The Santos Ltd (ASX: STO) share price closed 0.94% lower at $7.36 on Thursday.

The energy sector as a whole was the heaviest weight on the S&P/ASX 200 Index (ASX: XJO) today. The S&P/ASX 200 Energy Index (ASX: XEJ) fell 2.06%, while the ASX 200 gained 0.19%

Let’s take a look at what else might be affecting the ASX energy share.

What’s going on with the Santos share price?

It’s been a tough week for the Santos share price, which has now finished in the red in five of the last six sessions.

On Wednesday, the oil and gas giant’s legal appeal to restart drilling operations at its Barossa gas project was concluded in the Federal Court.

The $4.7 billion project in the Timor Sea will remain on hold until a ruling has been made.

In September, the project was ruled invalid after the court decided the Munupi clan of the Tiwi Islands should have been consulted before drilling began at the Northern Territory project.

Santos appealed the decision, claiming the clan did not legally count as “relevant persons” and that it was unreasonable to expect the company to consult with “each and every” individual clan member.

On Wednesday, Federal Court Justice Debra Mortimer questioned the claim by Santos’s lawyers that it was “unworkable” to consult with the clan.

Mortimer said:

The only category which is said to be unworkable are Aboriginal and Torres Strait Islander people who have interests in this area. It’s not said to be unworkable to contact a department. It’s not said to be unworkable to consult an organisation. It’s not said to be unworkable to consult a fisheries body [which] has hundreds of members. It’s only said to be unworkable to consult with Aboriginal and Torres Strait Islander people.

A date for the judgment is yet to be set.

EU to propose natural gas price cap

Some more potentially bad news for Santos came this week amid the EU proposing a price cap on natural gas, reports Reuters.

A cap will be proposed after a meeting of EU energy ministers on 24 November, with a goal of putting a lid on the European energy crisis.

EU energy commissioner Kadri Simson said this could help stabilise the problem in Europe, stating:

We will move swiftly and we will make a legal proposal immediately after ministers will mandate us to do so. We have done our homework. I think that this kind of price cap can allow us to calm the market. It also removes the risk that we will not receive cargos at all.

The price level of the cap is undisclosed at this stage, and it’s unknown how it will affect Santos’s earnings in European markets moving forward.

However, in March, the company suggested it was interested in exporting more Australian LNG to the continent, 7 News reported. That could help wean Europe off its dependence on Russian oil and gas as the war in Ukraine rages on.

The comments were made at a federal inquiry into taxpayer subsidies for Beetaloo Basin gas exploration in the Northern Territory.

Santos share price snapshot

The Santos share price is up almost 17% year to date. The ASX 200 is down 4% over the same period.

The company’s market capitalisation is around $24.73 billion.

The post What dragged on the Santos share price today? appeared first on The Motley Fool Australia.

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More reading

• Why did the Flight Centre share price trounce the ASX 200 today?
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• Why ASX 200 ‘investors should brace for impact’: Morgan Stanley
• Why did these ASX 200 shares just crack new, multi-year highs?

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 Flight Centre Travel Group Ltd (ASX: FLT) share price gained 1.49% on Thursday, closing at $16.38.

The ASX travel share comfortably outperformed the S&P/ASX 200 Index (ASX: XJO), which finished 0.19% higher.

It also narrowly beat the performance of its ‘home’ sector, with the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) rising 1.26%.

Flight Centre’s shares lifted higher despite there being no news from the company today.

However, one of its travel peers reported some positive steps toward a full recovery this morning. Let’s cover the highlights.

What happened with Flight Centre today?

The Flight Centre share price lifted along with those of fellow ASX travel share Webjet Limited (ASX: WEB), which reported its half-year results for FY23 this morning.

The results appear to have impressed investors, with the Webjet share price ending the day 10.14% higher at $6.19.

The online travel agent noted that some aspects of its business are trading ahead of pre-COVID levels as pent-up demand continues to be released.

Revenue increased 217% year over year to $175.7 million. Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) increased 557% to $72.5 million.

Webjet’s WebBed business led the charge in turning the company around after it posted a $15.9 million loss for 1H22.

WebBeds contributed $1.42 billion in total transaction value (TTV) and $114.4 million in revenue to the company’s top and bottom lines.

Webjet’s managing director John Guscic described its performance as a “spectacular turnaround”, and said it’s expected the company will exceed pre-pandemic profitability for FY23.

Flight Centre share price snapshot

Webjet’s results could come as welcome news to the Flight Centre share price, which took a beating amid the company releasing its trading update on 14 November.

Flight Centre’s revenue growth for the first four months of FY23 apparently came in lower than expected, as its shares dropped 4% on the day.

The Flight Centre share price is now down 7% since the start of the year. The ASX 200 is down 4% over the same period.

The company’s market capitalisation is around $3.22 billion.

The post Why did the Flight Centre share price trounce the ASX 200 today? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
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• Why ASX 200 ‘investors should brace for impact’: Morgan Stanley
• Why did these ASX 200 shares just crack new, multi-year highs?
• Guess which ASX 200 lithium director just snapped up $250,000 worth of their company’s shares

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 recommended Flight Centre Travel Group Limited and Webjet Ltd. 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 closed down 1.76% today to $19.50.

There was no official news from the company today. So, it’s probably fair to say this was a predictable share price pullback after what was nothing short of a stellar run for Fortescue over the first two weeks of November.

The Fortescue share price leapt 33% between 1 November and 14 November.

This was largely due to a variety of good news out of China, including a relaxation of COVID restrictions which means economic activity will increase.

Separate to Fortescue’s incredible share price rise is news today that founder and chair, Dr Andrew Forrest AO, and his wife, Nicola Forrest, have personally invested almost $750 million into the rebuilding of Ukraine when the war is over.

Fortescue chair makes personal investment in Ukraine rebuild

According to reporting in The Australian, the Forrests have invested US$500 million (A$746.3 million) through their private investment company, Tattarang, as seed money for a multi-billion dollar fund to rebuild the war-battered country using green digital technology.

The Forrests are well-known humanitarians and philanthropists. Forrest was appointed an Officer of the Order of Australia in 2017 partly due to his philanthropy and charity work.

In 2013, the Forrests were the first Australian billionaires to pledge the majority of their lifetime wealth to charity through the Warren Buffett-founded The Giving Pledge.

Ukraine president Volodymyr Zelensky spoke of the Ukraine Green Growth Initiative and the Forrests’ involvement at the New Economy Forum in Singapore.

Zelensky said:

Andrew and I have agreed we will not replace communist-era rubbish Russian infrastructure, instead we will leapfrog to the latest technology. We will take advantage of the fact that what the Russians have destroyed can readily be replaced with the latest, most modern green and digital infrastructure.

Dr Forrest told The Australian he expected the fund to grow to at least US$100 billion. He said rebuilding work would commence after the war with Russia ends.

Forrest said:

… this will not lock in for years after the cessation of hostilities, as happened in World War Two, this will lock in on the first day of the cessation of hostilities and seek immediately to rebuild the primary infrastructure which the Russians are hell bent on destroying.

What’s been happening at Fortescue?

Fortescue shareholders have been cheering of late due to the ASX mining share‘s astounding rise.

As my Fool colleague Sebastian remarked yesterday, it’s not often that you see a $60 billion stock move that much, that fast.

Forrest is easily one of the most vocal and proactive Australian business leaders championing a green energy future.

He continues to expand Fortescue Metals’ subsidiary, Fortescue Future Industries (FFI). This division of the Fortescue business plans to produce green hydrogen and ammonia.

The Fortescue share price surged 9% on Monday on the back of news that Fortescue will collaborate with GPR, an Indonesian steelmaker, to explore making green steel.

Forrest also hinted that an even bigger agreement for European green steel might be on the way.

The Fortescue founder also wants to decarbonise the mining company’s Pilbara operations at an estimated cost of $9.2 billion.

This has some brokers worried, with Goldman Sachs suggesting it may impact Fortescue’s generous dividend payout ratio.

The post The latest $750 million investment by Fortescue’s Andrew Forrest might surprise you appeared first on The Motley Fool Australia.

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More reading

• Which stocks are in the Vanguard Australian Shares Index ETF (VAS) right now?
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• Why Accent, Block, Core Lithium, and Fortescue shares are pushing higher

Motley Fool contributor Bronwyn Allen has positions in Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Goldman Sachs. 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 Materials Index (ASX: XMJ) fell 1.17% today, but three ASX mining shares charged higher.

The Winsome Resources Ltd (ASX: WR1), Victory Goldfields Ltd (ASX: 1VG), and Burley Minerals Ltd (ASX: BUR) share prices all lifted today.

So why did these ASX mining shares have such a good day? Let’s take a look.

Burley Minerals

Burley Minerals shares soared 67% in early trade today to 40 cents before retreating. The company’s share price closed 33% ahead at 32 cents.

Burley shares exploded on lithium acquisition news. The ASX mining share has entered an exclusive agreement to acquire the Chubb Lithium project in Quebec, Canada and the Mt James and Dragon Projects in Western Australia.

Burley managing director Wayne Richards said:

The strategic and geographic location of all three potential projects are located in world class mining provinces and in Tier 1 jurisdictions of Australia and Canada.

Victory Goldfields

The Victory Goldfields share price soared 28% today, ending the day at 28 cents.

Investors bought up Victory shares on rare earth news. Positive magnetic and gravity survey data provide grounds for a diamond drilling program at the company’s alkaline intrusion prospect.

Alkaline intrusions are seen as “engine rooms for rare earth elements and critical metals”, the company highlighted.

Angled drill holes are planned to “assess the extent of country rock alteration adjacent to the intrusion”. Victory has appointed Orlando Drilling to perform the diamond drilling program.

Winsome Resources

Winsome Resources shares rocketed 33% to $1.17 apiece.

The ASX mining share did not release any news to the market today. However, Winsome shares have soared 234% in a month. They have surged 216% since market close on 27 October alone.

On 28 October, the company’s share price skyrocketed after it found significant pegmatite intercepts at the Adina and Cancet lithium projects in Canada.

On Tuesday this week, Winsome advised it would raise $6.8 million to advance the Cancet and Adina lithium projects.

The post 3 ASX mining shares that soared more than 20% today appeared first on The Motley Fool Australia.

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More reading

• Why has ASX lithium share Winsome Resources rocketed 220% in a month?
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• 3 ASX mining shares that surged over 20% Tuesday
• Guess which ASX gold share just exploded 70% on a new rare earths find
• Up 140% in a month, why has ASX lithium share Winsome Resources just been halted?

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 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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