Category: Stock Market

The Brainchip Holdings Ltd (ASX: BRN) share price spent a solid day in the green today amid a positive trading session overall for ASX technology shares.

Shares in the artificial intelligence tech solutions company closed today at 97 cents each, a 5.43% gain. For perspective, the S&P/ASX 200 Index (ASX: XJO) closed 1.59% higher.

Let’s look at what might have impacted the Brainchip share price today.

What happened?

The Brainchip share price was not the only ASX technology share going gangbusters on Thursday. Shares in Megaport Ltd (ASX: MP1) surged 12%, while Xero Ltd (ASX: XRO) climbed 3.52%. Meanwhile, Life360 Inc (ASX: 360) shares soared 16.7% higher at the close.

Today’s boost for multiple ASX technology shares came after the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) rose 2.14% in the United States overnight.

As my Foolish colleague Sebastian noted recently, ASX tech shares have a tendency to follow the trend of US stocks, typically more so than other sectors.

The Information Technology Index (ASX: XIJ) is up 3.19% overall today, while the S&P/ASX All Technology Index (ASX: XTX) closed 3.12% in the green.

What else?

The Nasdaq rose after US Federal Reserve vice chair Lael Brainard warned of risks of overtightening in the US economy.

Investors look to the Federal Reserve for guidance on monetary policy amid high inflation. On Wednesday, the Fed also published its beige book on economic activity.

Brainard said (courtesy of CNBC):

At some point in the tightening cycle, the risks will become more two-sided.

The rapidity of the tightening cycle and its global nature, as well as the uncertainty around the pace at which the effects of tighter financial conditions are working their way through aggregate demand, create risks associated with overtightening.

Brainchip derived nearly 96% of its revenue from customers in the Americas in the 2022 financial year, the company’s FY22 results show.

Meanwhile, in Australia, Reserve Bank of Australia governor Philip Lowe also hinted at a slowing of rate rises in a speech today. However, he said “further increases in interest rates” would be required over the months ahead.

Lowe added:

We are conscious that there are lags in the operation of monetary policy and that interest rates have increased very quickly. And we recognise that, all else equal, the case for a slower pace of increase in interest rates becomes stronger as the level of the cash rate rises.

The Reserve Bank reiterated it was targeting inflation between 2 to 3%. CPI inflation is now 6.1%, while underlying inflation is 4.9%.

Brainchip share price snapshot

The Brainchip share price has soared more than 100% in the past year, while it has surged 43% year to date.

But in the last month, Brainchip shares have lost nearly 14%.

Brainchip has a market capitalisation of around $1.67 billion based on the current share price.

The post Why did the Brainchip share price blast 6% higher today? appeared first on The Motley Fool Australia.

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More reading

• Megaport share price soars 10% as ASX tech shares trump on Thursday
• What is the highest BrainChip shares have ever been?
• Burning through cash: Is BrainChip or Weebit chewing up more capital?
• Why is the BrainChip share price in the red on Thursday?
• The BrainChip share price has dumped 30% in a month. What’s happening?

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 Life360, Inc., MEGAPORT FPO, and Xero. The Motley Fool Australia has positions in and has recommended Xero. The Motley Fool Australia has recommended MEGAPORT FPO. 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) bounced back from Wednesday’s seven-week low today. The index closed 1.77% higher at 6,848.70 points.

It followed a strong session on Wall Street that saw the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) break a seven-session losing streak to gain 2.1%.

It might not surprise readers then that the S&P/ASX 200 Information Technology Index (ASX: XIJ) led the market’s gains today, rising 3.2%.

Meanwhile, lithium shares led the S&P/ASX 200 Materials Index (ASX: XMJ)’s 2.7% gain while the S&P/ASX Real Estate Index (ASX: XRE) lifted 2.9%.

But it wasn’t a great day for all ASX 200 sectors. The S&P/ASX 200 Energy Index (ASX: XEJ) tumbled 2.8% following a disastrous night for oil prices.

The Brent crude oil price fell 5.2% to a new seven-month low of US$88 overnight. Meanwhile, the US Nymex crude oil price dropped 5.7% to trade at US$81.94 a barrel – its lowest point since January.

All in all, 10 of the ASX 200’s 11 sectors closed higher on Thursday. But which share outperformed all others to take today’s crown? Keep reading to find out.

Top 10 ASX 200 shares countdown

Today’s top performing ASX 200 share was software developer Life360 Inc (ASX: 360).

There was no price-sensitive news from the stock today. However, it did release its presentation to the Bell Potter Technology Decoded Conference.

Among other things, the presentation outlined the company’s “pathway to profitability”. That’s expected to see it profitable by 2024. Find out more about the company and what it’s been up to lately here.

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

ASX-listed company	Share price	Price change
Life360 Inc (ASX: 360)	$5.69	16.36%
Megaport Ltd (ASX: MP1)	$8.33	12.57%
Novonix Ltd (ASX: NVX)	$2.29	11.17%
Lake Resources NL (ASX: LKE)	$1.34	10.74%
Zip Co Ltd (ASX: ZIP)	$0.91	8.98%
City Chic Collection Limited (ASX: CCX)	$1.63	8.67%
Nufarm Ltd (ASX: NUF)	$5.26	7.79%
Allkem Ltd (ASX: AKE)	$15.17	7.74%
Pilbara Minerals Ltd (ASX: PLS)	$4.25	7.59%
Clinuvel Pharmaceuticals Limited (ASX: CUV)	$21.20	7.38%

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

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why is the Novonix share price soaring 11% today?
• Why is the Zip share price charging 7% higher on Thursday?
• Why is the Pilbara Minerals share price surging 6% to another all-time high today?
• 4 ASX lithium shares hitting all-time highs on Thursday

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc., MEGAPORT FPO, and ZIPCOLTD FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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 Arafura Resources Limited (ASX: ARU) share price notched up its second day of gains following its upbeat investor presentation.

Investors are drawn to anything exposed to electric vehicles (EVs) and the natural magnet miner is no exception.

Shares in Arafura jumped to a two-month high of 37.5 cents each in afternoon trade before closing at 36 cents a share, 2.86% higher on the day. In contrast, the All Ordinaries (ASX: XAO) closed up 1.62% today.

Strong attraction to the Arafura share price

The miner is aiming to be a major global player in the neodymium and praseodymium (NdPr) market. NdPr is used in making ultra-strong permanent magnets – the kind needed in electric motors.

What may be attracting investors to the Arafura share price is the company’s goal to supply 5% of global demand for NdPr oxide from its Nolans Project in the Northern Territory. The project is the only NdPr- focused facility in Australia with plans to mine and process ore to oxide at the one site.

The project is close to existing infrastructure and the miner claims the key approvals are in place.

Investors drawn to green minerals

NdPr isn’t only required in EVs. The magnets are also key to robotics, wind turbines, and mobile phones – the stuff that excites investors.

A lot of the cool and sustainable technologies also require batteries. This is why ASX lithium shares were also in hot demand today.

The Pilbara Minerals Ltd (ASX: PLS) and Allkem Ltd (ASX: AKE) share prices both hit their record highs today. Pilbara Minerals hit $4.24 a share in intraday trading. It closed the session at $4.23 a share, a gain of just over 7% for the day.

Allkem also notched its new record price of $15.10 a share. It closed at $15.07, up 7.03%. Meantime, the IGO Ltd (ASX: IGO) share price closed at its intraday high of $13.54, 5.45% higher.

Magnet prices falling

With all this positive sentiment boosting the Arafura share price, it’s easy to forget that the NdPr price has been declining. Since hitting a monthly average of US$164 per kg in March, it has fallen to under US$130 a kg.

Slowing economic growth and China going in and out of COVID lockdowns are dragging on prices. But the bulls believe this weakness may not last when the world is moving to decarbonise.

Longer-term outlook is more promising

Arafura believes the security of supply will be challenged given that China is a big supplier of NdPr. Higher prices will be needed to incentivise new production from friendlier nations.

From that perspective, the ASX miner claims that 10 Nolans Projects are needed by 2030 to fill forecast demand.

Around a third of Arafura’s output is reserved for Hyundai Motor Corporation and GE Renewable Energy under a non-binding Memorandum of Understanding (MoU).

Arafura is in discussions with more than 10 other parties for the rest of the planned output from Nolans.

Arafura share price snapshot

The Arafura share price has performed strongly over the past year with a 132% gain. This compares with a 9.25% fall in the All Ordinaries and a 3.3% loss in the S&P/ASX 300 Metal & Mining Index (ASX: XMM).

The outperformance of Arafura also puts it ahead of some ASX lithium shares. This includes Pilbara Minerals with its 94% jump, Allkem with a 59% gain, and IGO with its 43% increase during the period.

Even leading rare earths producer Lynas Rare Earths Ltd (ASX: LYC) can’t keep up with its 21% advance in the last 12 months.

The post Why investors might be getting excited about Arafura shares appeared first on The Motley Fool Australia.

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More reading

• Arafura defies sell-off in ASX mining shares to stay buoyant. Is this why?
• 3 ASX mining shares that rocketed more than 15% on Monday
• These 6 ASX mining shares are now in the ASX 300
• Why is the Arafura share price surging 10% on Monday?
• Why is the Arafura share price leaping 5% today?

Motley Fool contributor Brendon Lau has positions in Allkem Limited, Independence Group NL, and Lynas 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 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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If you’re looking for an easy way to invest in international shares for diversification purposes, then exchange traded funds (ETFs) could be the answer.

But which ETFs should you look at? Named below are three quality ETFs that could be worth getting better acquainted with. Here’s what you need to know about them:

BetaShares Global Energy Companies ETF (ASX: FUEL)

If you’re keen to gain exposure to international energy shares while oil prices are high, then the BetaShares Global Energy Companies ETF could be the way to do it. This ETF allows investors to invest in many of the largest energy producers in the world through a single investment. Through this ETF you’ll be owning a slice of the likes of BP, Chevron, ExxonMobil, and Royal Dutch Shell. And while oil prices have started to fall, OPEC appears intent on cutting production to ensure they stay higher for longer.

BetaShares NASDAQ 100 ETF (ASX: NDQ)

Another ETF to buy for international shares is the BetaShares NASDAQ 100 ETF. If you want to buy many of the highest quality companies in the world in one fell swoop, then this ETF allows you to do it. That’s because the BetaShares NASDAQ 100 ETF allows investors to own a slice of the 100 largest non-financial shares on the famous NASDAQ index. This means you’ll be owning shares in giants such as Alphabet, Amazon, Apple, Meta, Microsoft, Netflix, and Tesla.

iShares Global Consumer Staples ETF (ASX: IXI)

A final ETF to buy for international exposure is the iShares Global Consumer Staples ETF. This ETF gives investors access to many of the world’s largest global consumer staples companies. These are companies that manufacture and sell products that are always in demand with consumers, whatever is happening in the economy. Companies in the fund include Coca-Cola, Nestle, PepsiCo, Procter & Gamble, Unilever, and Walmart.

The post 3 wonderful ETFs for ASX investors to buy today appeared first on The Motley Fool Australia.

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More reading

• Why is the Betashares Nasdaq 100 ETF leaping ahead on Thursday?
• Is the BetaShares NASDAQ 100 ETF the best index fund on the ASX?
• 2 of the best ETFs for ASX investors to buy in September
• 3 quality ETFs for ASX investors in September
• Why is the Betashares Nasdaq 100 ETF (NDQ) tumbling 4% on Monday?

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 BETANASDAQ ETF UNITS and BetaShares Global Energy Companies ETF – Currency Hedged. The Motley Fool Australia has positions in and has recommended BETANASDAQ ETF UNITS and iShares Global Consumer Staples ETF. 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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S&P/ASX 200 Index (ASX: XJO) gold shares recently all reported their full 2022 financial year (FY22) results or half-year results.

And to get straight to the point, all five of them paid a final or interim dividend.

But income investors should bear in mind that ASX 200 gold shares are cyclical by nature. They generally see revenues and profits increase when gold prices rise and fall when the yellow metal slips.

That means that their dividend payouts can likewise be cyclical in nature.

Bullion hit highs of US$2,050 per ounce on 8 March this year and has since retraced to the current US$1,750 per ounce.

Should the gold price increase over the coming year, ASX 200 gold shares are likely to pay out higher dividends. Should bullion drop, dividend payouts from the big miners will likely take a hit.

With that said…

What kind of dividends do the biggest two ASX 200 gold shares pay?

We’ll start with the biggest of the ASX 200 gold shares, Newcrest Mining Ltd (ASX: NCM), with a market cap of $15 billion.

Newcrest pays a 2.3% trailing dividend yield, fully franked.

In its FY22 results, Newcrest reported US$872 million in underlying profit, down 25% year on year. Earnings before interest, tax, depreciation, and amortisation (EBITDA) were also down 16% to US$2.05 billion.

The gold miner paid a final dividend of 20 US cents per share, half its final dividend payout in FY21.

Moving on, Northern Star Resources Ltd (ASX: NST), Australia’s second biggest gold miner, has a market cap of $8.4 billion.

Northern Star pays a trailing dividend yield of 2.9%, fully franked.

In its FY22 results, the miner reported a 35% year-on-year increase in total revenue up to $3.74 billion. Despite the total revenue boost, underlying net profit after tax (NPAT) dropped 27% to $273 million.

Northern Star declared a final dividend of 11.5 cents per share, down 43% from the final dividend paid in FY21.

Three other top gold stocks paying dividends

Working our way down the list to the third biggest ASX 200 gold share, Evolution Mining Ltd (ASX: EVN) has a market cap of $3.9 billion. The gold explorer and producer pays a fully-franked trailing dividend yield of 2.7%.

Evolution’s FY22 results revealed a 22% year-on-year decrease in underlying NPAT to $274.7 million. That’s despite an 11% increase in total revenue to $2.06 billion

Evolution declared a final fully-franked dividend of 3 cents per share, down from 5 cents per share in FY21.

Our number four ASX 200 gold share, Perseus Mining Limited (ASX: PRU) has a market cap of $2 billion.

Perseus pays a trailing dividend yield of 1.5%, unfranked.

Unlike its bigger cousins, in its FY22 results Perseus reported a 66% year-on-year increase in revenue, to $1.13 billion, and record NPAT from ordinary activities of $280 million, up 101% from FY21.

Perseus declared a final dividend of 1.64 cents per share.

Leaving off with the smallest of the ASX 200 gold shares, Gold Road Resources Ltd (ASX: GOR) has a market cap of $1.4 billion.

Gold Road pays a trailing dividend yield of 1.2%, fully franked.

The company reported some strong half-year results, with a 109% boost in NPAT to $40 million. Revenue was up by 51.6% to $197 million.

This saw the miner double its interim dividend payout from the prior corresponding period to 1 cent per share.

The post Do ASX 200 gold shares pay regular dividends? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• 5 things to watch on the ASX 200 on Wednesday
• Why are ASX 200 gold shares having such a hard time of it in 2022?
• Why is the Northern Star share price losing its shine on Tuesday?
• 5 things to watch on the ASX 200 on Tuesday

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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The Core Lithium Ltd (ASX: CXO) share price has been in fine form in the past week.

At the time of writing, shares in the lithium producer are up 4.43% to $1.593.

This means since last Thursday, the share is up 13.75%.

In contrast, the S&P/ASX 200 Materials (ASX: XMJ) index is roaring 2.35% today, but down 5.33% in a week.

Let’s take a look at what driving the company’s shares forward while the broader index remains sluggish.

What’s happened to the Core Lithium share price?

After rocketing to a near all-time high of $1.665 on 16 August, the Core Lithium share price took a breather.

The share slumped almost 25% in the two weeks after as investors booked a tidy profit.

Notably, the relative strength index (RSI) climbed to 79 on 15 August – just before the share was heavily sold off.

However, this didn’t stop Core Lithium shares from quickly rebounding as sentiment picked up across the market.

Earlier this week, ABC News reported that electric vehicle (EV) sales recorded their highest levels ever.

This bodes well for the company as it’s targeting its first production of spodumene concentrate by the end of 2022.

With EVs becoming more mainstream in the Australian market, Core Lithium is well placed to respond to demand.

Recently, the company announced it significantly increased the Mineral Resource Estimate and Ore Reserves Estimate for the Finniss Lithium Project.

Core Lithium wholly owns the Finniss Lithium Project, located just south of Darwin Port in the Northern Territory.

The Core Lithium share price has rocketed to more than 350% over the past year, and is up almost 170% year to date.

Based on today’s price, Core Lithium commands a market capitalisation of roughly $2.64 billion.

The post Why has the Core Lithium share price gained 13% in the past week? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why are ASX lithium stocks having such a stellar run today?
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Tuesday

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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After the horrible day the S&P/ASX 200 Index (ASX: XJO) had yesterday, investors will be pleased with the health gains we’ve seen today. At the time of writing, the ASX 200 has put on a decisive 1.62% to back over 6,830 points.

So let’s dive deeper into these solid gains and take a look at the ASX 200 shares currently at the top of the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Thursday

Core Lithium Ltd (ASX: CXO)

ASX 200 lithium share Core Lithium is our first company to examine this Thursday. So far during today’s trading session, a decent 22.43 million Core Lithium shares have changed owners. We haven’t had any new announcements from the company today.

However, that hasn’t stopped it from leaping 4.26% today to $1.59 a share at the time of writing. This push higher probably explains the elevated volumes we are seeing.

As my Fool colleague Brooke covered this afternoon, most ASX lithium shares are in demand today following some love from ASX brokers, as well as a series of positive developments for the sector.

Lake Resources N.L. (ASX: LKE)

Another ASX 200 lithium stock is next up in Lake Resources. This Thursday has seen a chunky 24.86 million Lake shares swim across the ASX so far today.

This looks like a very similar situation to Core Lithium here. The Lake Resources share price has done one better though and is currently up an eye-catching 9.5% at $1.325 a share. With a gain of this size, it’s perhaps no wonder so many Lake shares are flying around.

Pilbara Minerals Ltd (ASX: PLS)

Well, surprise, surprise, our most traded ASX 200 share today is yet another lithium producer in Pilbara Minerals. Pilbara has seen a whopping 33.82 million of its shares swapped on the ASX today. Again, we have no new news to speak of.

But Pilbara shares are also enjoying the sunshine that investors are shining in its sector today. In Pilbara’s case, it’s currently trading for $4.225, a 6.96% gain. Indeed, Pilbara hit a new all-time high of $4.24 a share earlier in today’s session, which is probably contributing to the volumes we are seeing as well.

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

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More reading

• Why has the Core Lithium share price gained 13% in the past week?
• Why is the Pilbara Minerals share price surging 6% to another all-time high today?
• 4 ASX lithium shares hitting all-time highs on Thursday
• Why is the Lake Resources share price leaping 10% on Thursday?
• Why are ASX lithium stocks having such a stellar run 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 Piedmont Lithium Inc (ASX: PLL) share price is rocketing higher on Thursday despite the company’s silence.

Though, it’s been a big week for ASX lithium shares, perhaps partly due to comments made by the company’s boss.

The Piedmont Lithium share price is 91.5 cents right now. That marks a 5.78% gain on Thursday.

For context, the All Ordinaries Index (ASX: XAO) is up 1.61% right now.

So, what might be boosting the US-focused lithium developer’s stock? Let’s take a look.

What’s driving the Piedmont Lithium share price today?

ASX lithium share Piedmont Lithium is joining many of its peers in the green on Thursday.

Indeed, the S&P/ASX 200 Materials Index (ASX: XMJ) is one of the S&P/ASX 200 Index (ASX: XJO)’s best-performing sectors today. It’s gaining 2.4% at the time of writing compared to the index’s 1.6% gain. And lithium shares are leading its gains for no obvious reason. Though, there’s been plenty to drive sentiment for the sector this week.

Firstly, experts, including Piedmont Lithium CEO Keith Phillips, have voiced concerns supply shortages of the material could continue for years.

Speaking to Yahoo Finance earlier this week, Phillips said the world might not to able to produce enough lithium to sate some aspirational electric vehicle take-up targets. He continued:

There’s going to be a real crunch to get the material. We don’t have enough in the world to turn that much [lithium] production [to meet some 2035 targets].

The world has changed… We’re now in an era where everyone’s going to want an electric car. The car companies can’t make them fast enough, and people are now looking for the lithium they need for the batteries to go in those electric cars.

On that note, Australians have been snapping up electric vehicles at record rates.

According to data from the Federal Chamber of Automotive Industries, released on Monday, a record 4.4% of all cars sold in Australia in August were electric. Tesla Inc (NASDAQ: TSLA)’s Model 3 was Australia’s fourth best-selling car last month.

Looking further back, 2% of cars sold in the country so far this year are battery powered.

Such happenings may have driven sentiment for ASX lithium shares this week and, in turn, could be boosting the Piedmont Lithium share price today.

The post Why is the Piedmont Lithium share price popping 6% on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Why are ASX lithium stocks having such a stellar run today?
• Where does Tesla get its lithium and do any ASX shares benefit?
• Piedmont Lithium share price falls 5% after plans to build the largest US lithium plant unveiled
• Why is the Piedmont Lithium share price plunging 10% today?
• Why are ASX lithium shares having such a cracking start to the week?

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 Tesla. 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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When Neil Armstrong first stepped on the moon, he said, “That’s one small step for man, one giant leap for mankind”. Since that day, countless others have turned their heads towards the skies and dreamed of reaching space.

Unfortunately, that dream appears to have been one step too far for Electro Optic Systems (ASX: EOS) and its share price on Thursday.

At the time of writing, shares in the defence and space systems company are swapping hands for 51.5 cents apiece. This means the Electro Optic Systems share price is down 28.5% from yesterday’s closing price.

What occurred today?

Today, Electro Optic Systems released its results for the first half of the 2022 financial year. They were the very first set of results under the helm of new chief executive Andreas Schwer, who joined the company just over a month ago. 

It was Clive Cuthell, the new company CFO, who had the harder task, releasing a disappointing set of results only three days after joining the company.

The Motley Fool Australia reported on the first half results earlier today. In short, whatever way you look at it, it was an ugly set of numbers.

In the company’s defence, many of the reasons for the poor results were out of its control. Delayed customer contract awards and supply chain challenges meant it was hard for the company to win new projects, and also caused delays in existing projects. It’s hard to deliver a remote weapon system and turret to a customer when the customer hasn’t already received the vehicle it is to be installed upon.

However, the major story is not the numbers but a significant shift in its strategy.

A change of plans

For the better part of a year, the major focus for Electro Optic Systems has been its mid-Earth orbit satellite constellation known as ‘Spacelink’.

The company claimed that Spacelink when launched, would be able to offer continuous, real-time data connectivity to satellites. The issue is that Spacelink also required significant capital, a task made harder by capital markets drying up for such projects.

It appears this capital might have been for nothing, with the new management setting December 2022 as the day of reckoning when Spacelink must be sold. If it can’t be sold, management will look at all other options, including liquidating the business. Either way, Spacelink will no longer be a priority, and a $54.4 million write-down will be hitting the company’s books.

Instead, Electro Optic Systems appears to want to keep its feet on the ground.

Steps forward for the Electro Optic Systems share price

In short, quite like many other former highflyers, the company is drawing a line in the sand and focusing on profit. Still, management is also keen to stress that it isn’t all doom and gloom.

Firstly, Electro Optic Systems has not lost any of the contracts it has been awarded. In fact, it has some new opportunities in the pipeline. One example is the potential to offer remote weapon systems to Ukraine. This might provide a short-term boost to revenue whilst it waits for delays in its other contracts to subside.

If Electro Optic Systems can get this shift right, a new, more profitable, and lower-risk version of the company could arise. Albeit possibly one with lower growth potential. 

However, this requires a bit of faith from investors. Many of whom may find such faith in short supply given the company’s financial and stock price performance over the last year.

The Electro Optic Systems share price is back to where it was when revenue was only a fraction of what it is now. If it can become a profitable and more sustainable company, this might be an interesting entry point for those willing to take the risk and be (very) patient.

It could take years for the company to return to a better place, and there are a lot of obstacles it will need to overcome in the meantime.

The post Is the Electro Optic Systems share price now a massive bargain or a falling knife? appeared first on The Motley Fool Australia.

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More reading

• Why is ASX behemoth Soul Patts lending a hand to Electro Optic Systems?
• Electro Optic Systems share price crashes 35% after first-half shocker
• Why is the Electro Optic Systems share price frozen today?
• Why has the Electro Optic Systems share price soared 16% in 2 days?

Motley Fool contributor Andrew Legget 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 Electro Optic Systems Holdings Limited. The Motley Fool Australia has recommended Electro Optic Systems Holdings 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 Novonix Ltd (ASX: NVX) share price is shooting higher today, continuing to climb during afternoon trade.

Shares of the battery metals and technology company are currently trading 10.68% higher at $2.28 each, just under their intraday high of $2.29 a share.

The company’s home sector, the S&P/ASX 200 Info Technology Index (ASX: XIJ), is also up 2.83% today.

So let’s see what may be setting the Novonix share price alight today.

What’s going on with the Novonix share price?

There have been no announcements from the company since the end of August. However, it seems Novonix might be riding the wave of positive sentiment for ASX lithium shares on the market today.

Although Novonix isn’t strictly a lithium share, a core part of its business is developing technology for lithium-ion batteries.

The share prices of lithium miners Pilbara Minerals Ltd (ASX: PLS) and Allkem Ltd (ASX: AKE) hit new all-time highs today.

Pilbara is currently trading at its record price of $4.22 a share, up 6.84% on the day, while Allkem hit $15.02 a share this afternoon. It’s currently trading at $14.985 a share, 6.43% higher.

At a broader level, the Chinese spot price of lithium carbonate has also risen slightly since Friday last week, gaining 1.47% to 482500 RMB (AU$ 102,878) per tonne. However, it’s still trading significantly below its record high of 497500 RMB (AU$ 106,069) per tonne achieved in March.

Other indices are also in the green on Thursday, including the S&P/ASX 200 Index (ASX: XJO), up 1.6%, and the S&P/ASX 300 Metals and Mining Index (ASX: XMM), up 2.48%.

So it seems that the Novonix share price rally can be explained through broader movements in the market as optimism for lithium abounds.

Novonix share price snapshot

The Novonix share price is enjoying some time in the sun today amid shedding 75% this year to date. For context, the S&P/ASX 200 Index is down around 10% over the same period.

The company’s market capitalisation is around $1.1 billion.

The post Why is the Novonix share price soaring 11% today? appeared first on The Motley Fool Australia.

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More reading

• Why is the Novonix share price smashing the ASX 200 on Wednesday?
• Slide continues: Novonix share price dumps 14% in 2 days
• Why did the Novonix share price crumble 14% in August?
• Why is the Novonix share price slumping 6% on Thursday?
• Novonix share price lifts despite full-year loss deepening to $71 million

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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