Stock Pick

  • Why the Musgrave Minerals share price has skyrocketed 93% today

    business men digging up dollar sign

    The Musgrave Minerals Ltd (ASX: MGV) share price has charged out of a trading halt this morning on the back of drilling results at its flagship Cue Project.

    Musgrave Minerals is an active Australian gold and base metals explorer. Its cornerstone project is the Cue Gold Project in the Murchison Province of Western Australia. The company also has a big footprint in the Musgrave Province, one of the least explored exploration frontiers in the country.

    At the end of FY19, Westgold Resources Ltd (ASX: WGX) was Musgrave Minerals’ largest shareholder, owning 16.78% of shares. Musgrave’s shareholder base also comprises other big ASX names like Evolution Mining Ltd (ASX: EVN) and IGO Ltd (ASX: IGO).

    Why the Musgrave Minerals share price is spiking

    This morning, Musgrave reported assay results for the first 12 reverse circulation (RC) drill holes from the current program at the new Starlight gold discovery. The Starlight link-lode is located at the Break of Day deposit within the Cue Gold Project.

    For a bit of background, the Cue Gold Project hosts total resources of 6.45 million tonnes at 3.0 grams per tonne (g/t) gold for 613,000 ounces. This includes the Break of Day deposit (868,000 tonnes at 7.2 g/t gold for 199,000 ounces of contained gold) and the Lena deposit (4.3 million tonnes at 2.3 g/t gold for 325,000 ounces of contained gold).

    Significant intercepts announced this morning from the initial RC drill holes at Starlight include:

    • 12 metres at 112.9 g/t gold from 36 metres;
    • 48 metres at 4.4 g/t gold from 30 metres;
    • 7 metres at 13.7 g/t gold 114 metres;
    • 6 metres at 5.7 g/t gold from 81 metres; and
    • 6 metres at 5.2 g/t gold from 176 metres.

    The drilling is focused on infilling and extending the new high-grade lode where mineralisation has been intersected over a strike of more than 115 metres.

    Commenting on the results, managing director Rob Waugh said:

    “This is a great start to the program and confirms the current model extending the mineralisation both up dip where it approaches the surface and down dip where it remains open. The bonanza high-grade, near surface mineralisation will enhance the open cut development potential of the deposit while the deeper mineralisation will enhance the underground potential.”

    The current RC drilling program at Break of Day is approximately 60% complete and consists of more than 36 holes for around 7,000 metres.

    After flying as much as 93.33% higher in early trade, the Musgrave Minerals share price is currently sitting 53.33% higher for the day at 23 cents per share. This takes its market capitalisation at the time of writing to around $106 million.

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    Motley Fool contributor Cathryn Goh has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

    The post Why the Musgrave Minerals share price has skyrocketed 93% today appeared first on Motley Fool Australia.

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  • Huawei Snubbed by Canadian Firms Ahead of Trudeau’s Crucial 5G Call

    Huawei Snubbed by Canadian Firms Ahead of Trudeau’s Crucial 5G Call(Bloomberg) — Two major Canadian wireless companies said they will build out their next-generation 5G wireless networks with equipment from European providers, sidelining China’s Huawei Technologies Co.Montreal-based BCE Inc. said that Ericsson AB will provide the radio access network equipment — the critical antennas and base stations — for its 5G network. Telus Corp. said in a separate statement that it has selected Ericsson and Nokia Oyj “to support building” its network, without elaborating.Those announcements come ahead of a closely watched — and long overdue — decision by Prime Minister Justin Trudeau on whether to ban Huawei from participating in the nation’s 5G infrastructure amid deeply troubled relations with Beijing. Huawei previously played a large role in Canadian wireless networks but has faced growing national security concerns from Western governments.BCE would still consider working with Huawei if the government allows their participation in 5G, the Canadian company said in an e-mailed response to questions.The Trump administration has lobbied allies to ban Huawei 5G, saying its equipment would make networks vulnerable to exploitation by the Chinese government. Despite that, the U.K. said in January it would allow Huawei a limited role. In recent days, Prime Minister Boris Johnson’s government has backtracked, saying it seeks to reduce reliance on the company’s technology and on China.Telus and BCE awarded Huawei its first major project in North America in 2008 — a pivotal contract that helped cement the Chinese provider’s reputation as a global player that could compete on quality. The deal paved the way for it to become a major supplier to all three of Canada’s biggest telecom companies over the next decade.Stalling in OttawaThe Telus announcement comes as a particular surprise after Chief Financial Officer Doug French told the National Post in February that “we’re going to launch 5G with Huawei out of the gate” by the end of the year.Telus spokeswoman Donna Ramirez didn’t immediately respond to a question on whether the company’s announcement still leaves room for Huawei to participate in its 5G rollout. Huawei said in an emailed statement it looks forward to the federal government completing its 5G review and making an evidence-based decision about its role in helping build Canada’s next-generation wireless networks.Trudeau has stalled on whether to ban Huawei. Tensions between the two countries have been rising since Canadian authorities arrested Huawei CFO Meng Wanzhou on a U.S. handover request in late 2018. After her arrest, China put two Canadian citizens in jail, halted billions of dollars in Canadian imports and put two other Canadians on death row.The extradition proceedings against Meng, the eldest daughter of the company’s billionaire founder, have pushed Canada’s relationship with its second-biggest trading partner into its worst state in decades. Beijing has accused Canada of abetting a U.S.-led “political persecution” against a national champion.(Updates eighth paragraph with statement from Huawei)For more articles like this, please visit us at bloomberg.comSubscribe now to stay ahead with the most trusted business news source.©2020 Bloomberg L.P.

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  • Can ASX 200 retail shares outperform this year?

    shopping trolley next to laptop, asx 200 retail shares

    ASX 200 retail shares have had a pretty tough start to the year. Even before the coronavirus pandemic, things were looking pretty bleak.

    We’ve seen a continuing trend of insolvency action, with brands like Jeanswest and Kikki.K falling into voluntary administration.

    Then the pandemic hit and the situation deteriorated further. ASX 200 retail share prices were hammered as lockdown restrictions were introduced. This crushed bricks and mortar sales as businesses were forced to temporarily close.

    But now restrictions are continuing to ease and the economy is emerging from hibernation. Could this mean Aussie retail shares are set to outperform in 2020?

    Will ASX 200 retail shares outperform in 2020?

    I think the JB Hi-Fi Limited (ASX: JBH) share price could outperform this year. The Aussie electronics retailer has already seen some strong sales as workers moved to a ‘work from home’ model and rushed to stock up on computers, monitors and accessories. This was good news for the ASX 200 retail share but there could be more on the way.

    If businesses continue to operate at a reduced capacity, I think this could result in more sales for JB Hi-Fi. Aussie workers may move from temporary work-at-home setups to more permanent home offices. This could mean more spending on equipment and be very good news for retailers like JB.

    I also think Harvey Norman Holdings Limited (ASX: HVN) is worth a look. Harvey Norman is a more diversified retailer which means there are more potential earnings streams.

    The real question here is whether or not Aussies continue to spend. While many are keen to get back to shopping as soon as possible, the tough economic conditions could definitely impact discretionary spending.

    However, if supply chains are maintained and we see government stimulus measures continue, I think the Aussie retail share could outperform this year.

    Foolish takeaway

    The S&P/ASX 200 Index (ASX: XJO) is down 12.70% this year. Meanwhile JB Hi-Fi shares are up 3% while Harvey Norman shares have fallen 15.72%.

    If the economy continues to pick up then I think both of these ASX 200 retail shares could outperform by the end of the year.

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    Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

    The post Can ASX 200 retail shares outperform this year? appeared first on Motley Fool Australia.

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