Category: Stock Market

An online broker has started $0 brokerage for buying ASX shares.

CMC Markets announced Wednesday that purchases of Australian shares under $1,000 would now attract zero fees.

The offer applies for the first transaction per stock per trading day, and also includes CBoe Australia-listed (formerly Chi-X) shares.

CMC had already offered zero brokerage on buying and selling US, Canadian, UK and Japanese equities for more than a year now. But this week is the first time it is doing the same for ASX shares. 

Zero brokerage is a much rarer feature on Australian shares than in the US, where brands like Robinhood Markets Inc (NASDAQ: HOOD) have made it a default for most online brokers. 

There is a technical explanation for this. In the US, multiple competing exchanges pay for order flow, allowing brokers to live off the rebates. 

But in Australia, ASX Ltd (ASX: ASX) has no need to pay for liquidity as it’s the only game in town.

“In Australia you’ve got a monopoly,” Stake chief Matt Leibowitz told The Motley Fool in 2020.

“The ASX is actually charging a per-trade fee, regardless if you make or take liquidity.”

It is suspected CMC Markets is losing using the $0 brokerage on ASX shares as a loss leader to attract customers.

The Motley Fool has requested CMC Markets to confirm. 

Young investors want $0 brokerage

According to CMC Markets Asia-Pacific head Matt Lewis, $0 brokerage on ASX shares were aimed at generation Z and millennial investors who had flooded into the market in recent times.

“Over the last few years record-low interest rates have led to an inflow of Australians looking to enter the stock market including new demographics and younger investors,” he said. 

“The knock-on effect has been a significant increase in ETF trading as younger investors look for simple ways to diversify their portfolio in a cost-effective way.”

The normal fee on CMC Markets for transactions of ASX shares is $11 or 0.1%, whichever is greater.

This brokerage still applies on sell orders, as well as from the second buy order onwards per stock per trading day.

Customers are warned that orders placed after market close will be counted as a transaction on the next trading day, which could affect the way the $0 brokerage is dished out.

CMC Markets operates on a direct ownership model. This is different to some other budget platforms like Sharesies and Superhero, which uses a custodianship model to offer low fees.

The post Finally: Here’s how you can buy ASX shares with $0 brokerage appeared first on The Motley Fool Australia.

More reading

• Here’s why the Genworth (ASX:GMA) share price is rocketing 8%
• 2 ASX 200 shares smashing 52-week highs today
• This expert says now is the time to buy ASX dividend shares. Here’s why
• ASX 200 (ASX:XJO) midday update: CSL upgrades guidance, Treasury Wine jumps
• Breville (ASX:BRG) share price pops after 25% profit surge

Motley Fool contributor Tony Yoo 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 Genworth Mortgage Insurance Australia Ltd (ASX: GMA) are jumping into the green today. At the time of writing the Genworth share price is $2.86, up 8.33%.

Genworth climbed as high as $2.92 in early morning trading before retracing to its current level.

Investors are responding to a company announcement that alternative investment manager Ares Management Corp has taken a stake in the company.

Why are Genworth shares spiking today?

Genworth confirmed today it was made aware that alternative investment manager Ares Management has acquired a minority stake.

Ares is an alternatives giant and has its tentacles wrapped around credit, private equity, real estate, and other secondary markets. Since its inception in 1997, Ares has grown its assets under management (AUM) substantially.

The fact Ares has taken a spot in the front row of Genworth’s equity show is no minor news. The United States-based fund manager became public in 2014. In 2018 it became a body corporate, the first alternative asset manager to do so.

With Ares on its register, Genworth has the full force of US$295 billion in AUM behind it, via the fund manager’s book. It remains to be seen if Ares aims to take a more active role in the company.

And best believe Genworth acknowledges the investment as a vote of confidence in the company’s growth narrative.

“Genworth welcomes this investment by Ares in the Company as an indication of the value it sees in Genworth’s business,” the release noted.

Back in January, the company’s share price popped after announcing it was selected as the exclusive provider of lenders mortgage insurance (LMI) to the Commonwealth Bank of Australia. Specifically, for the big bank’s CBA and Residential Mortgage Group (RMG) businesses.

Genworth will announce its financial results for the full year ending 31 December 2021 on 25 February, per today’s release.

Genworth share price snapshot

In the past 12 months the Genworth share price has climbed just 4%. Although it has jumped more than 23% this year to date.

Over the last month of trading, shares have gained 18% and are now front-running the major indices since 4 January.

The post Here’s why the Genworth (ASX:GMA) share price is rocketing 8% appeared first on The Motley Fool Australia.

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• ‘Exclusive provider’: Genworth (ASX:GMA) share price leaps 12% on CBA deal

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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ASX 200 shares are showing signs of a recovery in February having thrust off 3-month lows to start the month.

The benchmark S&P/ASX 200 Index (ASX: XJO) has slipped 4.5% since 4 January, although is showing momentum after jumping off a low of 6,838 points to now trade above 7,244 points.

Within that group, two ASX 200 shares are shining brightly today after cruising past their previous 52-week highs. Let’s take a quick look.

Vicinity Centres (ASX: VCX)

Shares in property manager Vicinity are jumping 9% to a new 52-week high today after the company released its half-yearly results.

It was a positive half for Vicinity, with statutory net profit after tax (NPAT) up by more than $1 billion. This took it from a loss to a $650.2 million profit. Funds from operations (FFO) was $287.7 million or 6.32 cents per share.

The group also completed 643 leasing deals and leased 201 vacant stores during the half. Collection of gross rental billings averaged 80% for the period as well.

Vicinity expects FY22 FFO per security to be in the range of 11.8 cents to 12.6 cents. Adjusted FFO is expected to fall in the range of 9.5 cents to 10.3 cents.

It is also aiming for a payout range of 95%-100% of AFFO for its distributions in FY22, according to the release today.

Vicinity’s “disciplined approach to cash collection and retailer support, together with higher than anticipated tenant retention and resilient ancillary income” drove the half’s results, according to the company’s CEO, Grant Kelley.

Ampol Ltd (ASX: ALD)

Shares in petroleum player Ampol shot to new single-year highs after investors drove up the price in pre-market trading. Ampol is now trading at $32.20 after reaching a high of $32.54.

Whilst there’s been no price-sensitive information released by the company today, gasoline spot prices and futures have hit 52-week highs as well. The spot price is now fetching US$2.68 per gallon, up 48% on the year.

In the last month, gasoline has jumped over 10%, whereas the Brent crude oil contract – upon which more than 90% of the world’s oil is priced – has jumped more than 9% as well.

Given Ampol’s position as a price taker in the petroleum markets, its share price closely traces the price of oil and gasoline.

As such, the commodities rally has been a net positive for Ampol, and the market agrees after bidding up its share price almost in unison with gasoline and oil prices.

Plotting the price dispersion of all three commodities over the last few months reveals the tightness of this fit as is the case with all price takers in commodities.

The post 2 ASX 200 shares smashing 52-week highs today appeared first on The Motley Fool Australia.

More reading

• Sky high profits: Vicinity Centres (ASX:VCX) share price rockets 9% following half-year results
• Why are ASX 200 energy shares tumbling on Tuesday?
• Ampol (ASX:ALD) share price gains as refinery anticipates best quarter since 2018

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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There’s plenty of uncertainty in the market in 2022, but S&P/ASX 200 Index (ASX: XJO) dividend shares could be a saving grace.

The coming years will likely see above trend economic growth and higher inflation, according to Epoch Global Equity Shareholder Yield portfolio manager, John Tobin.

And while plenty of investors might turn to growth stocks to buoy their portfolios in the near future, the expert is betting on dividend shares.

Here’s why the fundie thinks established dividend-paying stocks are worth looking at right now.

Why is this fundie bullish on dividend shares?

According to Tobin, investing in established, dividend-paying shares has been “out of favour” in recent years.

However, long duration stocks – those delivering strong yields such as dividends, free cash flow, and buybacks – might be about to have a moment of “salvation”. Tobin commented:

The view that we have at Epoch is that interest rates are at an inflexion point and from here they are likely to go up. The reasons for that are pretty straightforward – we see above trend economic growth around the world.

Tobin points out that stocks with high dividend yields have previously been found to outperform the market during periods when rates are rising.

“For many that’s a surprising and counter intuitive,” Tobin said. “We tend to think the dividend stocks are probably going to get hurt by rising rates.

“The evidence suggests the opposite.”

Tobin also noted that, between 1994 and 2019, the biggest annual return on the MSCI World Index was seen in stocks with growing dividends.

However, that’s flipped in recent years and the largest returns have come from non-dividend paying shares.

“What this is telling us is, longer duration equities (growth stocks) were out performers in a period of artificially low interest rates,” Tobin said.

“Our argument is long duration stocks are going to face stronger headwinds when rates rise.”

Which ASX 200 dividend shares could benefit from rate rises?

According to Tobin, shares with growing dividends could benefit most from rising interest rates.

Such shares include the ASX 200’s National Australia Bank Ltd. (ASX: NAB).

As The Motley Fool Australia recently reported, the big bank is expected to grow its dividends this financial year.

Bell Potter believes it will hand out dividends worth 132.5 cents per share in financial year 2022. That is predicted to grow to 134.5 cents in financial year 2023.

Renown ASX 200 dividend stock Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) could fit Tobin’s brief.

According to my Foolish colleague Tristan Harrison, Soul Patts has grown its dividends every year since 2000. Additionally, it hasn’t missed an annual dividend since it listed in 1903.

The post This expert says now is the time to buy ASX dividend shares. Here’s why appeared first on The Motley Fool Australia.

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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 Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns and has recommended Washington H. Soul Pattinson and Company 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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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is back on form and pushing higher. The benchmark index is currently up 0.5% to 7,241.1 points.

Here’s what is happening on the ASX 200 today:

CSL share price charges higher on half year results

The CSL Limited (ASX: CSL) share price is charging higher following the release of its half year results. The biotherapeutics giant reported a 5.3% increase in revenue to US$6,041 million but a 5% constant currency decline in net profit after tax to US$1,722 million. The latter was driven by plasma collection headwinds, which weighed on margins. However, an upgrade to its guidance for FY 2022 has got investors excited.

Fortescue falls on half year results

The Fortescue Metals Group Limited (ASX: FMG) share price is trading lower today despite delivering a half year result in line with the market’s expectations. The iron ore giant posted a 13% decline in revenue to US$8.1 billion and a 32% decline in underlying net profit after tax to US$2.8 billion. A fully franked interim dividend of 86 Australian cents per share was declared.

Treasury Wine shares jump

The Treasury Wine Estates Ltd (ASX: TWE) share price is racing higher today following the release of its half year results. Due largely to being shut out of Mainland China, the wine giant reported a 10.1% decline in net sales revenue to $1,267 million and a 6.7% decline in EBITS to $262.4 million. Management has advised that it is now shifting its focus from “recovery and restructuring” to one of “growth and innovation.” This appears to have gone down well with the market.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the Treasury Wine share price with a 10% gain following its results. The worst performer has been the Netwealth Group Ltd (ASX: NWL) share price with a 16% decline after its results disappointed the market.

The post ASX 200 (ASX:XJO) midday update: CSL upgrades guidance, Treasury Wine jumps appeared first on The Motley Fool Australia.

More reading

• Cheers! Treasury Wine (ASX:TWE) share price jumps 13% on half year results
• Fortescue (ASX:FMG) share price slips on FY22 half-year results
• CSL (ASX:CSL) delivers US$1.7bn half year profit and tips plasma collection rebound
• Down by a quarter in less than three months, is the CSL (ASX:CSL) share price a buy?
• 5 things to watch on the ASX 200 on Wednesday

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 CSL Ltd. and Netwealth. The Motley Fool Australia owns and has recommended Netwealth. The Motley Fool Australia has recommended 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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The Breville Group Ltd (ASX: BRG) share price soared by 9% shortly after the market open on Wednesday, after the home appliances company reported its half-year earnings for the 2022 financial year (1H22).

The Breville share price is currently up 1.09% to $28.75 after closing at $28.45 yesterday. The shares hit $31 this morning before falling back.

Breville share price up on solid first half update 

• Revenues up 26.5% from $711 million in 1H21 to $878.7 million in 1H22
• Earnings before interest, tax, depreciation and amortisation (EBITDA) up 16.6% from $107.6 million to $125.5 million
• Earnings before interest and tax (EBIT) up 22.8% from $91.7 million to $112.5 million
• EBIT margin of 12.8%, down slightly from 12.9% in 1H21
• Net profit after tax (NPAT) up 25.1% from $62.1 million to $77.7 million
• Earnings per share (EPS) rose 23.7% from 45.1 cents to 55.8 cents
• Interim dividend of 15 cents per share, fully franked.

What else happened in the first half?

Breville experienced strong growth across all of its target markets over the half. Europe, Middle East and Africa revenue saw the most growth, rising by 39.4% to $201.1 million. Asia Pacific revenue was up 22% to $162.7 million. Americas revenue rose 17.1% to $370.1 million.

All three areas have now seen compounded annual growth of more than 20% since the 2019 financial year. Breville said its gross margins were affected by a “turbulent” environment and inflation headwinds, partially offset by price increases.

What did management say?

Here’s some of what Breville CEO Jim Clayton had to say on these results:

Sustained consumer demand across geographies and categories underpinned our 1H22 performance. The business continued its move from strength to strength delivering 23.6% sales growth, despite a strong prior period and global logistical constraints (most acute in the US); double digit EBIT growth with continued investment in mid-term growth drivers; and, an improved inventory position, which we plan to further reinforce in the 2H to support growth in the 1H23.

What’s next?

Going forward, Breville has told investors to expect EBIT for the full 2022 financial year to be “consistent with the market’s current consensus forecast of ~$156 million”. However, that assumes no significant change in economic conditions and no further supply chain disruptions “beyond what we experienced” in the first half.

Breville said that it is expecting inflationary pressures to continue, as well as supply chain constraints. The company also said that it would “begin building inventory for peak season FY23 to try to get ahead of ongoing logistical challenges”.

Breville Group share price snapshot

Although the Breville share price had a strong open today, it remains down by 10.9% so far in 2022. It’s also down by 7.9% over the past 12 months. Over the past 5 years, Breville shares have risen by a healthy 231%.

At the current Breville share price, this ASX 200 share has a market capitalisation of $3.96 billion, with a trailing dividend yield of 0.95%.

 

The post Breville (ASX:BRG) share price pops after 25% profit surge appeared first on The Motley Fool Australia.

More reading

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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. 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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Motley Fool Australia Chief Investment Officer Scott Phillips joined Nine’s Late News on Tuesday night to discuss the huge interim dividend from BHP Group Ltd (ASX: BHP), rising interest rates — helping banks but costing mortgage-holders — and falling energy stocks as Ukraine tensions ease.

The post BHP’s stunning dividend, rates to rise, energy falls. 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 Bruce Jackson.

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The Liontown Resources Limited (ASX: LTR) share price is off to the races today.

Liontown shares closed yesterday at $1.39. The ASX lithium producer is currently trading for $1.61 per share, up 16% at time of writing.

The Liontown share price leap today follows the company’s announcement that it’s entered into a binding lithium supply agreement with US electric vehicle giant Tesla Inc (NASDAQ: TSLA).

Highlights below…

Liontown share price soars on agreement

ASX investors are bidding up the Liontown share price after the battery materials company reported that Tesla has agreed to purchase Lithium Spodumene Concentrate from its new $473 million Kathleen Valley Lithium Project, located in Western Australia.

The initial 5-year agreement is expected to commence in 2024. It will see Liontown supply Tesla with 100,000 dry metric tonnes (DMT) of Lithium Spodumene Concentrate in the first year, with Tesla buying 150,000 DMT in the following years.

The agreement remains conditional on Liontown commencing commercial lithium production at its Kathleen Valley Lithium Project by 2025, along with the 2 parties completing negotiations by 30 May 2022.

Liontown expects to start major construction activities at Kathleen Valley by the fourth quarter of 2022.

The Liontown share price could also be getting a boost from the report that Tesla’s purchase agreement equates to approximately one-third of the project’s initial forecast production capacity.

With the new Tesla agreement taken into account, Liontown said it’s now contracted more than half of its forecast production from the Kathleen Valley Lithium Project during the first 5 years of operation.

What did management say?

Commenting on the agreement, Liontown’s CEO Tony Ottaviano said:

Securing our second offtake sales agreement is another fantastic milestone for Liontown towards the development of the Kathleen Valley Lithium Project, and we are absolutely delighted to have signed this agreement with leading EV manufacturer, Tesla… Our shareholders should be proud that future Tesla cars will be powered by Liontown lithium.

We are also continuing to progress discussions with additional potential customers for the remaining available production and we are looking forward to announcing additional arrangements in the weeks ahead as we continue to implement our strategy to develop the project and deliver value for our shareholders.

Liontown share price snap shot

The Liontown share price is up an impressive 260% since this time last year.

By comparison the S&P/ASX 200 Index (ASX: XJO) has gained 5% over the 12 months.

So far in 2022, Liontown shares are down 10%.

The post Liontown (ASX:LTR) share price rockets 16% today on Tesla lithium deal appeared first on The Motley Fool Australia.

More reading

• Is Tesla stock a buy?
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• ‘Strong support’: Here’s why the Liontown (ASX:LTR) share price is pouncing higher today
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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 Corporate Travel Management Ltd (ASX: CTD) share price is up more than 5% today amid the company announcing a 120% jump in revenue and other income.

Corporate Travel released its half-year results this morning, spurring its share price to $23.97 at the time of writing, a 5.13% gain.

Let’s take a look at what the travel company reported.

Corporate travel share price ascends amid half yearly results

Highlights of the company’s half-year (H1 FY22) results include:

• Total revenue and other income surged 120% on the previous corresponding period (PCP) to $163 million
• Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) of $18.2 million, a 219.7% boost on the PCP. (In H1 FY22, underlying EBITDA was -$15.2 million)
• Underlying net loss after tax of $0.4 million, compared to a loss of $26.6 million in the PCP
• Total transaction value (TTV) of $2,083.1 million, a 416% boost on the PCP

What else happened in the half?

The COVID-19 Omicron variant cut down travel activity between November and January. However, Corporate Travel Management is expecting this to ramp up in areas where travel restrictions have been lifted.

The company is seeing a quick rebound in February in the United Kingdom and North America.

In the first half of 2022, the company invested in rebuilding staff levels in preparation for the travel recovery.

In North America, the company saw a 213% boost in revenue and other income to $92 million. Client wins are at the highest levels in the company’s history in North America. These are at a greater rate than prior to the pandemic.

Revenue in Europe also jumped by 229% to $43.8 million. Australia and New Zealand was impacted by restrictions during the half, however, underlying EBITDA still finished in the green at $0.9 million. Domestic travel is bouncing back in the ANZ region.

Asia losses were “well contained” despite travel restrictions in most of the region in the first half of 2022.

Management comment

Commenting on the results, managing director Jamie Pherous said:

The strategic acquisitions we made during the pandemic have transformed CTM into a much larger business with greater exposure to the North America market which, along with the UK market, is rebounding sharply.

Revenue in North America is now above pre-CTM COVID levels shows, pointing to the potential of the business when the travel market fully recovers. Strategic M&A has made North America our largest region and integration execution is well advanced.

Because of our expanded global footprint and strong financial position, we are targeting EBITDA of $265m in full recovery compared with $150m pre-pandemic

What’s next

Corporate Travel Management expects to complete the acquisition of Helloworld Corporate in the third quarter of 2022, subject to regulatory and contractual approvals.

The company didn’t offer a guidance for FY22 due to short term uncertainties. However, the company believes underlying EBITDA will build in February and March.

When the market fully recovers, Corporate Travel Management estimates it can achieve an underlying EBITDA of $265 million and revenue of $810 million.

Corporate Travel share price summary

The Corporate Travel share price has surged 32% in the past year and more than 8% year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned around 5% over the past year.

Corporate Travel has a market capitalisation of roughly $3.4 billion based on today’s share price.

The post Corporate Travel (ASX:CTD) more than doubles its revenue amid easing COVID-19 travel restrictions appeared first on The Motley Fool Australia.

More reading

• 2 ASX shares to buy that are perfectly set up to rally
• These were the best performing ASX 200 shares last week
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• Are ASX travel shares finally emerging from the COVID storm?
• Top broker says Corporate Travel Management (ASX:CTD) shares can rise 36%

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 Corporate Travel Management 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 Lark Distilling Co Ltd (ASX: LRK) share price is freefalling during Wednesday morning trade.

During market open, the whisky producer’s shares hit an intraday low of $3.48, before slightly bouncing back.

At the time of writing, Lark shares are now changing hands at $3.60, down 20.88%.

Lark CEO shock resignation

Investors are selling off Lark shares following the unexpected announcement regarding its most senior leader.

In a statement to the ASX, Lark advised that its managing director and CEO, Geoff Bainbridge has tendered his resignation.

The reason given as to why Mr Bainbridge has decided to depart the company is due to a personal matter. This was brought to the attention of the board late yesterday afternoon.

The immediate effect of Mr Bainbridge’s resignation will see current non-executive director, Laura McBain assume the role on an interim basis.

Ms McBain’s previous experience includes CEO and managing director of ASX-listed Bellamys from 2014 to 2017. Prior to this, Ms McBain held the title of CEO/general manager of the infant formula company since 2007.

During her time, Ms McBain was responsible for change, innovation and business growth including expansion into South East Asia and China.

Ms McBain also held the title of managing director of Maggie Beer from 2017 to 2019, and former non-executive director of Export Finance Australia from 2014 to 2020.

Lark stated that it had already begun its global CEO search in December 2021 as part of its succession planning. The process will now be accelerated to find a permanent replacement for the top job.

About the Lark share price

Over the last 12 months, the Lark share price has surged to register a gain of 116% for investors.

The company’s shares accelerated from July to mid-October, reaching a 52-week high of $5.60. Since then, its shares have gradually declined under the $5 mark before sinking to $3.60 today.

Lark commands a market capitalisation of roughly $271 million, with approximately 75.28 million shares on its registry.

The post Here’s why the Lark (ASX:LRK) share price is nosediving 21% today 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 has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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