Category: Stock Market

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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Lake Resources N.L. (ASX: LKE) shares have been in sensational form over the last couple of months.

Since this time in July, the lithium developer’s shares have rocketed a whopping 80% higher.

However, despite this impressive gain, Lake Resources shares remain one of the most shorted on the Australian share market.

As covered here, earlier this week approximately 10% of its shares were in the hands of short sellers.

Why are short sellers targeting Lake Resources shares?

Short sellers often keep their thoughts to themselves, which can make it hard to know exactly why a share is being targeted.

The good news for us, is that research firm J Capital has been very vocal on why it is targeting Lake Resources, so there are no mysteries here.

According to the note, one of the key reasons that J Capital is shorting Lake Resources is its direct lithium extraction (DLE) technology. Its analysts believe that this unproven technology will fail to produce lithium in a clean way and instead produce toxic waste. Which certainly is not something you want to do in the current ESG-focused environment.

J Capital commented:

Lake is claiming to produce “cleaner lithium”. We believe, however, DLE will still use large amounts of water and produce toxic waste. Lake has failed to get an operational pilot plant on site three years after promising it would.

Most explorers are working with multiple DLE technology suppliers to discover which may be the best at working at scale. Based on our research into cooperation partners, we are sceptical that the DLE technology developed by Lilac Solutions “Lilac” works. We have discovered that Warren Buffet’s Berkshire Hathaway Energy Renewables (BHE) has “parted ways” with Lilac.

Investors still have no evidence that the Lilac DLE technology works at scale and if so at what cost. If the DLE technology works then the number of “cycles” for which the extraction medium can be used will be a key cost driver. If the medium can only be used for a few hundred cycles then the costs may be prohibitively high.

It is worth noting that Lake has refuted much of J Capital’s claims. However, until the technology is proven and the company is producing lithium as planned, short sellers don’t appear in a rush to close positions.

The post Why are Lake Resources shares among the most shorted on the ASX? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why is the Lake Resources share price leaping 10% on Thursday?
• Why are ASX lithium stocks having such a stellar run today?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday

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 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 Materials Index (ASX: XMJ) is climbing 2.91% today, but three ASX mining shares are storming higher.

The Black Rock Mining Ltd (ASX: BKT), Classic Minerals Ltd (ASX: CLZ), and Mineral Resources Limited (ASX: MIN) share prices are all well in the green today.

Let’s take a look at what is going on with these mining shares.

Classic Minerals

The Classic Minerals share price is exploding 187.5% today.

Classic Minerals has signed a $10 million funding agreement on the company’s Kat Gap Gold project in Western Australia.

Goldvalley Brown Stone Pty Ltd will provide funding for the extraction and processing of ore from the Kat Gap project. Under the deal, Classic will receive 70% of the net profits from gold production, while Goldvalley will receive 30%.

Chairman John Lester highlighted Classic now has a “clear path to mining and processing of gold”. He added: “We have begun the transition from explorer to producer and shareholder patience will be rewarded.”

Black Rock Mining

Black Rock shares are rocketing 20.69% higher today. The company’s 84% owned subsidiary, Faru Graphite Corporation Limited, has signed an agreement with Urbix for material from module two of the Mahenge Graphite Project in Tanzania.

Urbix is a cleantech refining company working on lithium-ion battery anode materials in the USA. The companies will work together to establish a new supply chain for the US and European battery industries.

Commenting on the news, Black Rock CEO John de Vries said:

Signing this agreement with Urbix is potentially transformational in the context that we are developing an additional USA and European option for the processing of Black Rock’s graphite into battery applications.

Mineral Resources

The Mineral Resources share price is soaring 12% today to $70.54. This follows the company neither confirming or denying speculation it is planning to spin off and list its lithium business in the USA.

This follows news of the potential plan appearing in the Australian Financial Review last night. Analysts believe Mineral Resources’ lithium arm accounts for more than 50% of the company’s value.

In a response to the speculation, Mineral Resources said:

MinRes wishes to advise that, in the normal course of business, it regularly evaluates various strategic options to maximise value creation for shareholders, including in relation to its lithium business.

The post 3 ASX mining shares shooting the lights out on Friday 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
• Why did ASX gold share Classic Minerals just explode 290%?
• Mineral Resources share price rockets 11% as lithium spin-off rumours fly
• Mineral Resources share price on watch amid lithium demerger rumours
• Why is the Lake Resources share price leaping 10% on Thursday?

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 National Australia Bank Ltd (ASX: NAB) share price is edging higher today, currently up 0.79% to $29.86.

Bank stocks have been somewhat of a mixed bag this year after first reaching for the stars in January.

For NAB, it nudged a 52-week high of $33.60 on 22 April, before faltering to a 52-week low of $25.92 by 17 June.

It has since made a recovery and retraced a good portion of that downside. However, questions remain on where NAB shares might head next.

Are NAB shares the better buy?

The NAB share price is in fairly good steed with the group of analysts providing coverage. According to Refinitiv Eikon data, five out of 15 brokers rate it a buy right now, compared to nine saying it’s a hold, and one a sell.

This is down from 10 out of 16 brokers voting it a buy a few months ago back in June.

Still, the consensus price target from this list is $31.24, implying a small amount of upside potential should the group be correct.

Analysts at Goldman Sachs are more bullish than this target, and valued NAB at $34.63 per share in a recent note.

It also forecasted $1.50 per share in dividends for the coming 12 months, with a rise to $1.70 per share the year after.

Meanwhile, things aren’t so rosy over in the Commonwealth Bank of Australia (ASX: CBA) camp. For comparison’s sake, the rival bank has no buy ratings, and nine out of 16 brokers say it’s a sell.

Shares are also down 5% this year to date after turning sharply off a relief rally from the June bounce in equities.

CBA also trades on a price-to-earnings ratio (P/E) of 17.76 times at the time of writing, whereas NAB is priced at a slight discount to this at 15.11 times P/E.

Hence NAB has greater momentum on the chart, brokers say there is buying potential, and it trades at a discount to its rival in this instance.

CBA doesn’t get there with a number of external factors to bake into the investment debate as well.

Based on the culmination of this data, it would appear the NAB share price is the better buy right now. However, this also comes down to one’s personal investing style and, more importantly, risk budget.

The post Are NAB shares a better ASX 200 bank to buy than CBA right now? appeared first on The Motley Fool Australia.

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More reading

• Could this help give the CBA share price an even bigger jump on its ASX counterparts?
• Why is the NAB share price diving more than the other big 4 ASX banks today?
• Why rising rates are a ‘sugar hit’ for ASX 200 bank shares: Macquarie
• Rates go up, and CBA beefs up its business cred. Scott Phillips on Nine’s Late News
• NAB shares offer 15% upside and growing dividends: broker

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.5% to 6,884.5 points.

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

De Grey Mining Limited (ASX: DEG)

The De Grey share price is up 13% to $1.09. This morning analysts at Macquarie responded to the company’s update on the Mallina gold project by retaining their outperform rating and lifting their price target to $1.65. This still implies ~50% upside for the gold developer’s shares despite their strong gains this week.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price is up 12% to $70.55. Investors have been buying this mining and mining services company’s shares amid speculation that it is looking at spinning off its lithium operations to unlock value for shareholders. The company responded to the speculation, stating that “any previously undisclosed potential strategic initiatives being considered by MinRes are not sufficiently advanced or certain to warrant disclosure.”

Nuix Ltd (ASX: NXL)

The Nuix share price is up 20% to 82.7 cents. This has been driven by speculation that US software company Reveal is planning to make a takeover approach. Nuix has since responded to the reports and revealed that it has not received an offer at this stage. It stated: “The Company confirms that it has not received a bid or a written proposal from Reveal.”

Yancoal Australia Ltd (ASX: YAL)

The Yancoal share price is up 3.5% to $6.80. Investors have been buying this coal miner’s shares after it revealed that major shareholder Yankuang Energy has terminated a potential deal to buy the remaining shares it didn’t already own in Yancoal. This is good news for shareholders as Yankuang Energy was trying to force a takeover at a price materially below the current share price.

The post Why De Grey, Mineral Resources, Nuix, and Yancoal shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• Why is the Yancoal share price surging 6% on Friday?
• Why is the De Grey share price rocketing another 13% on Friday?
• Nuix share price rockets 26% on takeover speculation before halt
• Mineral Resources share price rockets 11% as lithium spin-off rumours fly
• Mineral Resources share price on watch amid lithium demerger rumours

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 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 Newcrest Mining Ltd (ASX: NCM) share price is gaining ground over the ASX 200 on Friday.

At the time of writing, shares in Australia’s largest gold mining company are up 4% to $17.68.

In comparison, the S&P/ASX 200 Index (ASX: XJO) is in the green by 0.57% to 6.888 points following the continued rally on Wall Street overnight.

Let’s take a look at why Newcrest shares are beating the ASX 200 today.

Newcrest outshines ASX 200

Despite the company keeping quiet on the announcements front today, investors are bidding up the Newcrest share price.

The price of gold is rebounding from its morning losses to fetch US$1,719 per ounce at the time of writing.

Earlier today, the yellow metal dropped to around US$1,704 as the market cooled off from the likely upcoming rate hike.

The US central bank is widely predicted to raise interest rates by 75 basis points at its 20-21 September meeting.

Furthermore, Newcrest shares are being boosted by the S&P/ASX All Ordinaries Gold Index (ASX: XGD).

Currently, the benchmark index for Australian gold companies is the best performer across the ASX, with a 3.6% gain.

The Newcrest share price is now around 6% off its multi-year low of $16.56 recorded on 2 September.

It appears there are bargain hunters also in the mix which is providing another layer of support.

Shares in fellow gold miners Northern Star Resources Ltd (ASX: NST) and Evolution Mining Ltd (ASX: EVN) are currently up 3.48% and 5.05%, respectively.

Newcrest share price summary

Despite edging 4% in the past week, the Newcrest share price has tumbled by 28% in 2022.

Indeed, it is a long way off from reaching its year-to-date high of $28.96 achieved in April this year.

Based on today’s price, Newcrest commands a market capitalisation of approximately $8.72 billion.

The post Why is the Newcrest share price beating the ASX 200 on Friday? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• Do ASX 200 gold shares pay regular dividends?
• Why are ASX 200 gold shares having such a hard time of it in 2022?
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Aaron Teboneras has positions in Northern Star Resources 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 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 close to eight weeks since the Suncorp Group Ltd (ASX: SUN) share price launched 6% on news Australia and New Zealand Banking Group Ltd (ASX: ANZ) plans to buy its banking business for $4.9 billion.

Unfortunately, it hasn’t managed to keep a hold of those gains. In fact, the stock has tumbled 7.9% since. It’s trading at $10.875 right now, 0.14% lower than its previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) has lifted 0.46% today. It has also gained 2.9% since ANZ’s planned acquisition of Suncorp Bank was announced.

So, what’s been weighing the Suncorp share price down? Let’s take a look.

What’s dragging on the Suncorp share price?

There’s been plenty going on with the Suncorp share price over the last few months.

Of course, the company announced the planned sale of Suncorp Bank on 18 July. And while the market bid the stock higher on the back of the sale, analysts had a far more reserved reaction.

Citi dubbed the sale “strategically sound” but didn’t expect it to materially add to its estimated value of the company, my Fool colleague James reported early last month.

But the major blow to the Suncorp share price between then and now landed on the release of the company’s full-year earnings.

It reported $16 billion of revenue for financial year 2022 – a 14% year-on-year improvement. However, its after-tax profit tumbled 34% to $681 million due to volatility in markets and higher natural hazard costs.

It surpassed its natural hazard allowance by more than $100 million in financial year 2022 as it pushed through 35 separate weather events and processed around 130,000 natural hazard claims.

The stock fell 4.6% when its results dropped on 8 August.

Despite its recent struggles, the Suncorp share price has outperformed over 2022 so far. It’s slipped around 5.5% since the start of the year, while the ASX 200 has dumped 9%.

However, looking further back, its performance isn’t nearly as strong. The stock has slipped 14% over the last 12 months while the index has fallen just 7%.

The post The Suncorp share price has dived 8% since ANZ’s takeover bid. What’s happening? appeared first on The Motley Fool Australia.

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More reading

• Why has the Suncorp share price been struggling in August?
• Can ANZ’s latest acquisition help it catch up to the other ASX 200 bank shares?
• Why Baby Bunting, PointsBet, ResMed, and Suncorp shares are dropping today
• Why is the Suncorp share price slipping today?

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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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ASX lithium shares have been getting their fair share of media attention in 2022.

And for good reason.

Lithium is a core ingredient in the lithium-ion batteries that power the world’s ever-growing fleet of EVs. Most grid storage batteries also require large amounts of lithium.

With the world transitioning away from fossil fuels, lithium prices have gone ballistic since July 2021, hitting all-time highs in March this year. Prices dipped briefly in July but the lightweight, highly conductive metal is back to within 0.5% of its record price at the time of writing.

As you’d expect, rocketing prices for the metal have been a boon to ASX lithium shares.

These four ASX lithium shares are up more than 100% in 2022

It has been a tough year for many ASX stocks.

Since the opening bell on 4 January, the All Ordinaries Index (ASX: XAO) is down 10.1%.

Yet here’s how these top ASX lithium shares have performed:

• Sayona Mining Ltd (ASX: SYA) shares are up 128.6%
• Anson Resources Ltd (ASX: ASN) shares are up 182.1%
• Core Lithium Ltd (ASX: CXO) shares are up 150%
• Latin Resources Ltd (ASX: LRS) shares are up 300%

What’s piquing ASX investor interest?

Investors have clearly been drawn to the rising lithium price alongside the regular media coverage ASX lithium shares have enjoyed this year.

In Core Lithium’s most recent quarterly update, the miner reported that its Finniss Lithium Project in the Northern Territory is on track to export its first lithium by the end of 2022.

The stock also likely received a boost from its admission into the S&P/ASX 200 Index (ASX: XJO). That will enable more fund managers, restricted to trading the biggest stocks, to add Core Lithium shares to their portfolios.

There’s been a steady stream of good news coming from Anson Resources as well.

In its latest release yesterday, the ASX lithium share updated the market on its Paradox Lithium project, located in the US state of Utah. Anson’s definitive feasibility study showed “outstanding economics” for the project. The company hopes to become a major supplier for the US EV market.

Anson shares closed up 42.4% yesterday on the news.

Sayona Mining also notched up its fair share of successes recently.

In August, the ASX lithium share reported it had restarted its North American Lithium (NAL) operations, located in the Canadian province of Quebec. Sayona is forecasting its first spodumene production from NAL in the first quarter of 2023.

Then there’s Latin Resources, the biggest year-to-date gainer among the ASX lithium shares.

In its most recent update on Wednesday, the miner reported that drilling had intersected more high-grade lithium at its Colina prospect, located in Brazil. Latin Resources stated it’s on schedule to deliver its maiden JORC resource in December.

The post 4 ASX lithium shares that have rocketed more than 100% in 2022 appeared first on The Motley Fool Australia.

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More reading

• 5 ASX 200 lithium shares with the lowest levels of debt
• Do Sayona Mining shares pay dividends?
• Why has the Core Lithium share price gained 13% in the past week?
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• 4 ASX lithium shares hitting all-time highs on Thursday

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 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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ASX uranium shares have been shooting the lights out over the past month.

With nations around the world gripped by an unprecedented energy crisis and largely intent on moving away from fossil fuels, nuclear energy is back on the agenda to provide reliable baseload power.

To name a few examples… India is planning a series of new nuclear plants. France is working to restart plants closed for maintenance with plans for 14 new plants.

Japan is reopening nuclear power stations shuttered since the Fukushima disaster in 2011. The Japanese government is also investigating developing next-generation modular reactors.

With news of nations’ expanded nuclear power ambitions hitting the headlines regularly this past month, ASX uranium shares have trounced the index.

How have ASX uranium shares been performing?

Since this time last month, the All Ordinaries Index (ASX: XAO) is down 2.2%. Meanwhile, leading ASX uranium shares have all charged higher.

The Paladin Energy Ltd (ASX: PDN) share price, for example, is up 21.2% over the month.

Over that same time, Boss Energy Ltd (ASX: BOE) shares are up 16.1%, and the Deep Yellow Ltd (ASX: DYL) share price has surged 48.2%.

With those gains already in the bag, is there more growth to come?

Demand expected to ramp up

For some expert insight into the outlook for ASX uranium shares, we defer to the analysts at Macquarie Equities.

According to Macquarie analyst Jon Scholtz (courtesy of The Australian):

A ramp-up in demand is expected with recent news that Japan ordered the development of new nuclear reactors, and 17 existing reactors to be reactivated and that France stated its nuclear will be at full capacity by the winter. Germany also appears to be rethinking reactor decommissioning in light of energy security.

Scholtz said that both Boss Energy and Paladin were “fully licensed in known uranium jurisdictions and have a near-term path to market buoyed by a positive uranium outlook”.

With the resurgent global interest in nuclear power, Macquarie Equities raised its price forecast for uranium by 17% for the 2024 financial year and by 21% for FY25.

With those higher prices in mind, the broker also increased its price targets for the leading ASX uranium shares.

Macquarie has a new target for the Paladin share price of $1.10. That’s 15.8% above the current price of 95 cents.

The new target for the Boss Energy share price is $3.30, 14.2% above the current price of $2.89 per share.

The post ASX uranium shares have had a stellar month. Are they just getting started? appeared first on The Motley Fool Australia.

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More reading

• Why Macquarie is tipping 15% upside for the Paladin Energy share price
• Why has the Paladin Energy share price rocketed 20% in a month?
• What’s the outlook for ASX uranium shares in September?
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today

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 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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