Category: Stock Market

Wednesday is proving to be a good day for these ASX lithium and green metals shares. They’ve each hit their highest point in at least 12 months.

While many have managed to hold onto their gains from earlier today, others have slipped into the red this afternoon.

So, which ASX lithium and green metals stocks have surged to new 52-week highs today? Let’s take a look.

5 ASX lithium and green metals shares besting 52-week records

Firefinch Ltd (ASX: FFX)

The Firefinch share price is one of today’s top performing All Ordinaries Index (ASX: XAO) shares.

At its intraday high, the gold miner and lithium developer’s stock launched to trade at $1.07 – 13.8% higher than its previous close and a new multi-year high.

Its gains came on the back of news that the company’s subsidary has received an exploration licence for the area containing the Beledjo-Koting gold deposit.

At the time of writing, the Firefinch share price has slipped slightly to trade at $1.03, 9.79% higher than it was at the end of yesterday’s session.

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price also shot up today, reaching its highest point of the day early this morning.

Then, it reached a new all-time high of $1.33 – representing a 3.1% gain on it previous closing price.

Sadly, that surge didn’t hold. Right now, the ASX lithium developer’s share price has slipped to $1.27, a 0.78% fall.

The market hasn’t heard news from Core Lithium this week. However, the shock resignation of the company’s CEO sent its stock lower on Friday.

Western Areas Ltd (ASX: WSA)

Nickel producer, Western Areas also saw its share price launch higher this morning.

It reached an intraday high of $3.65, just 2 cents more than its previous closing price.

That’s also the highest the green metal share has traded for in more than 3 years.

The Western Areas share price has since slumped slightly to trade flat with its previous closing price.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price built on the gains it secured on Tuesday to reach a new 52-week high today.

The ASX lithium developer’s share price surged 14.8% yesterday on the back of a major offtake agreement.

It’s back in the green again today, gaining 3.1% at its intraday high to trade at a new 52-week record of $1.99.

It has since dropped to trade just 1.3% higher at $1.95.

AVZ Minerals Ltd (ASX: AVZ)

Finally, the AVZ Minerals share price surpassed its previous 52-week high on Wednesday before plunging into the red.

The stock’s initial surge and eventual dip today followed 9 consecutive sessions in which it gained at least 3% each day.

That culminated in the ASX lithium and green metals developer’s share price reaching $1.24 in early morning trade. That’s the highest price the company’s stock has ever reached.

However, its gains didn’t hold. At the time of writing, the AVZ Minerals share price is trading for $1.21, 1.62% lower than its previous close.

The post 5 ASX lithium and green metals shares hitting new 52-week highs today appeared first on The Motley Fool Australia.

More reading

• Why Eagers Automotive, Firefinch, Latin Resources, and Piedmont Lithium are rising today
• Why is the Firefinch (ASX: FFX) share price soaring 12% to a 14-year high?
• These 3 ASX 200 shares are topping the volume charts this Tuesday
• Why Block, Lake Resources, Nearmap, and Telix shares are racing higher
• Core Lithium (ASX:CXO) shrugs off sector falls to notch up all-time high

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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Shares in Australian biotech giant CSL Limited (ASX: CSL) are inching higher on Wednesday and now trade at $270.69.

While there’s been nothing remarkable out of CSL’s camp to attribute today’s price gain to, the biotech player has climbed almost 4% in the past month.

That’s still behind the S&P/ASX 200 Index (ASX: XJO)’s return of around 7% in the same period.

What’s up with CSL today?

The budgetary papers outlined on Tuesday evening built on previous language from Prime Minister Scott Morrison on the importance of domestic manufacturing.

According to analysis from Jackie Edwards, equity markets Asia editor at Bloomberg, the Prime Minister had previously indicated seven areas of high importance in domestic manufacturing as part of the budget.

As The Motley Fool reported yesterday, “this kind of manufacturing push is sure to benefit ASX shares such as CSL, Edwards notes.”

It could be that market pundits agree with Edwards’ view after stripping apart the various sections of the budget.

However, ASX shares have staged a comeback in recent weeks and most sectors are now back in the green.

Noteworthy is that the S&P/ASX 200 Health Care Index (ASX: XHJ) has also regained strength lately and is up 168 basis points today – well ahead of the benchmark index.

It’s also climbed around 3% in the past month, after trading sideways most of this year. Hence the momentum is building in healthcare, with CSL one of the largest names in that basket.

CSL share price snapshot

In the last 12 months, the CSL share price has gained just 3%. It is down almost 7% this year to date.

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

More reading

• What’s the outlook for the CSL share price in April?
• Expert reveals 3 ASX shares to watch following tonight’s federal budget
• Why the CSL (ASX:CSL) share price will ‘find its mojo again’: expert
• 3 ASX shares I own myself that will rise again soon: expert
• Top brokers name 3 ASX shares to buy next week

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. owns and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Coles Group Ltd (ASX: COL)

According to a note out of Citi, its analysts have retained their buy rating and $19.30 price target on this supermarket giant’s shares. This follows the announcement of the federal budget, which Citi expects to be a boost to disposable income. The broker expects supermarkets to be among the biggest winners from this. The Coles share price is trading at $17.62 on Wednesday afternoon.

EML Payments Ltd (ASX: EML)

A note out of Macquarie reveals that its analysts have retained their outperform rating and lifted their price target on this payments company’s shares to $3.95. Macquarie believes that EML Payments will benefit from rising interest rates due to having several billion dollars of client funds stored across its platform. This is expected to be a big boost to interest income in the coming years. The EML Payments share price is fetching $2.95 today.

Treasury Wine Estates Ltd (ASX: TWE)

Another note out of Citi reveals that its analysts have retained their buy rating and $13.78 price target on this wine giant’s shares. This follows a virtual analyst event with Treasury Premium Brands’ management team. Citi came away from the event confident that Treasury Wine has significant medium term earnings growth opportunities. This is underpinned by the re-opening of higher margin channels, a long runway of distribution growth, and margin expansion driven by premiumisation and supply chain savings. The Treasury Wine share price is trading at $11.80 on Wednesday.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Budget fuel excise cut: Which ASX shares could benefit?
• Top broker gives its verdict on the Coles (ASX:COL) share price
• Is the EML (ASX:EML) share price on the comeback trail?
• Could these ASX shares get a boost from tonight’s federal budget?
• Broker names 2 ASX 200 shares to buy with almost 20% upside

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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. owns and has recommended EML Payments. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET and EML Payments. The Motley Fool Australia has recommended Macquarie Group Limited and Treasury Wine Estates 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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Yesterday, we looked at the rumours swirling around the then-upcoming federal budget, and what it could mean for ASX shares. Specifically, we looked at a potential cut in the fuel excise rate, and which ASX companies would stand to benefit the most.

Well, Tuesday night has come and gone, and with it, rumours have been replaced with reality. We indeed saw the government announce a temporary six-month cut in the rate of fuel excise tax.

If you weren’t aware (or you missed our article yesterday), excise is a specific type of tax that the government levies on petroleum-based fuels, i.e. petrol and diesel, as well as some other goods. Before today, the excise was set at 44.2 cents per litre for both petrol and diesel road fuel.

Normally, this rate is indexed to inflation and rises twice a year. However, the government announced during its budget last night that this rate would be halved for the next six months. This means motorists will now only pay 22.1 cents per litre in fuel, rather than 44.2 cents.

Apart from the obvious benefit for all motorists at the pump, let’s see how this temporary change could affect ASX shares.

Yesterday, we covered how a cut in fuel excise would be a boon for any company with an extensive road transport-based freight or logistics network.

Some ASX winners from the budget’s fuel excise cut

Well, let’s expand on that today. According to reporting in The Age today, broker UBS has outlined a list of ASX shares that it sees as poised to benefit from this cut to fuel tax.

UBS analysts are pointing to “retailers that served ‘less affluent’ consumers” as the prime beneficiaries. These reportedly include Coles Group Ltd (ASX: COL) and Adairs Ltd (ASX: ADH). As well as City Chic Collective Ltd (ASX: CCX), Collins Foods Ltd (ASX: CKF) and Super Retail Group Ltd ASX: SUL).

Grocer Coles and homewares retailer Adairs are both household names. But Collins Foods is the company behind the Kentucky Fried Chicken (KFC) fast-food chain in Australia. Super Retail Group in turn is the name behind the retail brands of BCF, Super Cheap Auto, Macpac and Rebel.

UBS strategist Richard Schellbach said the one-off $250 payments that the budget was directing to pensioners, carers, veterans and job seekers, would boost retail spending, as would the cut in fuel excise.

Schellbach also named automotive shares like Ampol Ltd (ASX: ALD), Bapcor Ltd (ASX: BAP) and Eagers Automotive Ltd (ASX: APE) as direct winners from the fuel excise cut too.

That might help explain why many of the shares listed here are enjoying some strong gains on the ASX boards today. Adairs seems to be the biggest winner on this list as it currently stands. Adairs shares are presently up close to 5% at $2.97 a share.

The post Budget fuel excise cut: Which ASX shares could benefit? appeared first on The Motley Fool Australia.

More reading

• Why Eagers Automotive, Firefinch, Latin Resources, and Piedmont Lithium are rising today
• ‘Popping the champagne’: ASX retail shares leap following budget consumer handouts
• Here’s why the Eagers Automotive (ASX:APE) share price is climbing today
• ASX 200 (ASX:XJO) midday update: Telstra CEO steps down, Fortescue confirms E.ON deal
• Top broker gives its verdict on the Coles (ASX:COL) share price

Motley Fool contributor Sebastian Bowen owns ADAIRS FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended ADAIRS FPO, Collins Foods Limited, and Super Retail Group Limited. The Motley Fool Australia owns and has recommended ADAIRS FPO, COLESGROUP DEF SET, and Super Retail Group Limited. The Motley Fool Australia has recommended Bapcor and Collins Foods 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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The Santos Ltd (ASX: STO) share price is in the red today amid falling oil prices.

Santos shares are currently trading at $7.86, a 0.76% fall. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 0.74% in the green.

Let’s take a look at what is happening at Santos.

Oil prices

Energy producers, including Santos, could be suffering due to turbulent oil prices. Brent Crude oil prices finished 2% lower in the United States on Tuesday amid Ukraine and Russia peace talks, Reuters reported. New COVID-19 lockdowns in China also sparked speculation demand for oil could be lower.

However, the oil price is now starting to pick up. Brent Crude is climbing 0.76% to US$111.07 a barrel, while WTI Crude Oil is up 0.78% to US$105.02 a barrel, according to Bloomberg.

Santos is not the only ASX energy share having a day in the red. The S&P/ASX 200 Energy Index (ASX: XEJ) is down 0.88% at the time of writing. Beach Energy Ltd (ASX: BPT) shares are down 0.62%, while the Woodside Petroleum Limited (ASX: WPL) share price is 0.52% lower.

Climate report

In other news, Santos has just released its 2022 climate report. The strategy sets out the company’s climate transition strategy to become a net-zero emissions energy and fuels company by 2040.

This includes a plan to:

• Cut absolute emissions by 30% by the year 2030
• 40% reduction in emissions intensity
• Scope three target to reduce customer carbon dioxide emissions by 1.5 million tonnes per year

Further, Santos will only sell products to customers from countries that have a net-zero commitment or have signed the Paris agreement.

The company said final investment decisions on new offshore greenfield projects from 2025 will require abatement or offset of reservoir carbon dioxide emissions.

Commenting on the news, Santos chief executive officer Kevin Gallagher said the company is “well positioned” to decarbonise the natural gas business and generate new revenue streams via carbon solutions including capture and storage. He added:

It is vitally important that new supply investment happens in a sustainable way. Companies like Santos, which are publicly listed, subject to ESG scrutiny by their investors and which report transparently on carbon emissions and their climate transition plans, are best placed to supply critical fuels such as oil and gas more sustainably, striving for lower emissions intensity and better environmental outcomes.

Divesting assets and driving investment in new supply to less transparent producers will not reduce global emissions or advance the transition to Net Zero.

Santos share price snapshot

The Santos share price has risen 10% in the past 12 months, while it has gained 24% year to date.

In contrast, S&P/ASX 200 Index (ASX: XJO) has returned just under 1% in 2022 so far.

In the last month, Santos shares have soared nearly 10%.

Santos has a market capitalisation of about $26.6 billion based on the current share price.

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

More reading

• Own ASX 200 energy shares? Here’s the latest on the 2022 crude oil disruptions
• 5 things to watch on the ASX 200 on Wednesday
• Global poster child? Why this fundie is bullish on the Santos share price
• 5 things to watch on the ASX 200 on Tuesday
• Here’s why Macquarie just upgraded the Santos (ASX:STO) share price

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 Neometals Ltd (ASX: NMT) share price has accelerated in the month of March despite heavily backtracking in recent times.

Over the month, the advanced materials company’s shares surged 25% following a couple of positive announcements by Neometals.

At the time of writing, the advanced materials company’s shares are swapping hands for $1.675, up 1.21%.

What’s been driving Neometals shares higher?

Investors appear ecstatic with the company’s progress, sending the Neometals share price to a record high of $1.875 last Wednesday.

This has come off the back of strong gains particularly on 14 March when Neometals announced a possible partnership between Mercedes-Benz AG’s wholly-owned subsidiary, Licular and Primobius.

Incorporated joint venture company, Primobius is equally owned by Neometals and SMS group.

Following the announcement, Neometals leapt 12.59% on the day to finish at $1.655 apiece.

However, this was short-lived as investors sold off the company’s shares the next day, registering an 8.76% loss.

Nonetheless, Neometals shares regained composure thereafter with a 20% increase across 5 consecutive trading days from 17 to 23 March.

As mentioned earlier, late last week and on Monday saw the company’s share price tank by more than 12%.

Although, yesterday’s update from Neometals that Primobius has opened a commercial lithium-ion battery recycling plant saw its shares break the negative trend. On Tuesday, Neometals shares lifted 2.16% to finish at $1.655.

The company noted that operations are being planned for 10,000 tonnes per day in Q2 2022 pending receipt of an operating permit.

Neometals share price snapshot

Over the past 12 months, the Neometals share price has rocketed by 360% for investors.

When looking at year to date, its shares are up close to 20% for the period.

Neometals has a price-to-earnings (P/E) ratio of 31.20 and commands a market capitalisation of roughly $924.01 million.

The post Why has the Neometals (ASX:NMT) share price leapt 25% in March? appeared first on The Motley Fool Australia.

More reading

• 3 ASX All Ordinaries shares smashing 52-week highs on Wednesday
• Neometals (ASX:NMT) shares surge 12% on plans to partner with ‘one of the greatest names in the automobile industry’
• Here’s why the Neometals (ASX:NMT) share price surged 6% on Friday

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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The Qantas Airways Limited (ASX: QAN) share price is in the green on Wednesday, despite no price-sensitive news having been released by the company.

Though, the airline isn’t alone in its gains. It’s joined by some of its fellow S&P/ASX 200 Index (ASX: XJO) travel shares.

At the time of writing, the Qantas share price is $5.28, 2.52% higher than its previous close.

For context, the ASX 200 is also up today, having gained 0.78%.

Let’s take a closer look at the latest news from the flying kangaroo and its performance on the ASX today.

Why is the Qantas share price gaining on Wednesday?

The Qantas share price is flying high today despite no news having been released to the market.

It’s joined in the air by other ASX 200 travel giants Flight Centre Travel Group Ltd (ASX: FLT) and Webjet Limited (ASX: WEB).

They are also up 1.25% and 1.78%, respectively and for no obvious reason.

However, there’s been some positive-sounding whispers from the airline’s camp recently.  

While it likely hasn’t impacted its share price, Qantas has been dropping hints that seem to point towards its recovery from the COVID-19 pandemic.

On Monday, Qantas chief customer officer Stephanie Tully noted that bookings for flights between Melbourne and Los Angeles now exceed pre-COVID levels.

Previously, the airline noted bookings for iconic international destinations London and Hawaii are also above pre-COVID levels.

That same day, QantasLink CEO John Gissing recognised a “huge surge in demand for domestic tourism”.

Gissing’s comments came after the airline said last week that it expected this year’s Easter period to bring more than 110% of its pre-COVID domestic capacity.

That’s not the only news that might have drawn attention to Qantas’ stock today. Last night’s federal budget saw the fuel excise halved for the coming six months.

Of course, the prospect of a boost to Qantas’ bottom line might have initially excited the market. However, the change likely won’t impact Qantas much.  

Aviation fuels are specifically exempt from the reduction.

Right now, the airline’s stock is currently 5.4% higher than it was at the start of 2022.

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

More reading

• Expert reveals 3 ASX shares to watch following tonight’s federal budget
• Is Qantas an ASX dividend share?
• What was the highest ever Qantas share price?
• Own Qantas shares? Here’s how the airline is planning to profit from NFTs
• Is the Qantas (ASX:QAN) share price about to soar 40% higher?

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 Flight Centre Travel Group Limited and Webjet Ltd. 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 S&P/ASX 200 Index (ASX: XJO) is on form again on Wednesday. In afternoon trade, the benchmark index is up 0.75% to 7,520.5 points.

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

88 Energy Ltd (ASX: 88E)

The 88 Energy share price has crashed 50% to 1.65 cents. This follows disappointing results from the Merlin-2 wireline logging program. The results from the wireline program have demonstrated that target zones have lower than anticipated porosity/permeability, resulting in difficulty obtaining fluid samples of any significance.

Gold Road Resources Ltd (ASX: GOR)

The Gold Road share price is down 2% to $1.62. Investors have been selling this gold miner’s shares after Bell Potter downgraded them this morning. According to the note, the broker has downgraded Gold Road’s shares to a hold rating with a $1.70 price target. It made the move on valuation grounds after its shares appreciated significantly since the start of February.

Sigma Healthcare Ltd (ASX: SIG)

The Sigma Healthcare share price has fallen 2% to 52 cents. This morning Macquarie responded to the pharmacy chain operator’s full year results by maintaining its neutral rating but cutting its price target to 52 cents. Macquarie highlights that management has advised that Sigma’s ERP software implementation is having issues.

Star Entertainment Group Ltd (ASX: SGR)

The Star share price is down 1.5% to $3.21. Investors have been selling this casino and resorts operator’s shares after it revealed that it has been hit with a class action. According to the release, Slater & Gordon Limited (ASX: SGH) has served Star with a claim alleging that the casino operator failed to comply with continuous disclosure requirements and engaged in misleading or deceptive conduct between 29 March 2016 and 16 March 2022.

The post Why 88 Energy, Gold Road, Sigma, and Star shares are dropping appeared first on The Motley Fool Australia.

More reading

• Star Entertainment (ASX:SGR) share price slides as bad news keeps rolling in
• This ASX energy share just plunged 52%. Here’s why
• Profits slide 54% in FY21 sending Gold Road (ASX:GOR) share price tumbling on Monday
• Star Entertainment (ASX:SGR) share price slips after CEO steps down
• Top brokers name 3 ASX shares to sell next week

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 Macquarie Group 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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Shares in The Star Entertainment Group Ltd (ASX: SGR) are inching lower again on Wednesday and now trade at $3.23 apiece in afternoon trade.

The group is coming off a whirlwind where its former managing director and CEO, Matt Bekier, resigned earlier this week.

Star is also under fire for its anti-money laundering (AML) compliance and ability to prevent potential fraud from occurring at its licensed premises in an ongoing inquiry.

The bad news keeps on rolling in today, with the group announcing it has been served a class action in the Supreme Court of Victoria.

What is going on with Star Entertainment today?

The spillover from an ongoing review into Star’s operations has led shareholders to believe the group wasn’t transparent in its dealings with questionable figures and practices.

As The Motley Fool’s Brooke Cooper reported earlier this week, Star’s “former chief risk officer Paul McWilliams told the inquiry that Bekier “was in … a sulk” when presented with the report.”

“McWilliams also said that the CEO appeared to believe that KPMG didn’t know what they were talking about”.

Now it’s apparent that stakeholders – like regulators – have had enough and are demanding more answers from the company.

“The Star Entertainment Group has been served by Slater & Gordon with a statement of claim for a securities class action in the Supreme Court of Victoria,” it said in a statement today.

“The claim alleges The Star failed to comply with continuous disclosure requirements and engaged in
misleading or deceptive conduct between 29 March 2016 and 16 March 2022 through various alleged
disclosures or non-disclosures about its systems, controls, operations and regulatory risks,” it read.

Each of the allegations is in reference to the ongoing ILGA inquiry and media reports, Star confirmed.

“The Star intends to defend the proceedings”.

Star Entertainment share price snapshot

In the last 12 months, the Star Entertainment share price has collapsed by 15% and is now 12% down for the year to date.

In the previous month, things have worsened and shares are down a further 3.5% at the time of writing.

The post Star Entertainment (ASX:SGR) share price slides as bad news keeps rolling in appeared first on The Motley Fool Australia.

More reading

• Star Entertainment (ASX:SGR) share price slips after CEO steps down
• Why is the Star Entertainment (ASX:SGR) share price slumping to fresh 52-week lows?

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 Culpeo Minerals Ltd (ASX: CPO) share price is rocketing higher on Wednesday after the company announced it has struck copper.

The first hole of the maiden drilling program at the company’s Lana Corina Project found the visual copper mineralisation.

At the time of writing, the Culpeo Minerals share price is 30 cents, 140% higher than its previous close.

However, at its intraday high, the company’s stock was swapping hands for 45 cents – representing a 260% surge.

Let’s take a closer look at the news driving the copper explorer and developer’s share price sky high.

Culpeo Minerals share price takes off on copper find

Shares in Culpeo Minerals are flying off the shelf on news that’s boosting hopes the company’s recently secured project could house a significant copper deposit.

The first hole drilled by the company at the site has intersected visual copper mineralisation.

The mineralisation is hosted in sheeted veins and breccia pipes from around 50 metres down hole to a depth of 200 metres.

Culpeo Minerals managing director Max Tuesley commented on the find:

We are excited about the intersection of significant amounts of copper sulphides in this first hole.

This provides further confidence in the prospectivity of Lana Corina and its potential to host a significant copper deposit.

[We] view Lana Corina as a key component of our high-quality copper portfolio in Chile.

For now, the company is continuing to drill the eight-hole maiden program. It also expects assay results will be complete in the next six weeks.

The company entered an agreement to acquire up to 80% of the project, located in Chile, earlier this month. It began the drilling program immediately after securing the rights to a holding in the project.

Today’s gains see the Culpea Minerals share price 82% higher than at the start of 2022.

The post Here’s why the Culpeo Minerals (ASX:CPO) share price is exploding 140% today appeared first on The Motley Fool Australia.

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• This ASX energy share just plunged 52%. Here’s why

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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