Category: Stock Market

The Bank of Queensland Limited (ASX: BOQ) share price continued its poor form to shed 7% in a month.

This comes despite the company not releasing any price-sensitive announcements to the market since its half-year results.

At the time of writing, the regional bank’s shares are swapping hands at $6.87, up 0.15%.

Let’s take a look at what might have weighed on Bank of Queensland shares lately.

What happened to Bank of Queensland shares?

The Bank of Queensland share price finished lower than a month ago, dragged down by negative investor sentiment.

For context, the S&P/ASX 200 Index (ASX: XJO) also fell 5.32% in the past month.

Currently, the benchmark index is flat for the day at 6,734.1 points, down 0.07%.

The recent broader market weakness is due to market concerns regarding a more aggressive rate hike by the US Federal Reserve.

Consequently, this has put selling pressure on Bank of Queensland shares as well as the other big banks.

Shares in Commonwealth Bank of Australia (ASX: CBA) and National Australia Bank Ltd (ASX: NAB) are down 6.08% and 5.25% for the month, respectively.

If interest rates do lift by 100 basis points at the US central bank meeting later this week, expect a sharp pullback.

The benchmark ASX 200 index hit a two-month low today and could be in sight of its year-to-date low of 6,400 points. It is around 5% off those levels.

Despite the gloomy economic outlook, UBS initiated a “buy” rating on Bank of Queensland shares, and put a price target of $8 apiece.

Based on where the share trades today, this implies an upside of about 16%.

The broker believes that regional bank’s shares are undervalued in the current economic climate and present a buying opportunity.

Bank of Queensland share price summary

Over the past 12 months, Bank of Queensland shares have lost almost 30% on the back of inflationary movements and the cost of living.

On the other hand, the S&P/ASX 200 Financials Index (ASX: XFJ) has fallen by 9% over the same time frame.

Bank of Queensland commands a market capitalisation of approximately $4.44 billion.

The post Down 7% in a month, are Bank of Queensland shares a bargain buy? appeared first on The Motley Fool Australia.

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More reading

• Do Bank of Queensland shares pay better dividends than the ASX 200 big four?
• Analysts name 2 ASX 200 dividend shares to buy
• Here’s what a top broker is saying about the Bank of Queensland share price
• Savings or dividends? What these 3 ASX bank shares are offering for income
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Aaron Teboneras 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) is having a subdued start to the week. In afternoon trade, the benchmark index is down 0.1% to 6,733.2 points.

Four ASX shares that are not letting that hold them back today are listed below. Here’s why they are rising:

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is up a massive 11% to $1.03. This morning this lithium developer provided an update on the progress of its pilot plant at the Kachi Lithium Project in Argentina. Lake revealed that it expects to begin wet commissioning of the plant on Thursday. Once wet commissioning is complete, it then expects to begin onsite processing of Kachi brines in the first week of October.

Life360 Inc (ASX: 360)

The Life360 share price is up 6% to $5.64. This is despite the location technology company’s shares being kicked out of the ASX 200 index at the quarterly rebalance this morning. Some investors may believe that its shares have been oversold. Especially given that they are down by over 40% even after today’s strong gain.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 4% to $4.78. This is despite there being no news out of the lithium miner today. However, it is worth noting that a number of lithium shares are pushing higher on Monday. Investors appear to be piling back into the industry following several bad trading sessions last week.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up 8% to $1.47. Investors have been buying this medical device company’s shares after it received FDA clearance for NovoSorb MTX. The company describes the MTX product as a major new product innovation for soft tissue regeneration for the management of complex wounds. It is expected to boost the company’s total addressable market by $500 million in the United States.

The post Why Lake Resources, Life360, Pilbara Minerals, and PolyNovo shares are storming higher appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 ASX mining shares going gangbusters on Monday
• 3 ASX lithium shares smashing new, all-time highs on Monday
• 3 ASX All Ordinaries shares having a cracking Monday
• The ASX 200 is getting a shakeup today. Here’s the tea

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 positions in and has recommended POLYNOVO FPO. 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 Firefinch Ltd (ASX: FFX) share price is still frozen, although today the company released some news.

The Firefinch share price last traded at 20 cents before being placed on ice in late June.

Let’s take a look at what the gold miner announced to the market today.

New managing director

Firefinch has appointed Scott Lowe as managing director. He will take up the role on 17 October. Lowe worked at BHP Group Ltd (ASX: BHP) for more than 20 years, including serving on the company’s executive.

Recently, he has worked as the chief executive officer at ArcelorMittal’s West African mining business in Liberia.

Firefinch has an 80% interest in the Morila gold mine, located in Mali, West Africa. Firefinch said Lowe has worked in a number of African jurisdictions during his career, delivering “outstanding results in challenging environments”.

Commenting on Lowe’s appointment, Firefinch chairman Brett Fraser said:

Scott’s strong operational capability coupled with African experience places Morila and Firefinch into safe, sensible hands to guide the growth and stability at the Project and for Firefinch.

I am truly looking forward to Scott taking the helm at Firefinch as the Company continues its ramp-up at Morila to become an ASX listed Gold producer.

Firefinch remains in a trading halt while it finalises a funding proposal. This is expected to be completed by the end of October.

Share price snapshot

The Firefinch share price has lost 69% in the past year. In the year to date, Firefinch shares have fallen nearly 77%.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has shed 7% year to date.

Firefinch has a market capitalisation of about $236 million based on the current share price.

The post Firefinch share price remains on ice following key ex-BHP hire appeared first on The Motley Fool Australia.

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More reading

• Spinoff token EthereumPOW price crashes 86% post merge. Here’s why
• Why is the BrainChip share price lagging the ASX 200 on Monday?
• Why Clinuvel, EML, Infomedia, and Link shares are dropping today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 tiny ASX mining shares leaping higher on new discoveries

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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The EthereumPOW (CRYPTO: ETHW) price is down another shocking 38% over the past 24 hours, trading for US$5.17.

That compares to a 10% 24-hour loss in the Ethereum (CRYPTO: ETH) price. One Ether is currently trading for US$1,299.

But the losses in EthereumPOW price since Friday, when Ethereum’s merge went fully active, are even more sobering.

On Friday morning (Aussie time) the spinoff token was trading just north of US$36. Meaning it’s down a gut wrenching 86% since then. The Ethereum price, by comparison, has lost roughly 18% over that same period.

What is this new spinoff token?

EthereumPOW came about as the result of last week’s merge of the Ethereum blockchain.

That Merge saw the network transition from a proof of work (PoW) protocol to a proof of stake (PoS) protocol.

Under PoS, validators stake some of their Ether holdings and are rewarded for validating transactions and maintaining the security of the blockchain. The biggest immediate benefit is a massive reduction in the number of computers required, slashing energy use by more than 99%.

Not everyone was happy with the merge though.

Enter EthereumPOW, a new crypto that mimics Ethereum under the old PoW protocol, with miners functioning to maintain the blockchain as before.

Why is the EthereumPOW price crashing?

The EthereumPOW price has fallen far harder than the Ethereum price as it looks to be lacking material support.

According to Kunal Goel, a research analyst at Messari (quoted by Bloomberg):

Ethereum proof-of-work does not have support from users, developers, institutions, and even most miners. It is likely going to fade to irrelevance as all other forks without community support in history like Bitcoin Cash, Bitcoin Satoshi’s Vision, and Ethereum Classic.

Joseph Lubin, CEO of ConsenSys and a co-founder of Ethereum had his own unique take on why the EthereumPOW price is plunging. According to Lubin:

It’s hard to imagine people putting valuable tokens on that network or trading or deploying new software when so much is broken on the network. Essentially, it’s the work of opportunists who are likely interested in convincing people that this cargo cult blockchain is really functional.

The post Spinoff token EthereumPOW price crashes 86% post merge. Here’s why appeared first on The Motley Fool Australia.

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More reading

• Why is the BrainChip share price lagging the ASX 200 on Monday?
• Why Clinuvel, EML, Infomedia, and Link shares are dropping today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 tiny ASX mining shares leaping higher on new discoveries
• 3 ASX mining shares going gangbusters on Monday

Motley Fool contributor Bernd Struben 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 Ethereum. The Motley Fool Australia has positions in and has recommended Ethereum. 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 BrainChip Holdings Ltd (ASX: BRN) share price is falling despite the ASX 200 remaining relatively flat so far today.

At the time of writing, shares in the artificial intelligence (AI) technology company are down 4.32% to 88.5 cents apiece.

In comparison, the S&P/ASX 200 Index (ASX: XJO) is 0.08% lower to 6,733.4 points.

Let’s take a look at what could be causing this discrepancy between BrainChip shares and the benchmark index.

BrainChip shares backtrack as tech sector plummets

The BrainChip share price appears to be suffering at the hands of a broader fall across the S&P/ASX All Technology Index (ASX: XTX).

The sector is currently in the red by 1.28%, making it one of the worst performers across the ASX Indices.

This follows the drop of the tech-heavy Nasdaq on US markets which last week extended its slide to the lowest levels in two months.

A worse-than-expected inflation report which showed US CPI rose 8.3% year on year in August has caused panic among investors. This is because it’s likely the US Federal Reserve will hike interest rates up to 100 basis points this week.

Currently, the Nasdaq Futures is down 0.41% ahead of the all-important 21 September (early 22 September, Australian time) central bank meeting.

With BrainChip shares now down 6% in a week, the company’s share price appears to be holding at the support level of around 88 cents.

If this breaks, the next support is around the 80-cent mark, indicating a potential 10% drop if the market goes haywire.

BrainChip share price summary

Throughout 2022, the BrainChip share price has moved in circles due to volatility on the ASX.

Nonetheless, the company’s shares are up 30% for the period, and 89% higher when looking at the past 12 months.

Based on today’s price, BrainChip commands a market capitalisation of roughly $1.5 billion.

The post Why is the BrainChip share price lagging the ASX 200 on Monday? appeared first on The Motley Fool Australia.

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More reading

• Why are ASX 200 tech shares being hit the hardest on Wednesday?
• Why is the BrainChip share price sinking 8% on Wednesday?
• Here are the top 10 ASX 200 shares today
• Have BrainChip shares been a good investment so far in 2022?
• Why did the Brainchip share price blast 6% higher today?

Motley Fool contributor Aaron Teboneras 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small decline. At the time of writing the benchmark index is down 0.1% to 6,733.2 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Clinuvel Pharmaceuticals Limited (ASX: CUV)

The Clinuvel share price is down 7% to $19.87. This morning this biopharmaceutical company’s shares were dumped out of the ASX 200 index at the quarterly rebalance. In other news, the company released its latest strategy update. But that clearly hasn’t been enough to boost its shares today.

EML Payments Ltd (ASX: EML)

The EML share price is down almost 4% to 90 cents. This embattled payments company’s shares were also kicked out of the ASX 200 index this morning following the quarterly rebalance. With its shares down over 70% this year, the company’s market capitalisation has dropped to just over $330 million. This wasn’t enough to make it a top 200 company.

Infomedia Limited (ASX: IFM)

The Infomedia share price is down 4.5% to $1.30. This morning the software provider to the automotive industry revealed that after 13 weeks of discussions, the TA Consortium has been unable to develop and submit a binding takeover offer. The consortium previously tabled a non-binding $1.70 cents per share offer.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is down 2.5% to $3.38. This has also been driven by a takeover update. On this occasion, the administration services provider announced this morning that it has rejected a revised takeover offer from Dye & Durham. The suitor revised its offer after coming to the view that it cannot accept conditions set by the UK regulator to complete the deal as it was.

The post Why Clinuvel, EML, Infomedia, and Link shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• The ASX 200 is getting a shakeup today. Here’s the tea
• Out in the cold: How are the ASX 200 evictees faring on Monday?
• Link share price down 4% with takeover close to hitting the rocks
• Link share price dips despite Foreign Investment takeover nod
• Here are the top 10 ASX 200 shares today

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 positions in and has recommended EML Payments, Infomedia, and Link Administration Holdings Ltd. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Infomedia. 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 bouncy and rather disappointing start to the trading week for ASX shares and the S&P/ASX 200 Index (ASX: XJO) so far this Monday. At the time of writing, the ASX 200 has slipped by 0.07% after opening in the green this morning and bouncing around all trading day.

But rather than trying to figure all of that out, let’s instead have a look at the ASX shares that are currently at the top of the ASX 200’s share 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 an ASX 200 share that frequently finds itself on this list in Pilbara Minerals. So far today, a hefty 22.2 million of this lithium stock‘s shares have been bought and sold on the markets. There hasn’t been much in the way of news from the company today.

But we have seen Pilbara print yet another new record high this Monday. The company has put on another 4.36% and is up to $4.79 a share after hitting $4.88 earlier this morning, the company’s new record high. This is probably why we have seen so many shares fly around today.

Lake Resources N.L. (ASX: LKE)

Another ASX 200 lithium share is next up in Lake Resources. This Monday has seen a notable 38.87 million Lake shares exchanged on the share market. We seem to have another massive share price movement to thank for this.

Lake put Pilbarra to shame earlier this morning, rocketing as much as 19% higher on a positive update for one of its lithium projects. At present, the shares have cooled somewhat, but are still up an impressive 12.4% at $1.04 each. With moves like that, it’s no wonder so many shares are changing hands.

Sayona Mining Ltd (ASX: SYA)

It’s Sayona’s first day as an ASX 200 share today after the company made the latest rebalancing cut for the index. This lithium share is wiping the floor with its trading volumes too, with a whopping 90.94 million Sayona shares finding a new home on the ASX so far.

Sadly for investors though, the Sayona share price seems to be reacting poorly to its new station. The company has seen a nasty 7.93% sell-off so far this Monday, putting it down to 27 cents a share. It’s probably this sell-off that has seen so many Sayona shares sold on the share market.

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

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More reading

• 3 ASX mining shares going gangbusters on Monday
• 3 ASX lithium shares smashing new, all-time highs on Monday
• The ‘in’ crowd: How are the ASX 200 newcomers performing today?
• 3 ASX All Ordinaries shares having a cracking Monday
• Sayona Mining share price swings wildly on ASX 200 debut

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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Three ASX mining shares with tiny market capitalisations are rocketing this afternoon, helping to lift the materials sector into the green on Monday.

The S&P/ASX 200 Materials Index (ASX: XMJ) is one of the best performers today, up 0.48% at the time of writing.

Investors might hope that positive developments like these and others will help give the broader market some buoyancy, as the S&P/ASX 200 Index (ASX: XJO) is currently slipping 0.12%.

Let’s cover which small-cap companies are helping to boost today’s sentiment to higher levels.

Tempus Resources Ltd (ASX: TMR)

The Tempus Resources share price is up 8.47% trading at 6.4 cents at the time of writing today.

This morning the gold exploration company announced that it had intersected 1,572 grams of gold per tonne at its Elizabeth Project in Southern British Columbia.

The company advised that drill-hole EZ-22-09 returned “bonanza” grades including the “best intersection ever encountered at Elizabeth Gold Project”. It has found high-grade assays over widths of up to 1.05m in multiple intersections.

Tempus Resources CEO Jason Bahnsen commented on the results:

Assays announced today confirm the presence of more high and bonanza grade gold in the Blue Vein. The visible gold observed in the core for drill-hole #9, as reported on 7 July, has assayed approximately 50oz of gold per tonne over 0.20 metres, our highest grade intersection from the project to date.

This drill hole intersected the vein approximately 15 metres below the previously announced EZ-22-03 drill hole, showing vertical continuity of the high grade zone. All seven drill holes reported today intersected the Blue Vein at multiple points further supporting the model for stacked vein mineralisation throughout the Blue Vein structure.

The company has completed 30 drill holes to date, with a further 20 pending assay results.

Meeka Metals Ltd (ASX: MEK)

The Meeka Metals share price is also having a good run today after a recent discovery.

Shares in the rare earth miner are up 2.9% at 7.1 cents after touching an intraday high of 7.5 cents in early trading. This comes after the company posted assay results from its Circle Valley site in Western Australia, which included high grades of neodymium (NdPr) and scandium (Sc).

Meeka Metals managing director Tim Davidson had this to say about the discovery:

Results continue to show a shallowing cover profile at the northwest of Circle Valley, corresponding with a +1,000ppm high-grade component of the rare earth mineralisation, rich in NdPr magnet rare earth elements.

This shallow high-grade mineralisation appears to trend northwest into an undrilled part of Circle Valley, which will be a focus for Mineral Resource infill drilling commencing in early 2023.

Sarytogan Graphite Ltd (ASX: SGA)

Shares in Sarytogan are up 2.5% trading at 41 cents apiece in afternoon trading.

The graphite exploration company posted drilling results from its Sarytogan Graphite Deposit located in Kazakhstan this morning.

“Thick-high grade graphite intercepts” were reported, which included 133.9 metres of graphite mineralisation at its ST-71 hole.

The company advised further assay results were pending, with drilling at the site on track to be completed by November this year.

Sarytogan managing director Sean Gregory commented:

These exceptional drilling results are continuing to expand what is already a giant graphite deposit. Sarytogan’s systematic approach is characterising the entire deposit area to identify the best location to be selected for future mining studies.

The post 3 tiny ASX mining shares leaping higher on new discoveries appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Monday
• 3 ASX mining shares going gangbusters on Monday
• 3 ASX energy stocks up more than 100% so far this year
• Here’s why the Australian Pacific Coal share price is sinking 15% today
• Qantas share price dips despite performance lift

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 ASX 200 Materials Index (ASX: XMJ) is lifting 0.66% today, but three ASX mining shares are rocketing far higher.

Demetallica Ltd (ASX: DRM), Lake Resources N.L. (ASX: LKE) and Petratherm Ltd (ASX: PTR) shares are all rising.

So why are these ASX mining shares surging?

Demetallica

The Demetallica share price is exploding 40% today on the back of takeover news. AIC Mines Limited (ASX: A1M) is proposing to acquire Demetallica. AIC Mines is offering Demetallica shareholders one AIC Mines share for every 1.5 Demetallica shares.

Demetallica’s Jericho deposit at the Chimera Polymetal Project is adjacent to AIC Mines’ Eloise copper mine. AIC Mines managing director Aaron Colleran said “combining these assets will provide the quickest and most efficient means of developing and mining the Jericho deposit”.

Lake Resources

Lake Resources shares are soaring 13% today. The lithium miner’s shares are rocketing following news of the Kachi Lithium Project in Argentina. Following a recent dispute on key milestones with project partner Lilac Solutions, Lake advised all parties are now confident that on-site operations will be successful.

Dry commissioning of the demonstration plant started last Wednesday. Wet commissioning is expected by this Thursday, while onsite processing of Kachi brines is forecast to start in the first week of October. Lake is also advancing offtake discussions, with new appointments to the Lake board also at the final stages of consideration.

Petratherm

Petratherm shares are soaring nearly 19% today. Petratherm is exploring multiple projects including the Comet Rare Earth Element (REE) and gold project and Muckanippie REE project in South Australia.

Petratherm has not released any price-sensitive news today. However, the company has re-released its company presentation, “critical mineral portfolio positioned for growth” with a slight modification. In the presentation, Petratherm highlights its recent exploration results and projects. Petratherm said:

The company is in a strong position with the discovery of major high-grade rare earth occurrences at shallow depth in the Northern Gawler Craton of South Australia and is working towards defining initial JORC Resources over the coming months.

The post 3 ASX mining shares going gangbusters on Monday appeared first on The Motley Fool Australia.

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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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It’s been the year to be invested in energy with global events sending energy commodity prices soaring. And plenty of ASX energy stocks have benefited from their rise.

Russia’s invasion of Ukraine saw oil, gas, and coal prices rocket as many nations placed sanctions on exports from the major energy producer.

Now, European nations are stocking up on energy resources ahead of the upcoming winter while India aims to fill its coal inventories, as my Fool colleague Aaron reports.

All this, and more, has seemingly bolstered sentiment for ASX energy stocks.

Indeed, the S&P/ASX 200 Energy Index (ASX: XEJ) is the S&P/ASX 200 Index (ASX: XJO)’s top-performing sector of the year so far. It’s gained 29% compared to the broader index’s 11% fall.

But which shares have received the most love from the market? Here are three that have more than doubled since the start of this year.

These ASX energy stocks have gained more than 100% in 2022

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price has taken off in 2022, rocketing to new all-time highs.

At the time of writing, stock in the ASX energy giant is trading at $8.39. That’s 221% higher than it was at the start of the year – certainly nothing to scoff at.

The company also posted $4.92 billion in revenue for financial year 2022 – a 216% year-on-year improvement – while its after-tax profits surged to a record $1.95 billion.

Yancoal Australia Ltd (ASX: YAL)  

Takeover target Yancoal has also seen its share price surge 121% since the start of 2022. It’s trading at $6.14 at the time of writing. And there’s been plenty of drama in the company’s camp this year.

On top of outside influences, Yancoal has battled a takeover offer flagged by its parent company and majority shareholder Yankuang Energy Group. The Chinese company said it intended to put forward a bid worth $5.07 per share in May.

The company’s board hit back, saying it wouldn’t support such an offer. After a period of back and forth, the bid was binned.

Yancoal’s earnings also surged 677% in the first half to reach approximately $3.1 billion while its after-tax profits rocketed a whopping 1,247% to $1.7 billion.

New Hope Corporation Limited (ASX: NHC)

In its peer’s footsteps, the New Hope share price has lifted 146% year to date to trade at $5.48 today.

The ASX energy stock is a pure-play coal producer. Thus, the same tailwinds that have driven stock in Whitehaven and Yancoal have likely inflated its wings as well.

The post 3 ASX energy stocks up more than 100% so far this year appeared first on The Motley Fool Australia.

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More reading

• 5 ASX energy shares powering portfolios with the highest dividend yields
• Own Whitehaven shares? Here’s some good news on your dividends
• Here are the top 10 ASX 200 shares today
• Why are ASX 200 coal shares breaking records yet again?
• Whitehaven share price rallies to new all-time high on Thursday

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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