Category: Stock Market

It’s been a pretty positive day for the Coles Group Ltd (ASX: COL) share price. At the closing bell, Coles shares were trading at $18.97 each, up a healthy 1.12% for the day.

That looks pretty good against the S&P/ASX 200 Index (ASX: XJO), which also rose, but by a less impressive 0.58%.

But no doubt most shareholders will be more excited, or perhaps concerned, about what is going to happen to the Coles share price next week. That’s because on 24 August, Coles is scheduled to report its full-year earnings for the 2022 financial year.

So with this big date looming, let’s examine whether the ASX experts reckon it might be a good opportunity to jump into Coles shares today before we all get a good look at the books.

Are Coles shares a pre-earnings buy today?

Well, as my Fool colleague Tristan covered earlier this month, one ASX broker who is eyeing off the company right now is Citi. The broker currently rates Coles as a ‘buy’, with a 12-month share price target of $21.

If that came to pass, it would represent an upside of almost 11% from the current share price. Citi reckons the grocer is well placed to weather the current inflationary economic environment and expects profit growth at the company.

The broker is also anticipating higher dividends from Coles going forward. It is pencilling in a final dividend of 32 cents per share from Coles next week, bringing its total for FY22 to 65 cents per share. Citi is also forecasting this to rise to 75 cents per share for FY23.

But not all ASX brokers are in unison here.

Another broker we covered earlier this month was Ord Minnet. It has a ‘lighten’ rating on Coles today, with a share price target of $17 – implying a potential downside of 10% from today’s pricing. This broker reckons dampening consumer demand will not escape Coles’ bottom line.

So a bit of a mixed bag when it comes to opinions on this ASX blue chip today. Let’s now see what happens next week.

In the meantime, the Coles share price is currently up 6% this year to date. That gives this ASX 200 consumer staples share a market capitalisation of $25.32 billion, with a dividend yield of 3.22%.

The post Are Coles shares an ASX buy ahead of the company’s earnings next 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 Tuesday
• Shopping Centres Australasia share price slips on FY22 results
• Endeavour share price outperforms on Tuesday to smash new, all-time high
• Sims share price slips despite stellar growth in FY22
• Why is the Rio Tinto share price lagging the ASX 200 on Tuesday?

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 positions in and has recommended COLESGROUP DEF SET. 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 Woodside Energy Group Ltd (ASX: WDS) share price is struggling today.

Woodside shares are currently trading at $32.07, a 1.72% fall. For perspective, the S&P/ASX 200 Energy Index (ASX: XEJ) is down nearly 1% today.

So why is the Woodside share price falling?

Oil prices fall

The Woodside share price may be in the red today, but it is not alone among ASX oil and gas producers. The Santos Ltd (ASX: STO) share price is descending 0.63%, while the Beach Energy Ltd (ASX: BPT) is down nearly 5%.

Investors may be reacting to news on oil prices. As my Foolish colleague James reported this morning, oil prices dropped overnight due to weak economic data from China.

International benchmark Brent Crude Oil has fallen 0.86% to US$94.28 a barrel, Bloomberg data shows. Meanwhile, West Texas Intermediate (WTI) oil has descended 0.58% to US$88.89 a barrel, while Tokyo Crude Oil has slipped 1.58%.

Oil prices dropped after China, a major buyer of crude oil, released “disappointing” economic data, Reuters reported. The economy slowed, leading China’s central bank to slash lending rates.

IG Group market strategist Yeap Jun Rong said in comments cited by the publication:

Commodities prices across the board were under pressure as China’s July economic data painted a more downbeat growth picture than previously expected, which prompted renewed concerns on demand outlook

Woodside is due to report half year 2022 results on 30 August.

Woodside share price snapshot

The Woodside share price has exploded 51% in a year, while it is up 46% year to date.

In the past month, the company’s share price has climbed nearly 5%.

Woodside has a market capitalisation of nearly $61 billion based on the current share price.

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

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More reading

• Why did the Woodside share price lag the ASX 200 on Monday?
• 5 things to watch on the ASX 200 on Monday
• Here are the top 10 ASX 200 shares today
• Why 5E Advanced Materials, IAG, Magnis, and Woodside shares are pushing higher
• 5 things to watch on the ASX 200 on Friday

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

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It’s turning out to be another top day for the S&P/ASX 200 Index (ASX: XJO) and ASX shares this Tuesday. At the time of writing, the ASX 200 has risen by a pleasing 0.5% to just on 7,100 points.

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

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More reading

• Shopping Centres Australasia share price slips on FY22 results
• Endeavour share price outperforms on Tuesday to smash new, all-time high
• Sims share price slips despite stellar growth in FY22
• Why is the Rio Tinto share price lagging the ASX 200 on Tuesday?
• ASX 200 shrugs off prospect of further rate rises revealed in RBA minutes

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

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ASX shares with exposure to nickel exploration and production are in the spotlight.

This comes as nickel prices are rebounding and global EV production is booming. China reported an all-time high of 571,000 EV sales in June, helping drive increased demand for the metal.

Like lithium, nickel is a core element in EV and grid storage batteries. Most of the global nickel production goes into making stainless steel. But some 15% is now used in the EV market. And that share is likely to grow, with a single Tesla battery requiring some 50 kilograms of nickel.

According to Hayden Bairstow, resources division director at Macquarie (courtesy of ABC News):

But certainly over time, expectations are that [electric vehicles] will become a much larger piece of the demand pie for nickel. It is about 15% now of the global nickel demand market, if you like, for electric vehicles.

That’s certainly grown from basically nothing a few years ago, and the expectations are that it will move into the 20s and 30% of the total, and beyond that over time, as the EV market gets larger and larger.

That strong demand growth should offer some welcome tailwinds for ASX shares with nickel exposure.

Which ASX shares have exposure?

There are a number of ASX shares with a strong focus on nickel exploration and production.

Some leading names include Poseidon Nickel Ltd (ASX: POS), Mincor Resources NL (ASX: MCR), and Nickel Industries Ltd (ASX: NIC).

Some of the biggest ASX mining shares have also been actively seeking to increase their nickel holdings, partly driven by forecasts of continued growth in EV battery demand.

In June IGO Ltd (ASX: IGO) completed its acquisition of nickel miner Western Areas.

At the time, IGO’s CEO, Peter Bradford said the move was “a logical consolidation of key nickel assets in Western Australia”. Bradford added that the acquisition improved the company’s position “as a leading, independent producer of metals critical for a clean energy future”.

BHP nickel expansion thwarted… for now

The largest ASX share of them all and one of the world’s biggest miners, BHP Group Ltd (ASX: BHP), made headline news earlier this month for its unsolicited, conditional and non-binding indicative proposal to acquire all shares in nickel and copper focused OZ Minerals Limited (ASX: OZL).

The takeover offer of $25 per share in cash was unanimously rejected by Oz Minerals’ board. Commenting on that decision, CEO Andrew Cole said, “We have a unique set of copper and nickel assets, all with strong long-term growth potential in quality locations.”

The post Why is nickel such a big deal and which ASX shares have exposure? appeared first on The Motley Fool Australia.

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More reading

• Obscure ASX mining share surges 29% following OZ Minerals copper deal update
• Here are the top 10 ASX 200 shares today
• What’s so good about copper anyway?
• How are ASX copper shares performing after Monday’s surge?
• What could another acquisition mean for BHP shares?

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 Growthpoint Properties Australia Ltd (ASX: GOZ) share price has been stuck in the mud today after the company released its FY22 results.

The ASX-listed real estate investment trust (REIT) is currently down 0.53% to $3.72. In comparison, the S&P/ASX 200 Index (ASX: XJO) is enjoying a day in the green, up 0.5%.

Let’s review Growthpoint’s FY22 results.

What did the company report?

These were the highlights of Growthpoint’s full-year results for FY22:

• Revenue lifted by 5.9% to $311.5 million relative to FY21
• Net profit attributable to security holders fell 17% from $553.2 million to $459.2 million
• Distribution of 20.8 cents per share for the year, 4% higher than FY21
• Net tangible assets (NTA) per security went up by 9.4%
• The portfolio occupancy rate remained consistent at 97%

The increase in white-collar workers returning to the office meant rental income and other revenue from the office segment rose substantially.

Office revenue increased from $183.4 million in FY21 to $193.9 million in FY22.

Industrial revenue improved marginally with a $0.9 million uptick in FY22.

There was a strong property valuation uplift of 7.9% within the portfolio, which is currently valued at $5.4 billion.

The weighted average lease expiry (WALE) increased slightly from 6.2 years to 6.3 years.

Growthpoint secured more capital through refinancing $715 million of its debt facilities and entering into $350 million of new facilities to assist with strategic acquisitions this financial year.

What else happened?

In February 2022, Growthpoint extended its on-market buyback program for up to 2.5% of issued capital.

Growthpoint only acquired 499,458 securities (0.06% of issued capital) as the company’s share price recovered for the majority of the financial year.

In early August, Growthpoint announced it had acquired Fortius Funds Management Pty Ltd, which is expected to be completed in the first quarter of FY23.

What did management say?

Commenting on the FY22 results, Growthpoint managing director Tim Collyer said:

We have a had a strong performance this year, delivering a robust set of results which reflects the successful execution of the Group’s growth strategy and underlying strength of the business.

The Group’s portfolio continues to be leased to predominantly government, listed or large organisations and has maintained its high occupancy of 97% and WALE of 6.3 years as at 30 June 2022.

Growthpoint successfully leased approximately 234,000 square metres of accommodation, with key leases signed or renewed with Samsung, Fox Sports, Scope and Bunnings in the office portfolio and Woolworths, Linfox and Eagers Automotive in the industrial portfolio.

Regarding the outlook for the company, Collyer said:

Going into FY23, Growthpoint is positioned to manage the business through a period of higher inflation and higher interest costs, with 61% of its debt fixed at 30 June 2022 and ample headroom to debt covenants.

The Group’s gearing of 31.6% at 30 June 2022 remains below the target range of 35% to 45%, providing flexibility to invest in property or funds where we see value for security holders.

We intend to grow the recently announced funds management business, targeting 10% to 20% of Group EBIT, over the medium term delivering incremental growth to earnings and income stream diversification for security holders. Growthpoint remains committed to providing securityholders with sustainable income returns and capital appreciation over the long term.

What’s next for Growthpoint?

Management noted the changing environment has made it a challenging period for the Australian REIT sector.

There are concerns over the potential impact of further central bank rate rises, increasing interest costs, and higher inflation.

The company believes its industrial and metropolitan office properties will provide a resilient foundation for the group.

Growthpoint provided guidance for funds from operations of between 25 cents per share and 26 cents per share compared to 27.7 cents per share in FY22.

As for FY23 distribution, Growthpoint expects this to be 21.4 cents per share. This is premised on an average FY23 floating cash rate of 2.8%.

Growthpoint share price snapshot

The Growthpoint share price has fallen almost 8% in the past six months and by a similar amount in the past year. However, it is up by 3% over the past month.

In comparison, the ASX 200 has slipped more than 6% in the last year but has improved in the past six months, posting a drop of 2.50%.

The post Growthpoint share price lags ASX 200 despite ‘strong performance’ in FY22 appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why is nickel such a big deal and which ASX shares have exposure?
• This ASX lithium share is surging 45% today. What’s going on?
• Why Bendigo and Adelaide Bank, Challenger, Seek, and Sims shares are dropping
• Why BHP, Life360, Tassal, and Temple & Webster shares are charging higher

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. Motley Fool contributor Raymond Jang has no position in any of the stocks mentioned.

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In case you were wondering which ASX lithium share is outperforming the market on Tuesday, it is the Oceana Lithium Ltd (ASX: OCN) share price.

During midday trade, shares in the exploration company powered ahead 45% to an intraday high of 80 cents before profit takers swooped in.

At the time of writing, the share is hovering around 70 cents, still up an astonishing 27.27%.

For context, the All Ordinaries Index (ASX: XAO) is climbing 0.41% to 7,354.6 points.

Let’s take a look at the latest surrounding Oceana Lithium.

What’s driving Oceana Lithium shares higher?

Despite the company not making any announcements today, the Oceana Lithium share price is still buoyant during late afternoon trade.

It appears the market is pricing in good things to come for the company following its most recent release.

Last Monday, Oceana Lithium provided an update on its two strategic lithium projects in Brazil and Australia.

The release highlighted the start of exploration fieldwork at the company’s flagship Solonopole project in Ceara State, north-eastern Brazil.

The initial focus will be on the Lapinha Zone to follow up high-grade lithium surface samples taken by the site’s previous owner.

In addition, Oceana Lithium mobilised an exploration team to Napperby to commence mapping and sampling of historic mineral occurrences within the Mt Denison tenement in the Northern Territory.

While the company is making progress at both of its sites, it seems that investors are excited by the announcement.

Oceana Lithium shares climbed 20% on the day of the company update.

Oceana Lithium share price summary

Since listing at the start of July 2022, the Oceana Lithium share price has gained more than 240%.

The company’s shares haven’t looked back and are gradually trekking upwards as the market regains its confidence in the lithium space.

Based on today’s price, Oceana Lithium commands a market capitalisation of approximately $23 million.

The post This ASX lithium share is surging 45% today. What’s going on? appeared first on The Motley Fool Australia.

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• Guess which ASX All Ords share just inked a new deal with Fortescue
• 3 ASX All Ordinaries shares celebrating Friday with new 52-week highs
• Why did the Pure Hydrogen share price pop 21% today?
• Could this development further energise ASX lithium shares in FY23?
• Why is the Sayona Mining share price surging 15% on Monday?

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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The S&P/ASX 200 Index (ASX: XJO) is having another solid day on Tuesday. In afternoon trade, the benchmark index is up 0.5% to 7,100.6 points.

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

Bendigo and Adelaide Bank Ltd (ASX: BEN)

The Bendigo and Adelaide Bank share price is down over 4% to $9.44. This morning the team at Goldman Sachs downgraded this regional bank’s shares to a neutral rating with a trimmed price target of $10.60. Goldman admitted that it got it wrong with the bank. It said: “[T]oday’s result showed that we had underestimated the extent to which the NIM upside that we had initially anticipated BEN would enjoy due to higher cash rates.”

Challenger Ltd (ASX: CGF)

The Challenger share price is down over 11% to $6.33. Investors have been selling this annuities company’s shares after the release of its full year results. Challenger reported a statutory net profit after tax of $254 million for FY 2022. This was down a disappointing 57% from FY 2021.

SEEK Limited (ASX: SEK)

The Seek share price is down 5% to $23.19. The catalyst for this was the release of the job listings company’s full year results. Although Seek delivered an 81% increase in net profit after tax (excluding significant items) to $245.5 million, this was still short of expectations. Goldman Sachs notes that Seek’s result was a “slight miss” and its “FY23 outlook [was] mixed.”

Sims Ltd (ASX: SGM)

The Sims share price is down 3% to $15.25. This was despite the scrap metal company reporting a 161.2% increase in net profit to $599.3 million in FY 2022. Management’s cautious guidance could be weighing on its shares. It notes that ferrous prices have halved in value over the last few months from US$700 per tonne in March to between US$320 and US$400 per tonne at the start of FY 2023.

The post Why Bendigo and Adelaide Bank, Challenger, Seek, and Sims shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Sims share price slips despite stellar growth in FY22
• Is the Bendigo Bank share price in the buy zone following Monday’s sell-off?
• Seek share price slides despite NPAT soaring 81%
• Challenger share price tumbles 10% on FY22 profit woes
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor James Mickleboro has positions in SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool Australia has recommended Challenger Limited and SEEK 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.5% to 7,098.6 points.

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

BHP Group Ltd (ASX: BHP)

The BHP share price is up 5% to $40.72. This follows the release of the mining giant’s full year results this morning. For the 12 months ended 30 June, BHP reported a 16% increase in underlying EBITDA from continuing operations to a record US$40,634 million. A key driver of BHP’s growth was its coal operations, which delivered significant earnings growth thanks to sky high prices.

Life360 Inc (ASX: 360)

The Life360 share price is up almost 6% to $5.82. This morning the location intelligence company released its first half results and revealed the more than doubling of its revenue to US$99.8 million and a 65% increase in annualised monthly revenue to US$174.4 million. Looking ahead, management expects its revenue to grow to between US$245 million and US$260 million for the calendar year.

Tassal Group Limited (ASX: TGR)

The Tassal share price is up 5% to $5.14. Investors have been buying this seafood company’s shares after it received and accepted a $5.23 per share takeover offer from Canada’s Cooke Inc. This latest offer implies an equity value of approximately $1.1 billion and an enterprise value of $1.7 billion.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price is up 30% to $5.72. This follows the release of a full year result that impressed the market. The online furniture retailer reported a 31% increase in revenue to $426.3 million and an EBITDA margin towards top end of guidance at 3.8%. Management also lifted its EBITDA margin guidance for FY 2023 to 3% to 5% from 2% to 4%.

The post Why BHP, Life360, Tassal, and Temple & Webster shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• The BHP share price now trades on a fully franked dividend yield of 11%
• Everything you need to know about the latest BHP dividend
• Tassal share price surges 5% on $1.7b takeover bid and full year earnings
• Temple & Webster share price soars 21% on revenue lift
• Life360 share price rises as revenue more than doubles

Motley Fool contributor James Mickleboro has positions in Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360, Inc. and Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Shopping Centres Australasia Property Group (ASX: SCP) share price is in the red on Tuesday amid the company delivering a mixed earnings report for FY22.

Shares of the managed real estate investment trust (REIT) currently swap hands for $2.83 each, down 4.07% on yesterday’s closing price. The REIT sector is also in the red, with the S&P/ASX 200 A-REIT Index (ASX: XPJ) down 0.72%

Although Shopping Centres Australasia reported growth in its top and bottom lines in FY22, its outlook for the 2023 financial year is pessimistic.

Let’s investigate some of the highlights of the company’s results.

What did Shopping Centres Australasia report?

• Revenue up 19% on FY21 to $350.3 million
• Net profit after tax (NPAT) up 5.2% on FY21 to $487.1 million
• Investment property portfolio value up 10.31% on FY21 to $4.46 billion
• Adjusted funds from operations (AFFO) up 24.8% on FY21 to $169.5 million,
• Net tangible assets up 11.5% on FY21 to $2.81 per unit

The company’s strong top and bottom line performance was helped by higher sales figures in its shopping centres after bouncing back from COVID-19 restrictions.

Shopping Centres Australia reported it has mostly recovered from the impact of the virus.

Total sales were said to be 10% higher than pre-COVID levels in December 2019. Sales growth momentum also shot 4.5% higher in Q4 FY22.

What else happened in FY22?

The company also reported an uptick in cash collection from its creditors during the COVID-19 period. In fact, it reported a 100% cash collection rate. It cited lockdowns in 1H FY22 as a headwind that had stopped it collecting from creditors during that period.

Shopping Centres Australia also acquired seven convenience centres in FY22 in Queensland, New South Wales, and Victoria. The total value of the acquisitions was $341.9 million.

What did management say?

Shopping Centres Australasia CEO Anthony Mellowes said:

Over the last twelve months, our convenience-based centres have remained resilient. Our tenant sales are now 10% above pre-COVID levels. Leasing spreads and cash collection rates were impacted by lockdowns in New South Wales and Victoria during the first half of the year, but improved in the second half. We have made solid progress on our sustainability program, including completing our LED rollout, and the installation of solar panels on our WA assets.

What’s next?

The company expects its adjusted funds from operations (AFFO) per unit, a key performance measure of REITs, to contract 1.96% from 15.30 down to 15, primarily due to floating interest rates.

However, the company has a medium to long-term vision of increasing its AFFO to 2-4% per annum. The strongest growth drivers for the company are expected to be property development and acquisitions in its shopping centre segment.

More than $300 million worth of estimated capital investment has been proposed to develop its centres over the next five years. Some activities include expansion, improvement, and rebuilding, as well as improving sustainability through clean energy solutions such as solar.

Shopping Centres Australasia share price snapshot

The Shopping Centres Australasia share price is currently down 5% year to date but up 6% in the last 12 months.

It’s outperformed the S&P/ASX 200 Index (ASX: XJO) over the past year with the benchmark index losing 6% over the same period.

At the current share price, the company’s market capitalisation is around $3.15 billion. 

The post Shopping Centres Australasia share price slips on FY22 results appeared first on The Motley Fool Australia.

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It’s a mixed day on the market for ASX tech shares.

Fortunately for those invested in these three stocks, they’ve avoided the drama. Indeed, they’ve each rocketed more than 10% on Tuesday despite their collective silence.

For comparison, the S&P/ASX 200 Information Technology Index (ASX: XIJ), home to the market’s biggest tech stocks, is recording a 0.4% gain right now. Meanwhile, the broader S&P/ASX All Technology Index (ASX: XTX) has slumped 0.8%.

The All Ordinaries Index (ASX: XAO) is also up 0.4% right now, while the S&P/ASX 200 Index (ASX: XJO) is boasting a 0.5% gain.

So, what might be driving these ASX tech shares sky high today? Let’s take a look.

3 ASX tech shares gaining more than 10%

Silex Systems Ltd (ASX: SLX)

The Silex Systems share price is leaping 10.2% today to trade at $3.45.

It had soared even higher earlier today to reach $3.53. That’s mere cents off the all-time high of $3.55 it hit last month.

The company is in the process of commercialising its SILEX laser enrichment technology. The tech can be used to produce and enrich uranium for nuclear power and silicon for quantum computing.

Livetiles Ltd (ASX: LVT)

The Livetiles share price is also surging 10.5% today. It’s currently trading at 4.2 cents.

There’s been no news from the ASX tech share on Tuesday. However, it fell 5% yesterday and 9% on Friday. Thus, today’s gain could represent a sort of correction.

Livetiles develops digital workplace software. It’s planning to delist from the ASX later this year.

K2FLY Ltd (ASX: K2F)

Finally, ASX tech share K2Fly is also soaring higher, lifting 10.5% to reach 21 cents.

Like Livetiles, the stock tumbled 5% yesterday, potentially explaining some of today’s rise.

The tech share operates a software-as-a-service business for those involved in asset-intensive sectors such as mining, utilities, oil and gas, and rail.  

The post 3 ASX tech shares leaping by more than 10% on Tuesday appeared first on The Motley Fool Australia.

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More reading

• The ASX shares with 30% to 50% upside: fundie
• Down 72% in 2022, Livetiles shares are now delisting from the ASX, here’s why
• 3 ASX All Ordinaries shares hitting new 52-week highs on Wednesday
• LiveTiles share price slumps 31% as quarterly cash bleed worsens
• Rocks and lasers: 2 ASX All Ords shares securing new multi-year highs on Wednesday

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 LIVETILES FPO. The Motley Fool Australia has recommended LIVETILES 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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