Category: Stock Market

The Li-S Energy Ltd (ASX: LIS) share price is charging up during early Thursday afternoon trade.

This comes after the lithium-sulphur battery company provided a positive update to the ASX, exciting investors.

At the time of writing, Li-S Energy shares are swapping hands at 62 cents, up 6.9%.

Li-S Energy joins Future Battery Industries Cooperative Research Centre

The Li-S Energy share price is on the move following the company’s latest announcement.

In today’s statement, Li-S Energy advised it has joined the Future Battery Industries Cooperative Research Centre (FBICRC).

Established in 2019, FBICRC is a partnership of industry, government, and researchers on battery technologies. The centre has 70 participants across 15 research projects, collaborating to ensure Australia plays a role in battery evolution.

Li-S Energy stated this will “help it leverage co-funded R&D on advanced electrolytes for Lithium Metal and Lithium Sulphur batteries.”

According to FBICRC CEO Shannon O’Rourke, global battery demand is expected to accelerate nine to 10-fold over the next decade.

Li-S Energy CEO, Dr Lee Finniear commented on delivering lithium sulphur and lithium metal batteries with unmatched performance and cycle life:

These batteries are the “holy grail” of EV, drone and electric aviation markets, combining high energy storage and low weight.

Our collaboration with FBICRC accelerates our time to market by enabling us to access advanced electrolytes developed specifically for these high energy cells, further magnifying the benefits over lithium-ion.

About the Li-S Energy share price

Since listing in September 2021 at a price of 85 cents, Li-S Energy shares have continually fallen.

They hit an all-time high of $3.05 on the day of listing. But the positive investor sentiment was short-lived. The Li-S Energy share price has since declined by 80%. When looking at the year to date, Li-S Energy shares are down by almost 60%.

On valuation grounds, Li-S Energy commands a market capitalisation of roughly $371.3 million.

The post Why is the Li-S Energy share price powering ahead today? appeared first on The Motley Fool Australia.

More reading

• What will the lithium price be in 2025?
• Here’s why the Bitcoin price surged 6% overnight
• Why are ASX 200 energy shares leaping higher today?
• Another country adopts Bitcoin as legal tender. What does this mean for investors?
• Here’s why the Air New Zealand share price is diving 6% 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 Bruce Jackson.

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While commodities have been strong in 2022, few have been as strong as lithium.

Thanks to seemingly insatiable demand in the electric vehicle market and tight supply, prices of the white metal have surged higher.

Lithium prices continue to rise

The good news for current miners of the battery making ingredient is that lithium prices are expected to remain strong during the current quarter.

For example, Allkem Ltd (ASX: AKE) recently advised that it expects to command spodumene concentrate prices of US$5,000 per dry metric tonne and lithium carbonate prices of US$35,000 per tonne during the June quarter.

This is up from US$2,178 per dry metric tonne and US$27,236 per tonne, respectively, during the March quarter.

Furthermore, to show how far lithium prices have come, the release highlights that Allkem was commanding US$796 per dry metric tonne for spodumene concentrate in the September quarter and US$5,853 per tonne for its lithium carbonate during the March 2021 quarter.

Clearly, these are boom times for Allkem and other producers such as Mineral Resources Limited (ASX: MIN) and Pilbara Minerals Ltd (ASX: PLS).

But what about the many lithium developers and explorers on the ASX boards?

Where are lithium prices going?

Commodity prices have a tendency to move in cycles. At the current moment, prices appear to be nearing the top of the cycle thanks to the aforementioned strong demand and tight supply.

However, high prices attract more supply and eventually when that supply floods into the market and satisfies demand, prices will start to fall.

So, what should shareholders of future lithium miners AVZ Minerals Ltd (ASX: AVZ), Core Lithium Ltd (ASX: CXO), Lake Resources N.L. (ASX: LKE), Liontown Resources Limited (ASX: LTR), and Vulcan Energy Resources Ltd (ASX: VUL) be expecting?

Lithium carbonate

According to a recent note out of Goldman Sachs, its analysts are expecting lithium carbonate prices to average US$46,640 per tonne in 2022. However, from 2023 onward it is expecting a sizeable decline.

The broker’s commodities team expects lithium carbonate prices to fall to:

• US$20,500 per tonne in 2023
• US$17,180 per tonne in 2024
• US$14,468 per tonne in 2025.
• Long run average of US$11,500 per tonne

What about spodumene concentrate?

It is a similar story for spodumene concentrate (6% li2O), with Goldman expecting an average of US$3,679 per tonne in 2022 before a sizeable pullback thereafter.

It is forecasting spodumene concentrate prices to be:

• US$1,750 per tonne in 2023
• US$950 per tonne in 2024
• US$900 per tonne in 2025
• Long run average of US$800 per tonne

In light of this, it would be worth considering just how profitable (or not) some lithium explorers and developers will be once prices normalise again.

The post What will the lithium price be in 2025? appeared first on The Motley Fool Australia.

More reading

• Up 250% in a year, the Liontown share price surges 6% higher again today
• Top brokers explain why not all ASX lithium shares are created equal
• Why ARB, AVZ, Temple & Webster, and Zip shares are sinking
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why the AVZ share price went from being up 19% to down 20% today

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 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 Bitcoin (CRYPTO: BTC) price made its biggest move in more than seven days while most Aussies were asleep.

The token’s notorious volatility took a break over the past week, with the Bitcoin price trading within a 5% range.

Last night it edged out of that range, gaining 5.9%. The Bitcoin price has retraced a touch since then, currently at US$$39,681. That’s up 4.4% from this time yesterday, according to data from CoinMarketCap.

What lifted the Bitcoin price?

The world’s original cryptocurrency looks to have gotten a boost from the US Federal Reserve yesterday (overnight Aussie time).

The central bank increased the official interest rate by 0.50% and announced it will begin cutting its holdings of US treasuries next month. But Fed Chairman Jerome Powell wasn’t as hawkish as investors had feared.

With the market having broadly priced in the likelihood of an 0.75% rate hike, shares rallied on the announcement. Risk assets, like high-growth tech shares, led the way. The tech-heavy NASDAQ closed up 3.2%.

That same bullish sentiment boosted the Bitcoin price and swept through the crypto markets. In fact, every one of the top 100 tokens by market capitalisation (save the stablecoins) is well into the green over the past 24 hours.

According to Stephane Ouellette, CEO of FRNT Financial, Powell’s relatively more dovish stance “contributes to speculative appetite, which is likely to be bullish for crypto”. (Courtesy of Bloomberg.)

Now what?

For the Bitcoin price to break out of this year’s trading range and charge higher, investors need some excitement to spur them on, says David Duong, head of institutional research at Coinbase.

According to Duong (quoted by Bloomberg), “We have seen the carry-over of many important crypto-specific themes from last year but very little in the way of new ‘top down’ narratives, which are crucial to the ‘hype cycles’ in this space.”

With the Bitcoin price closely aligned with the NASDAQ, Nexo co-founder Antoni Trenchev said it could drop to US$33,000 in the near term. Trenchev is forecasting that it would find strong support from buyers around US$30,000.

However, he added: “Sentiment towards Bitcoin can move on a dime. The narrative changes quickly. Nobody needs reminding what happens when Bitcoin starts to move and retail FOMO kicks in.”

The post Here’s why the Bitcoin price surged 6% overnight appeared first on The Motley Fool Australia.

More reading

• Another country adopts Bitcoin as legal tender. What does this mean for investors?
• ‘Stupid and evil’. Warren Buffett and Charlie Munger unload on Bitcoin
• Why Bitcoin, Ethereum, and Coinbase Jumped Today
• The top 2 cryptos of April unmasked
• What happened with the Bitcoin price in April?

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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ASX 200 energy shares are jumping today on the back of higher oil and natural gas prices.

The S&P/ASX 200 Energy Index (ASX: XEJ) is climbing 1.6% at the time of writing. In contrast, the  S&P/ASX 200 Index (ASX: XJO) is up 0.66%.

Let’s take a look at what is boosting ASX 200 energy shares today.

ASX 200 energy shares rise

On a good day for ASX 200 energy shares, the Woodside Petroleum Limited (ASX: WPL) share price is up 1.64%, while Santos Ltd (ASX: STO) is rising 1.3%. Meanwhile, Beach Energy Ltd (ASX: BPT) shares are up 2.85% and the AGL Energy Limited (ASX: AGL) share price is climbing 1.94%.

Oil prices surged by 5% after the European Union put forward a plan to ban Russian crude oil imports within six months. The proposal was outlined in a speech to parliament by European commission president Ursula von der Leyen, the Wall Street Journal reported. The EU is also looking at other financial sanctions.

Von der Leyen said: “With all these steps, we are depriving the Russian economy from its ability to diversify and modernise.”

Brent crude oil is currently priced at US$110.26 per barrel, while WTI crude oil is US$107.87 a barrel, Bloomberg data shows.

Meanwhile, natural gas price futures also surged to more than 13-year highs in the US on Wednesday. The natural gas price is currently trading at US$8.425 per million British thermal units (MMBTu), Trading Economics data shows. This is the highest level since July 2008. Higher temperatures in May and an early start to the air-conditioning season are increasing demand for gas in the US, oilprice.com reported.

Among the ASX 200 energy shares, Woodside today announced plans for a carbon re-use project in collaboration with Eastern Metropolitan Regional Council in Perth. This is subject to a final investment decision later this year.

Woodside, Santos, and Beach Energy are oil and gas producers, while AGL energy is involved in gas and electricity markets.

Share price recap

The S&P/ASX 200 Energy Index (ASX: XEJ) has ascended 30% this year to date. For perspective, the benchmark ASX 200 index has fallen 1.2% over the same period.

Woodside shares have outperformed the index this year, surging 44%. Meanwhile, Santos has soared by 29%, Beach Energy has rocketed nearly 35%, and AGL Energy has ascended 37%.

The post Why are ASX 200 energy shares leaping higher today? appeared first on The Motley Fool Australia.

More reading

• Here’s why the AGL share price was cooking with gas in April
• Why is the Woodside share price climbing today?
• Own AGL shares? Boss says Cannon-Brookes made ‘false claims’
• 5 things to watch on the ASX 200 on Thursday
• When, why, how? All the details on the AGL demerger and what might happen if it flops

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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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.

On April 27, The Central African Republic’s parliament voted unanimously to make Bitcoin (CRYPTO: BTC) legal tender. Unless you are familiar with your geography or keep up with politics in central Africa, this might be your first time even knowing such a country exists. The Central African Republic is now the second country to do so in the last year. El Salvador was the first country to recognize Bitcoin as legal tender in June 2021. 

Reasoning behind the law

Understanding the Central African Republic’s history helps clear the air on potential motives for this decision. The country is a former colony of France. Many of these former colonies still rely on the governments and financial institutions that once ruled them. 

The Central African Republic uses the CFA franc. This currency is used by six other countries within the region and pegged to the euro. To maintain this peg, the Bank of Central African States (BEAC) who oversees these six countries’ banking and financial policies is required to keep at least 50% of its foreign assets in the French treasury. 

Some believe this has limited economic development in the country. An embrace of Bitcoin will sever dependence on the euro and their former French colonial power. 

Bitcoin offers a way out

Countries that use currencies tied to Western economies have little to no say in economic policy. This is one of the main reasons why El Salvador made a similar move. Policies enacted in the U.S. or France eventually trickle down and negatively impact these countries’ economies. 

International economic policy tends to be decided by countries with the wealthiest economies. Naturally, these policies favor their own domestic interests. Smaller economies are left on the periphery and forced to deal with the hand they are dealt. 

Now there is a way out. Bitcoin levels the playing field. Because Bitcoin cannot be manipulated or controlled by a governing authority, smaller economies can make their own policies without needing consent from other world powers. Governments will no longer be able to control the money supply. Countries that once got the short end of the economic stick can now control their own financial destiny.

Invest in history

Only time will tell how these countries fare. Yet as investors, we should see the bigger picture. The year is 2022. The second country just adopted Bitcoin. Other countries in similar situations like El Salvador and the Central African Republic will notice that Bitcoin is an exit from the status quo.

Critics of Bitcoin will argue only small countries are the ones using the cryptocurrency. And for now they are right. But to even utter those words shows how far Bitcoin has come. The day when a developed economy in Asia, the Middle East, or the West enacts similar Bitcoin laws like El Salvador and the Central African Republic will be the day when Bitcoin undoubtedly cements itself. 

Investors should know that this day is coming sooner than later. You don’t have to look far to find examples of this progress. In Colorado citizens can pay taxes in Bitcoin. In Arizona, legislation was introduced to make Bitcoin legal tender.  Take the opportunity now to gain exposure to Bitcoin. Ignore the short term price fluctuations. 

A quote from a personal favorite book, The Alchemist, seems fitting. “Everything that happens once can never happen again. But everything that happens twice will surely happen a third time.” 

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

The post Another country adopts Bitcoin as legal tender. What does this mean for investors? appeared first on The Motley Fool Australia.

More reading

• ‘Stupid and evil’. Warren Buffett and Charlie Munger unload on Bitcoin
• Why Bitcoin, Ethereum, and Coinbase Jumped Today
• The top 2 cryptos of April unmasked
• What happened with the Bitcoin price in April?
• Why Shiba Inu, Ethereum, and Dogecoin are sinking today

Fool contributor RJ Fulton owns Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia owns 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. 

 

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

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The Air New Zealand Limited (ASX: AIZ) share price is heading south after coming out of a trading halt on Thursday.

This comes after the company provided an update regarding its shortfall bookbuild.

At the time of writing, the airline operator’s shares are exchanging hands at 74 cents, down 6.33%.

Air New Zealand completes shortfall bookbuild

In a statement, Air New Zealand advised it has completed the shortfall bookbuild component of its rights offer.

The two for one pro-rata renounceable rights offer is for shareholders who didn’t take up shares in the company’s recent capital raise.

Air New Zealand said the shortfall bookbuild was well supported by existing shareholders and new investors. It comprised approximately 274 million shares.

The price of NZ$0.81 per share is a NZ$0.28 premium above the offer price of NZ$0.53 per share.

Eligible shareholders who elected not to take up their entitlements, as well as ineligible shareholders, will receive NZ$0.28 for each share sold. Payment is expected to be made by Monday 16 May.

This concludes the company’s NZ$1.2 billion equity raise, which is comprised of the rights offer and the shortfall bookbuild. Air New Zealand will use the proceeds to repay its existing crown loan, strengthen its balance sheet, improve liquidity, and help position the business for recovery.

Air New Zealand chair Dame Therese Walsh commented:

The Rights Offer was structured to provide all eligible Air New Zealand shareholders with a fair opportunity to participate in the equity raise or receive value for their rights.

We are delighted with the level of support shown for Air New Zealand by existing and new shareholders and to have been able to return value to those shareholders who did not or were ineligible to participate.

Air New Zealand share price summary

Since this time last year, Air New Zealand shares have lost 26% in value. The majority of these losses — 19.5% — have come in 2022. The share price reached a 52-week low of 72.5 cents last month before moving in a sideways channel.

Air New Zealand commands a market capitalisation of $887 million. It has approximately 1.12 billion shares on issue.

The post Here’s why the Air New Zealand share price is diving 6% today appeared first on The Motley Fool Australia.

More reading

• Why is the Air New Zealand share price grounded on Wednesday?

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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Well, this week was a fairly momentous one. It saw our own central bank, the Reserve Bank of Australia (RBA), lift interest rates for the first time in 11 years. This has understandably caused some navel gazing for many ASX investors, who may have gotten used to the successive interest rate cuts the last decade has brought. Not to mention the record low cash rate of 0.1% that was in place for more than two years. Now the RBA has hiked rates from 0.1% to 0.35%.

But if what the RBA had to say on Tuesday proves prescient, it may not be the last interest rate rise we see in 2022. In fact, we are almost certainly going to see another hike soon, seeing as the RBA governor said, “the Board is committed to doing what is necessary to ensure that inflation in Australia returns to target over time. This will require a further lift in interest rates over the period ahead”.

Previously, the RBA has said that it sees interest rates at the “neutral” level of 2.5% in the future. So if that came to pass, could dividend shares still offer attractive yields?

If interest rates were to move to 2.5%, you could expect many ‘safe’ investments like savings accounts and term deposits to offer similar, if not slightly higher, rates of interest. That would be a big change from the present lay of the land, where it is still difficult to find a savings account with an interest rate above 1%.

So if rates did rise to 2.5%, would it still be worth chasing yield from ASX dividend shares?

3 ASX dividend shares that beat the piggybank

Well, here are three such shares that would still be the piggybank if rates did climb to 2.5%.

Coles Group Ltd (ASX: COL) is one such share. Coles has been ratcheting up its annual dividend for a few years now. 2019 saw this grocery giant fork out 35.5 cents per share in dividends. But last year had the company dole out 61 cents per share, fully franked of course. On current pricing, this gives Coles a trailing dividend yield of 3.31%. With the full franking, that grosses-up to 4.73%.

WAM Research Ltd (ASX: WAX) is another share that has a good chance of being a piggybank-beater in the years ahead. This Listed Investment Company (LIC) has been increasing its annual dividend for more than 10 years now. Last year saw WAM Research pay out 9.9 cents per share, a pleasing rise from 2011’s 6 cents per share. On current pricing, that gives this LIC a dividend yield of 6.12%, or 8.74% grossed-up with the company’s full franking.

Finally, there’s Telstra Corporation Ltd (ASX: TLS) to consider as well. Telstra has had a reputation as a strong dividend payer for years. The telco has kept its 16 cents per share annual dividend payment steady for a while now. Even so, this gives Telstra shares a yield of 4% as it currently stands. Telstra also typically does out full franking credits with its dividends, so that payment grosses-up to a current yield of 5.71%.

The post Could these 3 ASX dividend shares still beat the piggybank if rates hit 2.5%? appeared first on The Motley Fool Australia.

More reading

• Here’s how the Woolworths share price stacked up in April
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• What’s the outlook for the Telstra share price in May?
• Analysts name 2 blue chip ASX 200 dividend shares to buy
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Sebastian Bowen has positions in Telstra Corporation Limited and WAM Research 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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The AMP Ltd (ASX: AMP) share price has recovered from an early sell-off after the company posted its update for the quarter ended March.

Within the update, it was revealed Woolworths Group Ltd (ASX: WOW) had ended its contract with AMP for corporate superannuation services.

The move is likely to drain another $4 billion from AMP’s funds under management sometime in the first half of 2023.

AMP shares withstanding the bad news

It comes on top of the outflows of $1.3 billion in the first quarter of 2022 from its Australian Wealth Management (AWM) division.

This caused AWM’s assets under management (AUM) to drop to $136.5 million in the quarter from $142.3 million in Q1 2021. The decline isn’t just caused by the outflows but by investment losses too.

Loss of clients was also an issue for the AMP Capital division. Its normalised AUM dipped 0.6% to $52.5 billion in the quarter compared to the previous quarter.

This was largely due to client redemptions from China Life AMP Asset Management money market funds.

Dip buyers supporting the AMP share price

The news initially sent the AMP share price lower, but investors have taken a glass-half-full view. The shares are currently trading 1.85% higher at $1.212 compared with a 0.63% advance by the S&P/ASX 200 Index (ASX: XJO).

Management reassured investors that the loss of the Woolworths contract would not have a material impact on group profitability.

While the cash outflow from AWM in the latest quarter isn’t great news, it’s an improvement from the $2 billion in outflows the embattled group reported in the same period last year.

AMP winning mortgage market share

What’s more, AMP Bank managed to grow its mortgage business by twice the pace of the industry. Its total loan book increased by $500 million to $22.6 billion in the first three months of the year despite intense competition.

Its super and investment platform business, North, is also growing. Inflows from external financial advisers increased by 53% to $342 million during the period compared to Q1 2021.

What did management say?

Commenting on the update which appears to be fuelling the AMP share price today, chief executive Alexis George said:

We’re seeing positive signs of growth and momentum and have set a clear path to accelerate the transformation of AMP Limited with the announcement of the sale of Collimate Capital’s real estate and infrastructure equity businesses, enabling an increased focus on the growth of our retail banking and wealth businesses.

With the transactions we announced last week, we have set AMP up for a strong and sustainable future, with a clear strategy to grow AMP Bank and our wealth management businesses in Australia and New Zealand.

AMP recently announced the sale of some of its businesses. The group could reap up to circa $2 billion in cash from the divestments, which may be used to fund capital returns.

The AMP share price is up 24% over the past month and 21% this year to date.

The post AMP share price rebounds as Woolworths ends $4b superannuation contract appeared first on The Motley Fool Australia.

More reading

• How is the AMP share price looking in May?
• What rising interest rates can do to ASX shares
• The AMP share price soared 21% in April. Here’s why
• These were the best performing ASX 200 shares in April
• These were the best performing ASX 200 shares last week

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

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The AGL Energy Limited (ASX: AGL) share price had a roaring month in April despite a major fault at the company’s Loy Yang A power station.

Fortunately, there was plenty of good news to balance out the bad from the energy producer and retailer.

The AGL share price ended last month trading at $8.68, 12.44% higher than it was at the final close of March.

For comparison, the S&P/ASX 200 Index (ASX: XJO) slipped 0.86% over the course of April.

Let’s take a closer look at what boosted sentiment for the previously embattled ASX 200 share last month.

Why did the AGL share price outperform in April?

The AGL share price outperformed the ASX 200 by nearly 12% last month despite only releasing unfortunate news to the market.

The company’s major coal-fired power station, Loy Yang A, experienced an electrical fault resulting in one of its units being shut down. The company warned the outage could continue until August.

Some brokers predict the incident could bring a $70 million dint to AGL’s earnings and force the company to buy energy from the pool — a costly exercise in 2022.

The AGL share price tumbled 3% on the back of the news.

Luckily, there was plenty of good, non-price-sensitive news to bolster sentiment in the company in April.

It announced it was shutting down one of four units at its Liddell coal-fired power station early last month. It’s the first step towards closing the station completely next year.

Additionally, it shook on a deal that will see it operating a grid-scale battery in the ACT. It also entered another that will see coal ash from its Bayswater power station transformed into bricks.

Finally, AGL announced last week it will be acquiring biogas plant provider Energy360.

The energy giant believes the acquisition will help it provide high-emissions businesses with sustainable energy solutions.

Of course, May so far has been rocky for AGL and its share price. On top of that, the market’s expecting to hear more news from the company in coming weeks.

It’s set to provide additional details on its upcoming demerger – despite increasing pressure on shareholders to vote against the plan – in mid-May.

Today, AGL boss Graeme Hunt hit back at tech billionaire Mike Cannon-Brookes’ criticism of the demerger, labelling some of the claims being made against the plan as “false”.

The post Here’s why the AGL share price was cooking with gas in April appeared first on The Motley Fool Australia.

More reading

• Own AGL shares? Boss says Cannon-Brookes made ‘false claims’
• When, why, how? All the details on the AGL demerger and what might happen if it flops
• Own AGL shares? Boss slams Cannon-Brookes’ plan as ‘transition into a nosedive’
• AGL share price dips despite $2 billion energy transition deal
• Why AGL, Booktopia, Cleanaway, and Corporate Travel Management shares are dropping

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 Appen Ltd (ASX: APX) share price rollercoaster continues on Thursday with the stock recovering its losses for the week so far.

There’s been no news from the provider of data for artificial intelligence to explain today’s surge. However, it’s also a good day for many of its ASX technology peers.

At the time of writing, the Appen share price is $6.73, up 4.83% on its previous close.

For context, the S&P/ASX All Ordinaries Index (ASX: XAO) is also in the green, having gained 0.7%.

Let’s take a look at what might be going on with ASX tech shares on Thursday.

Appen share price up alongside ASX tech share peers

The S&P/ASX All Technology Index (ASX: XTX) is up 1.53% at the time of writing. Some of the big-name ASX tech shares doing well today include Megaport Ltd (ASX: MP1), up 3.33%, and WiseTech Global Ltd (ASX: WTC), up 4.1%.

Among the smaller ASX tech shares soaring today is Whispir Ltd (ASX: WSP), up 7.02%, and Dubber Corp Ltd (ASX: DUB), up 7.31%. Nuix Ltd (ASX: NXL) is also up 6.96%.

The market hasn’t heard any price-sensitive news from Appen since early March but its share price has been displaying volatility lately. It fell 4.5% on Monday and gained it back on Tuesday. It slumped another 3.4% yesterday before lifting back into the green today.

Though, Appen’s good days this week are nowhere near enough to outweigh its bad year. The Appen share price is 39% lower than it was at the start of 2022. It has also tumbled 54% since this time last year.

Appen has a market capitalisation of $792 million and has 123.4 million shares outstanding.

The post The Appen share price is soaring 5% on Thursday. Could this be why? appeared first on The Motley Fool Australia.

More reading

• What would happen if Appen shares were removed from the ASX 200? 
• 3 stellar ASX growth shares analysts are tipping as buys this month
• These were the worst performing ASX 200 shares in April
• Leading brokers name 3 ASX shares to buy today
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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 Appen Ltd, Dubber Corporation, MEGAPORT FPO, Whispir Ltd, and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia has positions in and has recommended Dubber Corporation and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO and Whispir 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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