Category: Stock Market

If you’re looking for some shares to buy post-earnings season, then you may want to check out the two listed below.

The team at Goldman Sachs believe these shares are buys after posting solid but under-appreciated results last month. Here’s what the broker is saying:

REA Group Limited (ASX: REA)

Goldman feels that the market under-appreciated the strength of this property listings company’s results last month and has reiterated its conviction buy rating with a $164.00 price target.

Based on the current REA share price, this implies potential upside of 32% for investors over the next 12 months. Goldman commented:

Shares are trading back in-line with pre-result levels, despite having a solid FY22 result with core Australia EBITDA +2% vs. GSe, and outlook commentary that was very positive, particularly around expectations for delivering sustained double digit yield growth through the cycle, including in FY23E.

We sit +2% vs. consensus NPAT in FY23, and believe the market is still being too conservative on the pricing power of REA, which we believe is well-placed to deliver on its targets of double digit yield growth. In FY23 this will be driven by 6% price rises and strong uptake of Premiere Plus and Premiere All late in the prior year, while these trends will continue into FY24, and will be supported by a more material price rise that could potentially exceed 10% itself.

Readytech Holdings Ltd (ASX: RDY)

Another ASX share that the broker believes the market is under-appreciating is enterprise technology company Readytech.

Goldman has a buy rating and $4.30 price target on its shares. Based on the current Readytech share price, this implies potential upside of 42% for investors. Its analysts commented:

RDY is building an impressive track record of organic growth, delivering +17% in FY22 and guiding to mid-teens again in FY23, helping to dispel market concerns regarding RDY’s underlying growth.

While concerns around margins are valid with FY23 guidance implying EBITDA margins contract ~250-300bps, we think FY23 will be the trough as RDY exerts pricing power across the portfolio and cycles headwinds from tech labour inflation into FY24. The company has high gross margins (>90%), low churn (~3%) and high recurring revenue (84%) which lends itself to increasing profitability as it scales.

Strong line-of-sight to its FY26 targets, combined with EBITDA margins trending back towards high 30’s should see RDY grow EPS at a >20% CAGR to FY26E.

The post 2 under-appreciated ASX shares that Goldman Sachs rates as buys appeared first on The Motley Fool Australia.

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More reading

• Why analysts rate these ASX growth machines as buys
• Here are 2 ASX 200 shares that experts rate as buys
• Top brokers name 3 ASX shares to buy next week
• Experts name 3 ASX growth shares to buy in September
• Should you buy these ASX 200 shares after the market selloff?

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 Readytech Holdings Ltd. The Motley Fool Australia has recommended REA Group Limited and Readytech 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 Kogan.com Ltd (ASX: KGN) share price put in a strong showing to end the week, charging 4.5% higher today to close at $3.71.

The broader market was also in the green as the S&P/ASX 200 Index (ASX: XJO) climbed 0.7% to finish at 6,894 points.

What’s driving the Kogan share price higher?

There’s been no news from Kogan, but it could be that positive sentiment towards fellow ASX retail share Temple & Webster Ltd (ASX: TPW) is spreading.

The Temple & Webster share price also felt the love today, capping off the week with a 4.9% gain to close at $5.84.

Temple & Webster hasn’t made any recent announcements either. But it was the subject of a bullish broker note out of Goldman Sachs this morning.

The broker has initiated coverage on Temple & Webster shares, slapping on a buy rating with a 12-month price target of $7.55. This represents a potential upside of 29% compared to the current Temple & Webster share price.

Goldman expects the ASX retailer to grow as a structural winner in the shift to online. The broker pointed to Temple & Webster’s wide range of products and price points, low-inventory business model, the early stages of e-commerce penetration, and a lack of significant competitive threat over the medium-term as reasons to be bullish.

In the same broker note, Goldman also initiated coverage on Adairs Ltd (ASX: ADH) shares with a buy rating and a 12-month price target of $3.05. This implies a potential upside of 47%.

Kogan’s latest developments

Kogan last updated the market when it released its FY22 results. Revenue dropped 8% to $718 million as the company cycled COVID-accelerated growth in the prior year.

Meanwhile, adjusted earnings before interest, tax, depreciation, and amortisation (EBITDA) tumbled 69% to $18.9 million as the company continued to battle inventory woes and elevated operating costs.

Looking ahead, the company is expecting the continued expansion of Kogan Marketplace, including the launch of an advertising platform; growth in Mighty Ape; further growth in Kogan First subscribers; continued strong contribution from exclusive brands; and improved operating leverage.

Kogan share price snapshot

The Kogan share price has crumbled 57% this year, and it’s down 65% over the last 12 months.

Kogan’s co-founder and CFO David Shafer has seen this as a buying opportunity, recently picking up more shares.

On 30 August, he purchased 150,000 Kogan shares on the market at an average price of $3.38 per share for total consideration of around $500,000.

The post Why did the Kogan share price leap 5% on Friday? appeared first on The Motley Fool Australia.

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More reading

• ‘Material runway’: Goldman Sachs says Temple & Webster share price is a buy
• ASX better buy: Temple & Webster or Kogan shares?
• About to go shopping? Kogan share price slides 5% amid acquisition rumours
• Why is the Kogan share price smashing the ASX 200 on Friday?
• How I’d invest $20,000 in ASX shares today if I had to start from scratch

Motley Fool contributor Cathryn Goh 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 ADAIRS FPO, Kogan.com ltd, and Temple & Webster Group Ltd. The Motley Fool Australia has positions in and has recommended ADAIRS FPO and Kogan.com ltd. The Motley Fool Australia has recommended Temple & Webster Group 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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It might be fair to describe the Telstra Corporation Ltd (ASX: TLS) share price as being ‘stuck in no man’s land’. Today, Telstra shares lost 0.51% of their value, falling to $3.92 each by market close. But, as we looked at yesterday, this puts the Telstra share price at a 7% loss for the 2022 year to date.

After a stellar 2021, which saw Telstra shares gain an impressive 40% or so, this is certainly a change of pace.

One factor that could be weighing on investor sentiment is the ongoing feud between Telstra, its fellow ASX-listed telco TPG Telecom Ltd (ASX: TPG), and its arch-rival Optus.

Optus is not an ASX-listed company. In fact, it isn’t even Australian, being owned in full by the giant Singaporean telco Singtel.

But that hasn’t stopped Optus from raging against what it sees as a detrimental tie-up between Telstra and TPG.

Telstra caught up in Optus spat

As we reported back in July, Optus has taken umbrage with a deal between Telstra and TPG that was first flagged back in February. This will see Telstra give TPG access to around 3,700 Telstra mobile towers, mostly in regional and suburban areas.

This will allow TPG to increase its 4G coverage from 96% to 98.8% of the Australian population. For its trouble, Telstra will receive an estimated $1.6-$1.8 billion in revenues over the next decade from TPG.

But Optus cried foul, seeing the deal as detrimental to its own service provision in regional areas. As we reported in July, Optus stated that the deal would “lead to a loss of competition and material consumer and public detriment… [and] ‘locking’ competition out of the regional market and eliminating choice in regional Australia”.

Well, we’ve now seen the latest chapter in this ongoing dispute. According to a report from itnews.com.au, Telstra and TPG have openly refuted Optus’ claim that their scheme amounted to a ‘merger’ directly to the Australian Competition and Consumer Commission (ACCC). The report states that:

Telstra and TPG have unleashed a blizzard of expert reports in an attempt to refute Optus’ opposition to their proposed spectrum and network-sharing deal.

Optus has already pulled out the big guns

The crux of these reports alleges that Optus would be unable to provide the same kind of arrangement to TPG that it has struck with Telstra. In addition, the reports refute Optus’ other allegations. These include that the deal reduces competition and boosts Telstra’s already dominant market share.

In contrast, senior Optus executives alleged back in June that the proposed deal would be “a backward step for millions of Australians”.

That was none other than former New South Wales premier Gladys Berejiklian.

Berejiklian is now a senior executive with Optus. As we covered at the time, she went on to say:

Our regions need more telecommunications investment, better connectivity, and improved services – and the proposed Telstra / TPG network merger is a very big step backward.

The proposed merger risks these advantages and the future ones and with that, our nation’s economic potential.

So lot’s going on in the ASX telco space at the moment. We can’t be sure of these ongoing spats are denting ASX investors’ confidence in the Telstra share price. But it does not seem like they are helping, going off the company’s lacklustre performance over 2022 thus far.

The post Telstra share price is caught in no man’s land as Optus feud continues appeared first on The Motley Fool Australia.

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More reading

• ASX bounces back and telco titans tussle. Scott Phillips on Nine’s Late News
• The Telstra share price has gone backwards in 2022. Is now the time to pounce?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Brokers name 2 ASX 200 shares to buy for a retirement portfolio
• Should all ASX investors be buying defensive shares right now?

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation Limited. 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 positions in and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended TPG Telecom 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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The S&P/ASX 200 Index (ASX: XJO) posted its highest close of September so far today. It lifted 0.66% to end Friday’s session at 6,894.20 points. That marks a 0.96% week-on-week gain.

The S&P/ASX 200 Materials Index (ASX: XMJ) led the index with a 3.3% improvement amid higher commodity prices.

Iron ore futures lifted 3% overnight to reach US$100.09 a tonne while the price of copper rose 3.9% and that of nickel gained 0.9%. Gold futures, however, slipped 0.4% to US$1,720.20 an ounce.

The S&P/ASX 200 Energy Index (ASX: XEJ) also rose 1.1% alongside oil prices.

The Brent crude oil price lifted 1.3% to US$89.15 a barrel while the US Nymex crude oil price increased 2% to US$83.54 a barrel.

On the other end of the stick, the S&P/ASX 200 Consumer Staples Index (ASX: XSJ) posted a 1.2% fall while the S&P/ASX 200 Real Estate Index (ASX: XRE) slumped 0.8%.

All in all, five of the ASX 200’s 11 sectors closed higher today. But which stocks outperformed? Keep reading to find out.

Top 10 ASX 200 shares countdown

The biggest gain on the ASX 200 on Friday came from materials share Mineral Resources Limited (ASX: MIN).

Rumours the company could be considering spinning out its lithium business likely drove its share price higher today.

Today’s biggest gains were made by these ASX shares:

ASX-listed company	Share price	Price change
Mineral Resources Limited (ASX: MIN)	$71.51	13.58%
De Grey Mining Limited (ASX: DEG)	$1.085	11.86%
Sandfire Resources Ltd (ASX: SFR)	$4.20	7.97%
Fortescue Metals Group Limited (ASX: FMG)	$17.81	6.14%
Pilbara Minerals Ltd (ASX: PLS)	$4.50	5.88%
IGO Ltd (ASX: IGO)	$14.31	5.69%
EML Payments Ltd (ASX: EML)	$1.00	5.26%
Allkem Ltd (ASX: AKE)	$15.95	5.14%
Silver Lake Resources Limited (ASX: SLR)	$1.29	4.88%
Alumina Ltd (ASX: AWC)	$1.445	4.71%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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More reading

• Brokers name 3 ASX shares to buy today
• Up, up, and away: Pilbara Minerals shares deal out another all-time high
• Here are the 3 most heavily traded ASX 200 shares on Friday
• 3 ASX mining shares shooting the lights out on Friday
• Why De Grey, Mineral Resources, Nuix, and Yancoal shares are racing higher

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 positions in and has recommended EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. 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 Insurance Australia Group Ltd (ASX: IAG) share price is edging lower on Friday afternoon, down 11% to $4.655 ahead of the market close.

This comes as insiders appear to have taken advantage of the share price weakness to purchase more shares.

Following today’s gains, the insurance giant’s shares are up 2% in a month, and 9% in 2022.

Which directors topped up on IAG shares?

In its most recent statements, IAG revealed that a number of its directors each bought a parcel of shares.

IAG non-executive director Scott Pickering picked up 5,000 IAG shares through an on-market trade on 25 August at $4.55 per share. This total value of Pickering’s latest purchase equates to around $22,700.

He now has a total of 29,615 ordinary IAG shares.

Also investing in more shares on the same day was non-executive director Jonathan Nicholson. He bought 2,200 IAG shares at an average price of $4.54 apiece, valued close to $1,000.

Nicholson now has a total of 33,761 ordinary IAG shares.

Fast-forward five days and non-executive director George Sartorel made the biggest buy-in with 10,000 IAG shares added to his portfolio.

He paid an average price of $4.65 per share, which is about $46,500 spent.

Sartorel doubled his total and is now holding 20,000 ordinary IAG shares.

It appears that the directors believe that IAG shares may have bottomed out.

IAG share price snapshot

Over the past 12 months, the IAG share price has fallen by 11.5%.

The company’s share price has been moving in a sideways channel over the past month.

Based on today’s price, IAG commands a market capitalisation of roughly $11.49 billion.

The post Here’s how many IAG shares the company’s executives have been buying in the past 2 weeks appeared first on The Motley Fool Australia.

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More reading

• Why is the next IAG dividend not fully franked?
• Here are the top 10 ASX 200 shares today
• Could wild spring weather threaten the performance of IAG shares?
• Here’s why the IAG share price is slumping today
• Looking to buy IAG shares but worried about where the growth will come from? Read this

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 positions in and has recommended Insurance Australia 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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The Rio Tinto Limited (ASX: RIO) share price is finishing the week on a high.

The mining giant’s shares are currently trading at $94.255, a 2.61% gain.

Let’s take a look at why Rio Tinto is having such a good day.

What’s going on?

Rio Tinto produces many metals and minerals, including iron ore, copper, and aluminium.

The iron ore price has lifted 3.05% to US$101.5 per tonne, Trading Economics data shows.

Iron ore prices rose after Chinese city Zhengzhou promised to start rebuilding all stalled housing projects by October 6, Mining.com reported.

Yesterday, an ANZ research report revealed China’s iron ore imports increased 5.44% to 96.2 million tonnes in August.

In a further boost for the Rio Tinto share price, copper futures also jumped by 2.1% to US$3.6 a pound overnight. Copper prices climbed amid concerns about supply.

The aluminium price also lifted 1.86% to US$2276.50 per tonne.

The S&P/ASX 200 Materials Index (ASX: XMJ) is up 3.1% today, while the S&P/ASX 200 Resources Index (ASX: XJR) is 2.88% in the green.

Meanwhile, Rio Tinto is forecasting it will ship 320 to 335 Mt of Pilbara iron ore in 2022 and 3 to 3.1 Mt of aluminium. Additionally, Rio Tinto predicts it will produce 500 to 575 kt of mined copper and 230 to 290 kt of refined copper this calendar year.

Rio Tinto share price snapshot

The Rio Tinto share price has lost 11% in the past year, while it has fallen 6% in the year to date.

In the past month, Rio Tinto shares have shed around 5%.

Rio Tinto has a market capitalisation of nearly $35 billion.

The post Why is the Rio Tinto share price lifting today? appeared first on The Motley Fool Australia.

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More reading

• Down 8% in a month, could Rio Tinto shares be worth digging into?
• Why are ASX 200 mining shares getting blasted on Wednesday?
• Rio Tinto share price lower despite Turquoise Hill agreement
• Own Rio Tinto shares? Here’s why the CEO just met with China Mineral Resources
• Why are ASX 200 mining shares getting hammered on Friday?

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 S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. In afternoon trade, the benchmark index is up 0.7% to 6,896.2 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is down almost 1% to $5.54. Investors have been selling the infant formula company’s shares following the release of a broker note out of Goldman Sachs. This morning the broker initiated coverage on the company with a sell rating and $5.80 price target. Goldman said: “Despite solid operational execution in 2H22, we believe this result will be challenging to replicate in FY23.”

Life360 Inc (ASX: 360)

The Life360 share price is down over 3% to $5.50. This appears to have been driven by profit taking after some strong gains earlier this week. For example, even after this decline, the location technology company’s shares are still up over 7% since the start of the week. A positive update at an investor event gave its shares a boost.

Nine Entertainment Co Holdings Ltd (ASX: NEC)

The Nine share price is down 3.5% to $2.14. This has been driven almost entirely by the entertainment company’s shares trading ex-dividend this morning for its final dividend of FY 2022. Eligible shareholders can now look forward to receiving Nine’s fully franked 7 cents per share dividend next month on 20 October.

Ramsay Health Care Limited (ASX: RHC)

The Ramsay share price is down 1.5% to $70.11. This morning the private hospital operator revealed that the proposed sale of Ramsay Sime Darby Health Care to IHH Healthcare Berhad has terminated. Discussions between the parties concluded and have not resulted in a binding agreement for the sale of Ramsay Sime Darby.

The post Why A2 Milk, Life360, Nine, and Ramsay shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Why is the A2 Milk share price tumbling lower today?
• 5 things to watch on the ASX 200 on Friday
• Why has the A2 Milk share price leapt 17% in a fortnight?
• 2 ASX growth shares that analysts say have 40%+ upside
• Life360 share price explodes 16% higher amid pathway to profitability

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. The Motley Fool Australia has recommended A2 Milk and Ramsay Health Care 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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It’s looking like the S&P/ASX 200 Index (ASX: XJO) will end the trading week on a positive note as we barrel towards the weekend this Friday. At the time of writing, the ASX 200 has put on a pleasing 0.69%, which puts the index back over 6,890 points. 

But let’s now delve a little deeper into these market moves and have a glance at the shares currently topping the ASX 200’s share trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Friday

Lake Resources N.L. (ASX: LKE)

ASX 200 lithium shares have been dominating the market’s most traded stocks all week, and it seems this Friday is no different. So far today, a hefty 21.94 million Lake Resources shares have been exchanged on the share market.

We haven’t had any news or announcements from the company so far today. So we can probably blame this high volume on the volatility we have seen with this company’s share price during the current session. Lake Resources shares initially surged up to $1.40 each this morning. But investors seem to have gotten cold feet, with the company now down by 1.12% at $1.32 a share.

Core Lithium Ltd (ASX: CXO)

Next up is Lake’s fellow ASX 200 lithium share Core Lithium. This Friday has seen a sizeable 24.6 million Core Lithium shares swap hands as it currently stands. All is quiet on the Core Lithium news front as well. But we have seen some similar, if less dramatic, share price moves with this company as well.

Like Lake Resources, Core Lithium initially had a strong start today. But the company has given up its earlier gains, and is presently down by 0.32% at $1.60 a share. Again, it seems we have this bouncing around to thank for the elevated volumes we see.

Pilbara Minerals Ltd (ASX: PLS)

Once again, our third, final and most traded ASX 200 share today is (yet another) lithium producer in Pilbara Minerals. So far this Friday, a whopping 32.03 million Pilbara shares have been bought and sold on the markets. In contrast to the two other lithium shares on this list, Pilbara Minerals has managed to hold onto its gains during this session.

The company is presently up a pleasing 4.35% at $4.44 a share after touching yet another new all-time high of $4.48 this morning. No doubt it is this gain, and new high, that is responsible for Pilbara’s most traded crown.

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

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More reading

• Why is the Global Lithium Resources share price rocketing 27% this week?
• Why are Lake Resources shares among the most shorted on the ASX?
• 4 ASX lithium shares that have rocketed more than 100% in 2022
• 5 ASX 200 lithium shares with the lowest levels of debt
• Here are the top 10 ASX 200 shares today

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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The Global Lithium Resources Ltd (ASX: GL1) share price is soaring 10.77% this afternoon to $2.16. That takes its gains for the week to 27.43% since last Friday’s close.

Other ASX lithium shares are also up over the same period, including Liontown Resources Limited (ASX: LTR), up 13.27%, and Core Lithium Ltd (ASX: CXO), up 24.51%.

The broader picture is that the S&P/ASX 200 Materials Index (ASX: XMJ) is also up over this time, making a gain of 4.72%

There has been no news from Global Lithium today to explain why its shares are surging.

However, it’s more likely that shares are up following positive developments in the lithium industry and its most recent update in August.

So let’s investigate those and see if we can piece together what’s happening.

What’s going on with Global Lithium?

The most recent update for the company was made on 19 August. It announced metallurgical test work for its Marble Bar Lithium Project in Port Hedland, Western Australia, of which it reported “very promising” results.

Some of its findings included 5.9% of lithium oxide spodumene concentrate at the site. The Global Lithium share price edged 1.87% higher on the back of the results.

Broader developments in the lithium industry have also occurred, including the fact that electric vehicle sales reached a new all-time high in Australia, as reported by the Federal Chamber of Automotive Industries (FCAI) on Monday.

And in the United States, California mandated that all new vehicles to be sold in the state will be powered by hydrogen or electricity by 2035, which was announced at the end of August.

So these factors are driving up the demand front, while on the supply end of things, the International Energy Agency said lithium could be in short supply as soon as 2025, reported in June by the World Economic Forum.

Global Lithium share price snapshot

The Global Lithium share price is up around 84% year to date and 450% over the past 12 months. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down around 9% and 6% over the same periods, respectively.

The company’s market capitalisation is $352,310,008

The post Why is the Global Lithium Resources share price rocketing 27% this week? appeared first on The Motley Fool Australia.

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More reading

• 4 ASX lithium shares that have rocketed more than 100% in 2022
• 5 ASX 200 lithium shares with the lowest levels of debt
• Why has the Core Lithium share price gained 13% in the past week?
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why are ASX lithium stocks having such a stellar run today?

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 Nuix Ltd (ASX: NXL) share price is shooting the lights out today, up 20.2%, trading at 83 cents.

Shares in the ASX tech company reached an intraday high of 88 cents apiece shortly after the market opened, capping off a great week so far. The Nuix share price is currently up a healthy 34% in the past five days alone.

Today’s price action follows announcements Nuix made this morning amid speculation of a takeover bid from software intelligence company Reveal, which it swiftly rejected. Let’s cover the highlights of what Nuix announced today.

Nuix dispels Reveal takeover speculation

Nuix issued a press release this morning addressing speculation reported in The Australian. The company stated that it had not “received a bid or a written proposal from Reveal”.

Nuix said it would continue to disclose material matters such as takeover bids if and when they occured as part of its disclosure requirements.

The Australian reported that Reveal made an offer for the software distribution company, with Barrenjoey allegedly helping to facilitate the deal. My Fool colleague James notes that it’s the second time The Australian has reported on a rumoured takeover bid from Reveal for Nuix shares.

Trading in Nuix shares was paused for around two hours this morning to give the company time to address the speculation.

Nuix share price snapshot

Shares in the software distribution company have since returned to trading and are currently swapping hands for 83 cents.

As for its sector, the S&P/ASX 200 Info Technology Index (ASX: XIJ) is up slightly today by 0.55%.

The company’s market capitalisation is around $260 million.

The post Up 20% today, what’s new with the Nuix share price? appeared first on The Motley Fool Australia.

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More reading

• Why De Grey, Mineral Resources, Nuix, and Yancoal shares are racing higher
• Nuix share price rockets 26% on takeover speculation before halt
• What’s been happening with the Nuix share price of late?
• Nuix share price tumbles following $23m loss in FY22

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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