Category: Stock Market

The Bitcoin (CRYPTO: BTC) price is down 5.6% over the past 24 hours.

The world’s top crypto is currently trading for US$18,714 (AU$27,893).

With the Bitcoin price down 61% year to date, the token’s market cap now stands at US$358.7 billion, according to data from CoinMarketCap.

That’s a far cry from the US$1.3 trillion market valuation BTC commanded at its peak on 10 November last year.

In fact, with the vast majority of altcoins also sharply lower, the total crypto-sphere market cap has sunk below the US$1 trillion mark.

So, what’s going on?

Why is the Bitcoin price in retreat?

Bitcoin and most all altcoins, stablecoins aside, have been trading in line with risk assets throughout 2022.

And risk assets have taken a drubbing as leading central banks pivot from a decade of accommodative monetary policies to aggressive tightening as inflation rates across the globe skyrocket.

In US markets, the tech-heavy NASDAQ fell 0.7% yesterday (overnight Aussie time). That’s the seventh day of losses in a row for the index. The NASDAQ is now down 27.1% year to date.

And it’s looking increasingly likely that the world’s top economy may slip into recession.

A note out of Blackrock cautioned, “We think getting inflation back to central bank targets means crushing demand with a recession. That’s bad news for risk assets in the near term.”

And bad news for the Bitcoin price as well.

According to head of investment insights at IDEG Asset Management Kevin Loo (courtesy of Bloomberg):

The macro narrative is very hard to be able to let go and will drive risk assets. Bitcoin is below $20,000. We have been here before and it’s likely that we could actually go slightly lower.

A buying opportunity?

However, the big Bitcoin price falls are seen as a buying opportunity by some crypto investors.

“Under the hood, moreover, I think you’re seeing institutions gobble up coins when BTC drops below $20,000,” founder of GOGO Protocol Garry Krugljakow said.

Loo also remains bullish on the long-term outlook for the world’s original crypto.

“Bitcoin was at $3,000 in the first crypto winter and if you measure trough to trough, the trend is we are heading higher in the longer term,” he said.

The post The Bitcoin price just fell below US$19,000 What’s happening? appeared first on The Motley Fool Australia.

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More reading

• 3 reasons to invest in Ethereum right now
• Is El Salvador’s great Bitcoin experiment fizzling or just getting started?
• Why did the Dogecoin price tumble 12% in August?
• The Bitcoin price tanked 15% in August. Here’s why
• Why the Bitcoin price was struggling 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 positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. 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 Australian market is tumbling today following a poor session on Wall Street overnight, with the All Ordinaries Index (ASX: XAO) recording a 1.43% fall at the time of writing. But not all ASX All Ordinaries shares are suffering.

We’ve rounded up two that are not only outperforming today but have lifted to new all-time highs.

So, without further ado, let’s take a look at the ASX All Ordinaries shares that resisted the worst of today’s sell-off.

2 ASX All Ordinaries shares breaking records on Wednesday

Pilbara Minerals Ltd (ASX: PLS)

Stock in Pilbara Minerals is outperforming today. It rocketed to its highest point ever earlier today –reaching a high of $4.03 a share. That marked a 1.76% gain on its previous close.

It comes after JP Morgan analyst Lydon Fagan reportedly upped the broker’s price target for the ASX All Ordinaries share and its expectations for lithium prices earlier this week.

Pilbara Minerals’ stock is now tipped to lift to $4.10 – representing an upside of more than 4% on its current level, The Australian reported.

The company also reported its maiden profit just over a fortnight ago.

Sadly, the stock hasn’t held onto its gains. The Pilbara Minerals share price is currently trading at $3.935, 0.63% lower than its previous close.

Yancoal Australia Ltd (ASX: YAL)

The Yancoal share price also rocketed to a record high today. It struck $6.88 in early morning trade, representing a 2.5% gain.

The stock has been on the up and up lately, alongside many other ASX energy shares, amid news from Europe.

The Nord Stream 1 gas pipeline, which transports gas from Russia to Germany, was shut indefinitely over the weekend.

That will likely cause demand for coal and gas to soar as Europe’s winter approaches, thereby pushing up energy commodity prices.

Stock in the ASX All Ordinaries share has slipped into the red this afternoon. It’s currently trading at $6.67, 0.6% lower than its previous close.

The post 2 ASX All Ordinaries shares that defied today’s sell-off to crack new highs appeared first on The Motley Fool Australia.

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More reading

• Worst month of the year? The Pilbara Minerals share price has already hit 2 all-time highs in September
• Why did the Sayona Mining share price shoot 6% higher today?
• Here are the top 10 ASX 200 shares today
• Why Karoon Energy, Pilbara Minerals, PointsBet, and Whitehaven Coal are rising
• Here are the 3 most heavily traded ASX 200 shares on Tuesday

JPMorgan Chase 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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The Tennant Minerals Ltd (ASX: TMS) share price is breaking serious ground in Monday afternoon trade. It comes after the company posted drilling results from its Bluebird Discovery site in Australia’s Northern Territory.

Shares of the copper and gold exploration company trade for 4.6 cents and are up 15% for the day. Tennant Minerals shares previously closed for 4 cents each.

Meanwhile, the S&P/ASX 200 Materials Index (ASX: XMJ) is in the red today, losing 2%.

Let’s go over the highlights of the discovery.

What did Tennant Minerals discover?

Drilling found “exceptionally high-grade copper-gold sulphide intersections”. This included significant deposits of chalcocite containing copper grades up to 54.5% purity and gold grades of approximately 39 grams per tonne.

Tennant Minerals chair Matthew Driscoll commented on the discovery:

The latest thick and high-grade copper and gold intersections from our Bluebird diamond drilling program are a real breakthrough. The recognition that the majority of the high-grade copper mineralisation is in sulphides has given impetus to our down hole EM program, to detect extensions to this high-grade copper-gold discovery. We have also commenced an IP geophysical survey over Bluebird to fingerprint the copper sulphide mineralisation, which will help us prioritise the up to 12 geophysical targets within the Bluebird-Perseverance Target Zone for drill-testing. This will give us even more confidence that Bluebird is just one of several high-grade copper and gold deposits awaiting discovery within the Company’s broader Barkly Project.

Assay results are pending for two more completed holes, as drilling intersected hematite and visible copper sulphide mineralisation.

The price of gold is down 0.38% today, while copper is up 0.7%, according to Markets Insider.

Tennant Minerals share price snapshot

The Tennant Minerals share price is up 31.4% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 9.66% over the same period.

The company’s market capitalisation is $28.36 million.

The post This ASX mining share is soaring 15% on a ‘breakthrough’ discovery 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
• When the bear market lows will arrive: Morgan Stanley
• Qantas share price falls alongside ASX 200 despite surging airfares
• Down 25% this year, is the Betashares Asia Technology Tigers ETF (ASIA) cheap?
• Are Incitec Pivot shares set for a demerger?

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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Today’s nasty dip in the S&P/ASX 200 Index (ASX: XJO) reminds us that we are still in a tough time for ASX shares. A bear market is defined as a period following a 20% or more decline from an index’s last all-time high. It’s only over once markets have lifted 20% from a new low.

Now, the ASX 200 Index is not yet in a bear market. That doesn’t mean the 15.1% or so drop that the ASX 200 suffered between August 2021 and June 2022 wasn’t painful.

However, the flagship US S&P 500 Index (INDEXSP: .INX) is in a bear market right now. The S&P 500 last peaked in late December 2021. But by mid-June, it had fallen by roughly 23%. Since it’s only up around 6% or so from those lows, the S&P 500 is still in bear market territory.

Now, we Australians might claim a victory in that our index, the ASX 200, is not in a bear market, while the US S&P 500 is. But remember, the ASX 200 and the US markets are incredibly correlated. So this victory might well prove to be a pyrrhic one. Especially if the US markets experience another downturn.

Well, time to bring in what one expert investor reckons.

Morgan Stanley: The bear market isn’t over just yet

According to reporting in the Australian Financial Review (AFR) today, Morgan Stanley reckons that investors haven’t seen the worst of the US bear market just yet.

Morgan Stanley’s chief equity strategist Mike Wilson has predicted that “slowing economic growth will become a bigger concern for stocks than inflation or the Federal Reserve were in the first half of this year”.

As such, he sees the S&P 500 heading even lower over the rest of the year:

While acknowledging the poor performance in equities year-to-date, we do not think the bear market is over if our earnings forecasts are correct…

More specifically, we think the lows for this bear market will likely arrive in the fourth quarter with 3400 [points on the S&P 500 Index] the minimum downside and 3000 the low if a recession arrives (in line with our well-established base and bear case tactical views, respectively).

From there, we think prices will recover to our base (3900) or bear (3350) case June 2023 targets. In the very near term, if back-end rates fall, stocks may hold up or even rally until later this month when QT potentially increases and earnings estimates are likely revised lower.

So this is potentially terrible news for ASX shares if Wilson’s predictions come true. It’s hard to see the ASX 200 holding up if the S&P 500 does indeed sink to 4,400 points or lower (it’s currently just over 3,900 points).

Short-term pains, long-term gains?

But it’s also worth pointing out that these are just short-term predictions. No one, not even Warren Buffett, knows what is going to happen in the short term, whether that’s on the ASX 200 or the S&P 500.

And the best investors know that it’s the long term we should all be focusing on, not the short term. Let’s leave with some thoughts on that matter from our own chief investment officer Scott Phillips from last month:

The time to buy – to get real value – is when others aren’t. When the value of the business’ future profits is being ignored by investors. Times like, well, perhaps now…

If I’m right, and the future is bright for democratic capitalism (and for the ASX and many, perhaps most, of the companies listed on our bourse), then this is the time you want to be investing.

Not because I know it’s the bottom. Not because shares can’t fall further. But because if the future is brighter than the present, waiting would, on average, seem counterproductive, no?

The post When the bear market lows will arrive: Morgan Stanley appeared first on The Motley Fool Australia.

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More reading

• Qantas share price falls alongside ASX 200 despite surging airfares
• Down 25% this year, is the Betashares Asia Technology Tigers ETF (ASIA) cheap?
• Are Incitec Pivot shares set for a demerger?
• Why is the Woodside share price on the slide today?
• Why is the Santos share price slipping on Wednesday?

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 Incitec Pivot Ltd (ASX: IPL) share price has had a rough trot over the past week, deflating by 6.8%. Although, the bulk of the downward ride followed the release of Incitec’s investor day presentation yesterday.

Heading into Wednesday afternoon, shares in the explosives and fertiliser company are a touch away from trading flat. However, that means the Incitec Pivot share price is actually faring better than the S&P/ASX 200 Index (ASX: XJO). At last glance, the benchmark is 1.3% into a deep red display today.

Nevertheless, the looming question is: will Incitec Pivot split into two?

If management has their way

Yesterday, fund managers and investors were treated to Incitec Pivot’s investor day. The event foreshadows the unveiling of the company’s full-year results on 15 November. Though, looking at the presentation, you’d be forgiven for thinking it was a sales pitch for the separation of Incitec’s two businesses.

At 121 pages long, the presentation was an in-depth unpacking of the benefits of pulling apart the explosives division from the fertiliser segment. Of those 121 pages, 95 of them were dedicated to detailing future growth strategies and value unlocking opportunities for each separate component.

I’ll save you the arduous task of thumbing through all of those slides. The main point made by managing director Jeanne Johns and the team was that a separately spun-off explosives company — Dyno Nobel — would be able to relish in a more premium price-to-earnings (P/E) ratio.

Slide 22, as shown above, hits home this point from the Incitec Pivot management team. They believe that the market values the entire company on the more conservative multiple, irrespective of where each segment is in the cycle.

For this reason, management is adamant that a split would benefit shareholders. Speaking of which, shareholders will have the final say next year if the scheme receives board and regulatory approval.

How has the Incitec Pivot share price performed?

Despite management’s discontent with the earnings multiple, the Incitec Pivot share price has performed strongly so far this year.

In 2022, shares in the company have appreciated by 14.2% during a challenging period for most companies. However, the real question will be whether this impressive performance can hold up post-earnings in November.

The post Are Incitec Pivot shares set for a demerger? appeared first on The Motley Fool Australia.

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More reading

• Why Breville, Incitec Pivot, Magellan, and Super Retail shares are dropping
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Mitchell Lawler 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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It’s been a fairly awful day of trading for the S&P/ASX 200 Index (ASX: XJO) so far this Wednesday. At the time of writing, the ASX 200 has lost a nasty 1.4% and is back below 6,730 points. Ouch.

But it’s even worse for the Woodside Energy Group Ltd (ASX: WDS) share price.

Woodside shares have copped a drilling today, no way around it. At present, the ASX 200 energy giant has lost a painful 3% and is back down to $34 a share.

So what’s going on here that could explain such a decisive underperformance of the broader market?

Why is the Woodside share price tanking on Wednesday?

Well, there’s been no news or announcements out of the company itself, so we can rule that out. We can also rule out an ex-dividend date, seeing as Woodside is scheduled to trade ex-div for its upcoming final dividend tomorrow.

So let’s look at what is happening with the oil markets. As an ASX oil share, the oil price itself is often the most consequential driver of the Woodside share price.

Well, lo and behold, oil has been under the pump recently. As my Fool colleague James covered this morning, last night saw the WTI crude oil price fall by 0.2% to US$86.69 a barrel. The Brent crude oil price also dropped 3.3% to US$92.61 a barrel.

This is probably the most likely explanation for why Woodside shares are having such a shocker today. Further supporting this theory, we are also seeing other ASX energy shares take hits today as well.

Santos Ltd (ASX: STO) shares have lost 1.76% to $7.80 so far today. While Beach Energy Ltd (ASX: BPT) is down by an even more painful 4.2% at $1.69 a share.

So it looks as though the entire ASX oil sector is feeling the pain this Wednesday.

No doubt, investors will be hoping for a brighter end to the trading week.

At the current Woodside share price, this ASX 200 oil share has a market capitalisation of $64.7 billion, with a dividend yield of 9.17%.

The post Why is the Woodside share price on the slide today? appeared first on The Motley Fool Australia.

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More reading

• Hoping to pocket the monster Woodside dividend? Read this
• 5 things to watch on the ASX 200 on Wednesday
• What happened to Woodside shares on Tuesday?
• ‘We would like to see faster progress’: ASX 200 energy shares on notice
• The Woodside share price has gained under 5% in 10 years. Does the latest monster dividend make up for this?

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 Santos Ltd (ASX: STO) share price opened sharply lower this morning and remains down 1.95% in early afternoon trading.

Santos shares closed yesterday trading for $7.94 each and are currently trading for $7.785 a share.

Why is the ASX 200 energy share under pressure?

It’s not just Santos that’s under selling pressure today.

Following another day of selling in US markets yesterday (overnight Aussie time), the S&P/ASX 200 Index (ASX: XJO) is down 1.36% at the time of writing.

The Santos share price is likely underperforming the benchmark index today as investors digest the weakening outlook for oil prices, which sees the S&P/ASX 200 Energy Index (ASX: XEJ) down 2.77%.

Brent crude oil slipped 1.3% over the past 24 hours to US$91.62, the lowest level since early February.

West Texas Intermediate (WTI) crude fell even more. WTI is down 1.7% over 24 hours, trading for US$85.46 per barrel. You have to go back to 24 January, well before Russia’s invasion of Ukraine, to find WTI trading at a lower price.

Oil prices, and by extension the Santos share price, are being pressured on several fronts. This comes despite OPEC+ stating last week that the cartel would cut production levels.

First, investors are concerned about a broader economic slowdown crimping demand energy demand in oil-hungry Europe and the US.

Second, China’s COVID-zero policies look set to continue. These policies currently have some 65 million people facing travel restrictions, reducing demand for oil in the world’s most populous nation.

Commenting on the headwinds facing the oil market, market strategist at IG Asia Yeap Jun Rong said (courtesy of Bloomberg):

Having priced for the OPEC+ output cut with a short-lived up-move, oil prices continue to struggle with the weaker demand outlook story. Headlines of China’s virus restrictions renewed the downward bias over the demand outlook, with an added headwind for oil prices coming from further strength in the US dollar.

Santos share price snapshot

Despite today’s retrace, the Santos share price remains up 18% in 2022. That compares to a year-to-date loss of 11% posted by the ASX 200.

The post Why is the Santos share price slipping on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• ‘We would like to see faster progress’: ASX 200 energy shares on notice
• How are ASX 200 energy stocks performing on Tuesday?
• 5 things to watch on the ASX 200 on Tuesday
• Why is the Santos share price off to a flying start this week?
• 5 things to watch on the ASX 200 on Monday

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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Are you interested in adding some ASX growth shares to your portfolio in September? If you are, you may want to look at the two listed below that have recently been named as buys.

Here’s what you need to know about them:

Allkem Ltd (ASX: AKE)

The first ASX growth share for investors to consider is this lithium miner.

Allkem was formed after two leading lithium miners, Galaxy Resources and Orocobre, merged last year to create a top five global lithium miner.

This certainly was a great time to merge. The combined entity has a world class portfolio of assets that are delivering the goods for shareholders right now. For example, in FY 2022, Allkem reported revenue of US$770 million and a gross profit of US$605 million. This represents a 9x and 13x increase, respectively, over the prior corresponding period.

Looking ahead, lithium prices continue to boom and management continues to target a 10% share of global lithium production in the future. This could bode well for its future earnings growth.

Macquarie is a big fan of Allkem. Last month, the broker retained its outperform rating and lifted its price target to $21.00.

Treasury Wine Estates Ltd (ASX: TWE)

Another ASX growth share that could be a top option for investors right now is Treasury Wine.

It is one of the world’s leading wine companies and the owner of popular brands including Penfolds, 19 Crimes, and Wolf Blass.

After going through a difficult period due to being effectively kicked out of China, Treasury Wine has bounced back. For example, last month, the company released its full year results for FY 2022 and revealed a 4.2% increase in net profit after tax before material items and SGARA to $322.6 million. This was ahead of the market consensus estimate of $314.4 million.

Looking forward, management expects “to deliver strong, margin accretive growth in FY 2023.”

The team at Morgans is very positive on the company. The broker currently has an add rating and $15.71 price target on its shares.

The post 2 fantastic ASX growth shares to buy now according to analysts appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why Macquarie is tipping 55% upside for ASX lithium share Allkem
• Why Allkem, Capricorn Metals, Lovisa, and Pilbara Minerals shares are rising today
• An Allkem director offloaded $20 million in shares this week. What gives?
• Piedmont Lithium share price falls 5% after plans to build the largest US lithium plant unveiled

Motley Fool contributor James Mickleboro has positions in Allkem 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 recommended Treasury Wine Estates 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 outperforming the S&P/ASX 200 Index (ASX: XJO) today. Indeed, it was the index’s second-best performer earlier this morning.

The Novonix share price is currently trading at $2.13, 3.4% higher than its previous close.

For context, the ASX 200 has dumped 1.29% at the time of writing. Meanwhile, the company’s home sector – the S&P/ASX 200 Information Technology Index (ASX: XTX) – has slipped 0.07%.

So, what might be driving the battery materials and technology stock higher on Wednesday? Let’s take a look.

What’s going right for the Novonix share price?

The Novonix share price is back on the horse today despite a broader market sell-off plunging the ASX 200 to a new eight-week low.

Making the stock’s gains even more interesting is the recent poor performance of the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC). The index fell 0.7% overnight, a seventh consecutive daily loss.

As CommSec noted, that marks its longest losing streak since November 2016. The Wall Street index was fallen 8.7% over the last month.

Meanwhile, the Australian tech sector, which typically mirrors the NASDAQ, has dropped 5.2%. At the same time, the Novonix share price has plunged 32%.

That could lead some market participants to put the company’s Wednesday gains down to bargain hunting.  

The stock is joined in the green by that of Lake Resource NL (ASX: LKE) and Virgin Money UK CDI (ASX: VUK). They’ve gained 4.5% and 3.5% respectively, with the former announcing the appointment of its next CEO this morning.

Sadly, today’s gain hasn’t been nearly enough to drag the Novonix share price back into the longer-term green.

The stock has plummeted 79% year to date. It has also fallen 56% since this time last year.

For comparison, the ASX 200 is down 11% year to date and 10.5% over the last 12 months.

The post Why is the Novonix share price smashing the ASX 200 on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• 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
• Here are the top 10 ASX 200 shares today

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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The IGO Ltd (ASX: IGO) share price is lower today following a company announcement from the miner’s new subsidiary, Western Areas Limited.

At the time of writing, IGO shares are swapping hands for $12.82 each, down 1.08% on yesterday’s closing price. However, it’s currently outperforming the broader S&P/ASX 300 Metals & Mining Industry (ASX: XMM) sector which is down 1.67%.

Returns for the IGO share price this year to date are seen below, charted against the Metals and Mining index.

What did IGO announce?

IGO advised that a joint venture (JV) owned by Western Areas has announced “significant exploration potential for lithium pegmatite mineralisation” at a prospecting site.

The discoveries were made at the Mt Alexander Ni-Cu-PGE Project, located in the Goldfields of Western Australia.

The project is 25% owned by Western Areas [and, therefore, IGO] and 75% owned by St George Mining Ltd (ASX: SGQ).

The release notes that assays of 45 initial pegmatite rock chip samples at the site returned positive values for lithium, caesium, tantalum, and rubidium.

These minerals purportedly support the potential for more lithium mineralisation at further depth.

Executive chairman of St George Mining John Prineas said the results from Mt Alexander were “very encouraging” to support further exploration.

“We are particularly excited by the strong rubidium values in sample assays received to date – this is
an excellent indicator of pegmatites favourable for lithium mineralisation,” he added.

Further testing and field exploration has now commenced at Mt Alexander to define targets for drill testing.

These targets will be finalised when the field campaign is complete, with the maiden drill program at the site scheduled to commence in Q4 2022.

The news has seen a mixed reaction from investors today with the IGO share price sliding in morning trading. Today’s movement also follows the diversified miner’s record FY22 results last month.

IGO share price snapshot

In the past 12 months, the IGO share price has clipped a 32% gain, after surging from a low of $9.24 in the July bounce in equity markets.

The company has a current market capitalisation of around $9.65 billion.

The post IGO share price slips on JV ‘significant lithium potential’ appeared first on The Motley Fool Australia.

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More reading

• How do IGO shares compare to Mineral Resources following earnings season?
• Why A2 Milk, Deep Yellow, Healius, and IGO shares are racing higher
• IGO share price moves higher on record earnings
• Why is nickel such a big deal 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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