Category: Stock Market

Australia and New Zealand Banking Group Ltd (ASX: ANZ) has set its sights on buying the bank division of Suncorp Group Ltd (ASX: SUN). But, with such a big acquisition, will the Australian Competition and Consumer Commission (ACCC) stop it from going ahead?

ANZ is already one of ASX’s big four banks, along with Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB) and Westpac Banking Corp (ASX: WBC).

The ACCC’s purpose is to “promote competition and fair trading and regulate national infrastructure to make markets work for everyone.”

ANZ already holds a strong market position and it’s proposing to take out one of the main second-tier competitors.

Some other banks have previously been approved for acquisitions. For example, NAB has bought Citigroup’s Australian consumer business.

If the proposed $4.9 billion Suncorp Bank deal is to go ahead, then it will need the stamp of approval of the ACCC’s new boss, Ms Cass-Gottlieb. She is the first female chair of the ACCC.

ANZ thinks it will get the green light

The big four ASX bank may not have pursued this deal if it didn’t think it was going to get through the ACCC.

The Suncorp and ANZ Media Conference gave ANZ management a chance to comment on various aspects of the deal, including potential concerns about competition.

ANZ CEO Shayne Elliott said:

We’re very confident we’re going to get a fair hearing. We’ve got a case. We think we can make a really strong case that this is in the interests of consumers, and that this is in the interests of competition. And you know, we look forward to making it. We will work through that over the coming months.

So, not only is ANZ suggesting that it won’t decrease competition, but it could actually be a boost for competition with a stronger ANZ able to essentially challenge others in the sector.

The ANZ leadership also suggested that how the financial sector has changed over the years should be taken into account, with banks no longer necessarily controlling the end-to-end process.

Paul O’Sullivan, the chair of ANZ, commented:

I think just to add to that, you know, the definition of financial services is changing very quickly. Whereas over 10 years ago, you just talked about the major banks and they did everything, end to end. Increasingly what you’re seeing in the sector in the disaggregation value chain. Where companies are coming in with startup ideas and innovation at different points in informatics dimension by now. So, I think the definition of the market, the definition of competition has changed dramatically. I think that would be a factor in any valuation model.

ANZ able to compete on loan processing

Regardless of whether this deal goes ahead, the big four ASX bank was pleased to tell investors about improvements it has made to its loan processing times. This was announced in a trading update.

It said that adding operational capacity and processing resilience in its Australian home loan business has helped deliver “consistently faster turnaround times across all channels, and we are in line with major peers for our key customer segments.” Lending volumes grew by $2 billion over the three months to 30 June 2022, which was an annualised growth rate of 3%.

ANZ said it’s on track to grow in line with the Australian major banks before the end of the financial year, and it’s delivering growth “with an eye to maintaining margin performance and credit quality”.

ANZ share price snapshot

While ANZ shares are currently halted, the ANZ share price is down around 25% over the last six months.

The post ‘Really strong case’: Can ANZ win over the new ACCC boss? appeared first on The Motley Fool Australia.

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More reading

• Why a Suncorp buyout could mean more green funding for Queensland
• State of the future: Why ANZ is excited about Queensland’s potential
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update
• Here’s how ANZ Bank performed during Q3 of FY22
• Suncorp share price in focus amid $5b bank sale

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. 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 sale of Suncorp Group Ltd (ASX: SUN)’s banking division to ‘big four’ bank Australia and New Zealand Banking Group Ltd (ASX: ANZ) is the talk of the town on Monday.

But the deal is set to bring some notable and perhaps unexpected benefits for the state of Queensland.

So, why has Queensland found itself in the winner’s circle for the $4.9 billion transaction? Keep reading to find out.

Queensland promised a boost from Suncorp sale

The Suncorp share price has lifted 5% on the ASX today while that of ANZ remains frozen amid a capital raise. And there’s more on the table than some market watchers might realise.

The sale of Queenland’s Suncorp Bank to Queensland-born ANZ could bring some unexpected benefits for the state. ANZ CEO Shayne Elliot outlined some of the bank’s promises today, telling today’s Suncorp and ANZ Media Conference:

In addition to this transaction, we will also allocate additional lending to support Queensland’s renewable projects, and the green Olympic Games infrastructure, as well billions of dollars of new lending for energy transition projects over the coming decade.

The newly promised lending will total $25 billion over the next 10 years.

Of that, $15 billion will support Queensland renewable projects and green Olympic Games infrastructure. Another $10 billion will be on offer for energy projects in the state, particularly those targeting bioenergy and hydrogen.

It’s likely exciting news for Queensland, which is already home to many notable renewable energy projects. For instance, Gladstone is the future home to Fortescue Metals Group Ltd (ASX: FMG)’s Fortescue Future Industries’ Global Green Energy Manufacturing Facility. 

However, there’s a significant obstacle to overcome before the state can receive the new green lending.

The agreement between Suncorp and ANZ is conditional on certain amendments to Queensland’s State Financial Institutions and Metway Merger Act 1996, among other regulatory approvals.

The sale of Suncorp Bank is also subject to a minimum completion period of 12 months. Meaning, the market might be waiting on the outcome of the proposed amendments for a while.

The post Why a Suncorp buyout could mean more green funding for Queensland appeared first on The Motley Fool Australia.

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More reading

• ‘Really strong case’: Can ANZ win over the new ACCC boss?
• State of the future: Why ANZ is excited about Queensland’s potential
• Why Ansell, EML, Suncorp, and Whitehaven Coal shares are charging higher
• Suncorp share price surges 6% as banking ditched in favour of insurance
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update

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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Investors awoke to a surprise today, learning of Australia and New Zealand Banking Group Ltd (ASX: ANZ)’s move to acquire the banking operations of Suncorp Group Ltd (ASX: SUN) for $4.9 billion.

The ANZ share price remains in a trading halt, as the bank unveils the planned proceedings of its acquisition.

In broader market moves, the S&P/ASX 200 Financials Index (ASX: XJO) is rangebound today and trades around 1% higher.

ANZ excited on Queensland looking ahead

At a joint Suncorp and ANZ Media Conference, ANZ chair Paul O’Sullivan noted the acquisition will push to strengthen the bank’s presence in Queensland.

He said ANZ was “under-represented in Queensland”, something the transaction will look to fix.

We’ve got about 14% of our book in Queensland versus 20% of Australia’s population living here. We are the smallest of the major four in the Queensland market.

By combining with Suncorp, it gives us a chance to increase scale. And our goal is to drive strong growth in Queensland by attracting additional investment, additional lending, and additional finance.

And overall it will result in much stronger competition and choice for Queensland consumers.

Meanwhile, ANZ CEO Shayne Elliot also said Queensland offered attractive economics when looking ahead. These include areas that align with the bank’s philosophy.

Elliot said:

[Queensland has a] young growing population, fastest growing state in Australia, diversified economy and really big ambitions which we share around sustainability.

O’Sullivan echoed these statements, saying Queensland has had the fastest population growth in Australia over the past 10 years. Added to that, it’s also “the major” destination for internal migration.

O’Sullivan continued:

If we look at the businesses here and, you know, innovation, it’s become quite a strong and powerful source of new ideas.

And on top of that, we have the Olympics coming in the next decade. So we think Queensland is actually the state of the future.

ANZ’s news comes just days after reports it had intentions to purchase accounting software company MYOB for $4.5 billion.

The ANZ share price is down 21% in the past 12 months and 21% down this year to date as well.

The post State of the future: Why ANZ is excited about Queensland’s potential appeared first on The Motley Fool Australia.

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More reading

• ‘Really strong case’: Can ANZ win over the new ACCC boss?
• Why a Suncorp buyout could mean more green funding for Queensland
• Why Ansell, EML, Suncorp, and Whitehaven Coal shares are charging higher
• Suncorp share price surges 6% as banking ditched in favour of insurance
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update

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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The Webjet Limited (ASX: WEB) share price is jumping today amid a positive day for ASX travel shares.

At the time of writing, the company’s share price is up 3.79%, trading at $5.335. It’s the biggest single-day leap in July so far. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.83% today.

Let’s take a look at what’s happening with the Webjet share price.

What’s going on with Webjet today?

The Webjet share price is rising, but it’s not alone among ASX travel shares. The Qantas Airways Limited (ASX: QAN) share price is up 2.04% while Flight Centre Travel Group Ltd (ASX: FLT) shares are 3.18% higher.

Today’s rise follows the improved market performance of US airlines on Friday. Shares in the US online travel giant Expedia Group Inc (NASDAQ: EXPE) leapt 3.27% on the NASDAQ on Friday. Meantime, American Airlines Group Inc (ASX: AAL) climbed 1.54%, United Airlines Holdings Inc (ASX: UAL) gained 2.46%, and Delta Air Lines, Inc (ASX: DAL) rose 1.07%.

Data from Webjet, cited by The Australian on the weekend, revealed Australians are booking holidays all over the world. The top destinations are: New York, Los Angeles, Auckland, Bali, Queenstown, Fiji, London, Singapore, Bangkok, and Manila. Flight Centre general manager Brent Novak told the publication Aussies are booking “revenge travel”.

Internationally, Delta CEO Ed Bastian recently highlighted the “thirst” for travel is increasing. In comments cited by CNBC, he said:

People have not had access to our product for the better part of two years.

We’re not going to satisfy … that thirst, in a space of a busy summer period.

Meanwhile, Tourism Tropical North Queensland recently announced $100 flight subsidies if people book travel via Webjet. This is available for travel up to 20 November, so long as the booking is made before the end of July. CEO Mark Olsen said:

Interstate travelers booking on any airline with Webjet before July 31 are eligible for the $100 subsidy, although the campaign may sell out earlier as we anticipate there will be strong demand.

Share price snapshot

The Webjet share price has risen nearly 9% in the past year, while it is more than 3% higher year to date.

For perspective, the benchmark ASX 200 index has lost more than 9% in a year.

Webjet has a market capitalisation of about $2 billion based on the current share price.

The post The Webjet share price is having its best day of July so far. What’s happening? appeared first on The Motley Fool Australia.

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More reading

• Clipped wings: Why ASX 200 travel shares are having trouble getting off the ground today
• Own ASX travel shares? Here’s the outlook for FY23
• ASX 200 travel shares slide amid travel chaos and cancellations
• How did ASX 200 travel shares go in FY22?
• These are the 10 most shorted ASX shares

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 recommended Webjet 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 S&P/ASX 200 Index (ASX: XJO) has started the week strongly. In afternoon trade, the benchmark index is up 0.85% to 6,662.2 points.

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

Ansell Limited (ASX: ANN)

The Ansell share price is up 3% to $24.74. This morning the health and safety products company announced its plans to be net zero by 2040. In addition, the company’s shares were upgraded by Macquarie to outperform with a $27.85 price target. While the broker acknowledges that its earnings are under pressure due to softening COVID-related demand, it appears to believe Ansell’s shares have been oversold this year.

EML Payments Ltd (ASX: EML)

The EML Payments share price is up 5% to $1.07. This morning this embattled payments company revealed that it received takeover interest last month. And while these talks have now ended without a deal being reached, investors appear to believe that this may not be the end of the matter.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is up over 5% to $11.73. Investors have responded positively to news that Suncorp is selling its banking operations to Australia and New Zealand Banking Group Ltd (ASX: ANZ) for $4.9 billion. Suncorp advised that it expects to return the majority of the proceeds from the sale to shareholders.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is up 5% to $5.89. The catalyst for this was the coal miner releasing its fourth quarter update today. That update reveals that Whitehaven Coal achieved a record average coal price of A$514 per tonne for the three months. As a result of these strong prices, the company expects to report FY 2022 EBITDA of approximately $3 billion. This is up materially from $0.2 billion in FY 2021.

The post Why Ansell, EML, Suncorp, and Whitehaven Coal shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• Could ASX coal shares be set for a boost?
• 11-year high: Whitehaven share price surges 8% on record $3b profit
• Suncorp share price surges 6% as banking ditched in favour of insurance
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update

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 EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Ansell 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 Qantas Airways Limited (ASX: QAN) share price is climbing regardless of a recent directive coming out of Heathrow airport.

At the time of writing, the flying kangaroo’s shares are up 1.7% to $4.485 apiece.

Let’s take a closer look at what news is surrounding the company today.

Heathrow implements passenger cap

As travel begins to ramp up post-COVID, Heathrow airport is experiencing extraordinarily elevated passenger numbers.

This comes as travellers from around the world flock to European destinations for the summer.

Heathrow Airport is well-regarded as one of the major international air hubs, connecting to 84 countries.

Nonetheless, Heathrow CEO John Holland-Kaye has accounced the decision to limit daily departing passenger numbers to no more than 100,000 in a bid to ease pressure on under-resourced airport staff.

He said:

We have started to see periods when service drops to a level that is not acceptable: long queue times, delays for passengers requiring assistance, bags not travelling with passengers or arriving late, low punctuality and last-minute cancellations.

As a result, Qantas has been forced to alter some of its flight schedules from Heathrow amid the passenger caps.

Its London-Perth service was delayed by three hours on Sunday, and the London-Singapore flight will be brought forward by nine hours on Tuesday.

The Australian newspaper reported that a spokeswoman from Qantas was disappointed with the outcome, commenting:

We have two flights a day to London and we want to preserve them at all costs given people’s travel plans are at stake.

We’ve managed to negotiate a workaround that isn’t perfect but will get our customers to their destination. We continue to work with Heathrow on improving this situation.

In another blow to Qantas, Heathrow ordered airlines not to sell any more seats for travel, both inbound and outbound, until September 11.

Aviation analytics firm OAG estimates that the daily cost to airlines of slashing passenger numbers and flights is around the $800 million mark.

How much this will affect Qantas’ finances remains unknown for now.

Qantas share price snapshot

Since the start of 2022, Qantas shares have travelled on a rollercoaster, posting an overall loss of around 10%.

Qantas commands a market capitalisation of roughly $8.45 billion, making it the 56th largest company on the ASX.

The post ‘Disappointed’: Qantas share price lifts despite Heathrow chaos appeared first on The Motley Fool Australia.

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More reading

• Clipped wings: Why ASX 200 travel shares are having trouble getting off the ground today
• Qantas share price slips amid COVID’s continuing toll  
• Own ASX travel shares? Here’s the outlook for FY23
• Here are the top 10 ASX shares today
• Here’s why the Qantas share price is taking off today

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. At the time of writing, the benchmark index is 1% to 6,669.6 points.

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

Appen Ltd (ASX: APX)

The Appen share price is down over 2% to $5.87. This morning the team at Citi warned that demand from Appen’s largest customers could be softening. The broker also believes that the company could be losing market share to Telus Corp’s Lionbridge business. Citi remains neutral with a $6.60 price target on Appen’s shares.

Arizona Lithium Ltd (ASX: AZL)

The Arizona Lithium share price is down 6.5% to 7.95 cents. This appears to have been driven by the completion of the the lithium explorer’s $12 million placement at a discount of 7 cents per share this morning. The proceeds will be applied to the land purchase for the lithium processing plant, expansion and operation of the lithium research centre, and securing IP protection over its lithium processing technology.

Australian Strategic Materials Ltd (ASX: ASM)

The Australian Strategic Materials share price is down 3% to $3.17. Investors have been selling this integrated materials company’s shares after it announced the exit of its managing director and chief executive officer, David Woodall, with immediate effect. Mr Woodall gave no explanation for his departure.

Nuix Ltd (ASX: NXL)

The Nuix share price is down 11% to 65 cents following the release of a trading update. The investigative analytics and intelligence software provider revealed that it expects its revenue to be in the range of $151 million to $154 million in FY 2022. The midpoint of this range implies a 13.4% decline year on year. Things were much worse for its statutory EBITDA, which is expected to come in at $10 million to $12 million. This will be a ~64% decline year on year.

The post Why Appen, Arizona Lithium, Australian Stategic Materials, and Nuix shares are dropping appeared first on The Motley Fool Australia.

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More reading

• Why is the Australian Strategic Materials share price sinking 10% today?
• Why is the Nuix share price crashing 25% to a record low today?
• Why the upcoming first-half result could be pivotal for Appen shares
• ‘Outstanding opportunity’ energises the Arizona Lithium share price
• Tech tumble: How this ASX share plunged 59% last financial year

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 Appen Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

It’s been a humbling year for the stock market. As of July 12, the three major indexes — the S&P 500, Nasdaq Composite, and Dow Jones — are down more than 20%, 28%, and 15%, respectively. Bear markets are not new to Wall Street; they’ve happened in the past, and you can bet they’ll continue to occur in the future.

However, as an investor, the one thing you don’t want to do during bear markets is panic. Instead, use this time to your advantage. Here’s how I’m preparing for better days in the stock market.

Going discount shopping

If you believe in the long-term potential of a stock, you shouldn’t be deterred by short-term price drops. If anything, you can view this as a chance to grab some of your favorite investments at a discount, and potentially lower your cost basis. The cost basis is the average price you’ve paid per share of a particular stock, and it eventually determines how much you profit (or lose) from selling. If you bought 10 shares at $100, 10 shares at $150, and 10 shares at $200, your cost basis would be $150.

When you invest in a particular stock, you should be prepared to hold it for the long haul. Legendary investor Warren Buffett once said, “If you aren’t willing to own a stock for 10  years, don’t even think about owning it for 10 minutes.”

With this in mind, if you had invested in a stock while it was at $200, seeing it at $150 should be bargain time for you — especially if nothing has fundamentally changed about the business. Value investing involves finding stocks trading lower than their intrinsic value, and bear markets present a great opportunity to do just that.

Increasing my positions in the major indexes

The one thing you don’t want to do during bear markets is to stop investing because it usually ends up being counterproductive. Rather, you should be investing in the broader market instead of focusing on single companies that might not be able to weather the storm and see brighter days. Although specific companies might not survive tough economic times and market downturns, the stock market as a whole (usually measured using the major indexes) has historically bounced back from bear markets. 

In the past few decades alone, the three major indexes have survived some of the most trying economic conditions in U.S. history. They’ve bounced back from Black Monday (1987), the dot-com bubble collapse (late 1990s), the Great Recession (2008-2009), and the pandemic (2020-2021), and there’s no reason to think they won’t recover from the current bear market.

Diversification is one of the key pillars of investing, and it becomes even more important during down periods. You never want your portfolio’s success (or failure) to rely on too few companies; instead, put your money in the broader stock market and trust that there’s sunshine after the rain.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post How I’m preparing for brighter days in the stock market appeared first on The Motley Fool Australia.

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More reading

• What’s the outlook for the Mineral Resources share price in FY23?
• Here are the top 10 ASX shares today
• 3 ASX lithium shares that flew in FY22, and 1 that sank
• $264 million! The 10 highest-paid CEOs on the ASX
• Could the Mineral Resources share price unload another 41% of upside?

 The Motley Fool has a disclosure policy.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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S&P/ASX 200 Index (ASX: XJO) gold miner St Barbara Ltd (ASX: SBM) has had a rough few years on the ASX. And now it’s rumoured to be considering major sales and mergers.  

At the time of writing, the St Barbara share price is trading just under 87 cents. That’s more than 80% lower than it was near the end of the 2018 financial year.

That financial year, the company’s market capitalisation reached a whopping $2.5 billion. Today, according to the ASX, it stands at around $697 million.

So, what might the future hold for the ASX 200 gold share? Let’s take a look.

Is this ASX 200 gold miner facing M&A activity?

ASX 200 gold miner St Barbara operates in multiple regions around the globe, but that could soon come to an end.

The company holds the Leonora Operations in Western Australia, the Atlantic Operations in Canada’s Nova Scotia region, and the Simberi Operations in Papua New Guinea.

It’s currently in merger talks with gold explorer Genesis Minerals Ltd (ASX: GMD). However, that company’s interest appears to be limited to St Barbara’s Australian activities.

In light of that, the ASX 200 gold miner is considering ditching some of its overseas operations, The Australian reports.

And Simberi will reportedly be the first on the chopping block. According to the publication’s sources, three parties are apparently vying for the operation, which could bolster St Barbara’s coffers by $50 million to $100 million.

Simberi has been plagued by challenges over the past 18 months. A tragic fatality at the mine saw its financial year 2021 production guidance withdrawn as an investigation was conducted.

Meanwhile, a notable failure was recorded at the operation’s deep sea tailing placement pipeline. Prior to that, the company had downgraded the project’s guidance due to ore variability, and COVID-19 took its toll earlier this year.

And tales of sales don’t end there. The company is also reportedly rumoured to be considering spinning out or selling off its Canadian assets – which face permitting challenges.

The last time the market heard word of a Genesis/St Barbara merger was two weeks ago. At the time, the latter stressed merger talks between the pair were “incomplete”.

No doubt, all eyes will be on the ASX 200 gold miner to see what happens in the foreseeable future.

St Barbara share price snapshot

The St Barbara share price has suffered through 2022 so far.

It’s plunged nearly 39% since the start of this year. It’s also currently 54% lower than it was this time last year.

The post This ASX 200 gold miner’s value has plunged from $2b to under $700m. Could it be set for some major M&A action? appeared first on The Motley Fool Australia.

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More reading

• I think these 2 ASX 200 dividend shares are buys for income
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update
• 5 things to watch on the ASX 200 on Monday
• 2 rising ASX shares of companies with a market stranglehold
• What’s in store for the BetaShares NASDAQ 100 ETF in the next 12 months?

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 Woodside Energy Group Ltd (ASX: WDS) share price is pushing higher on Monday.

At the time of writing, the energy share is up around 2% higher at $31.23 each on no news.

In broader market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) is also around 2% higher on the day.

What’s up with the Woodside share price?

It’s been a quiet day for ASX oil shares today. Noteworthy, however, is the price of oil strengthening to trade back at US$101 per barrel.

Brent Crude pushed off a low of US$99 barrel overnight, following a weak spell for the global oil benchmark.

The move came in handy for the Woodside share price, shifting it higher today.

Woodside has been trading sideways this past month or so, following its rapid descent from $35.39 a share on 9 June.

Oil has been equally as volatile in recent months, with Brent Crude trading down off its June highs of US$120 per barrel.

Global oil prices have pared gains earned through the second quarter of CY2022, leaving many investors questioning how they will fare with inflation biting.

Nevertheless, oil remains at the centre of the geopolitical debate right now. It, and many other resources, have shot to multi-year highs, sending global markets into turmoil.

Accompanying this is strength in the US dollar, adding further complexity to global trade.

It seems the Woodside share price has been a reflection of this broader price action, as seen below.

In the last 12 months, the Woodside share price is up more than 37%, climbing 43% higher this year to date.

The post Why is the Woodside share price having such a strong start to the week? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday
• 5 things to watch on the ASX 200 on Thursday
• Why Galileo Mining, Platinum, Sezzle, and Woodside shares are dropping
• These were the 5 top performing ASX energy shares of FY22

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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