Category: Stock Market

The Woodside Petroleum Limited (ASX: WPL) share price is in the green today.

The energy giant’s shares are currently swapping hands at $31.70, a 1.8% gain. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.58% today.

Let’s take a look at what’s impacting the Woodside share price today.

Oil prices higher

Woodside shares could be rising amid higher oil prices. The S&P/ASX 200 Energy Index (ASX: XEJ) is up 1.56% at the time of writing after oil prices surged in global markets overnight. This was prompted by news of a potential European ban on Russian oil imports.

According to the Wall Street Journal, the European Union has proposed a ban on imports of Russian crude within six months. It has also suggested a ban on refined oil products from Russia by year’s end.

This is sending crude prices higher as member states look for alternatives. Brent crude oil and West Texas Intermediate (WTI) crude oil futures both soared more than 5%.

Europe imports about 3.5 million barrels of Russian oil daily, Reuters reports. Price Futures Group senior analyst Phil Flynn was quoted as saying:

Inventories are so tight, so against this backdrop, when you’re talking about this ban, there are a lot of questions on how (Europe) is going to make up for this.

Brent crude oil is currently US$110.49 a barrel while WTI crude oil is $108.12 a barrel, Bloomberg figures show.

Carbon re-use project

Meanwhile, in other news, Woodside will collaborate with Perth’s Eastern Metropolitan Regional Council on a carbon re-use pilot project. The agreement includes an option to lease land.

The Carbon Capture and Utilisation facility will aim to convert greenhouse gases into ethanol using technologies developed by US-based ReCarbon and LanzaTech.

Commenting on the news, Woodside CEO Meg O’Neill said:

Woodside believes CCU is an emerging field as customers seek lower-carbon solutions. CCU has the potential to contribute to both elements of our climate strategy.

To have a pilot CCU facility right here in Western Australia, where Woodside has pioneered other technologies, is also very exciting.

The project is subject to a final investment decision earmarked for the second half of 2022.

Woodside share price snapshot

The Woodside share price has ascended 38% in the past year and 40% year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 3% over the past year.

Woodside has a market capitalisation of roughly $30.64 billion based on today’s share price.

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

More reading

• 5 things to watch on the ASX 200 on Thursday
• The ASX 200 shares that fund managers are buying and dumping
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday
• Why is the Woodside share price in the spotlight on Thursday?

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 has been suffering amid an avalanche of news on the company’s demerger.

Now, AGL CEO and managing director Graeme Hunt has advised shareholders to “focus on the facts” as they prepare to go to the polls.

Hunt addressed the dramatic stance made by tech billionaire Mike Cannon-Brookes, labelling some of the claims being made against the plan as “false”.

At the time of writing, the AGL share price is $8.305, 0.91% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.47% on Thursday.

AGL CEO slams Cannon-Brookes’ claims

The AGL share price is in the green on Thursday. Its gain comes as Hunt addresses the Macquarie Australia Conference in a week of uncertainty for AGL’s momentous demerger plans.

I do think it would be rather odd for me to stand up here today and not address the recent commentary following the initial substantial holder notice … and some of the false claims being made about AGL, as part of the justification for the position it has taken on the proposed demerger.

Hunt said he hopes shareholders “focus on the facts” when deciding how they’ll vote at next month’s scheme meeting.

If approved, the demerger will see AGL Energy split into energy retailer, AGL Australia, and energy producer, Accel Energy.

Cannon-Brookes’ investment vehicle, Grok Ventures, is AGL’s newly minted largest shareholder. It’s also behind the Keep it together Australia campaign against the demerger.

Hunt has disputed some of Grok Ventures’ claims on Thursday.

Notably, he argued statements claiming AGL has failed to invest in renewable generation, that it will have fewer financing opportunities post-demerger, and that the company is behind the ball on decarbonisation, are false.

He said AGL has support from its banking group. Additionally, both AGL Australia and Accel Energy have defined debt financing arrangements and capital structures. Both entities also have provisional investment-grade credit ratings.

What else did AGL disclose at the conference?

While it’s unlikely to have shifted the AGL share price today, Hunt outlined the company’s current market conditions and an update on when the market might see the demerger’s documents.

Additionally, the CEO announced newly revised closure dates for the Bayswater and Loy Yang A coal-fired power stations are “not the end of the story”.

“Accel Energy will continue to challenge these closure dates and look to see how they can improve on this, should the system be able to accommodate this in an orderly and responsible way,” said Hunt.

The company has also seen forward pricing grow since January. It’s now above $100 per megawatt hour for financial years 2023 and 2024.

That’s particularly evident in New South Wales, Victoria, and Queensland.

The increase is born from high commodity prices, recent news of withdrawals from coal-fired power, and risks from an ageing thermal generation fleet.

Hunt also noted the demerger scheme booklet will be released shortly.

The document will be under the eye of the Supreme Court today, according to the Australian Financial Review.

The company reportedly expects the booklet will be released on Friday, subject to approval from both the court and ASIC.

AGL share price snapshot

The AGL share price is back in the green on Thursday. Though, it’s still 4% lower than it was at the end of last week. Luckily the stock has plenty of cushioning to absorb the drop.

This week’s slump included, the AGL share price is 31% higher than it was at the start of 2022.

However, it’s still 9% lower than it was this time last year.

The post Own AGL shares? Boss says Cannon-Brookes made ‘false claims’ appeared first on The Motley Fool Australia.

More reading

• 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
• ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid

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 recommended Macquarie Group 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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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.

What happened

Over the last 24 hours, the price of the Cardano (CRYPTO: ADA) cryptocurrency has traded nearly 8% higher as of 2:23 p.m. ET today for no obvious reason, although there looks to be some technical support occurring. Ada traded higher than most cryptocurrencies.

So what

With Ada trading near 15-month lows, it appears that Cardano whales, those who hold large amounts of the token, are accumulating. Data from the business intelligence firm Santiment shows the number of crypto wallets with more than 10 million Ada has increased by nearly 2.15% since mid-April, hinting that whales are eying a recovery.

Furthermore, the price of Ada right now is rising around a level that triggered a 65% run in March of this year.

With the Federal Reserve this afternoon officially raising its benchmark overnight lending rate, the federal funds rate, a half point, the largest increase it’s made at one time in two decades, I think it’s a bit tough to know how cryptocurrencies, in general, will respond, as predicting their behavior over the last six months has not been easy.

Now what

There are certainly a lot of cryptocurrencies out there, but the Cardano cryptocurrency certainly intrigues me. The network looks to be strong from a technical perspective, with the potential to one day process 1 million transactions per second.

The network also runs on a proof-of-stake concept, in which validators stake their Cardano tokens to approve transactions on the network and mint new tokens. Proof-of-stake is much more energy efficient than the proof-of-work concept that tokens like Bitcoin currently run on, in which miners use a massive amount of computing power to solve a cryptographic puzzle.

These are just a few reasons Cardano could be a good long-term crypto play. 

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

The post Why Cardano is rising today appeared first on The Motley Fool Australia.

More reading

• Bitcoin, Ethereum, and Cardano are turning it around today. Here’s why
• Why Polkadot, Cardano, and Solana all dropped today
• How these top cryptos stacked up against Bitcoin and Ethereum in March
• Why Solana, Polkadot, and Cardano are down big today

Bram Berkowitz has positions in 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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Shares in Lovisa Holdings Ltd (ASX: LOV) are trading higher at $17.45 apiece after recovering from an initial dip at the market open on Thursday. The Lovisa share price is up 0.29% at the time of writing.

In wider market moves, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) is up 0.54%. The S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.68%.

This morning, Lovisa released its presentation made at the Macquarie Australia Conference this week.

Strong year-on-year growth

In its presentation, Lovisa gave an in-depth overview of its results to date. It discussed a strong period of year-on-year growth, in addition to its vision moving forward.

“[T]rading for the first 8 weeks of the second half saw comparable store sales for that period of 12.1% on FY21, and total sales 61.7% on the same period in FY21,” according to the presentation.

“This sales momentum has continued through the second half to date to the end of April.”

Also noteworthy is that international stores now account for 74% of Lovisa’s network. This follows an increase of 168 new stores since June 2020.

Lovisa has also opened 38 new stores in the US this year to date.

Lovisa said its strategy is “continued” expansion, investment, and developing its markets and digital platforms.

The presentation stated: “12 years ago we set out to develop a fast fashion jewellery concept to meet customers’ needs… We remain excited about the future and we believe the present situation will provide future opportunities.”

Lovisa share price snapshot

In the past 12 months, the Lovisa share price has had a 19.5% gain. However, it has fallen by about 12% this year to date.

Lovisa has a market capitalisation of $1.86 billion based on the current share price. It has 107.5 million shares on issue.

The post What’s pushing the Lovisa share price higher on Thursday? appeared first on The Motley Fool Australia.

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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 recommended Lovisa Holdings 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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ASX lithium shares have certainly gotten their fair share of attention over the past year.

And for good reason.

Lithium prices have been soaring amid rapid growth in electric vehicles. Lithium is a core ingredient in the batteries that get them from A to B. And with current supplies struggling to keep up with demand, the price of the lightweight, conductive metal has soared some 500% over the past 12 months.

And that’s seen the prices of both established ASX lithium shares as well as junior lithium explorers skyrocket.

ASX lithium shares booming

Here’s what we mean.

Below are the share price gains for a range of ASX lithium shares over the past 12 months:

• Core Lithium Ltd (ASX: CXO) up 344%
• Pilbara Minerals Ltd (ASX: PLS) up 123%
• Mineral Resources Limited (ASX: MIN) up 12%
• Allkem Ltd (ASX: AKE) up 70%
• Liontown Resources Limited (ASX: LTR) up 232%

For some context, the All Ordinaries Index (ASX: XAO) is up 4% over the same period.

But with many investors now looking to get in on this outperformance, we look at why these brokers warn that not all ASX lithium shares are created equal.

Explorers could face big pullbacks

Ben Cleary is the CEO of the Tribeca Global Natural Resources Fund.

According to Cleary (quoted by the Australian Financial Review):

The surge in prices has lifted all boats in the lithium sector, and in terms of exploration assets, you’ve only got to say that you think there’s lithium and you’re getting material re-rates. So of course, when lithium prices do eventually pull back, there are going to be some fairly big pullbacks in some of these exploration assets.

The incumbents are generating a lot of cash flow for retail investors, so you’d expect to see pretty significant shareholder returns, and dividends and buybacks, which you’re not going to get with exploration companies.

The existing producers still look pretty cheap on current spot prices, but the key question is where do long-term prices land?

Cleary favours the established ASX lithium shares already producing product. Mineral Resources and Allkem are the biggest lithium stock holdings in the Tribeca Global Natural Resources Fund.

What prices are they really receiving?

Another issue to consider when running your slide rule over ASX lithium shares is the prices they’re actually receiving for their product.

Often producers may be selling at prices determined in prior months, rather than the soaring spot price.

“We think the ability of a producer to realise prices closer to a rising spot is a key factor in picking relative outperformance in the sector,” UBS analyst Lachlan Shaw said (quoted by the AFR). “This means realised prices lag spot pricing when spot is rising, with the difference accentuated when the spot market is moving quickly.”

David Franklyn, portfolio manager of Argonaut’s Natural Resources Fund added, “The raw material suppliers are in a very strong position to negotiate, particularly if they can grow production over time because the people they have offtake agreements with are scrambling for resources and are more likely to deal.”

What to look for in ASX lithium shares

According to Franklyn (from the AFR):

We look out for large companies that are in tier-one locations, have a large resource base, are in production and also have the ability to further grow production. The guys who maximise the benefit of those higher prices are the ones that are in production today and don’t have everything locked away in long-term contracts because you need to be able to sell near spot.

In the medium term, there will have to be a point when supply will catch up to demand and prices will clearly soften. The question is when that happens because there are many moving parts, but the way to try and mitigate risk is to go with the bigger, more established producers.

The Argonaut Natural Resources Fund’s biggest ASX lithium share holdings include Pilbara Minerals, Mineral Resources and Liontown Resources.

The post Top brokers explain why not all ASX lithium shares are created equal appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Brokers name 3 ASX lithium stocks to buy now
• Core Lithium share price gives up early gains to close 5% lower
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• What’s dragging the Mineral Resources share price lower on Tuesday?

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 National Australia Bank Ltd (ASX: NAB) share price has started the day in the red.

The banking giant’s shares were down as much as 3.5% to $31.24 in early trade.

The NAB share price has since recovered a touch but remains down 1.5% to $31.98 at the time of writing.

Why is the NAB share price falling?

Investors have been selling down the NAB share price today after the banking giant’s half-year results disappointed the market.

For the six months ended 31 March, NAB reported a 4.6% increase in revenue to $9,071 million and a 4.1% lift in cash earnings to $3,480 million.

A note out of Goldman Sachs highlights that this was short of expectations. The broker said:

“NAB reported 1H22 cash earnings (company basis) from continued operations of A$3,480 mn, which was up 4% on pcp and 2% below GSe, driven by lower-than-expected Trading non-interest income and higher operating expenses. As such, 2H21 PPOP missed GSe by -3%. However, on an ex-Trading income basis, PPOP was 3% better than GSe.”

Costs outlook disappoints

While the earnings miss was disappointing, the main weakness in the NAB share price may have been driven by its costs outlook.

NAB has followed the lead of Australia and New Zealand Banking Group Ltd (ASX: ANZ) by abandoning its cost base targets. Goldman highlights:

“Looking forward, NAB highlighted: i) No longer targeting cost ambition of $7.7bn by FY23-25, ii) Investment spend expected to be c.$1.4bn p.a. from FY22 (previously broadly flat on FY21 A$1,259mn), and iii) FY22 opex expected to increase by c.2-3% reflecting a) Growth opportunities, and b) Cost headwinds including inflation and costs to deliver activities required under AUSTRAC’s Enforceable Undertaking (EU) – Estimated costs of A$80-120 mn p.a. in FY22, FY23 and FY24 to deliver the EU (here) requirements.”

Are NAB’s shares in the buy zone?

As things stand, Goldman Sachs has a conviction buy rating and $34.03 price target on NAB’s shares.

However, this recommendation could change once the broker has updated its financial model. Which is exactly what happened with Goldman’s rating on ANZ’s shares this morning, as you can read here.

The post NAB share price tumbles on earnings miss and costs outlook appeared first on The Motley Fool Australia.

More reading

• NAB share price on watch amid $3,480 million half-year cash profit
• 5 things to watch on the ASX 200 on Thursday
• Why ASX 200 bank shares are in the spotlight
• Here’s how some of the biggest ASX 200 shares are responding to the RBA’s rate rise
• Own NAB shares? Here’s what to expect with the bank’s half-year result

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 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 South32 Ltd (ASX: S32) share price performance will give investors reason to smile. But the miner’s latest coal expansion plans have drawn sharp criticism from environmentalists who warn it could threaten Sydney’s drinking water.

Shares in the diversified miner have jumped 16% since the start of the year — including a 2.26% gain this morning to $4.745 — while the S&P/ASX 200 Index (ASX: XJO) has lost more than 3%.

The South32 share price is even beating its bigger peers this year. The BHP Group Ltd (ASX: BHP) share price and Rio Tinto Limited (ASX: RIO) share price have added around 12% each over the period.

Coal cloud hangs over South32 shares

But not everyone is happy with South32. Its new plans to extend the life of its Illawarra coal mine have been called “highly disturbing” by the New South Wales Lock the Gate spokesperson, reported the Australian Broadcasting Corporation.

The miner wants to dig out an extra 5.2 million tonnes of coal a year from the Dendrobium colliery until 2035. It is also aiming to upgrade and extend the existing mine infrastructure so it can keep using it until 2041.

Given where coal prices are, that should be good news for shareholders. But environmentalists are alarmed because the mine is under Sydney’s water catchment.

What’s more, South32 is proposing using the more damaging longwall method to extend the life of the mine. The board and pillar technique is seen to be less damaging.

“This is a highly disturbing situation in NSW — it’s unprecedented and the risks are very great to the Sydney and Illawarra drinking water catchment,” the ABC quoted New South Wales Lock the Gate coordinator Nic Clyde as saying.

South32 shares caught between politics and science

South32’s coal expansion proposal had already been granted State Significant Infrastructure (SSI) status when it submitted a more aggressive original plan. The original proposal, which was to extract 78 million tonnes of coal by 2048, was rejected by the Independent Planning Commission last year, reported the ABC.

Clyde also believes the state government approval process for the expansion is political and not evidence-based.

But South32 is trying to allay concerns about the environmental impact of the mine expansion. It said its revised plan reduces surface water losses by 78% and will offset the water losses.

South32’s improved expansion proposal

It is estimated that the water loss will be less than 1% of the Avon and Cordeaux catchment yields.

The mine’s footprint will also be 60% smaller under the new plan compared to the original proposal.

But this is unlikely to appease environmentalists. While Clyde welcomes the move to limit the impact of water losses, he is unconvinced the mine won’t threaten Sydney’s drinking water supply.

“The simple fact is South32 want to continue longwall mining that will further damage a special area of the water catchment and will still result in significant water loss,” he said.

“It just doesn’t make sense to risk these areas and our fresh water supply in perpetuity.”

The post Own South32 shares? Here’s why the miner’s latest coal plans have been called ‘highly disturbing’ appeared first on The Motley Fool Australia.

More reading

• Broker names the best ASX shares to buy right now
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• Broker says the South32 share price is cheap at current levels
• Why City Chic, Coronado, South32, and Syrah shares are charging higher
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor Brendon Lau has positions in BHP Billiton Limited, Rio Tinto Ltd., and South32 Ltd. 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 Magellan Financial Group Ltd (ASX: MFG) share price is heading north today following the company’s funds under management (FUM) update.

At the time of writing, the fund manager’s shares are swapping hands for $17.27, up 3.29%.

For context, the S&P/ASX 200 Index (ASX: XJO) is also in the green, trading at 7,343.4, up 0.53%.

FUM outflows continue for Magellan

Investors are digesting the latest FUM report, sending the Magellan share price to a two-month high.

In its release, Magellan reported that total FUM have fallen by $1.4 billion in net outflows between 31 March to 29 April. This comprises a drop of $900 million from retail investors as well as $500 million from institutional clients.

Across the board, total FUM stood at $68.6 billion at the end of April.

Global equities made up more than half of the FUM, with a decrease of $1.6 billion to $38 billion recorded. However, infrastructure equities registered a slight increase to $20.7 billion, and Australian equities remained at $9.9 billion.

The exchange rate fared in favour of the United Stated dollar with the conversion at 0.71065 USD. This compares to the 0.75095 USD rate at the end of March.

Magellan share price snapshot

Since the beginning of July 2021, the Magellan share price has continued to tread downwards despite today’s gains.

Reaching a 52-week high of $56.18 on 2 July 2021, this means the company’s shares are down by roughly 70%.

Year to date has also fared no better, with losses of around 18% so far in the past five months.

Magellan has a price-to-earnings (P/E) ratio of 10.12 and commands a market capitalisation of around $3.19 billion.

The post Magellan share price lifts as FUM tumbles again appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Why is the Magellan share price soaring 7% today?
• ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid
• Dividend beasts: 5 ASX 200 shares with the highest dividend yield right now
• Magellan share price lifts as company tells investors, ‘We need your help!’

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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Motley Fool Australia Chief Investment Officer Scott Phillips joined Nine’s Late News on Wednesday night to discuss the implications of higher interest rates, what we can expect next, and what he’s watching as the US Fed makes its rates call overnight.

The post The implications of higher rates, and what’s coming next? Scott Phillips on Nine’s Late News appeared first on The Motley Fool Australia.

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Motley Fool contributor Scott Phillips 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 Flight Centre Travel Group Ltd (ASX: FLT) share price is on the rise on Thursday.

In morning trade, the travel company’s shares are up 0.5% to $21.82.

Why is the Flight Centre share price rising today?

Investors have been bidding the Flight Centre share price higher today following the release of a promising announcement this morning.

According to the release, Flight Centre has launched an innovative new joint venture with Goldman Travel and the Spencer Group focused on premium and business travel.

The joint venture, named Link Travel Group, is an invitation-only members’ group dedicated to partnering with high quality travel companies to provide an innovative and compelling offering via travel supply, technology, and business operations.

The release reveals that Flight Centre will initially hold a 60% interest in the joint venture and will provide Link members in both the high-end leisure and corporate sectors with a range of services. This includes access to its leading product and distribution capabilities at a time when considerable change is taking place.

Goldman Travel’s joint managing director Anthony Goldman and Spencer Group founder Penny Spencer will sit on the joint venture’s board of directors. This will be alongside Flight Centre’s Danielle Galloway, who is the executive general manager of the company’s premium brands.

An independent general manager, Scott Darlow, has been appointed to oversee the business’ day-to-day operations.

“Create change in the Australian travel industry”

Flight Centre’s Danielle Galloway spoke very positively about the joint venture. She commented:

“Link will create change in the Australian travel industry. Our combined goal is to shape the future of travel by uniting the industry’s progressive thinkers As invitation-only partners, businesses will benefit by leveraging Australia’s largest travel agency group, while maintaining their own powerful brand identity and independence.

‘We look forward to welcoming members to our exclusive Link Travel Group. We are also delighted to have secured Scott as our inaugural general manager. He is highly regarded nationally by both suppliers and agents alike and with high level experience across multiple agency business models, he knows which ones work the best for all parties.”

No financial details have been provided. Though, given that the announcement was not labelled as price sensitive, the joint venture looks unlikely to move the needle in the immediate term.

The post Flight Centre share price higher amid premium and business travel joint venture news appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: ANZ higher on results, Flight Centre and JB Hi-Fi sink following updates
• Flight Centre share price slips despite return to profitability
• These are the 10 most shorted ASX shares
• Travel’s back! 3 ASX shares this expert loves right now
• Why is the Flight Centre share price trouncing ahead of the ASX 200 today?

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group 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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