Category: Stock Market

Wednesday has been a good day for the S&P/ASX All Ordinaries Index (ASX: XAO) and these three shares have cashed in on it.

They’ve each climbed to their highest share price in years despite releasing no price-sensitive news today.

The All Ordinaries index closed the session up 0.5%, besting the S&P/ASX 200 Index (ASX: XJO) which gained 0.3%.

So, which All Ordinaries shares were trading at their best prices in years today? Let’s take a look.

3 ASX All Ordinaries shares surging to multi-year records

Viva Energy Group Ltd (ASX: VEA)

The Viva Energy share price leapt 3.9% to its intraday high on Wednesday to trade at $2.64. The last time the Australian fuel supplier’s stock traded at such heights was way back in 2019.

There’s been no price-sensitive news from the All Ordinaries company in more than a month. Though, it did provide an update on its Geelong Energy Hub today.

The company’s board has approved the funding needed to upgrade the hub’s processing capacity to produce ultra-low sulphite gasoline.

It has also agreed to acquire LyondellBasell Australia (LBA). LBA is Australia’s only polymer manufacturer and distributor. Its production facility is located in the footprint of the Geelong Refinery.

Elders Ltd (ASX: ELD)

The Elders share price also reached a new multi-year high of $14.19 today. That’s the highest it has traded since 2009 and 3.3% higher than its previous close.

There’s been no news from the All Ordinaries agribusiness share on the ASX today.

Though, it’s been hitting multi-year highs since the release of a positive trading update in mid-March.

Grange Resources Limited (ASX: GRR)

Finally, the Grange Resources share price reached its highest point since 2008 on Wednesday, surging 4.5% to trade at $1.38.

Once again, there’s been no news to explain the iron ore pellet producer’s gains. Though, the All Ordinaries stock has been on an upwards tangent over the past few months.

It has gained 73% since the start of 2022 and 35% over the past 30 days.

The post 3 ASX All Ordinaries shares scaling new multi-year peaks today appeared first on The Motley Fool Australia.

More reading

• This lithium miner is set to list on the ASX next month following its IPO, and counts a Tesla supplier among its key investors.
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why is the A2 Milk share price outperforming today?
• ASX 200 midday update: AVZ and EML shares jump
• Top broker warns this ASX 200 share may be next to issue a profit warning

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 Elders Limited. 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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Lithium stocks have propelled north over the last 12 months as the battery metal soars to record heights on commodities markets.

In fact, lithium carbonate prices have only just taken their first backward step in more than a year. The commodity is now fetching 482,500 Chinese Yuan per tonne, down from 497,500 last month.

Despite the slight pullback, its climb has managed to blitz the benchmark S&P/ASX 200 Index (ASX: XJO) this year to date.

A new debutant?

Lithium carbonate remains up by 436% over the 12 months to date, outpacing nearly all other commodity baskets.

So with whispers of a potential lithium newcomer to the ASX, it’s no wonder that investor circles are murmuring with excitement.

“Tesla supplier Yahua International will take a cornerstone investment in Oceana Lithium, which is looking to raise up to $6 million ahead of a listing next month,” The Australian reports today.

“A pair of former Galaxy Resources executives are on board at Perth-based Oceana, which will be looking to advance lithium projects in Brazil and the Northern Territory.”

According to reports, Oceana could release up to 30 million ordinary shares on a valuation of 20 cents apiece, hoping to raise $5-6 million in the process.

Based on these and other valuation inputs, this would value Oceana at $12.7 million, The Australian notes.

In its prospectus, Oceana said it will allocate more than 50% of the raised funds to its Brazilian project with less than $1 million budgeted for its Napperby project in the NT.

Here’s what the company had to say (as quoted by The Australian):

Both Solonopole and Napperby are considered highly prospective for lithium and associated minerals, given their locations within known pegmatite and lithium provinces in Ceara state, Brazil and the Northern Territory.

Both projects have undergone previous mineral exploration including geological mapping and geochemical sampling and, in the case of Solonopole, small scale artisanal mining by previous owners.

The public offering is reportedly set to finalise on April 22, after which a potential listing is scheduled for May 27.

With global commodity markets still reeling amid the volatility of 2022’s geopolitical storms, it remains to be seen if the listing has come at the right time or not. Ultimately, the market will decide.

The post This lithium miner is set to list on the ASX next month following its IPO, and counts a Tesla supplier among its key investors. appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why is the A2 Milk share price outperforming today?
• ASX 200 midday update: AVZ and EML shares jump
• Top broker warns this ASX 200 share may be next to issue a profit warning
• 5 things to watch on the ASX 200 on Wednesday

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 Bruce Jackson.

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Well, it’s been another dreary day for the Sezzle Inc (ASX: SZL) share price. Sezzle shares are currently down a nasty 4.25% at $1.12 so far in this Wednesday’s trading session. That’s a new 52-week low for this buy now, pay later (BNPL) share. But not only that, this move represents Sezzle’s lowest share price since the COVID market crash of 2020. Yes, the last time we saw this kin od share price in front of Sezzle was in early April 2020.

This week also represents the first time since 2020 that Sezzle has descended below its ASX initial public offering (IPO) price. Back in July 2019, Sezzle IPO-ed at a share price of $1.22. At the time, they didn’t start at $1.22 for long, rocketing over $2 a share soon after. But, things certainly aren’t as rosy today.

What’s gone so wrong with the Sezzle share price?

So what’s gotten investors fleeing the Sezzle share rice? Well, it’s not entirely clear. But the markets have been in an unforgiving mood of late for most ASX BNPL shares. Sezzle’s fellow BNPL player Zip Co Ltd (ASX: Z1P) has hit a new 52-week low today as well.

Speaking of Zip, it’s possible that investor sentiment regarding the company’s planned acquisition of Sezzle might have played a role in the low share prices we see today. When the all-scrip tie-up was first announced earlier this year, Zip’s shares fell substantially while Sezzle share price rose. But investors have since sent Sezzle down to new depths, which we see the latest of today. It would seem that investors of both companies are both uninspired (to say the least) when it comes to the merger.

So a general distaste for ASX BNPL shares from the markets may be responsible for Sezzle’s new lows today. Or it could reflect the attitudes of investors for the Zip-Sezzle tie up. Whatever the reason, no doubt Sezzle shareholders are hoping for brighter days ahead.

At the current Sezzle share price, this ASX BNPL share has a market capitalisation of $235.27 million.

The post This ASX BNPL share is now back below its IPO price for the first time since the COVID crash appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ZIPCOLTD FPO. 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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The Allkem Ltd (ASX: AKE) share price is taking off on Wednesday despite no news being released by the company ­– yet.

The lithium chemicals company is set to release its quarterly report tomorrow. The market might be boosting Allkem’s value higher today in anticipation.

At the time of writing, the Allkem share price is $13.22, 3.52% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.36% while the S&P/ASX 200 Materials Index (ASX: XMJ) has jumped 0.75%.

Let’s take a closer look at how Allkem and its peers are performing on Wednesday.

What’s going on with the Allkem share price today?

The Allkem share price is in the green today, but it’s not the best-performing lithium stock in the ASX 200 materials sector.

That title goes to the AVZ Minerals Ltd (ASX: AVZ) share price. Right now, it has gained 9.22% on news of its Manono Lithium and Tin Project.

Allkem shares are also being outperformed by those of Mineral Resources Limited (ASX: MIN) and Liontown Resources Limited (ASX: LTR). They’ve gained 4.3% and 3.9% respectively.

Though, Allkem isn’t without its fans.

As The Motley Fool’s Zach Bristow reported earlier this week, brokers are bullish on the stock’s future.

JP Morgan has an $18.50 price target on the stock ­– assuming the Allkem share price has a 40% upside.

Bell Potter is also optimistic about the company. It’s slapped Allkem with an $18.05 price target.

The post Why is the Allkem share price having such a stellar day? appeared first on The Motley Fool Australia.

More reading

• 3 highly rated ASX growth shares analysts are tipping as buys
• Here’s why Allkem shares are getting multiple broker upgrades
• Top brokers name 3 ASX shares to buy next week
• Here’s why the lithium price is in the spotlight today
• Why not all ASX lithium shares are winners from surging commodity prices

JPMorgan Chase is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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• Why is the A2 Milk share price outperforming today?
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• ASX 200 midday update: AVZ and EML shares jump
• Top broker warns this ASX 200 share may be next to issue a profit warning

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

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With the federal election looming around the corner, ASX shares are again in the limelight. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) is up 0.36%.

The stock market has shrugged off a number of pressures already this year, so how might an election feed into the mix?

Different government means different policy

According to analysts at UBS, if there is a change of government, that could spell a slightly different outcome for investors in 2022 and beyond.

“Leading into the last election there were material policy differences proposed by the main opposition Labor Party, especially for housing and taxation,” UBS analysts said, cited by The Australian.

“These included: negative gearing, capital gains tax, franking credits, trusts, income tax, penalty rates, and a ‘living wage’ which could have seen the minimum wage rise by around 10 per cent,” they added.

“This time, policy differences between the government and Labor are narrower; and the economic and market implications are not expected to be as material.”

In the past, UBS said the stock market hadn’t really been impacted by a change of government, although, when checking the data, consumer discretionary shares tended to get a boost when the cabinet rolled over.

Instead of a material threat to ASX shares directly, UBS says the major undertone set to impact the stock market is rising interest rates. That’s set to impact the real economy, instead.

“Even for the longest possible duration mortgage of 30 years (which mutes the impact), an increase in mortgage rates, from 2%–4%, raises required repayments by around 29%; and a lift in rates to 4.5% (ie, a 250 basis point increase reflecting the shift from fixed to variable, plus an assumed 200 basis point rise in variable rates) increases repayments by around 37%,” UBS analysts said.

One other factor hitting the election polls this year is the cost of living and inflation. Whoever is in government after the nation votes, is set to “take a lot of heat”, according to Brendan Coates of the Grattan Institute.

“There’s a lot of frustration that wages have not risen in a meaningful way over the past decade,” Coates said, cited by Bloomberg.

“There are big concerns about cost of living right now.”

The post How might ASX shares respond if we have a change of government? appeared first on The Motley Fool Australia.

More reading

• Why is the A2 Milk share price outperforming today?
• ASX 200 midday update: AVZ and EML shares jump
• Top broker warns this ASX 200 share may be next to issue a profit warning
• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX shares today

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 Bruce Jackson.

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The Core Lithium Ltd (ASX: CXO) share price is up 10.7% at the time of writing.

Shares closed yesterday at $1.22 and are currently trading for $1.35.

That puts the Core Lithium shares up a whopping 427% over 12 months. And just this calendar year, shares in the ASX lithium explorer have surged 128%.

For some context, the All Ordinaries Index (ASX: XAO) has lost around 1% year to date.

So, what’s going on?

Batteries, batteries, batteries…

It all comes down to, well, batteries.

Lithium is a key element in modern batteries, prized for its light weight and high conductivity.

With electric vehicle (EV) production growing rapidly across the world, demand for lithium has outpaced new supplies.

“Global electric sales have doubled in the last year, led by China and Europe, and this is forecasted to accelerate with tighter government emission standards, new model introductions, longer ranges, and better charging infrastructure,” eToro global markets strategist Ben Laidler said.

With EV batteries accounting for roughly 70% of global lithium demand, this has seen average lithium prices rocket more than 480% over the past 12 months. And that’s obviously helped drive interest in ASX lithium shares, boosting the Core Lithium share price along the way.

What else is boosting the Core Lithium share price?

Core Lithium received a big lift in early March when it reported on an agreement to supply lithium spodumene concentrate to Elon Musk’s Tesla Inc (NASDAQ: TSLA). The agreement will see the company supply 110,000 tonnes of the concentrate over four years.

The Core Lithium share price gained 14% on the day of the announcement.

The post Up 427% in a year, Core Lithium share price surges 11% again today appeared first on The Motley Fool Australia.

More reading

• Core Lithium share price clips gains today but remains up 110% for the year
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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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The Perpetual Limited (ASX: PPT) share price has been suffering this week, with its struggles culminating in a new 52-week low on Wednesday.

In news that has likely aggravated the stock’s poor performance, its takeover bid for Pendal Group Ltd (ASX: PDL) was rejected yesterday.

At the time of writing, the Perpetual share price is $31.37, 2.43% lower than its previous closing price.

Though, that’s an improvement on its earlier performance. At its intraday low – and new 52-week low ­­– Perpetual’s shares were trading for $31.25, representing a 2.8% slip.

For context, the S&P/ASX 200 Index (ASX: XJO) is in the green on Wednesday. It’s currently up 0.31%.

Let’s take a closer look at what might be weighing on Perpetual shares today.

What’s dragging the Perpetual share price lower?

The Perpetual share price is slumping to a new 52-week low just one day after its takeover bid for Pendal was rejected.

The offer put to Pendal earlier this month was 1 Perpetual share for every 7.5 Pendal shares held, valuing Pendal’s stock at around $6.23 apiece at the time of the bid.

However, the takeover target rejected the bid on Tuesday, saying it undervalued the company.

Interestingly, the Perpetual share price wasn’t phased by the rejection yesterday. Perpetual shares slumped just 0.4% on Tuesday, in line with the ASX 200’s dip of a similar amount.

Perpetual is also in the headlines today. The Australian Financial Review is reporting Perpetual’s head of Australian equities, Paul Skamvougeras, is going head-to-head with Brambles Limited (ASX: BXB) chair John Mullen.

Skamvougeras is reportedly against Brambles’ efforts to create plastic pallets for Costco. The publication states Perpetual holds a $350 million stake in Brambles.

Today’s drop included the Perpetual share price is 15% lower than it was at the start of 2022. It has also slumped 8% since this time last year.

The post Here’s why the Perpetual share price just slumped to a new 52-week low appeared first on The Motley Fool Australia.

More reading

• Why Adbri, Eroad, Lynas, and Perpetual shares are tumbling
• ASX 200 midday update: Pendal rejects takeover offer, Mineral Resources rises on broker upgrade
• Pendal share price falls amid Perpetual takeover rejection: What now?
• These were the best performers on the ASX 200 last week
• Pendal (ASX:PDL) share price in the spotlight as analysts tip higher takeover bid

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 Bruce Jackson.

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The Scorpion Minerals Ltd (ASX: SCN) share price is soaring today on the back of a $3 million equity raise.

This company’s shares have surged 23.88% today and are currently trading at 8.3 cents. In earlier trade, the share price hit 10 cents before pulling back. This was 49% more than the previous closing price of 6.7 cents.

Let’s take a look at why this ASX miner is having a good day on the market.

What did this ASX miner announce?

Scorpion has raised millions to explore lithium and base metals in Western Australia.

The company placed 62,325,000 shares on the market, raising a total of $3.18 million. Shares were offered at 5.1 cents, a 23.9% discount on the last closing price of 6.7 cents.

This ASX miner will use the funds to explore the Pharas Project in Western Australia.

The project, 60km northwest of Cue, contains multiple lithium, gold, copper, and PGE-Ni-Cu prospects.

Scorpion has already chosen several targets for drilling and testing.

Commenting on the news, executive chairman Bronwyn Barnes said:

We are very pleased to have received such strong support for this placement and I would like to welcome new shareholders to the register and thank our existing shareholders for their support.

Barnes has transitioned to the role of executive chairman and will lead the company’s corporate activities.

The company has also formed an agreement with independent technical consulting group Obsidian Metals Group Pty Ltd (OMG) for technical services. Lithium expert Michael Fotios is a lead consultant to OMG.

Share price snapshot

The Scorpion Minerals share price has risen 67% in the past 12 months and is up 11% year to date.

In contrast, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned about 7% in the past year.

In the past month, the company’s shares have risen 26%, gaining 22% in the past week alone.

This ASX miner has a market capitalisation of about $22 million.

The post This ASX miner just raised $3m for new lithium projects, and its shares are soaring 24% appeared first on The Motley Fool Australia.

More reading

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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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The St Barbara Ltd (ASX: SBM) share price is hovering in positive territory on Wednesday.

This comes after the company announced it has finalised an important acquisition, unlocking access to land packages near its Leonora operations in Western Australia.

At the time of writing, the gold miner’s shares are exchanging hands for $1.47, after reaching an intraday high of $1.50 early this afternoon.

What’s driving St Barbara shares higher?

Investors are buying up St Barbara shares following the completed acquisition of Australian gold company, Bardoc Gold Ltd (ASX: BDC).

In today’s release, St Barbara advised that implementation has occurred under the scheme of arrangement. This means that Bardoc shareholders will receive 0.3604 new St Barbara shares for each Bardoc share owned.

The transaction values Bardoc at approximately $157 million and each Bardoc share at 53 cents.

The new St Barbara shares issued under the scheme will start trading on the ASX from tomorrow.

What did management say?

Commenting on the news, St Barbara managing director and CEO Craig Jetson said:

The completion of this major milestone has allowed us to lock in the acceleration of the Leonora Province Plan.

The acquisition gives St Barbara access to the advanced Aphrodite and Zoroastrian underground deposits. Due to their proximity to road and rail infrastructure that connect them to Leonora, the deposits are expected to become additional ore sources to support the filling of the mill and the expansion to 2.1mpta.

The acquisition also included Bardoc’s land package, which Jetson said contributed to St Barbara’s “leading position in the Leonora province” and provided “a strong platform for the company to deliver further organic growth for years to come”.

About the St Barbara share price

St Barbara shares have plummeted by 30% over the past 12 months, with the year to date figure up marginally by 1%.

The company’s share price reached a 52-week high of $2.16 in early 2021 before treading on a downward path.

St Barbara commands a market capitalisation of roughly $1.04 billion based on today’s price.

The post St Barbara share price lifts on acquisition news appeared first on The Motley Fool Australia.

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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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