Author: therawinformant

On Monday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three that have just been given sell ratings are listed below.

Here’s why these brokers are bearish on these ASX shares:

Adbri Ltd (ASX: ABC)

According to a note out of UBS, its analysts have retained their sell rating and lifted the price target on this building products company’s shares slightly to $2.03. The broker appears concerned by the loss of a major and long-standing supply contract with Alcoa Australia. It notes that the loss of this contract has raised questions about its lime business. The Adbri share price is changing hands for $2.25 this afternoon.

Cochlear Limited (ASX: COH)

A note out of Goldman Sachs reveals that its analysts have retained their sell rating and $159.00 price target on this hearing solutions company. Although Goldman notes that elective surgeries resumed ahead of its expectations, recent restrictions in certain regions have stifled the recovery. The broker also has concerns that more urgent elective work will be prioritised by hospitals, which could weigh on cochlear implant sales. In addition to this, it suspects that many potential users of its products may defer doing so until the pandemic passes. Especially given how many of its target market are in a higher risk age category. In light of this, it feels the market may be expecting too much from Cochlear in the medium term. The Cochlear share price is trading at $197.00 on Tuesday.

Suncorp Group Ltd (ASX: SUN)

Analysts at Credit Suisse have retained their underperform rating and $8.75 price target on this insurance and banking giant’s shares. The broker believes Suncorp could disappoint when it releases its full year results later this month. It notes pressure on both revenue and margins. In addition to this, the broker expects Suncorp to cut its final dividend by almost 80% to 9 cents per share. The Suncorp share price is currently fetching $8.78.

More reading

• How will Victoria’s stage 4 lockdowns impact ASX shares?
• Why Alliance Aviation, Cochlear, Kogan, & Netwealth shares are storming higher
• ASX 200 up 0.1%: Big four banks tumble, Flight Centre sinks, SEEK cancels final dividend
• These were the worst performing shares on the ASX 200 in July
• 3 underloved ASX healthcare shares with strong comeback potential

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia has recommended Cochlear Ltd. 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.

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The Alterity Therapeutics Ltd (ASX: ATH) share price has surged more than 70% in early trade after the company released new clinical data.

What new data has Alterity released?

Earlier today, Alterity released an announcement informing the market of new clinical and experimental pharmacology data for its lead drug candidate ‘ATH434’. The new data was generated from experiment testing ATH434 in an animal model of Multiple System Atrophy (MSA) and confirmed that the drug reduces alpha-synuclein pathology, preserves neurons and improves motor performance in patients with MSA.

As a result, Alterity noted that the new data has been selected for presentation at the 2020 International Congress of Parkinson’s Disease and Movement Disorders and the American Neurological Association’s annual meeting. In addition, Alterity will also present cardiac safety data from its Phase 1 study of ATH434, which will be the first-time information will be shared with international clinicians and researchers.

What does Alterity do?

Alterity is a biotechnology company that is focused on therapies for neurodegenerative diseases. The company’s lead candidate, ATH434, is an orally bio-available, brain penetrant that’s designed to inhibit the accumulation of pathological proteins involved in neurodegeneration. As indicated by today’s news, ATH434 has been shown to reduce the accumulation of alpha-synuclein proteins in animal models and acts by redistributing labile iron in the brain.

As a result, Alterity’s therapy has the potential to treat Parkinson’s disease and other atypical forms of the disease such as MSA. MSA is a rare, rapidly progressive neurological disorder affecting adults and has no known cause. According to Alterity’s management, there is an unmet medical need for new treatments for MSA with most symptoms of the disease remaining unaddressed by available drugs for Parkinson’s disease.

In late June, Alterity announced that that it had received guidance from the United States Food and Drug Administration (FDA) for a development pathway for ATH434, with the company aiming to undertake a global development strategy.

Foolish takeaway

At the time of writing, the Alterity share price is trading more than 58% higher for the day at 5.4 cents, after hitting an intraday high of 5.8 cents earlier.

More reading

• Why Etherstack and these shares were the most traded on the ASX last week

Motley Fool contributor Nikhil Gangaram 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.

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The Australian tech sector is immature compared to the much larger US tech market. However, a broad range of interesting ASX tech shares is now emerging.

Here we look at 2 ASX tech shares that I believe have strong long-term growth potential: NextDC Ltd (ASX: NXT) and Appen Ltd (ASX: APX).

2 ASX tech shares to buy and hold for the long term

NextDC

Local data centre services provider NextDC has evolved significantly over the past decade. It is now Australia’s largest locally based data centre operator. NextDC’s customer base has grown at a very impressive compound annual growth rate (CAGR) of 21% over the past 4 years.  The local data centre operator now rivals some of its larger global competitors such as Equinix and Global Switch, in terms of the size of its data centre footprint throughout Australia.

Strong growth in its customer base is reflected in the company’s recent share price growth. The NextDC share price has grown from $6.49 a year ago to now be trading at $12.03, an increase of 85%.

I am confident that there is potential for further growth for the NextDC share price in the years to come. NextDC is continuing to build newer and more energy-efficient Tier IV data centres, which is likely to lead to growing margins and higher recurring revenues.

Appen

Appen has evolved over the past few years to become a global leader in providing data for machine learning and artificial intelligence (AI).  Clients include global tech giants such as Apple and Alphabet.

Like NextDC, Appen has experienced strong share price growth over the past year, particularly over the past few months. The Appen share price risen from to $17.14 in mid-March, to now be trading at $38.09 at the time of writing. In a recent update, Appen informed the market that there no been any major impact to its business operations during the coronavirus pandemic so far.

I believe that there is potential for more strong growth in the years ahead for the Appen share price. The global demand for AI products and machine-learning markets is only likely to surge higher.

Foolish takeaway

NextDC and Appen are 2 quality ASX tech shares that I would be confident to buy and hold for the long term. Both companies have strongly established market positions in their respective niches. I believe that this is likely to lead to strong revenue growth over the next few years, which in turn is likely to flow through to above average shareholder returns.

More reading

• If you invested $50k in these ASX shares 3 years ago, you’d be a millionaire today
• Why I would invest $50,000 into these excellent ASX shares
• Why I would buy NEXTDC and these stellar ASX growth shares
• Here’s how to start investing with $5k
• Why I think Megaport shares offer enormous long-term growth potential

Motley Fool contributor Phil Harpur owns shares of Appen Ltd and NextDC Ltd. The Motley Fool Australia owns shares of Appen Ltd. 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.

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The Indiana Resources Ltd (ASX: IDA) share price surged to a more than three-year high this morning on the back of an acquisition.

Shares in the gold explorer jumped by 25% to 5 cents a share when the All Ordinaries (Index:^AORD) (ASX:XAO) and the S&P/ASX 200 Index (Index:^AXJO) gained over 2% each.

But the IDA share price stands in contrast to the wider gold sector, which is losing favour today due to rising risk appetite.

The Ramelius Resources Limited (ASX: RMS) share price lost 2.3% to $2.10 and the St Barbara Ltd (ASX: SBM) share price fell 0.6% to $3.45.

Buying its way to 1m ounces

What’s keeping Indiana Resources in investors’ good books today is the hope that its acquisition of privately-owned Patron Resources Limited will turn the nanocap into a one million ounces of gold producer.

Patron’s subsidiaries own a range of tenements in Central Gawler Craton in South Australia that covers 2,660 square kilometres.

The exploration ground hold advanced to early stage targets that are located between the historic mining centres of Tarcoola and Tunkillia.

Good area to dig

Management is quick to point out that the area includes a number of successful gold projects and it believes this increases the chances of Indiana Resources making significant discoveries.

“Importantly, this transaction allows Indiana to actively explore in this exciting and low-risk region at a time of record gold prices,” said its chairman Bronwyn Barnes.

“With multiple drill ready targets across the tenement package already identified, we are going to move quickly to target those areas that demonstrate strong potential for moderate to high-grade gold opportunities.”

Cost of the acquisition

Indiana Resources will pay a non-refundable deposit of $30,000 plus $15,000 for a rehabilitation bond.

It will issue Patron 18 million shares in IDA and an additional $95,000 on completion of the takeover.

Further, Indiana Resources will pay two trances of performance shares that are linked to specific outcomes.

Milestone payments

The first set of performance shares will convert to 7 million ordinary shares it Patron’s tenements achieves a JORC resource of 500,000 ounces of gold or gold equivalent at a cut-off grade of  0.5 grams a tonne of gold (g/t Au) for an open pitable resources and 2g/t Au for underground resources, with at least 50% of the resource in the “indicated” category.

Patron will get a second trance of 12.5 million shares if the tenements turned out to hold at least one million ounces of gold with the same conditions as highlighted above.

The performance milestones must be achieved within five years and are subject to approvals from the ASX and Indiana Resources shareholders.

More reading

• ASX 200 jumps 2%: Big four banks rebound, Wesfarmers update, Afterpay rockets
• Will the Coles share price rocket higher again in August?
• Why the Reliance Worldwide share price is one to watch today
• 5 things to watch on the ASX 200 on Tuesday
• The ASX stocks hit by Victoria’s stage 4 forced shutdowns

Motley Fool contributor Brendon Lau 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.

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Victoria’s stage 4 lockdown rules come into place tomorrow night, closing thousands of workplaces across the state. Non-essential businesses will be shuttered, with other sectors subject to heavy restrictions. Many retailers will be forced to close physical stores, although online shopping can continue. We take a look at the possible impact of these new lockdowns on ASX shares. 

Retailers close stores 

Under the new restrictions, all but essential retailers will be forced to close their doors. The share prices of retailers Adairs Ltd (ASX: ADH), Lovisa Holdings Ltd (ASX: LOV) and Accent Group Ltd (ASX: AX1) all fell yesterday following the announcement. These retailers previously closed stores during the first lockdown, but have since reopened. Adairs and Accent Group reported record online sales during the first lockdown period, and will no doubt be hoping for the same this time around. 

Investors swooped on online retailers in the wake of the announcement. The Kogan.com Ltd (ASX: KGN) share price jumped 9% yesterday afternoon as investors anticipated a shift to online shopping. Online furniture retailer Temple & Webster Group Ltd (ASX: TPW) also stands to gain with physical furniture stores shuttered for six weeks. JB Hi Fi Limited (ASX: JBH) has announced the metropolitan Melbourne store network will be closed to customers, but will remain operational to fulfil online and commercial orders. 

Industry slows 

Stage 4 restrictions mean much local manufacturing will close, and that which continues will see restrictions on its operation. Inghams Group Ltd (ASX: ING) has announced the restrictions will impact on its two meat processing facilities in Victoria. A 33% reduction in the workforce at these plants is required with financial implications uncertain at this time. Reliance Worldwide Corporation Ltd (ASX: RWC) has advised restrictions may impact its manufacturing and distribution facilities in Victoria, but said any supply disruptions should be mitigated by inventory levels. 

Adbri Ltd (ASX: ABC) has reported its sites can continue to operate, but that it will closely assess requirements for construction materials and will modify production levels in response to demand. Wesfarmers Ltd (ASX: WES) has advised that the lockdowns will result in the closure of Kmart and Target stores. Bunnings stores will remain open for trade customers but will be closed for in-store retail customers. Officeworks can continue to service business customers but will also be closed to in-store retail customers. 

Foolish takeaway

Victoria’s stage 4 restrictions are generally bad news for business, but the financial impacts will take time to become clear. The effects on ASX shares will be mixed as was the case with the first lockdowns.

More reading

• Why Crown, Fortescue, Kogan, & Nearmap shares are storming higher
• ASX 200 jumps 2%: Big four banks rebound, Wesfarmers update, Afterpay rockets
• Why the JB Hi-Fi share price is dropping lower today
• Wesfarmers share price higher on Victorian COVID-19 update
• Why the Reliance Worldwide share price is one to watch today

Kate O’Brien has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd, Reliance Worldwide Limited, and Temple & Webster Group Ltd. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended Accent Group, Kogan.com ltd, Reliance Worldwide Limited, and Temple & Webster Group Ltd. 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.

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In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing the benchmark index is up 1.9% to 6,036.8 points.

Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:

The Crown Resorts Ltd (ASX: CWN) share price is up 5.5% to $9.20. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has retained its buy rating and lifted the price target on this casino and resorts operator’s shares to $9.90. The broker believes its attractive valuation and balance sheet make it a buy, even with the Melbourne lockdowns.

The Fortescue Metals Group Limited (ASX: FMG) share price is up 2% to $18.21. Investors have been buying the iron ore producer’s shares after the price of the steel making ingredient surged higher overnight. According to CommSec, the benchmark iron ore price rose 4.4% to US$116.35 a tonne.

The Kogan.com Ltd (ASX: KGN) share price is storming higher again and up a further 3% to $18.82. The catalyst for this has of course been the announcement of lockdowns in Victoria. With most retailers being forced to close for six weeks in metropolitan Melbourne, more spending looks likely to go online. This bodes well for Kogan and its popular website.

The Nearmap Ltd (ASX: NEA) share price has jumped 5% to $2.40. The aerial imagery technology and location data company’s shares are storming notably higher after a very positive night of trade on the technology-focused Nasdaq index. It isn’t just Nearmap that is on the rise. The S&P/ASX 200 Information Technology index is up a sizeable 4% at the time of writing. One broker that thinks Nearmap is a buy is Citi. It currently has a buy rating and $2.60 price target on its shares.

More reading

• How will Victoria’s stage 4 lockdowns impact ASX shares?
• ASX 200 jumps 2%: Big four banks rebound, Wesfarmers update, Afterpay rockets
• The Kogan share price rocketed 11% higher today: Is it too late to invest?
• The ASX stocks hit by Victoria’s stage 4 forced shutdowns
• The Fortescue Metals share price just hit a new record high

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd and Nearmap Ltd. The Motley Fool Australia has recommended Crown Resorts Limited, Kogan.com ltd, and Nearmap Ltd. 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.

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The ASX share market may not be home to global tech giants Google and Apple, but a broad range of quality niche ASX tech shares have emerged over the past few years.

Here we examine 3 of these companies, that are all in my buy zone right now.

3 quality ASX tech shares to buy

WiseTech Global Ltd (ASX: WTC)

WiseTech Global develops and supplies software solutions to the global logistics industry. It has evolved to become a world leader in this field, with a customer base spanning 150 countries.

The WiseTech Global share price has grown strongly from when it was first listed on the ASX, back in November 2016. Since then, its share price has risen from $3.89, and is now trading at $21.23. That’s more than a five-fold increase.

More recently, the WiseTech Global has lost some ground during the coronavirus pandemic. However, I believe the long-term prospects of WiseTech Global remain strong. I am confident that WiseTech Global is well-placed to tap into a growing global logistics market over the next decade.

Afterpay Ltd (ASX: APT)

Buy now, pay later provider Afterpay has been on a fast-growing expansion strategy over the past few years. Despite increasing competition from the likes of Openpay Group Ltd (ASX: OPY) and  Zip Co Ltd (ASX: Z1P), Afterpay appears to have established a position as the largest local provider in this growing market.

Afterpay is now focusing heavily on growing its operations overseas. In late May, the company reached the milestone of 5 million customers in the US market. A fast growth in its customer base has translated into very strong share price growth in recent months. The Afterpay share price has risen from $8.90 in late March to now be trading at $70.90.

Megaport Ltd (ASX: MP1)

Megaport provides a ‘network as a service’ offering that enables enterprises to increase or decrease their fixed broadband bandwidth according to individual requirements.

This ASX tech share continues to grow its diverse customer base across the Asia Pacific, Europe and North America regions. Recent revenue growth has been very strong. Total revenue increased by 70% during the first half of FY 2020. The Megaport share price has risen strongly over the past 12 months from $6.76 to currently be trading at $13.41.

Foolish Takeaway

WiseTech Global, Afterpay and Megaport are 3 ASX tech shares that are all in my buy zone right now. All three companies have strongly established positions in the market niches and strong 5-year growth prospects.

More reading

• ASX 200 jumps 2%: Big four banks rebound, Wesfarmers update, Afterpay rockets
• If you invested $50k in these ASX shares 3 years ago, you’d be a millionaire today
• Is the WiseTech share price in the buy zone?
• Afterpay share price higher despite falling short of share purchase plan target
• Should you invest in Commonwealth Bank shares?

Phil Harpur owns shares of AFTERPAY T FPO, MEGAPORT FPO, and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO. 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.

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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is surging higher. The benchmark index is currently up 2% to 6,044.7 points.

Here’s what is happening on the market today:

Big four banks bounce back.

The big four banks were out of form and weighed heavily on the market on Monday. Today is a very different story and the banks are helping propel the ASX 200 higher. All four banks are trading notably higher at lunch, with the Westpac Banking Corp (ASX: WBC) share price the best performer with a gain of 3%.

Wesfarmers update.

The Wesfarmers Ltd (ASX: WES) share price is pushing higher today after an update on its Victorian operations. The conglomerate advised that the company’s key Bunnings stores in the region will remain open for trade customers. And while Bunnings will be closed for in-store retail customers, click and collect options will be available. The same applies to its Officeworks stores. However, its Kmart and Target stores in the region will be unable to service customers in-store.

BWP delivers.

The BWP Trust (ASX: BWP) share price is on the rise on Tuesday after delivering a solid full year result. Despite the pandemic, the Bunnings landlord delivered a 1% increase in profit before gains on investment properties to $117.1 million. Including property gains, BWP’s profit was up 24.4% to $210.6 million. Positively, BWP was able to collect rent largely as normal during the year. Only $435,886 of rent abatements were granted during the period. This allowed it to increase its distribution by 1% in FY 2020 to 18.29 cents per unit.

Tech shares storm higher.

The tech sector has been a great place to be today. A number of popular tech shares are storming notably higher such as Afterpay Ltd (ASX: APT) and Nearmap Ltd (ASX: NEA). As a result, at lunch the S&P/ASX 200 Information Technology index is up a sizeable 4%. This follows a very positive night of trade on the technology-focused Nasdaq index.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been the Afterpay share price with a gain of over 6.5%. This is despite the payments company falling short of its share purchase plan target this morning. The worst performer has been the Perseus Mining Limited (ASX: PRU) share price with a decline of 2.5%. Demand for risk off assets like gold miners has softened today after investor sentiment improved.

More reading

• Indiana Resources share price jumps to 3-year high on acquisition news
• How will Victoria’s stage 4 lockdowns impact ASX shares?
• Why Crown, Fortescue, Kogan, & Nearmap shares are storming higher
• 3 quality ASX tech shares to buy in August
• Why Catapult, Perseus Mining, Prospa, & Spark shares are dropping lower

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO and Wesfarmers Limited. The Motley Fool Australia has recommended Nearmap Ltd. 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.

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The IncentiaPay Ltd (ASX: INP) share price closed yesterday’s trading session 65% higher after the company announced a new strategic partnership.

IncentiaPay enters a new strategic partnership

IncentiaPay released an announcement to the market yesterday informing shareholders of the company’s new strategic partnership with PayWith Worldwide Inc. According to the announcement, the new partnership will see IncentiaPay combine its content and relationships with PayWith’s processing engine and platform.

The partnership also includes a multiyear agreement that will allow IncentiaPay to licence PayWith’s platforms. The company’s management noted that partnering with a company such as PayWith that has a proven track record is a key step in helping IncentiaPay along its transformation strategy

What does IncentiaPay do?

IncentiaPay produces direct-to-member loyalty products for organisations and major brands that offer discounts and other incentives. The company’s loyalty programs feature ‘always-on’ specials across dining, take away and travel with the aim of retaining existing customers, acquiring new customers and reducing churn.

IncentiaPay recently released its activity report for the fourth quarter of FY20 which highlighted $7.78 million in cash receipts and $1.4 million in operating cash surplus. The company noted that the fourth quarter initially saw subdued sales, with April and May recording lower cash receipts due to the COVID-19 pandemic. IncentiaPay cited government-imposed mandates on the closures of pubs, clubs, cafes and restaurants across the country as having a flow-on effect on the company’s sales.

In response to the pandemic, IncentiaPay changed its focus from dine-in to takeaway by launching the #EatAloneTogether campaign in order to support customer traffic. The company continues to review the impact of the pandemic and plans to adapt to conditions as they evolve. As a result, IncentiaPay’s current focus is on increasing revenue inflows, however the company notes that with border closures in some Australian states, short-term member revenue will be affected.

About the IncentiaPay share price

The IncentiaPay share price closed yesterday’s trading session 65% higher at 4.3 cents. This came after the share price hit an intraday high of 5.9 cents, before being sold down. At the time of writing, the IncentiaPay share price has seen further falls today and is currently trading at 3.5 cents.

More reading

• Indiana Resources share price jumps to 3-year high on acquisition news
• How will Victoria’s stage 4 lockdowns impact ASX shares?
• Why Crown, Fortescue, Kogan, & Nearmap shares are storming higher
• 3 quality ASX tech shares to buy in August
• ASX 200 jumps 2%: Big four banks rebound, Wesfarmers update, Afterpay rockets

Motley Fool contributor Nikhil Gangaram 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.

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