Category: Stock Market

AGL Energy Limited (ASX: AGL) and Origin Energy Ltd (ASX: ORG) will both pay a final dividend this month, but which one is higher?

The AGL share price is down 1.36% today, while Origin Energy shares are falling 0.51%. For perspective, the S&P/ASX 200 Index (ASX: XJO) is rising by 0.44%.

However, let’s focus on the dividend these energy giants will be paying to shareholders later this month.

How do the AGL and Origin Energy dividends compare?

AGL’s final dividend for FY22 is, in fact, less than Origin Energy’s final dividend per share.

AGL is paying a final unfranked dividend of 10 cents per share in 2022, 70.6% less than the 34 cents paid in the prior corresponding period.

This follows AGL’s underlying profit after tax dropping 58% to $225 million in FY22.

AGL said the final dividend in FY22 was consistent with the company’s policy to target a payout ratio of 75% of underlying profit after tax.

AGL paid an interim dividend of 16 cents per share in FY22, unfranked. AGL’s total dividend of 26 cents per share in FY22 is 65% less than the 75 cents per share paid out in FY21.

Origin Energy is paying a 16.5 cents per share final dividend, 75% franked. This is 120% more than the 7.5 cents per share Origin paid in the prior corresponding period.

Origin paid a 12.5 cents per share interim dividend in FY22, taking its total dividend payout for the financial year to 29 cents.

Origin reported an underlying profit of $407 million in FY22, 30% more than FY21. Total revenue jumped 20% to $14.46 billion.

AGL will pay its final dividend to eligible shareholders on 27 September, while Origin investors will receive the dividend on 30 September.

Share price snapshot

AGL shares have risen 12% in the past year, while Origin Energy shares have gained nearly 34%

For perspective, the ASX 200 has shed nearly 7% in the past year.

AGL has a market capitalisation of $4.6 billion, while Origin Energy’s market cap is $9.9 billion

The post Are AGL shares offering a bigger final dividend than Origin this year? appeared first on The Motley Fool Australia.

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More reading

• Could you be holding onto ‘zombie’ ASX shares hoping for new life?
• Broker tips 22% upside for the AGL share price
• ‘We would like to see faster progress’: ASX 200 energy shares on notice
• 5 ASX 200 shares turning ex-dividend tomorrow
• Down 15% in a month – is the AGL share price good value yet?

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 Tyro Payments Ltd (ASX: TYR) share price is climbing above the takeover offer price today as the market weights up the prospect of a higher bid.

Morgan Stanley is one that reckons yesterday’s takeover proposal from Potentia Capital will be a “catalyst for other strategic bidders to consider”.

The Tyro share price is currently up 9.7% to $1.32. This is on top of the 27.9% surge on Thursday when the $1.27 a share takeover offer was announced.

Why the Tyro share price could attract another bidder

If Morgan Stanley is right, it will validate the decision by Tyro’s board to reject Potentia’s offer as being too low.

The broker lists three reasons why another bidder for the payments services provider may emerge.

Firstly, there is a global trend of consolidation in Tyro’s industry. With interest rates going up and capital getting more expensive, building scale to reach profitability is suddenly a more pressing priority.

Another reason is that large global players are taking advantage of the fall in share prices. This means would-be buyers won’t have to pay as much to buy smaller and faster-growing ASX companies.

This leads to the third point. Tyro’s share price is inexpensive to a potential suitor. Morgan Stanley noted that the ASX fintech is trading at two-to-three times enterprise value to gross profit (based on the broker’s FY23 forecast). That’s lower than other transactions in this space.

High price to play

But any competing bidder will have to cough up at least $1.52 if it wants Tyro’s largest shareholder to switch horses.

Potentia has the backing of Grok, which owns 12.5% of Tyro’s shares. Grok is the head trust owned by Atlassian Corporation’s (NASDAQ: TEAM) co-founder Mike Cannon-Brooks.

It’s hard to see how a competing bid can be successful without Grok’s support.

Details on the initial takeover of Tyro

Potentia’s offer allows shareholders the option of getting their payment in cash, half-cash and half-scrip in a privatised Tyro, or 100% scrip in the private company.

The offer is also subject to a few conditions, such as a six-week due diligence and getting regulatory approvals.

Potentia is leading a consortium that is behind the takeover bid for the Tyro share price. Other members of the group include HarbourVest Partners LLC, MLC Investments Limited and The Construction and Building Unions Superannuation Fund.

Tyro share price snapshot

Even with the excitement from the takeover offer, longer-term shareholders are likely to still be nursing a big loss.

The Tyro share price has crashed 65% over the past year while the All Ordinaries (ASX: XAO) has shed 7%.

Embattled shareholders will be keeping their fingers crossed that a higher bid will soon emerge.

The post Tyro share price climbs another 10%. Could a fresh takeover bid be on the horizon? appeared first on The Motley Fool Australia.

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More reading

• Nitro now Tyro: Could there be ‘Potentia-l’ for other ASX tech shares?
• Tyro share price rallies 31% following rejected takeover bid
• 2 heart-breaking ASX shares finally turning it around: Morgans
• 3 ASX All Ords shares that leapt over 10% today
• Why did the Tyro share price surge 12% today?

Motley Fool contributor Brendon Lau 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 Atlassian and Tyro Payments. The Motley Fool Australia has recommended Tyro 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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Are the dividends from Macquarie Group Ltd (ASX: MQG) shares going to beat a savings account here as we stand in September 2022?

That is a very good question. For years now, dividends were almost always going to give an investor a higher yield than what could be achieved through a savings account. That’s what record low interest rates, which got down to a paltry 0.1%, result in.

But in 2022, times have changed, and rapidly at that. This week saw the Reserve Bank of Australia (RBA) increase the cash rate for the fifth consecutive month in a row. The cash rate was 0.1% at the start of the year. Now it stands at 2.35%. That changes the game when it comes to cash investments like savings accounts and term deposits.

So let’s circle to the Macquarie dividend. July saw Macquarie fork out its last dividend, a final payment worth $1.40 a share. Unusually for Macquarie, this came fully franked. This was a substantial drawdown from FY21’s final dividend. This was worth a whopping $3.35 per share, partially franked at 40%.

Together with Macquarie’s December interim dividend of $2.72 per share (also partially franked at 40%), Macquarie shares today have a dividend yield of 3.49%.

So how does this dividend yield compare to what an investor can expect from a savings account or term deposit today?

How do Macquarie’s dividends stack up to cash today?

Well, it’s certainly competitive. As we covered earlier this week, the highest savings accounts in Australia currently offer interest rates of just over 3%. The highest of these is presently 3.6%.

Saying that, accounts offering these kinds of interest rates usually come with conditions. These include minimum transaction thresholds, regular deposits, and requirements that no funds are withdrawn if investors are to receive the top rates.

When it comes to term deposits, higher rates still are available to investors. If savers are willing to lock their money away for more than 12 months, rates up to 4.4% are currently available. Macquarie’s own term deposits currently go up to a maximum interest rate of 3.65%. That’s slightly above its present dividend yield.

Something else to consider as well. Rates have just been hiked by another 0.5% as of this week. As is often the case with the ASX banks, this latest hike has yet to fully flow through to banks’ savings products.

So even if the RBA doesn’t raise rates next month, we could see even higher rates still on Australian savings accounts and term deposits in the next few weeks and months.

For years, dividends had the upper hand on cash investments. But it looks like the tide may finally be turning.

The post Is the Macquarie dividend going to beat a bank savings account? appeared first on The Motley Fool Australia.

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More reading

• Morgans names 3 of the best ASX shares to buy in September
• August’s RBA rate hike saw investors favour Macquarie and BHP shares. Here’s what to expect in September: expert
• Top brokers name 3 ASX shares to buy next week
• Is this why the Macquarie share price was ‘steaming ahead’ on Friday?
• Brokers name 3 ASX shares to buy 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 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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The Yancoal Australia Ltd (ASX: YAL) share price is pushing higher into the green on Friday after a good start to the day.

At the time of writing, the Yancoal share price is up 6% at $6.94 following a company announcement. Shares earlier touched $7.15 — their highest mark in 12 months.

What’s up with the Yancoal share price?

The company posted a price-sensitive update informing investors that Yankuang Energy had terminated a potential deal to buy the remaining shares it didn’t already own in Yancoal.

Yankuang already holds a 62.3% stake in the coal player. The offer it made was made based on historical performance of the Yancoal share price.

“Yankuang Energy wishes to update the respective shareholders and potential investors…that, in light of the recent market conditions, it will terminate the potential transactions,” the Chinese company said in a statement.

Following the decision, it was stated that no person or entity, including Yangkuan, can announce an offer or possible offer for Yancoal within six months of today’s announcement.

Investors don’t appear concerned and have, in fact, rewarded Yancoal on the back of the news.

Shares jumped like a mare from the gates at Randwick in early trade today and have held the line since. Trading volume is within 95% of the four-week trading average at nearly 3 million shares.

Today’s lift extends an impressive run for Yancoal these past 12 months, bringing its gains to 186% during that time.

The company hasn’t looked like slowing down either, as seen in the chart above, and neither has the price of coal.

The price of the black rock just recently shot to 52-week highs itself and has turned sharply to trade at US$440/Tonne, just off its all-time high of US$460/Tonne yesterday.

The post Why is the Yancoal share price surging 6% on Friday? appeared first on The Motley Fool Australia.

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More reading

• 2 ASX All Ordinaries shares that defied today’s sell-off to crack new highs
• Why has this ASX energy share surged 196% since the start of the week
• Why are ASX 200 coal shares having another cracker of a day?
• Yancoal share price lifts on 677% earnings boost
• Why India can’t get enough of Aussie coking coal and which ASX shares have exposure

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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1) Sad news today with the death of The Queen. As the UK’s longest-serving monarch, Queen Elizabeth II was a constant in almost all our lives. The UK begins a 10-day mourning period.  Excerpt from Bloomberg…

“Queen Elizabeth II, whose reign took Britain from the age of steam to the era of the smartphone, and who oversaw the largely peaceful breakup of an empire that once spanned the globe, has died. She was 96.

“Ascending the throne in 1952, Elizabeth led the UK through a time of political upheaval.

“Her eldest son, Charles, succeeds her on the throne as King Charles III.”

“We mourn profoundly the passing of a cherished sovereign and a much-loved mother,” Charles said in a statement. “I know her loss will be deeply felt throughout the country.”

According to the Australian Financial Review, there are no immediate plans in Australia to change banknote and coin designs that feature Queen Elizabeth II. 

“Government officials said King Charles III will begin appearing on Australian coins from 2023. It is unclear whether his face will replace Queen Elizabeth on the $5 note.”

2) You perhaps may not realise it – given the high petrol prices at the bowser, the ongoing war in Ukraine, the European energy crisis, and the bumper interim dividend recently declared by Woodside Energy Group Ltd (ASX: WDS) – but the oil price is this week hitting its lowest level since January, falling below $US83 a barrel. Excerpt from Bloomberg…

“Oil headed for a back-to-back weekly loss, burdened by demand concerns, rising stockpiles, and the possibility the Biden administration may make a fresh release from emergency reserves.

“Crude has declined by more than 30% since its June highs as concerns over a global slowdown have gathered strength, overturning the rally triggered by Moscow’s invasion of Ukraine. On Thursday, Federal Reserve Chair Jerome Powell said that the US central bank was determined to curb price pressures, while the European Central Bank delivered a jumbo interest rate rise.”

ASX-listed energy stocks have been largely immune from the falling oil price. Year to date, the Woodside Energy share price is up 47%, the Beach Energy Ltd (ASX: BPT) share price is up 31% and the Santos Ltd (ASX: STO) share price is up 22%.

And Warren Buffett clearly is a long-term fan of oil, with his Berkshire Hathaway having recently been given approval to buy as much as 50% of the shares of US giant Occidental Petroleum. According to Bloomberg, the attraction for Buffett is with inflation looking to be the mega-trend for the first half of the 2020s, crude oil is one of the best natural hedges out there.

3) The S&P/ASX 200 Index (ASX: XJO) jumped higher yesterday after Reserve Bank of Australia (RBA) governor Philip Lowe said, in relation to the current cash rate of 2.35%, “we are closer to estimates of neutral”.

While acknowledging more interest rate rises would be necessary to bring inflation under control, the market is now expecting/hoping the RBA will ease the pace of tightening.

According to the AFR, Su-Lin Ong, chief economist at RBC Capital Markets, expects the RBA to lift interest rates by 0.25 percentage points in October and November. 

The same publication quotes ANZ as still expecting a 0.5 percentage point rise in October, but 0.25 percentage point rises in November and December. 

The bank is still projecting a peak cash rate of 3.35%, meaning he thinks the RBA will be done raising interest rates before the end of this year

4) Could that set things up for a rally in the ASX 200, potentially starting sooner than we might otherwise think?

One fund manager that’s not sitting on the sidelines waiting for markets to steady, or inflation to be tamed, or interest rates to peak, is Airlie Funds Management. Excerpt from the AFR…

“’It sounds counterintuitive, but you’ve got a better chance of making good money when markets are down. So, we welcome volatility, we welcome short-termism because it increases the chance that you’re going to be able to buy mispriced assets,’ says Emma Fisher, portfolio manager at Airlie Funds Management.

“Fisher says corporate balance sheets in Australia are ‘in better shape than they’ve been in any other downturn that we’ve seen’, providing local firms with no shortage of flexibility to navigate any downturn.

“We think if we are heading into a tougher period, that the Australian economy will probably do relatively quite well… we do a good job of talking ourselves into recession.”

Stocks Airlie like include retailers Nick Scali Limited (ASX: NCK) and Premier Investments Limited (ASX: PMV). The Premier Investments share price has fallen 22% in the past 12 months and now trades on a fully franked dividend yield of 4.3%.

The post Here’s why the ASX 200 could be set up for an almighty rally before the end of this horrible year for stocks appeared first on The Motley Fool Australia.

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More reading

• The Woodside share price is trading near multi-year highs. Will the green energy transition spoil the party?
• 5 things to watch on the ASX 200 on Friday
• Here’s why ASX 200 energy shares are diving lower today
• The Santos share price is under pressure today. Here’s why
• Why is the Beach Energy share price sinking on Thursday?

Motley Fool contributor Bruce Jackson has a position in Berkshire Hathaway. 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 Premier Investments 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 De Grey Mining Limited (ASX: DEG) share price is having a very strong day.

In afternoon trade, the gold developer’s shares are up 13% to $1.10.

This means the De Grey share price is now up almost 20% over the last two trading sessions.

Why is the De Grey share price rocketing higher?

Investors have been buying the company’s shares since the release of the pre-feasibility study for its Mallina gold project in Western Australia.

That study revealed upgrades across the board to previous estimates. De Grey expects a life of mine (LOM) of up to 13.6 years, average processed grade up to 1.6 g/t Au, recovered gold of up to 6.4 million ounces, LOM EBITDA of $7.1 billion, and total pre-production costs of up to $1.05 billion.

De Grey managing director and CEO Glenn Jardine said:

Total production has increased by nearly 50% from the scoping study to 6.4Moz with the annual gold production rate increasing by around 25% to 540,0000zpa over the first ten years.

Also getting investors excited were comments relating to its Hemi deposit. Management revealed that its maiden Hemi reserve has 5.1 million ounces of gold at a grade of 1.5g/t Au. It highlights that this is “one of the largest and highest grade maiden reserves in recent decades.”

Positive broker response

It wasn’t just investors that responded positively to the news.

According to a note out of Macquarie, its analysts have responded to the update by retaining their outperform rating with an improved price target of $1.65.

Even after rising strongly this week, this implies potential upside of 50% for the De Grey share price over the next 12 months.

Macquarie was pleased with the material increase to the pre-feasibility study and appears optimistic ahead of the final investment decision next year.

The post Why is the De Grey share price rocketing another 13% on Friday? appeared first on The Motley Fool Australia.

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More reading

• Why is the De Grey share price rushing higher on Thursday?
• Here are the top 10 ASX 200 shares today
• These are the 10 most shorted ASX shares
• Here are the top 10 ASX 200 shares today
• Guess which ASX 200 company bought over $65 million of De Grey shares in August

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 300 Index (ASX: XKO) is in the green today, and the share prices of some market favourites are surfing its gains. In fact, many are leaping to long-forgotten or never-before-seen heights.

The ASX 300 is up 0.49% right now.

Let’s take a look at three ASX 300 shares reaching record or multi-year highs on Friday.  

3 ASX 300 shares reaching new highs today

Lovisa Holdings Ltd (ASX: LOV)

ASX 300 share Lovisa has been on a good run lately. It’s gained 34% over the last 30 days to reach a new all-time high of $24.43 today.

And fans of the jewellery company are likely counting down the days until the stock experiences a notable upgrade. It’s set to be added to the S&P/ASX 200 Index (ASX: XJO) later this month.

It’s likely Lovisa’s addition to the iconic index will further boost its share price. That’s because funds tracking the index will be forced to snap up its securities, thereby increasing demand for the stock and, likely as a result, its value.

Leo Lithium Ltd (ASX: LLL)

Leo Lithium is another ASX 300 share rising to a record high on Friday. The lithium stock lifted 6.6% to 64.5 cents at its intraday high – the highest it’s been since it listed on the ASX.

The company was spun out from Firefinch Ltd (ASX: FFX) in June, with shareholders of the parent company receiving one Leo Lithium stock for every 1.4 Firefinch shares held.

On top of that, another parcel of Leo Lithium shares was offered for 70 cents apiece, raising $100 million as part of its initial public offering (IPO).

Monadelphous Group Limited (ASX: MND)

The final ASX 300 share lifting to long-forgotten highs today is Monadelphous. Stock in the engineering group lifted 5.3% to a high of $13.74 today. That marks its highest point in more than 18 months.

That’s despite no news having been released by the company in more than a fortnight.

The last time the market heard from the ASX 300 share was on 23 August. That was when it released its full-year earnings.

The post 3 ASX 300 shares hitting new highs on Friday appeared first on The Motley Fool Australia.

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More reading

• 4 ASX lithium shares hitting all-time highs on Thursday
• Guess which soon-to-be-ASX 200 share doubled its dividend in August
• Morgans names 2 of the best ASX growth shares to buy
• 5 things to watch on the ASX 200 on Thursday
• Analysts say these exciting ASX growth shares have at least 20% upside

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 Woolworths Group Ltd (ASX: WOW) share price has fallen in the past month, but could it turn around in the future?

Woolworths shares have lost almost 6% since market close on 9 August and are currently trading at $35.93. In today’s trade, they are down 1.75%.

Let’s take a look at the outlook for this supermarket giant.

What do the brokers say?

Woolworths’ net profit and sales lifted in FY22, and one leading broker is tipping its shares to move higher.

Goldman Sachs recommends investors buy the Woolworths share price and have placed a $44.10 target on the company’s shares, a potential upside of 22.7%.

Goldman was impressed with Woolworths’ financial results and is optimistic the company will continue to grow.

Commenting on these results, Goldman analysts said:

Results were of high quality with AU supermarket comp store growth of 5.2% in 4Q22 driven by strong price and positive mix.

Woolworths reported a net profit after tax (NPAT) of $1.5 billion in FY22, a 0.7% gain on the previous year.

Group sales lifted 9.2% on the previous financial year to $61 billion. The company’s retail e-commerce sales grew 33.6% in FY22.

Goldman is also optimistic about Woolworths’ digital and omni-channel advantage and sees it boosting market share and providing margin gains in the future.

Analysts are predicting Woolworths will deliver a fully franked dividend of $1.07 per share in FY23 and $1.16 in FY24. The company paid a final dividend of 92 cents per share in FY22.

Woolworths share price snapshot

The Woolworths share price has fallen nearly 10% in the past year and 5% year to date.

Woolworths has a market capitalisation of about $43.7 billion based on the current share price.

The post Why this top broker is tipping 23% upside for the Woolworths share price appeared first on The Motley Fool Australia.

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More reading

• How do Endeavour’s dividends stack up against its old parent Woolworths?
• Brokers name 2 ASX 200 shares to buy for a retirement portfolio
• Should all ASX investors be buying defensive shares right now?
• Woolworths share price edges higher as shareholders green light MyDeal takeover
• Are Woolworths shares good value in September?

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 positions in and has recommended Goldman Sachs. 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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Some directors of companies in the S&P/ASX 200 Index (ASX: XJO) have been busy selling shares this week.

It can be worth monitoring the activity of company insiders. After all, they should have better insights than the rest of us about the company’s prospects.

But ultimately, director sales come in different shapes and sizes and there are many reasons why directors sell shares. So, I’d be using this information as just another piece of a much larger puzzle.

Let’s check out three ASX 200 shares that have seen director selling this week.

Computershare Limited (ASX: CPU)

According to an ASX release yesterday, CEO Stuart Irving offloaded a total of 238,506 Computershare shares on market between 2 September and 5 September. These shares were sold for total consideration of $5.8 million, implying an average selling price of $24.22. 

This could be putting downwards pressure on the Computershare share price today. Shares have slid 0.9% at the time of writing to $24.52.

According to the release, the sale was, in part, to satisfy withholding tax obligations arising from the vesting of shares through the company’s employee incentive plans. The release further noted that Irving sold additional shares to fund a home purchase in the UK.

Irving retains 132,580 Computershare shares, currently worth around $3.3 million, and a further 653,000 performance and share appreciation rights.

Carsales.com Ltd (ASX: CAR)

Carsales has seen two changes in director’s interest notices come through today relating to separate directors. While the ASX 200 is climbing 0.3%, the Carsales share price is driving 0.4% lower at the time of writing to $22.01.

First up, alternate non-executive director Steven Kloss offloaded 47,248 Carsales shares on the market on 2 September, pocketing $1.1 million in the process. No reasons were provided for the sale but its size is dwarfed by Kloss’ remaining shareholding. He still holds 2.8 million shares in the company, worth around $62 million at current prices.

Non-executive director Walter Pisciotta has also been pressing the sell button, cashing in on 250,000 shares to the tune of $5.5 million. The sales were completed on the market at an average Carsales share price of $22.14. Similarly to Kloss, there was no explanation for the sale. But as the company’s founding chair, Pisciotta still holds a monstrous 8.3 million Carsales shares, currently valued at roughly $183 million.

Allkem Ltd (ASX: AKE)

Director selling has continued for this ASX lithium share this week. Last week, we discovered that non-executive director Richard Seville had a $20 million payday, offloading 1.5 million shares.

This week, we’ve seen three changes in directors’ interest notices at Allkem.

On Monday, it was revealed that non-executive chair Martin Rowley sold 76,038 shares on market, scooping up just over $1 million. Then, news came through yesterday that Rowley had sold a further 149,459 Allkem shares, pocketing an additional $2.1 million. No reasons were provided for either of these sales. But Rowley remains a notable shareholder, holding 2.6 million Allkem shares worth $40 million based on current prices.

During the week, we also learned that managing director and CEO Martin Solay had joined the selling party, unloading 190,148 Allkem shares on the market. The ASX release said the proceeds would go towards meeting tax obligations from the vesting of performance rights. Solay continues to hold 152,818 ordinary shares, valued at around $2.3 million, and a further 770,507 unlisted performance rights.

Despite these insider sales, the Allkem share price has jumped 16% this week, extending what’s been a booming year for this ASX 200 lithium share.

The post 3 ASX 200 directors who have been selling shares in their companies this week appeared first on The Motley Fool Australia.

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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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended carsales.com 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 PointsBet Holdings Ltd (ASX: PBH) share price is shooting 4.4% higher today.

The surge comes after the company announced an update on its wholly-owned subsidiary, PointsBet Maryland.

At the time of writing, shares in the sports betting company are trading at $2.36. They notched an intraday high of $2.42 in earlier trade this morning.

PointsBet take first bet in Maryland

Investors are bidding up the PointsBet share price today after digesting the company’s positive news.

In today’s release, PointsBet advised it has taken its first retail sportsbook bet in Maryland, United States.

The company said Maryland Governor Larry Hogan signed legislation to allow online and retail sports betting in the state in May 2021.

PointsBet quickly jumped on the opportunity, announcing the following month that it had secured online and retail market access in Maryland.

The company achieved this through partnering with the ‘Riverboat on the Potomac’, a licensed satellite simulcast facility for horseracing and minority-owned small business.

This move marks PointsBet’s 12th sportsbook operation in the United States. The company now operates in the states of New Jersey, Iowa, Indiana, Illinois, Colorado, Michigan, West Virginia, Virginia, New York, Pennsylvania and Kansas.

It expects to launch its online sportsbook operations in Maryland early in the third quarter of FY23.

PointsBet US CE) Johnny Aitken welcomed the news, saying:

We are thrilled to be live in Maryland ahead of the commencement of the NFL season.

The first bet was taken on the Buffalo Bills, and we look forward to showcasing our product to the passionate, sports-loving community of Maryland.

PointsBet share price snapshot

Despite roaring higher today, the PointsBet share price has tumbled by 75% over the last 12 months.

The company’s shares touched a three-month low of $2.13 earlier this week.

Based on today’s price, PointsBet commands a market capitalisation of approximately $719 million.

The post The PointsBet share price is roaring higher today. Here’s why appeared first on The Motley Fool Australia.

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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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet 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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