoured defensive refuge”.

According to the reporting, Santos “remains the clear preference” over Woodside, and is the “most-loved” company in the love index.

The communications industry was the largest ‘overweight’ sector, while financials was the most under-held.

Steed wrote:

Holdings in staples climbed again and are now at the highest level since mid-2019. In contrast, managers pulled back sharply on their energy holdings, with the average holding back to a level last seen in October.

Retail remains by far the largest cohort of shareholders in the major banks.

According to Steed’s research, retail investors may own around $200 billion of the S&P/ASX 200 Index (ASX: XJO) bank shares.

How are Woodside and Santos shares performing?

Both businesses recently reported their quarterly updates.

Santos said that it had delivered US$5.9 billion of year to date sales, and third quarter sales of US$2.15 billion.

Free cash flow of over US$1 billion in the quarter reduced the company’s gearing to 20.8% at the end of September.

Santos production was 26.1 million barrels of oil equivalent (MMboe), which was up 2% from the second quarter of 2022. Year to date production was 77.6 MMboe in 2022, up 12% from 2021.

For Woodside, it was the first full quarter of operations since the merger with the BHP Group Ltd (ASX: BHP) petroleum business.

It achieved production of 51.2 MMboe, up 52% from the second quarter of 2022.

Woodside managed to achieve quarterly revenue of US$5.86 billion, up 70% from the second quarter.

Since the beginning of the year, Woodside shares are up 58% while Santos shares have only risen by 16%.

Are Woodside shares a buy?

The broker Macquarie has a price target of $33.10 on Woodside shares, with a neutral rating. It likes Woodside’s opportunity when it comes to LNG.

But, Macquarie is much more confident about the prospects of investment returns from Santos. It has an outperform rating on Santos, with a price target of $10 (implying a 30% rise) thanks to Santos generating strong free cash flow.

The post Are Woodside shares the ‘most loved’ among the ASX energy giants? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Monday
• ‘Some market trends are now entrenched’: Why this expert tips greatness for Santos shares
• 5 things to watch on the ASX 200 on Friday
• Why did Santos and Woodside shares beat the ASX 200 today?
• Batten down the hatches as RBA may hit households with ‘supersized’ interest rate hike on Melbourne Cup day

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Macquarie Group 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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If you’re looking for dividend shares to buy, then the two listed below could be worth checking out.

Both have been named as buys by brokers and tipped to provide big yields. Here’s what you need to know about them:

Accent Group Ltd (ASX: AX1)

The first ASX dividend share that has been tipped as a buy is footwear retailer Accent.

The team at Morgans is positive on the company and has an add rating and $2.00 price target on its shares. The broker likes Accent due to its attractive valuation and belief that the company is well-placed to bounce back from a very difficult time in FY 2022.

Its analysts said:

AX1’s renewed focus on selling at full price will, in our view, support a recovery in the gross profit margin in FY23 back towards historical averages. We welcome AX1’s moderation of the pace of its store rollout in favour of a more selective expansion strategy focused on return on investment. We see AX1 as undervalued at the current share price.

As for dividends, Morgans is forecasting fully franked dividends of 9 cents per share in FY 2023 and 11 cents per share in FY 2024. Based on the current Accent share price of $1.48, this will mean yields of 6.1% and 7.4%, respectively.

Healthco Healthcare and Wellness REIT (ASX: HCW)

Another ASX dividend share that has been tipped as a buy is this health and wellness focused real estate investment trust.

Analysts at Goldman Sachs are very positive on the company and have a conviction buy rating and $2.14 price target on its shares. Goldman likes Healthco Healthcare and Wellness due to its strong balance sheet and its exposure to government-backed sub-sectors.

The broker said:

[T]he REIT remains one of our top picks in the sector given 1) its net cash position with over $450mn of liquidity, providing flexibility for near term opportunities, 2) its diversified mix of strong tenant covenants in sub-sectors that are majority government-backed across the care spectrum, mitigating potential tenant credit risks, 3) Healthcare and childcare assets valuations have remained resilient, 4) the expansive forecast future demand for assets across the care spectrum, underpinning development opportunities, and 5) inexpensive valuation.

In respect to dividends, Goldman expects dividends per share of 7.5 cents in both FY 2023 and FY 2024. Based on the current Healthco Healthcare and Wellness REIT unit price of $1.41, this will mean yields of 5.3% for investors.

The post Brokers name 2 ASX dividend shares to buy with big yields appeared first on The Motley Fool Australia.

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More reading

• Top ASX dividend shares to buy in October 2022
• Broker names 2 ASX dividend shares to buy with 6%+ yields
• 2 excellent ASX dividend shares that analysts love in October
• Got $5,000? These 3 high-yielding ASX dividend shares still pay better than bonds
• Brokers name 2 top ASX dividend shares to buy this month

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 recommended Accent Group. 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 CSL Limited (ASX: CSL) share price descended slightly in the month of October.

CSL shares dropped 1.59% from $285.02 at market close on 30 September to $280.48 at market close on 30 October. In today’s trade, CSL shares leapt 2.27%, finishing the month on a high.

Let’s take a look at what played out and what could be ahead.

How did the month play out for the CSL share price?

CSL shares descended nearly 7.92% between market close on 5 and 21 October before recovering.

However, the ASX 200 Healthcare Index (ASX: XHJ) also fell 6.5% during the same time frame.

On 12 October, CSL shares fell 1% despite an optimistic annual general meeting update. However, as my Foolish colleague James noted at the time, the share price fall appeared to be driven by broader selling in the healthcare sector.

CSL managing director Paul Perreault advised the company is performing in line with guidance in the 2023 financial year. He said:

I am absolutely certain that the fundamentals of our business are strong and the diversity of our pipeline is rich.

This really sets up CSL to build on our track record of sustainable growth for years to come.

Meanwhile, on 17 October, CSL provided an update on its Vifor business. The company advised it expected more than 10% revenue growth in the medium term. Key drivers for this growth are diseases of iron deficiency, dialysis and nephrology.

The company provided a new FY23 net profit after tax before amortisation (NAPATA) guidance, including CSL Vifor, of US$2.7 to US$2.8 billion.

Meanwhile, CSL directors bought up the company’s shares on 20 October. Non executive director Dr Megan Clark AC bought 270 CSL shares for $274.01. This represented an investment of $74,000. And on 24 October, non executive director Alison Watkins AM bought up 1,000 CSL shares at $272 for a total of $272,000.

CSL shares climbed nearly 5% between market close on 21 and 31 October.

Looking ahead, Bell Potter has recently named CSL as one of nine “champion stocks” for long-term investments. Bell Potter said these champion stocks have a “long-term positive thematic” that it expects will drive earnings growth and shareholder value in the coming years.

Meanwhile, Morgans analysts see CSL as a buy following its update on the new CSL Vifor business. Analysts have placed a $312.20 price target on the CSL share price. This implies an upside of 11% based on the current share price.

CSL share price snapshot

The CSL share price has shed 6.66% in the past year, while it has lost nearly 3.52% year to date.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has descended 6.83% in the past year.

CSL has a market capitalisation of about $135.2 billion based on the current share price.

The post Did the CSL share price fall or rise in October? appeared first on The Motley Fool Australia.

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More reading

• Bell Potter names 9 ‘champion’ ASX 200 shares to buy for the next five years
• 3 ASX 200 directors who have been buying up their company shares this week
• Directors have been buying up CSL shares this month. Should you?
• Is buying CSL shares right now a smart move?
• Here’s what Morgans is saying about the CSL share price

Motley Fool contributor Monica O’Shea 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 CSL Ltd. 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) recovered from Friday’s 0.87% fall, and then some, today. The index closed 1.15% higher at 6,863.5 points.

It followed a strong Friday session on Wall Street. The Dow Jones Industrial Average Index (DJX: .DJI) lifted 2.6% to post its fourth consecutive weekly gain. Meanwhile, the S&P 500 Index (SP: .INX) rose 2.5% and the Nasdaq Composite Index (NASDAQ: .IXIC) gained 2.9%.

Such gains didn’t rub off on all ASX 200 sectors today, however. The S&P/ASX 200 Energy Index (ASX: XEJ) slipped 0.4% amid falling oil prices.

The Brent crude oil price fell 1.2% to US$95.77 a barrel on Friday while the US Nymex crude oil price slipped 1.3% to US$87.90 a barrel.

On the other end of the market, the S&P/ASX 200 Information Technology Index (ASX: XIJ) jumped 2.6% despite broad expectations the Reserve Bank of Australia could hike rates by between 0.25% to 0.5% tomorrow.

Mining stocks also had a reasonable day, with the S&P/ASX 200 Materials Index (ASX: XMJ) gaining 0.1%.

All in all, 10 of the ASX 200’s 11 sectors closed higher on Monday. But which share outperformed all others? Keep reading to find out.

Top 10 ASX 200 shares countdown

Today’s top-performing ASX 200 share was Home Consortium Ltd (ASX: HMC). It gained close to 8% despite only silence from the property group on Monday.

Today’s biggest gains were made by these shares:

ASX-listed company	Share price	Price change
Home Consortium Ltd (ASX: HMC)	$4.80	7.87%
Graincorp Ltd (ASX: GNC)	$8.37	7.86%
Lake Resources N.L. (ASX: LKE)	$1.06	7.61%
ARB Corporation Limited (ASX: ARB)	$29.01	7.52%
Nanosonic Ltd (ASX: NAN)	$4.11	7.03%
Chorus Ltd (ASX: CNU)	$7.61	6.73%
Imugene Limited (ASX: IMU)	$0.175	6.06%
GUD Holdings Limited (ASX: GUD)	$8.04	5.79%
Premier Investments Limited (ASX: PMV)	$25.03	5.57%
Newell Brands Inc (ASX: NWL)	$12.16	5.37%

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most traded ASX 200 shares on Monday
• Wheat woes: Why the Graincorp share price is charging 8% to the upside today
• Why are ASX lithium shares pulverising most of the market on Monday?
• Qantas shares are up 13% this year, but could the CEO’s pay still be in jeopardy?
• Why Clinuvel, Nitro, Premier Investments, and Pushpay shares are rising

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 positions in and has recommended Nanosonics Limited and Netwealth. The Motley Fool Australia has positions in and has recommended Nanosonics Limited and Netwealth. The Motley Fool Australia has recommended ARB Corporation Limited and Premier Investments 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.

Halloween is almost here, and there’s one crypto that looks like it’s back from the dead. That’s Huobi Token (CRYPTO: HT) which is up 112% over the past month. This surge is particularly impressive during a challenging period for the broader crypto market.

What is Huobi Token, what’s behind this rally, and why does it look like the rally could have legs?

What is Huobi Token? 

Huobi Token is the native token of Huobi Global, currently the world’s 13th-largest crypto exchange by volume, according to data from CoinGecko. Huobi Token is the 39th-largest crypto by market cap, with a valuation of $1.4 billion. As an exchange token, holding Huobi Token gives perks to Huobi users, such as lower transaction fees on the exchange.

The Huobi exchange’s popularity once rivaled the likes of Binance and Coinbase Global, but China’s crackdown on crypto trading was a body blow to Huobi Global, which had a large presence in China. Huobi Token reached a price of nearly $40 in May 2021 but by June 2022, it had plummeted to $4.22, due to the ban in China as well as the broader crypto market sell-off. Huobi Global and Huobi Token were in need of a catalyst, and help was on the way. 

About-face 

Huobi Token has staged a furious rally over the past month and has its sights set on further gains. The rebound was spurred by news that a new investor, Hong Kong-based asset manager About Capital, had acquired the company from controlling shareholder Leon Li.

About Capital is led by Ted Chen, who previously started Greenwoods Asset Management, one of China’s top hedge funds. About Capital vowed to invest new capital into the exchange and to work on international expansion.

Chen is bullish on Huobi Global and the cryptocurrency industry as a whole, stating:

Huobi Global offers the best of breed virtual asset investment services to millions of international users. We believe the virtual asset industry is still in its early stage and there is tremendous upside for long term growth.

This was a boon for the exchange and token, but there was more good news to come. Huobi said that as part of its international expansion efforts, it would create a “global strategic advisory board led by leading industry figures” and it delivered on these efforts.   

The Sun also rises

One of these industry leaders that Huobi managed to recruit to its advisory board is Tron (CRYPTO: TRX) founder Justin Sun. Sun is one of the most high-profile investors in the crypto scene and is also reportedly one of Huobi Token’s largest holders.

Seventy-four million Huobi Tokens were reportedly transferred from Huobi’s wallets to two wallets associated with Sun and his Poloniex exchange, so Sun is clearly motivated to see Huobi Global and Huboi Token succeed. Sun has spoken about the importance of Huobi Token as a core part of Huobi Global’s value proposition and growth plans, and compared it to the integral role that Binance Coin has played in Binance’s success.

Sun’s presence has brought significantly more attention to Huobi Token, and his extensive on-the-ground experience promoting cryptocurrency in places like South America and the Caribbean lends credence to Huobi’s international expansion plans. Sun also hopes that Huobi Global will one day re-enter the Chinese market, if and when regulations allow.

Interestingly, Sun also announced plans to merge the Huobi ECO chain with the Tron and BitTorrent (CRYPTO: BTT) ecosystems and pledged to invest in building all three ecosystems, although it isn’t yet clear what this will actually entail. 

Here’s why this all bodes well for Huobi Token and its investors. If About Capital and Sun are able to execute their growth plans, Huobi Global will gain new users, which will drive more trading volume on the exchange. This will generate higher revenue for the exchange and Huobi Global is committed to using 20% of exchange revenue to buy back or “burn” Huobi Tokens each quarter, similar to how Binance burns Binance Coins. Burning these tokens reduces supply and theoretically makes the remaining tokens more valuable to current holders, in a manner similar to a company buying back shares of its stock.

Ultimately, it’s important to remember that investing in cryptocurrencies further down the list in terms of market cap can be a risky venture. There is no guarantee that Huobi Global’s plans will succeed, and there is lots of competition in the crypto exchange market. However, for risk-tolerant investors, Huobi Token has a lot of potential.

Huobi still retains some name recognition and brand value from its heyday, and this, combined with the deep pockets and big ambitions of its new backers, makes it an intriguing asset with a lot of upside. If they can build out Huobi Global, it will ultimately boost the value of Huobi Token as increased revenue from more transactions will fuel the burning of more Huobi Tokens. 

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

The post This under-the-radar crypto is up 112% in the past month. Here’s why the rally could have legs appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• AMP shares clock a new 52-week high, could there be more to come?
• 2 excellent ETFs to buy for portfolio diversification
• Here are the 3 most traded ASX 200 shares on Monday
• Wheat woes: Why the Graincorp share price is charging 8% to the upside today

Michael Byrne 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 Coinbase Global, Inc. 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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It’s been a fairly pleasant start to the trading week for the S&P/ASX 200 Index (ASX: XJO). The ASX 200 gained a robust 1.15% today and is comfortably back over 6,860 points. But it was even better for the AMP Ltd (ASX: AMP) share price.

AMP shares were on fire today. The wealth manager and financial services provider has closed at $1.26, up a pleasing 4.56% to $1.26 a share. That also happens to be a new 52-week high for the company.

That 4.56% gain was even better than most other ASX financials shares, such as the ASX banks.

But $1.26 is, of course, nowhere near AMP’s all-time high. Although the company has recently seen some welcome love from shareholders of late, with a year-to-date performance of 25.7%, AMP remains down a painful 75.1% over the past five years. And the company remains a very long way from the all-time highs of over $14 a share that we saw way back in the early 2000s.

The company was famously shredded following the 2018 Royal Commission into Misconduct in the Banking, Superannuation and Financial Services Industry. The royal commission saved some of its worst criticism for AMP and the company experienced a dramatic loss of investor support in its aftermath. Not to mention the loss of almost all of its previous management team.

Where to next for AMP shares?

So now that AMP has hit a new high today, where to next for the company? Could there be more 52-week highs to come?

One ASX expert reckons there might be. My Fool colleague Bernd recently spoke with Bennelong Kardinia Absolute Return Fund portfolio manager Kristiaan Rehder. Rehder named AMP as a “company of interest to us”, and described it thus:

It’s been out of favour for some time … [but] our analysis shows that there’s considerable excess capital. And we think it can surprise the market in regards to the extent of its capital returns in the near term.

So that sounds like pretty good news for shareholders. But we’ll just have to wait and see what the next chapter of AMP turns out to be.

In the meantime, the current AMP share price gives this ASX 200 share a market capitalisation of $3.8 billion.

The post AMP shares clock a new 52-week high, could there be more to come? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most traded ASX 200 shares on Monday
• Does the AMP share price undervalue the ASX 200 company?
• Why these 2 ASX 200 dividend shares are ‘of particular interest’: fund manager
• Why is the AMP share price beating the ASX 200 today?
• This is what will get ASX shares rising again early 2023: economist

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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If you’re wanting to diversify your portfolio with some exchange traded funds (ETFs), then you the two ETFs listed below could be worth considering.

Both of these ETFs provide investors with a large basket of shares from across the globe. Here’s why they could be top options for investors right now:

iShares Global Consumer Staples ETF (ASX: IXI)

The iShares Global Consumer Staples ETF could be a top option for investors looking to diversify their portfolio. Particularly in the current uncertain economic environment.

That’s because this ETF has been designed to measure the performance of the world’s leading consumer staples companies.

Consumer staples companies produce or sell essential everyday products such as food, tobacco, and household items. These are products that experience relatively consistent demand whatever is happening in the economy.

Among its 100+ holdings are companies such as Coca-Cola, Coles Group Ltd (ASX: COL), Colgate-Palmolive, Diageo, L’Oreal, Mondelez, Nestle, PepsiCo, Procter & Gamble, Unilever, Walmart, and Woolworths Group Ltd (ASX: WOW).

iShares S&P 500 ETF (ASX: IVV)

Another ETF that could be a great option for diversification purposes is the iShares S&P 500 ETF.

This ETF aims to provide investors with the performance of the famous S&P 500 Index, before fees and expenses.

The S&P 500 Index is home to 500 of the largest listed companies on Wall Street. This means you’ll be buying many of the largest and most well-known companies in the world in one fell swoop.

Among the ETF’s largest holdings are giants such as Amazon, Apple, Coca-Cola Company, Johnson & Johnson, Mastercard, McDonalds, Microsoft, Nike, Tesla, and Visa.

The post 2 excellent ETFs to buy for portfolio diversification appeared first on The Motley Fool Australia.

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More reading

• Why I think every investment portfolio should include at least one ASX ETF
• Invest globally with these fantastic ASX ETFs
• 3 high quality ETFs for ASX investors to buy next week

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 positions in and has recommended iShares Global Consumer Staples ETF. The Motley Fool Australia has recommended iShares Trust – iShares Core S&P 500 ETF. 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’s been a pretty cracking start to the trading week for the S&P/ASX 200 Index (ASX: XJO) so far this Monday. At the time of writing, the ASX 200 has gained a healthy 1.1% and is back above 6,860 points.   

So let’s dig deeper into these share market moves and take a look at the ASX 200 shares that are currently topping the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Monday

Pilbara Minerals Ltd (ASX: PLS)

First up today is the ASX 200 lithium share Pilbara Minerals. This Monday has had a decent 19.96 million Pilbara shares find a new owner so far. There hasn’t been any new news out of Pilbara today. But that hasn’t stopped the company’s share price from rising a pleasing 4.93% to $5.11 a share.

This could be due to a number of ASX lithium shares delivering their well-received quarterly reports today. In any case, the large gains we have seen with Pilbara shares are probably the cause of the trading volumes we are seeing.

AMP Ltd (ASX: AMP)

ASX 200 financial services provider AMP is our next share today. AMP has had a significant 22.13 million of its shares change hands as it currently stands.

AMP shares have also had a strong day today, despite not much in the way of news out from the company. In fact, AMP has just hit a new 52-week high of $1.26 a share after rising more than 4% in value. It’s likely that it is this that has elicited the elevated volumes we are seeing.

Core Lithium Ltd (ASX: CXO)

Our final share is another ASX 200 lithium share in Core Lithium. Core Lithium has had a hefty 22.18 million shares swapping accounts today. As mentioned earlier, Core Lithium is one of the ASX lithium shares that has reported its quarterly results today.

As my Fool colleague Brooke covered at the time, this contained some exciting news regarding the company’s lithium and gold exploration activities. Investors are in agreement, seeing as the Core Lithium share price has gained a robust 4.1% to $1.40 a share. This is probably why Core Lithium is topping today’s volume charts thus far.

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

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More reading

• Wheat woes: Why the Graincorp share price is charging 8% to the upside today
• Why are ASX lithium shares pulverising most of the market on Monday?
• Qantas shares are up 13% this year, but could the CEO’s pay still be in jeopardy?
• Could this news be helping the Sayona share price light up today?
• TPG shares lift after revealing plans of ‘unlocking’ more value

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 Graincorp Ltd (ASX: GNC) share price is taking off on Monday amid a spike in wheat prices.

Chicago wheat futures have lifted more than 5% today after Russia exited the Black Sea grain deal over the weekend.

And the Graincorp share price is along for the ride. The ASX agriculture company’s bottom line is closely tied to grain prices, meaning an increase in the price of wheat could boost profits.

The stock is up 7.99% right now, trading at $8.38. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) has lifted 1.07%.

Let’s take a closer look at what might be bolstering the Graincorp share price on Monday.

Russia suspends Black Sea grain deal

The Graincorp share price is gaining as news Russia has backed out of a United Nations-brokered trade deal appears to drive wheat prices higher.

The agreement was designed to allow Ukraine to export grain from the Black Sea without risking attacks on merchant ships, the Guardian reports. Russia could also export food and fertiliser under the deal.

However, Russia ditched the agreement following a drone attack on Sevastopol, its Black Sea naval base. The nation attributed the action to Ukraine.

The Russian defence ministry said, via Russian news outlet Tass, the attack targeted the nation’s Black Sea Fleet and other ships involved with the grain corridor. It also said a drone might have been launched from a vessel carrying Ukrainian agricultural production.  

Ukrainian president Volodymyr Zelenskyy called on the UN and G20 to respond to Russia’s exit from the deal and the establishment of what he called a “blockade” in the grain corridor, saying:

This is an absolutely transparent intention of Russia to return the threat of large-scale famine to Africa and Asia.

Graincorp share price soars alongside wheat prices

If the Graincorp share price’s current gains hold out until close, the stock will post its second-largest single-session gain of the last 12 months.

Today’s lift hasn’t proven enough to pull the agriculture share back into the longer-term green, however. It has dumped nearly 20% over the last six months.

That’s despite the company upgrading its guidance in August.

Graincorp expects to declare between $680 million and $730 million of underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) for the financial year 2022. It will release its full year earnings on 16 November.

The post Wheat woes: Why the Graincorp share price is charging 8% to the upside today appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most traded ASX 200 shares on Monday
• Why are ASX lithium shares pulverising most of the market on Monday?
• Qantas shares are up 13% this year, but could the CEO’s pay still be in jeopardy?
• Could this news be helping the Sayona share price light up today?
• TPG shares lift after revealing plans of ‘unlocking’ more value

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 Dicker Data Ltd (ASX: DDR) share price is in the green today amid the company’s market update.

Shares in the technology business are up 2.37% at the time of writing, currently trading at $10.80 apiece.

Let’s take a look at what Dicker Data reported to the market today.

Revenue surges nearly 30%

Highlights of the unaudited financial update for the first nine months to 30 September include:

• Total revenue of $2,234.9 billion, up 29.9% on prior corresponding period (pcp)
• EBITDA of $92 million, an 8.9% gain on the pcp
• Net operating profit before tax of $76.7 million, a 0.1% gain on the pcp
• Gross profit margin year to date of $92 million.

What else?

Dicker Data reported strong revenue growth in the year to date. Revenue for the third quarter was $774.5 million, a 9% increase on the pcp.

Underpinning this revenue growth was a surge in demand and new, exclusive vendor partnerships.

Of this revenue, 82% was derived in Australia, while New Zealand contributed the other 18%.

Net profit before tax was relatively flat compared to the prior corresponding period. Rising interest rates, freight costs, and higher depreciation and amortisation from recent acquisitions impacted total profitability. Salary costs also increased, but overall accounted for 4.8% of revenue.

The company said it is “pleased” with its Q3 performance, especially given the higher-than-normal growth in the third quarter of 2021.

Dicker Data also provided an update on its recent capital raise to expand its Kurnell warehouse in NSW. Construction is due to commence in December 2022 and the project is due for completion in June 2023.

Management comment

Commenting on the news, CEO and chairman David Dicker said:

A very pleasing increase in sales year on year. While profit didn’t do as well, remaining flat, but that in comparison to with what was a very big previous year. Almost feels like a gain. With all the increases in costs, and other factors navigated, we have a very good platform for the future.

Outlook for remainder of the year

The company has a “buoyant” outlook for the fourth quarter of 2022. Demand across all technology remains strong. Dicker said hybrid cloud is the model of choice for most Australian and New Zealand businesses, aligning with the company’s cloud strategy and technology portfolio.

The company sees cybersecurity as a growth opportunity, especially given recent attacks on major companies in Australia.

Share price snapshot

The Dicker Data share price has fallen 28% in the past year, while it has lost 27% in the year to date. However, in the past week, Dicker Data shares have soared 13.7%.

Dicker Data has a market capitalisation of more than $1.9 billion based on the current share price.

The post What’s going on with the Dicker Data share price on Monday? appeared first on The Motley Fool Australia.

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