Category: Stock Market

It’s another positive day for some ASX lithium shares. At the time of writing, the Pilbara Minerals Ltd (ASX: PLS) share price is up 1% while its peer Core Lithium Ltd (ASX: CXO) is trading marginally lower.

Investors are expecting demand for lithium to keep rising over the long term.

With the world looking to decarbonise, lithium is seen as an important element in the production of batteries for electric vehicles and other large-scale battery solutions.

One of the world’s biggest miners, Rio Tinto Limited (ASX: RIO), has recently expanded into lithium with its Rincon lithium project acquisition for $825 million. At the time, the miner said:

The market fundamentals for battery grade lithium carbonate are strong, with lithium demand forecast to grow 25% to 35% per annum over the next decade with a significant supply demand deficit expected from the second half of this decade.

Stronger lithium price expected

According to reporting in the Australian Financial Review, the broker Barrenjoey is even more optimistic about the prospects for lithium.

Barrenjoey thinks the lithium price could rise by up to 86% over the next two years, thanks to ongoing tight market conditions which could continue into 2023. This, in turn, will have a flow-on effect, leading to larger net profit after tax (NPAT) figures and cash flows for lithium miners.

The AFR reported that Barrenjoey’s head of mining and metal Glyn Lawcock pointed to limited lithium supply as the major barrier to electric vehicle uptake.

Barrenjoey said Pilbara Minerals would be the one miner that benefits the most from higher prices for the commodity. The AFR reported the broker has increased its earnings per share (EPS) forecasts for Pilbara by up to 44% for FY23 and up to 120% for FY24.

Pilbara Minerals is bullish on the situation

The ASX lithium share’s FY22 result included some positive commentary about the future.

It said that lithium pricing remains “strong”, putting Pilbara Minerals in “prime position to capitalise on current market conditions, including the sale of spodumene concentrate”.

Pilbara Minerals is the 100% owner of the Pilgangoora project in Western Australia which, according to the company, houses one of the world’s largest deposits of hard rock lithium.

The company also expects the lithium deficit to worsen. By 2040, the expected lithium deficit could be an equivalent of around 18 Pilgangooras “with likely pricing implications”, it predicts.

Pilbara Minerals managing director and CEO Dale Henderson said:

The business is in an enviable position, supplying product into a burgeoning growth market with a clear pathway for further production growth off a performing operating base. Further, chemicals participation with our downstream JV with POSCO and our midstream project provides another extension of value creation for our shareholders. A very exciting future lies ahead for our business and our shareholders.

Pilbara Minerals share price snapshot

Over the last six months, Pilbara Minerals shares have risen around 64%.

The post Top broker tips lithium price to surge 86% over next 2 years appeared first on The Motley Fool Australia.

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More reading

• Up 47% in a month, is the party just getting started for Pilbara Mineral shares?
• 3 ASX All Ordinaries shares hitting all-time highs on Monday
• Brokers name 3 ASX lithium shares to buy
• Here are the top 10 ASX 200 shares today
• Up, up, and away: Pilbara Minerals shares deal out another all-time high

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 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 Pilbara Minerals Ltd (ASX: PLS) share price has been a standout ASX performer over the past month or so. Since 12 August, Pilbara Minerals shares have risen from $3.12 each to today’s pricing of $4.59 (at the time of writing). That’s a rise worth a jaw-dropping 47.1% for this ASX 200 lithium share.

Not only that, but we have also seen new 52-week high after new 52-week high over this short time span. The latest of these new highs came just today, with Pilbara shares hitting $4.62 this afternoon.

Think about this though. If any investor lucky enough to buy into Pilbara shares during the worst throes of the 2020 COVID crash, they would have been able to pick up shares of this ASX lithium producer for just 15 cents each.

If there indeed is any investor out there that made such a fortuitous trade, they would be sitting on what would be a near-3,000% gain today.

But enough on the past, hypothetical or real. What investors today probably care more about is what might happen to the Pilbara share price from here.

So could this leading ASX lithium share still be a buy today?

Does the Pilbara Minerals share price have more record highs up its sleeve?

Well, one ASX broker thinks it might. As my Fool colleague James covered on the weekend, ASX broker Macquaire remains very bullish on the Pilbara Minerals share price today.

Macquarie currently gives the company an outperform rating. That rating comes with a 12-month share price target of $5.60 per share. If that came to pass, it would represent a further upside of 22.5% or so from today’s share price.

As we discussed last week, Macquarie is building its optimism on Pilbara’s projections that it can increase its lithium production by more than half in FY23. Given the extraordinary price gains that lithium commodities have enjoyed in recent months, this should also mean higher cash flows and profits for Pilbara over this financial year.

No doubt that news will be welcomed by investors. But we shall have to wait and see if Macquarie’s Pilbara pricing prediction proves prescient.

At the current Pilbara Minerals share price, this ASX 200 lithium share has a market capitalisation of $13.42 billion.

The post Up 47% in a month, is the party just getting started for Pilbara Mineral shares? appeared first on The Motley Fool Australia.

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More reading

• Top broker tips lithium price to surge 86% over next 2 years
• 3 ASX All Ordinaries shares hitting all-time highs on Monday
• Brokers name 3 ASX lithium shares to buy
• Here are the top 10 ASX 200 shares today
• Up, up, and away: Pilbara Minerals shares deal out another all-time high

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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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.

Your goal as an investor is to assemble a portfolio that allows you to steadily build wealth over time. But on the road to building wealth, you might hit some snags. Specifically, you may end up having to sell a stock when it’s down, thereby taking a hit on that investment.

To be clear, a lot of people’s portfolios are down right now year to date due to general stock market turbulence. And that’s not a very good reason to sell a stock.

But let’s say there’s a stock in your brokerage account that’s been consistently losing value since you bought it. Let’s also say that you’ve been following the company’s financials and have reason to believe those shares will be worth even less money down the line. That’s a good reason to take a loss rather than sit tight and ride things out.

If that’s the scenario you’ve landed in, try not to stress. Although investment losses can be frustrating and upsetting, they can also, in some ways, work to your benefit.

How to capitalize on an investment loss

Investment losses aren’t ideal. But you can use them to offset capital gains in your portfolio in a non-tax-advantaged account.

Let’s say you’re sitting on a stock that’s done remarkably well this year, even though the market, on a whole, has been iffy. You may be inclined to sell that stock while it’s way up and walk away with a nice profit.

Normally, the tax man would be entitled to a share of that profit in the form of capital gains taxes. But if you’re sitting on a capital loss, you might manage to reduce or wipe out that obligation entirely.

Let’s say that by selling that winning stock today, you’d gain $5,000. If you have a $5,000 loss on another stock that you sell, you won’t owe the IRS anything.

Now let’s say you’re only looking at a $2,000 gain in the scenario above. You can still use your full $5,000 loss to your advantage. That’s because the IRS allows you to offset up to $3,000 of ordinary income with capital gains losses.

Capital gains losses can be carried forward to future tax years. Let’s say you’re looking at a $1,000 gain in this situation, not $2,000. If you use your $5,000 to offset that $1,000 plus $3,000 of ordinary income, you can carry the remaining $1,000 forward.

Dig deeper — but don’t beat yourself up

If you lost money on a stock this year, it’s a good idea to see if you can figure out why. Maybe you didn’t spend enough time digging into that company’s financials. Or maybe that loss wasn’t preventable — things just declined at the company and it wasn’t something you could’ve predicted.

It’s a good idea to get to the bottom of why you’re sitting on a loss to potentially avoid making the same mistake again. But don’t give yourself too difficult a time. It’s pretty rare for investors to get every single decision they make right. And harping on a loss might make you lose confidence in your ability to handpick stocks, so there’s no sense in putting yourself through that.    

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

The post Lost money on an investment? Here’s what to do appeared first on The Motley Fool Australia.

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More reading

• Why did the MA Financial share price just crash 20% before being halted?
• Why is the Zip share price bolting out the gate on Monday?
• 3 ASX All Ordinaries shares hitting all-time highs on Monday
• Why has the BetaShares Electric Vehicles and Future Mobility ETF lost 27% in 2022?
• 3 ASX 200 mining shares going great guns on Monday

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.

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

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The MA Financial Group Ltd (ASX: MAF) share price slipped into the red this morning shortly before being halted, giving the company time to make a further announcement.

The fact that shares were halted hints that a concrete reason for the sell-off could be announced shortly by the company.

Some speculation about the sell-off has emerged from The Australian today, stating that Australia’s Significant Investors Visa (SIV) scheme will undergo serious changes or be revoked altogether.

Wealthy international clients contribute $3.4 billion to MA Financial’s $7.2 billion total assets under management. With the visa scheme being called into question, this could jeopardise this contribution.

Significant Investors Visa (SIV) in danger of being scrapped

In an Australian Financial Review article posted on Sunday, Home Affairs Minister Clare O’Neil commented on the SIV scheme:

It’s actually costing us on average for every person because these are people who are generally coming in at quite a late stage of their life, often at the end of their business career, and coming to Australia, basically to settle down and retire. Now, that’s not a productive use, I don’t think, of our migration system.

O’Neil continued:

It is a visa program that I think isn’t adding value to the country, and it’s something that we’ll be looking at in the context of the review of the immigration program that I’ve just announced. At the moment, I can’t see a lot of reasons to maintain it as part of our program.

What else happened?

The company’s most recent earnings results for 1HFY22 were positive across the board when it reported them on 25 August. MA Financial recorded strong results in growing its revenues and profitability and forecasting sizable earnings per share (EPS) growth for CYFY22 along with improved fundamentals. When the Fool reported on MA Financial’s results, the company’s shares rallied 1.48%.

A total of 838,551 shares were traded in less than 20 minutes this morning. That’s an unprecedented velocity of shares trading hands for the company.

To put this number into perspective, MA Financial’s average share trading volume for an entire month is only 251,654. While today 233.21% more shares were traded in less than half an hour.

Given the seriousness of the market’s reaction, the company’s almost immediate suspension of shares in trading today, and press coverage, it’s more than likely we’ll see a response from MA Financial in the immediate future.

After all, the company knows something that we don’t and is preparing its comments as we speak.

MA Financial share price snapshot

MA financial’s share price is down 20.59% today.

Shares of the diversified financial services company are currently on ice at $4.05 each. Earlier today, shares made an intraday high of $4.59. and a low of $3.94

The company share price is down 54.75% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is 6.37% over the same period.

The company’s market capitalisation is $897.43 million.

The post Why did the MA Financial share price just crash 20% before being halted? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 300 financial shares climbing on earnings updates
• Why these 2 ASX shares rocketed 40% last month

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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After Wall Street recorded strong gains last Friday, the Zip Co Ltd (ASX: ZIP) share price is storming out of the gate today.

This comes despite the buy-now, pay-later (BNPL) provider keeping a low profile since its full-year results.

Zip shares rose to an intraday high of 93.5 cents, up 6.25% but have since retraced as the day has gone on.

At the time of writing, its shares are swapping hands at 90 cents apiece, up 2.27%.

What’s boosting Zip shares higher on Monday?

Investors are pushing up the Zip share price following an uplift across the S&P/ASX 200 Financials (ASX: XFJ) sector.

The index representing a wide range of financial services is currently up 1.2%. This makes it one of the biggest movers on the ASX.

Similarly, shares in Block Inc (ASX: SQ2) and Sezzle Inc (ASX: SZL) are up 4.34% and 3.88%, respectively.

The ASX appears to have shrugged off any concerns about an impending rate hike by the US Federal Reserve.

Economists are widely expecting the central bank to deliver its third consecutive 0.75 percentage point rate hike on 21-22 September.

The decision to increase interest rates is to combat the sky-high inflation that has been recorded in the US.

Nonetheless, investors will be closely watching the US August consumer price index report that is scheduled to be released Tuesday night. This report will provide crucial data on inflation in which the Fed will factor in ahead of its upcoming meeting.

The market is anticipating another 0.3% increase for August.

If this figure is higher, then it’s more than likely the rally will end and shares will tumble.

On the other hand, if it is less than 0.3%, shares could extend their recent gains.

Zip share price recap

Over the past 12 months, the Zip share price has fallen 87%, with year-to-date down 79%.

A challenging external environment mixed with the company’s widening credit losses and ballooning net losses has scared investors off.

Based on today’s price, Zip presides a market capitalisation of around $605.43 million.

The post Why is the Zip share price bolting out the gate on Monday? appeared first on The Motley Fool Australia.

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More reading

• Here are the 10 most shorted ASX shares
• 5 things to watch on the ASX 200 on Monday
• Here are the top 10 ASX 200 shares today
• Why is the Zip share price charging 7% higher on Thursday?
• Zip share price jumps as broker goes on myth-busting bender

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 positions in and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. 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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ASX shares are having a good day on the market today, with the benchmark All Ordinaries Index (ASX: XAO) lifting 1.02%.

And that’s helping to drive some ASX All Ords shares to never-before-seen heights.

Let’s take a look at three stocks hitting their highest prices ever on Monday.

3 All Ords shares hitting record highs

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price has taken off to yet another all-time high on Monday. The All Ords share lifted to trade at $4.62 today, marking a 2.66% gain.

There’s been no news from the S&P/ASX 200 Index (ASX: XJO) lithium producer since it dropped its full-year earnings, detailing its maiden profit, on 23 August.

Though, its stock is now trading for 45% more than it was prior to the release.

Mineral Resources Limited (ASX: MIN)

Pilbara Minerals’ fellow ASX All Ords and ASX 200 materials share Mineral Resources has also been on a winning run lately.

Its stock surged 13.6% on Friday amid rumours the company might be planning to spin out its lithium business.

And it’s lifting once more today on the back of an update from its Norseman Lithium joint venture (JV). The initial phase one drilling program completed by the company at the Buldania Lithium Project – part of its initial earn in under the JV ­– has confirmed the presence of lithium.

The Mineral Resources share price hit an all-time high of $74 earlier today, marking a 3.5% gain.

Lovisa Holdings Ltd (ASX: LOV)

The final ASX All Ords share hitting a new record high is Lovisa. Stock in the jewellery retailer hit a high of $25.13 earlier today, representing a 5.8% gain.

It comes as Morgan Stanley ups its expectations for the company. The broker has kept its overweight rating for Lovisa’s shares and upped its price target to $27.25, my Fool colleague James reports.

That represents a potential 8.4% upside on the All Ords share’s current record high.

Interestingly, Lovisa will soon join Pilbara Minerals and Mineral Resources in the ASX 200. It will be added to the index next week.

The post 3 ASX All Ordinaries shares hitting all-time highs on Monday appeared first on The Motley Fool Australia.

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More reading

• Why A2 Milk, BHP, Lovisa, and Nickel Industries shares are charging higher
• Mineral Resources share price lifts on positive lithium project update
• Brokers name 3 ASX lithium shares to buy
• I shouldn’t have sold this ASX share two years ago: fund
• Possible lithium spinoff makes Mineral Resources share price undervalued: Credit Suisse

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 recommended Lovisa Holdings 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 BetaShares Electric Vehicles and Future Mobility ETF (ASX: DRIV) is one of the newer exchange-traded funds (ETFs) on the ASX. This fund was first listed on the ASX in December last year. But it’s had a rough start.

Since that date, the Betashares Electric Vehicles ETF has dropped from around $12 a unit to the $9.03 it is commanding today (at the time of writing). That puts it down by just over 25% since inception, and a nasty 27% or so in 2022 thus far.

But electric vehicles (EVs) are the future, right? So why is this ETF been so dramatically put on struggle street over its relatively short life?

Well, electric vehicles are certainly making waves right now. According to a report in The Age over the weekend, EVs already make up between 10 and 20% of new car sales in many European countries. In Norway, nearly two-thirds of new cars sold last year were EVs.

We all know that EV sales are rising and are almost certainly going to keep rising, thanks to growing mandates around the world forcing vehicle manufacturers to ‘go electric’.

So what gives with the BetaShares Electric Vehicles and Future Mobility ETF?

Why has the BetaShares Electric Vehicles and Future Mobility ETF taken a wrong turn?

Well, it pays to remember that an ETF can only be valued on one thing: the value of the underlying shares the fund holds in its portfolio.

So let’s check out what’s under the hood of the BetaShares Electric Vehicles ETF.

According to the provider, this ETFs current top five holdings are as follows:

1. Uber Technologies
2. Tesla Inc
3. Paccar Inc
4. Volkswagen AG
5. Nio AG

Investors might also recognise some other names there too, such as BYD Co, Volvo AG, Rivian Automotive, and Samsung.

So let’s see how this ETF’s largest holdings have been faring in 2022 thus far. For a start, Uber shares have lost a painful 27.7% year to date. Tesla shares are down 25.07%, while Paccar is flat. Volkswagen shares have lost more than 18.5%, while Nio has tanked 42.75% (despite rising 8.4% last Friday).

So with so much red ink in the BetaShares Electric Vehicles and Future Mobility ETF share portfolio, it’s no wonder this ETF has been struggling over the year so far. Even though a company might be participating in a growth industry, it doesn’t mean its share price can’t take a meaningful hit.

These kinds of shares will probably need to make a dramatic turnaround if investors in this ETF are to see a reversal of fortune.

The BetaShares Electric Vehicles and Future Mobility ETF charges a management fee of 0.76% per annum.

The post Why has the BetaShares Electric Vehicles and Future Mobility ETF lost 27% in 2022? appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 mining shares going great guns on Monday
• Will the ASX open for trade on the Queen’s memorial public holiday?
• What’s boosting the Qantas share price on Monday?
• The best investment, according to Warren Buffett, and how you can own it
• Why is the Sayona Mining share price soaring 8% on Monday?

Motley Fool contributor Sebastian Bowen has positions in Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended BYD, Nio Inc., Tesla, and Volkswagen AG. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Uber Technologies. 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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Monday is proving to be a good day for investors, with the S&P/ASX 200 Index (ASX: XJO) lifting 1.1% at the time of writing.

Leading the way are ASX 200 mining shares. The S&P/ASX 200 Materials Index (ASX: XMJ) is out in front of the Aussie bourse with a 2.4% gain right now.

And market watchers might be surprised to learn which ASX 200 mining shares are providing the sector with the biggest boosts.

3 ASX 200 mining shares outperforming the rest

Nickel Industries Ltd (ASX: NIC)

The Nickel Industries share price is launching 7.3% on Monday to trade at 96 cents.

It comes as the nickel developer updates the market on its Hengjaya Mine’s mineral resource. The measure has grown 333% since June 2020.

The mine has now been found to house around 3.7 million tonnes of nickel and 270,000 tonnes of cobalt – certainly nothing to scoff at.

Understandably, the market appears thrilled by today’s news from the ASX 200 mining share.

De Grey Mining Limited (ASX: DEG)

Joining Nickel Industries in the green is the share price of De Grey Mining.

There’s been no news from the gold developer today. However, last week it revealed the prefeasibility study outcome for its Mallina Gold Project.

On the back of the update, Macquarie analysts upped their price target for De Grey Mining shares to $1.65 on Friday, as my Fool colleague James reports.

The ASX 200 mining stock is trading 6.9% higher at $1.16 today.

Fortescue Metals Group Limited (ASX: FMG)

Finally, mining favourite Fortescue is in the green today, with its share price lifting 3.6% to $18.45.

There’s been no news from the iron ore giant for the last fortnight. Though, it’s worth noting iron ore futures lifted 2.1% to US$102.23 a tonne on Friday, marking a week-on-week gain of 7.2%.

That’s likely bolstering sentiment for the commodity and its ASX 200 iron ore mining shares today.

The post 3 ASX 200 mining shares going great guns on Monday appeared first on The Motley Fool Australia.

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More reading

• Why A2 Milk, BHP, Lovisa, and Nickel Industries shares are charging higher
• Here’s why the Nickel Industries share price is racing 7% higher
• Here are the 10 most shorted ASX shares
• Here’s how long I plan to hold my Fortescue shares
• 5 things to watch on the ASX 200 on Monday

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 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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Prime minister Anthony Albanese declared on Sunday that Thursday 22 September will be a one-off public holiday as a memorial for the recently passed Queen Elizabeth II.

In response, there is some consternation in the business community about the impacts of a day off at such short notice.

Similarly the big question for readers of The Motley Fool will be whether the ASX will be open for trade that day.

The ASX is sorting it out

An ASX Ltd (ASX: ASX) spokesperson told The Motley Fool that an official announcement about 22 September will be coming soon.

“ASX is ordinarily closed on national public holidays. We expect that to be the case on the 22nd too,” said the spokesperson.

“However, given the circumstances of this public holiday, there are some logistic and technical matters that we’re working through at the moment, including with customers, before we can confirm.”

Like many retail and hospitality businesses trying to work out the legal and payroll consequences of a public holiday declared only 11 days in advance, the ASX is apparently also scrambling.

The Motley Fool will update this article as soon as official confirmation comes either way.

More to come.

The post Will the ASX open for trade on the Queen’s memorial public holiday? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• Reason for hope as ‘worst month of the year’ starts off badly
• 6% dividend boost in FY22 yet ASX share price slides today

Motley Fool contributor Tony Yoo 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 Qantas Airways Ltd (ASX: QAN) share price is trading largely in the green today.

At the time of writing, shares of the Flying Kangaroo are swapping hands for $5.26 apiece, up 0.38%.

Whilst there’s nothing price sensitive out of the airline’s camp today, there’s been plenty that’s led us to this point.

What’s up with the Qantas share price?

Qantas shares have been on a round-trip journey themselves over the past few months.

The ‘fasten seatbelt’ sign has been on for investors, with shares plunging from $5.61 on 30 May to 52-week lows of $4.24 on 12 June, only to retrace most of that downside again, as seen below.

The $9.9 billion company by market capitalisation has certainly copped its fair share of headlines over the past few years, beginning with the pandemic.

As reported by The Motley Fool last week, Qantas has been struggling amid the global reopening, hit by labour shortages that are impacting businesses across the board.

Most recently, CEO Allan Joyce’s 15% year-on year-remuneration increase – bringing his pay package to $2.3 million for the year – caused a stir. This comes amid ongoing calls for his resignation.

With all options on deferred pay included, Joyce’s statutory pay was printed at an eye-watering $5.5 million.

Qantas also announced a $400 million buyback of its own shares (following a $1.9 billion loss for the 12 months to 30 June 2022).

The airline also continues to face criticism over its decision to outsource ground handling during the pandemic, axing its entire ground handling crew to do so.

Unsurprisingly, ground operations have suffered as a result, so much so that CEO Joyce was obliged to apologise for the calamity, and promised better from the company.

Meanwhile, the share buyback has copped mixed reviews from analysts familiar with the company. One said it represents “excess working capital being returned to shareholders [and] not excess profitability”.

Despite the negative press, Qantas chairman Richard Goyder last week came in to bat for Joyce, labelling him the “best CEO in Australia” in an interview with The Age.

Nevertheless, the Qantas share price has tipped its wings in recent weeks, climbing from lows of $4.54 on 24 August to its current price.

It now trades back in line with its June 2022 ranges, and, despite climbing 5% this year to date, is down less than 1% over the past 12 months.

The post What’s boosting the Qantas share price on Monday? appeared first on The Motley Fool Australia.

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More reading

• Qantas share price ends week in the red despite green update
• Qantas share price edges lower amid Alan Joyce’s $2.3 million FY22 pay packet
• Could you be holding onto ‘zombie’ ASX shares hoping for new life?
• ‘Reckless?’ Why the $400 million Qantas share buyback is dividing experts
• Qantas share price falls alongside ASX 200 despite surging airfares

Motley Fool contributor Zach Bristow 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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