Category: Stock Market

The Wesfarmers Ltd (ASX: WES) share price was out of form again on Tuesday.

In late trade, the conglomerate’s shares are down 1% to $52.55.

This means the Wesfarmers share price is now down 11% since the start of the year and 22% from its 52-week high.

Is the Wesfarmers share price in the buy zone?

While the weakness in the Wesfarmers share price is disappointing for shareholders, it could be a buying opportunity for non-shareholders.

That’s the view of the team at Morgans, which recently upgraded the company’s shares to an add rating with an improved price target of $60.80.

Based on the current Wesfarmers share price, this implies potential upside of almost 16% over the next 12 months.

In addition, the broker is forecasting a fully franked $1.51 per share dividend in FY 2022. This represents a 2.9% yield, which lifts the total potential return to over 18.5%.

What is the broker saying?

Morgans sees a lot of value in the Wesfarmers share price following recent weakness.

At the time of its upgrade, the broker commented: “We continue to see WES as a high-quality company with its share price down 6% over the past month and 15% versus its peak of A$64.98 on 20 August 2021. While not cheap based on FY22 forecasts (30.3x PE and 2.7% yield), the stock looks more attractive on FY23 forecasts (26.7x PE and 3.1% yield). We expect the market will turn its focus to FY23 estimates over the coming months.”

“We see WES as a high-quality company with a healthy balance sheet and well-regarded management team. Despite short term challenges related to COVID, we think the recent pullback in the share price provides a good entry point for longer-term investors,” it added.

The post Is Wesfarmers (ASX:WES) share price in the buy zone after recent weakness? appeared first on The Motley Fool Australia.

More reading

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• Could this be the biggest issue faced by ASX retail shares heading into earnings season?
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• Morgans names 4 more of the best ASX shares to buy in February
• The Wesfarmers (ASX:WES) share price is 20% off its all-time high. Is it a buy?

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 owns and has recommended Wesfarmers 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 South32 Ltd (ASX: S32) share price rose to $4.28 earlier today, meaning the resources company has reached an all-time high.

If you don’t know, South32 works with a number of different commodities including alumina, aluminium, bauxite, metallurgical coal, lead, nickel, manganese, silver and zinc. It will soon have exposure to copper.

Every commodity behaves differently, however some of them have seen strong price action with increased demand and inflation over the past couple of years.

South32 recently said that it experienced record aluminium pricing the half-year to December 2021, while managing the impact of third-party port and freight congestion for its South African smelters.

Strong production

There are two main components to a resource company’s revenue – the price of the commodity and how much it produces. Therefore, production can have an important impact on profit and the South32 share price.

In the miner’s quarterly report to December 2021, it revealed increased production for several segments.

There was a 4% increase in quarterly alumina production, with record production at Brazil Alumina as it returned to normalised rates after the prior quarter’s bauxite unloader outage.

It revised the Cannington mine (one of the world’s largest producers of silver and lead) production guidance for FY22 to be higher by 5% with the operation on-track to transition to 100% truck haulage in the quarter for the three months to June 2022.

There was increased payable nickel production at Cerro Matoso by 26% with plant availability benefiting from the completion of the furnace refurbishment in FY21.

However, Australian manganese FY22 production guidance was lower by 9% due to COVID-19 and weather impacts, preventing the re-build of stockpiles ahead of the wet season.

Expansion plans

South32 has added copper exposure to the portfolio, announcing the acquisition of a 45% interest in the Sierra Gorda joint venture, which is expected to complete in the March 2022 quarter.

It has also finalised the zinc-lead-silver Taylor Deposit’s pre-feasibility study following the end of the period, confirming its potential to be the first development option at its Hermosa project.

Is the South32 share price a buy?

South32 is a highly rated ASX right now, with buy ratings from many of Australia’s brokers.

One of the most positive is Credit Suisse, with a price target of $5.30. That implies a rise of another 25% over the next year, if the broker is right.

On Credit Suisse’s numbers, the South32 share price is valued at 8x FY22’s estimated earnings with a projected grossed-up dividend yield of 7.25%.

The post Why is the South32 (ASX:S32) share price surging to all-time highs today? appeared first on The Motley Fool Australia.

More reading

• Morgans names the best ASX resources shares to buy in February
• Could South32 (ASX:S32) be set to downgrade its guidance when it reports this month?
• ASX 200 shares offer 12% upside after sell-off: JP Morgan
• These 3 ASX 200 shares are topping the volume charts on Thursday
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has 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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ASX lithium shares are in the spotlight as lithium looks to have upended toilet paper in a global ‘panic buying’ spree.

Demand for the metal, a crucial element in most electric vehicle (EV) batteries, is surging alongside the rapid growth in EVs.

With new supplies failing to meet the ramp-up in demand, lithium prices are rocketing as global battery manufacturers compete to secure enough inventory, piquing investor interest in ASX lithium shares.

Why isn’t more supply coming online?

As news.com reports:

Prices for lithium salts, lithium carbonate, and lithium hydroxide rose by between 400-500 per cent last year, and show no signs of slowing down as supplies struggle to keep up with demand.

Indeed, in the mid-term, Saxo Capital Markets Australian market strategist Jessica Amir expects lithium prices will increase by another 80% this year.

Those figures will come as welcome news to leading ASX lithium shares like Pilbara Minerals Ltd (ASX: PLS), Mineral Resources Limited (ASX: MIN), and Allkem Ltd (ASX: AKE).

But there are tailwinds at work here as well.

Restrictions put in place to mitigate the spread of COVID-19, including a largely closed Western Australia border, have brought about significant labour shortages for the mining industry.

With those concerns in mind, as the Motley Fool reported last week, Pilbara’s management cautioned “that it is reviewing its FY 2022 guidance for production of 400,000 to 450,000 dmt and shipments of 380,000 to 440,000 dmt.”

Guidance may well be revised downwards.

How have these ASX lithium shares been performing?

Amid the rocketing lithium prices, Allkem’s share price has soared 88% over the past 12 months.

Competing ASX lithium share Mineral Resources, meanwhile, is up 57% since this time last year.

And the Pilbara share price has rocketing an eye-popping 227%.

For comparison the S&P/ASX 200 Index (ASX: XJO) has gained 4% over that same time.

The post Forget toilet paper, now we’re ‘panic buying’ lithium! Here’s how ASX lithium shares are tracking appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares tipped to shine bright in 2022
• Own Mineral Resources (ASX:MIN) shares? Here’s what to watch when the miner reports tomorrow
• 2 excellent ASX growth shares analysts rate very highly
• Watch out! These 4 ASX shares have been tipped to disappoint during earnings season
• Do any ASX lithium shares pay dividends?

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 S&P/ASX 200 Index (ASX: XJO) is having a great day and is on course to record a strong gain. In late trade, the benchmark index is up 1% to 7,183.4 points.

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

Appen Ltd (ASX: APX)

The Appen share price is down a further 7% to $8.27. Investors have been selling off this artificial intelligence data services company’s shares this week amid concerns that demand could be falling for its offering. This follows Meta’s weak quarterly result and a recent announcement from the Facebook owner regarding advances it has made with data labelling algorithms.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is down over 5% to $4.77. This follows news that the infection prevention specialist is revising its deal with GE Healthcare in North America from today before it terminates in June. The new sales model will see Nanosonics become responsible for all inventory, shipping, installations, and training of new customers. The changes are expected to impact its sales in the second half and lead to an increase in costs as its builds up its direct sales capabilities.

Nearmap Ltd (ASX: NEA)

The Nearmap share price is down 6.5% to $1.30. This appears to have been driven by a broker note out of Macquarie this morning. Its analysts have downgraded the aerial imagery technology and location data company’s shares to an underperform rating and slashed the price target on them to $1.30. It believes Nearmap will have to increase its costs to compete in the North American market.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price has continued its slump and is down a further 2% to $8.01. Investors have been selling this online furniture retailer’s shares ahead of its half year update tomorrow. They appear concerned that Temple & Webster could release a disappointing result. Particularly after Goldman Sachs tipped the company as one of four that could negatively surprise this month.

The post Why Appen, Nanosonics, Nearmap, and Temple & Webster are sinking appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to sell today
• ASX 200 (ASX:XJO) midday update: Macquarie and Suncorp impress
• Why is the Nanosonics (ASX:NAN) share price crashing 16%?
• 2 ASX growth shares to buy this month: experts
• Why Appen, ANZ, Magellan, and REA shares are falling

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 Appen Ltd, Nanosonics Limited, Nearmap Ltd., and Temple & Webster Group Ltd. The Motley Fool Australia owns and has recommended Appen Ltd, Nanosonics Limited, and Nearmap Ltd. The Motley Fool Australia has recommended Temple & Webster Group 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) has pushed higher this Tuesday in what might be a much-needed break for investors. At the time of writing, the ASX 200 has risen a healthy 1.09% and is currently sitting at 7,188 points.

But let’s dive a little deeper and have a look at the shares that are topping the ASX 200’s trading volume charts right now, according to investing.com.

The 3 most traded ASX 200 shares by volume so far today

Telstra Corporation Ltd (ASX: TLS)

ASX 200 telco Telstra is the first cab off the rank so far today. At the time of writing, a hefty 12.33 million Telstra shares have swapped hands this Tuesday. There has been no price-sensitive news or announcements out of Telstra today.

As such, we can probably put this volume down to the movements of the Telstra share price. This telco has enjoyed a healthy rise upwards in line with the broader market. Telstra shares are currently up a robust 1.49% at $4.09 each. This is probably why we see the company feature on this list today.

BHP Group Ltd (ASX: BHP)

BHP is next up this Tuesday. This ASX 200 mining giant has had a sizeable 18.21 million of its shares change owners at this point of the trading day. Again, there is no official news or announcements out of BHP so far. But the BHP share price has exploded higher today.

It’s currently up a very pleasing 3.6% at $49.10 a share, its highest share price since August last year. This, together with the ongoing machinations of BHP’s recently-completed unification, is probably what is behind this elevated volume we see.

Sydney Airport (ASX: SYD)

Our final and most traded ASX 200 share of the day thus far goes to Sydney Airport. This no-introduction-needed company has seen a whopping 15.31 million of its shares bought and sold this Tuesday. That’s despite the fact not too much is happening with the Sydney Airport share price thus far today.

The company is currently up 1 cent at $8.71 a share. So this volume is a likely byproduct of the upcoming delisting of this company from the ASX boards. Its last day of trading will be tomorrow before the Sydney Aviation Alliance takes full ownership. That’s probably why so many Sydney Airport shares are taking off today.

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

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• Own BHP shares? Here’s what this quiet investigation uncovered
• ‘Exciting time’: Telstra (ASX:TLS) share price climbs amid $100 million IoT deal
• ASX 200 (ASX:XJO) midday update: Macquarie and Suncorp impress
• Is now the time to rid your ASX share portfolio of COVID losers?

Motley Fool contributor Sebastian Bowen owns Telstra Corporation 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 owns 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 Bruce Jackson.

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Top broker Ord Minnett has dropped its expectations for CSL Limited (ASX: CSL) shares by 9.5% today, reportedly citing concerns about its plasma and flu divisions.

The biotechnology company’s stock has tumbled 12% since the start of 2022.

At the time of writing, the CSL share price is $257.66, 1.2% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 1.14%.

Let’s take a closer look at what’s undermined Ord Minnett’s confidence in CSL’s stock.

Broker lowers expectations of CSL stock

The top broker has dropped its price target for CSL shares from $315 to $285, maintained a “cautious view” of the company’s stock, and kept its ‘hold’ rating, according to reporting by The Australian.

The lowered expectations are reportedly a reflection of an anticipated gross margin drop from the company’s plasma division.

The broker is also said to be expecting CSL’s Seqirus – creator of the company’s flu vaccines – to contribute less.

In financial year 2021, Seqirus’ revenue increased 30% on a constant currency basis, driven by a record number of flu jabs administered.

The Australian quoted Ord Minnett analysts as telling clients:

We have reduced our [financial year 2023 (FY23)] [earnings per share (EPS)] forecast by 4%.

We have adjusted our Vifor forecasts to reflect the expected treatment of minorities and amortisation.

After these revisions, we continue to forecast a strong uplift in earnings in FY23 as plasma volumes recover and the Vifor business starts to contribute.

In December, CSL announced its bid to acquire Swiss company Vifor Pharma for US$11.7 billion ($16.4 billion at today’s exchange rate).

However, not all brokers’ expectations of CSL are falling.  

As The Motley Fool Australia’s James Mickleboro recently reported, Macquarie analysts have slapped CSL shares with a $325 price target.

CSL share price snapshot

The CSL share price has limped into 2022, down almost 12% year to date. However, its medium-term performance isn’t much better.

It has fallen 7% since this time last year. Though long term investors rejoice — it’s has gained 124% since February 2017.

The post Why this top broker is ‘cautious’ on the outlook for CSL (ASX:CSL) shares appeared first on The Motley Fool Australia.

More reading

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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. 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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Yesterday we looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with brokers right now. Three that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:

Commonwealth Bank of Australia (ASX: CBA)

According to a note out of Credit Suisse, its analysts have retained their underperform rating and $92.50 price target on this banking giant’s shares ahead of its half year results. The broker believes that the market may be expecting too much from the bank’s net interest margins. In light of this, it is expecting CBA’s earnings to come in below consensus expectations. The CBA share price is trading at $94.34 this afternoon.

Magellan Financial Group Ltd (ASX: MFG)

A note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $17.20 price target on this fund manager’s shares. This follows news that its Chief Investment Officer, Hamish Douglass, is taking indefinite medical leave. Morgan Stanley appears to have concerns about the impact this could have on its funds under management, particularly given how its investment performance remains soft. The Magellan share price is fetching $17.42 on Tuesday.

Nearmap Ltd (ASX: NEA)

Analysts at Macquarie have downgraded this aerial imagery technology and location data company’s shares to an underperform rating and slashed the price target on them to $1.30. While the broker believes Nearmap is operating in a growing market, it sees competition increasing in the ANZ region and believes higher costs will be required in the North America region. In light of this and litigation risks, it doesn’t see enough value in its shares at the current level. The Nearmap share price has fallen heavily today and is now trading in line with this price target at $1.30.

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

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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 Nearmap Ltd. The Motley Fool Australia owns and has recommended Nearmap 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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As an ASX bank share, National Australia Bank Ltd. (ASX: NAB) shares certainly have a reputation as a solid income-paying investment. Notwithstanding the interruptions that the coronavirus pandemic brought to ASX bank dividends, NAB, like the other major banks, gave investors a bit of a dividend recovery in 2021. This is in comparison to the dearth of banking dividends in 2020.

Like most ASX shares, the NAB share price has had a rough start to 2022. So far this year, NAB is down by close to 6%. Over the past 12 months, the bank is sitting at an 8.65% gain.

So now that we are well and truly getting stuck into 2022, what does NAB hold in store for investors in terms of dividends?

Well, let’s start with NAB’s more recent dividend history.

So 2020 saw NAB pay out two fully franked dividends at 30 cents per share, making it an annual total of 60 cents per share. That was a marked downgrade from 2019’s total of $1.66 in dividends per share, but such was the impact of COVID.

2021 saw NAB pay out two dividends again. This time it was an interim dividend of 60 cents per share, and a final dividend of 67 cents per share, both fully franked. That gives the NAB share price a trailing yield of 4.59% today. That happens to be the second-lowest trailing yield out of the big four banks right now. 

Australia and New Zealand Banking Group Ltd (ASX: ANZ) and Westpac Banking Corp (ASX: WBC) are both offering trailing yields over 5% today. Commonwealth Bank of Australia (ASX: CBA) currently has a trailing yield of 3.72% as it currently stands.

Will NAB keep its dividends growing in 2022 and beyond?

So what does the future hold for the NAB dividend? Will 2022 see another dividend increase from NAB shares?

Well, we don’t know for sure yet, of course. But let’s see what a major ASX broker is tipping. Investment bank and broker Goldman Sachs is currently bullish on NAB shares, describing NAB as “our preferred major bank exposure”.

Goldman is indeed expecting NAB to deliver a dividend pay rise in 2022, and again in 2023 and 2024. Goldman is expecting $1.43 in dividends per share for 2022, which rises to $1.45 for 2023 and $1.48 for 2024. If that turned out to be the case, those figures would give NAB a forward yield of 5.23% for 2023 and 5.34% for 2024.

No doubt NAB shareholders would be pretty pleased with that prediction. Now let’s see if it comes to pass.

At the current National Australia Bank share price, NAB has a market capitalisation of $89.42 billion. 

The post Will NAB shares give investors a dividend raise in 2022? appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy next week
• Looking to buy NAB (ASX:NAB) shares? Read what this broker says first
• Hunting for ASX shares? Experts say to avoid this sector in 2022
• What can the Westpac results tell us about the outlook for ASX 200 bank shares?
• 3 reasons Goldman Sachs thinks NAB (ASX:NAB) shares are a conviction buy

Motley Fool contributor Sebastian Bowen owns National Australia Bank 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 recommended Westpac Banking Corporation. 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 Flight Centre Travel Group Ltd (ASX: FLT) share price is ascending again today, with CEO Graham Turner optimistic the international border opening will help the company.

The travel company’s shares are currently trading at $19.99 apiece, up 5.54%. This comes after yesterday’s 7.8% gain.

Let’s take a look at what could be helping the company’s share price today.

Optimism on border reopening

Turner has welcomed news Australia’s international borders will open this month. As Motley Fool Australia reported earlier, Australia will allow tourists into the country from February 21 this year.

Speaking to Sky News Australia, CEO Graham Turner described the border opening as “better late than never”.

Obviously this announcement is going to help our businesses in places like South Africa, UK, Europe, Canada and the USA, so that’s really good news there.

Generally we’re on the way back, I know there’s going to be ups and downs, but we’re pretty happy at the moment.

The Qantas Airways Limited (ASX: QAN) share price is up 0.64% today, while Webjet Limited (ASX: WEB) is climbing 6%. Meanwhile, Helloworld Travel Ltd (ASX: HLO) is climbing 1.56% and Corporate Travel Management Ltd (ASX: CTD) is gaining 3.86%.

This follows big gains for the major ASX travel shares yesterday when the border reopening was announced.

Further commenting on the impact of border closures on Flight Centre, Turner said the company had to lose “about two thirds of our people”.

We are back up globally from 21,000 originally, we are back up to about 10,000 people now. We are building back up, to make sure that we can cope with the demand as it comes back.

Today, Deloitte Access Economics and RMIT Online released a study stating international border closures cost the Australian economy $32 billion, 7 News reported.

On Monday, Prime Minister Scott Morrison said the reopening was a “welcome relief” for tourist providers.

If you’re double vaccinated, we look forward to welcoming you back to Australia, and I know the tourism industry will be looking forward to that, and over the next two weeks they will have the opportunity both for visitors to be coming and for them to be gearing up to welcome international visitors back to Australia.

Flight Centre share price snapshot

The Flight Centre share price has soared nearly 29% in the past 12 months and 11% year to date. In the past week alone, it has surged nearly 19%.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned 4.6% over the past 52 weeks.

Flight Centre has a market capitalisation of $3.9 billion based on its current share price

The post ‘On the way back’: Flight Centre (ASX:FLT) share price takes off on border reopening appeared first on The Motley Fool Australia.

More reading

• Why Flight Centre, Macquarie, Super Retail, and Suncorp shares are racing higher
• ASX 200 (ASX:XJO) midday update: Macquarie and Suncorp impress
• Here are the top 10 ASX shares today
• Why are ASX travel shares Flight Centre (ASX:FLT), Qantas and Webjet lifting off today?
• These are the 10 most shorted ASX shares

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Helloworld Limited. The Motley Fool Australia owns and has recommended Helloworld Limited. The Motley Fool Australia has recommended Corporate Travel Management Limited, 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.1% to 7,191.8 points.

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

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up 5% to $19.84. Investors have been buying this travel agent’s shares amid optimism that the reopening of Australia’s international borders will be a boost to its performance. Several other travel shares are charging higher with Flight Centre on Tuesday.

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is up 4% to $202.08. Investors have been buying the investment bank’s shares following the release of its third quarter operational update. Macquarie revealed that it had a record quarter thanks to its market-facing Commodities and Global Markets and Macquarie Capital businesses. Their combined profit contribution was up “substantially” on the prior corresponding period.

Super Retail Group Ltd (ASX: SUL)

The Super Retail share price is up almost 3% to $12.50. This appears to have been driven by a broker note out of Ord Minnett. Its analysts upgraded this retailer’s shares to an accumulate rating with a $14.50 price target. The broker believes consumer trends are favourable for Super Retail at present, which could pose upside risk to estimates.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is up 6% to $12.12. Investors have been buying this banking and insurance giant’s shares following the release of its half year results. Suncorp reported a net profit after tax of $388 million. Although this was down 20.8% year on year, it was better than the market was expecting. According to a note out of Morgans, its analysts were expecting a first half net profit after tax of $300 million.

The post Why Flight Centre, Macquarie, Super Retail, and Suncorp shares are racing higher appeared first on The Motley Fool Australia.

More reading

• ‘On the way back’: Flight Centre (ASX:FLT) share price takes off on border reopening
• ASX retail shares have slumped in 2022. Could there be more pain to come?
• Macquarie (ASX:MQG) share price jumps after outperforming expectations and excitement over US$75tn opportunity
• ASX 200 (ASX:XJO) midday update: Macquarie and Suncorp impress
• Suncorp (ASX:SUN) share price spikes after ‘strong underlying momentum’ in 2021

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 Super Retail Group Limited. The Motley Fool Australia owns and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and 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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