Category: Stock Market

Key points

• The CSL share price has been falling in the last few weeks
• It recently announced the major acquisition of Vifor Pharma
• Brokers like the acquisition and currently rate the business as a buy

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The CSL Limited (ASX: CSL) share price has been dropping recently. Over the last two months it has declined around 14%.

CSL isn’t exactly a household name. It’s a leading global biotech company. It develops and delivers innovative biotherapies and influenza vaccines that save lives, and help people with life-threatening medical conditions live full lives.

The business has delivered capital growth. Over the past five years the CSL share price has risen 140%.

But how does the next year or two look for the business?

What’s impacting the CSL share price?

Plenty of ASX growth shares have fallen in recent weeks, so it’s not just CSL. Names like Xero Limited (ASX: XRO) and Afterpay Ltd (ASX: APT) have both dropped more than 20% recently.

For CSL, the big news over the last month or so has been the proposed acquisition of Vifor Pharma for A$16.4 billion.

What does Vifor do? It has an “outstanding team and a leading portfolio of products” with renal disease and iron deficiency. CSL also said that Vifor has a proven strategy of partnering and business development and licensing.

This portfolio of products will complement CSL’s existing therapeutic focus areas including haematology, thrombosis, cardiovascular and transplant, with a high-quality pipeline.

But it’s not just about diversification. Management think that CSL can help grow the Vifor Pharma business. CSL’s global reach, R&D capabilities and resources will help the delivery of the Swiss company’s products to patients.

The offer has already been unanimously recommended by Vifor Pharma’s board of directors. Vifor Pharma’s largest shareholder, Patinex, also likes the offer.

In terms of adding to profit, CSL expects it will add low to mid-teens to underlying net profit after tax (NPATA) per share in the first full year of ownership, including the full run rate of cost synergies.

What do brokers think of the deal?

Morgans likes the deal and thinks it adds value to CSL, whilst giving adding defensive earnings with more growth avenues.

Citi also thinks that the Vifor Pharma acquisition increases the value of CSL.

After the announcement of the acquisition both of these brokers increased their price targets for CSL by more than $10 per share.

Morgans now has a price target of $334.70 on the CSL, which suggests upside of more than 20%. Meanwhile, Citi has a price target of $340 on the company, implying an increase of around 25%.

Profit expectations

When CSL announced the acquisition, it confirmed that its FY22 net profit after tax (NPAT) guidance was for an approximate range between US$2.15 billion to US$2.25 billion.

Citi’s projections put the CSL share price at 40x FY22’s estimated earnings and 31x FY23’s estimated earnings. The broker has a buy rating on the biotech business.

Morgans thinks that CSL shares are valued at 41x FY22’s estimated earnings and 35x FY23’s estimated earnings. It also rates the company as a buy.

The post Has the CSL (ASX:CSL) share price dropped back into the buy zone? appeared first on The Motley Fool Australia.

More reading

• 2 killer ASX shares to buy for a volatile 2022
• How is the CSL (ASX: CSL) share price performing in the age of Omicron?
• Leading fund manager says these blue-chip ASX shares are buys right now
• 2 outstanding ASX 200 shares to buy this month according to analysts
• Why did the CSL (ASX:CSL) share price have such a lousy year in 2021?

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. owns and has recommended Afterpay Limited, CSL Ltd., and Xero. The Motley Fool Australia owns and has recommended Afterpay Limited and Xero. 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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On Thursday, the S&P/ASX 200 Index (ASX: XJO) fought hard and was able to record a small gain. The benchmark index rose 0.15% to 7,342.4 points.

Will the market be able to build on this on Friday and end the week on a high? Here are five things to watch:

ASX 200 expected to fall

The Australian share market looks set to end the week in a disappointing fashion. According to the latest SPI futures, the ASX 200 is expected to open the day 20 points or 0.3% lower this morning. This is despite it being a solid night of trade on Wall Street, which late on sees the Dow Jones up 0.5%, the S&P 500 up 0.5%, and the Nasdaq pushing 0.65% higher.

BHP shareholders approve unification

The BHP Group Ltd (ASX: BHP) share price will be on watch today after the mining giant’s shareholders voted in favour of scrapping its dual listing. At the meeting, over 97% of shareholders voted for a sole listing on the Australian share market. This will see BHP become the largest company on the ASX 200.

Oil prices mixed

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) will be on watch today following a mixed night for oil prices. According to Bloomberg, the WTI crude oil price is down 0.35% to US$86.66 a barrel and the Brent crude oil price is up slightly to US$88.48 a barrel. Oil prices softened after traders took profit following some strong gains.

Gold price falls

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could have a subdued finish to the week after the gold price edged lower. According to CNBC, the spot gold price is down 0.15% to US$1,840.70 an ounce. Traders appear undecided where gold is going next ahead of a key meeting of the US Federal Reserve next week.

Northern Star rated as a buy

The Northern Star Resources Ltd (ASX: NST) share price may have surged 11% higher yesterday but Goldman Sachs still sees significant upside potential. This morning the broker retained its buy rating and lifted its price target to $12.40. Goldman likes the gold miner due to its high-returning organic growth across all production hubs.

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

More reading

• Why were Rio Tinto (ASX:RIO) and BHP (ASX:BHP) shares in the green today?
• Here are the top 10 ASX shares today
• Here are the 3 most heavily traded ASX 200 shares this Thursday
• Why Allkem, Beacon Lighting, Northern Star, and Virtus Health shares are charging higher
• Newcrest (ASX:NCM) share price regains some shine as inflation worries mount

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

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The GQG Partners Inc (ASX: GQG) share price has been a disappointing performer since landing on the ASX boards following the completion of its IPO in October.

For example, although the fund manager’s shares rose 2% to $1.86 on Thursday, it is still down 7% from its listing price of $2.00.

Is the GQG share price weakness a buying opportunity?

The team at Goldman Sachs believe the weakness in the GQG share price since its listing is a buying opportunity.

According to a note, the broker has initiated coverage on the fund manager with a buy rating and $2.45 price target.

Based on the current GQG share price, this implies potential upside of 32% over the next 12 months.

What did Goldman say?

Goldman advised that it is bullish on the GQG share price for a number of reasons. This includes its positive outlook and attractive valuation.

The broker commented: “Our investment case is underpinned by: Solid investment performance, lowest quartile fee offering among global peers, and strong distribution. Coupled with a scalable business model, this has contributed to robust financial outcomes.”

“We see strong alignment between shareholders and staff, and note that i) GQG’s co-founders have the majority of their net wealth invested in GQG and its investment strategies, and ii) over time, the company aims for every one of its employees to be both an equity holder in GQG and have exposure to at least one of GQG’s investment strategies,” it added.

As for its valuation, Goldman sees scope for its shares to rerate to higher multiples.

It explained: “To reflect the weaker organic growth recently, we consider trough levels of NTM EV/EBITDA multiples of its comparable stocks (c.10.4x). If GQG’s one-year performance improves and it is therefore able to maintain its very strong organic growth, we think it could trade up towards the average of NTM EV/EBITDA multiples (13.1x). Applying the midpoint of the above multiples (ie. 11.8x) to our 12m fwd EBITDA forecast and using our GS AUDUSD forecast (0.72), we set our 12m TP at A$2.45 and initiate at Buy.”

The post Goldman Sachs names GQG Partners (ASX:GQG) shares as a buy with 32% upside appeared first on The Motley Fool Australia.

More reading

• AnteoTech (ASX:ADO) share price gains 42% in a week amid RAT race
• ANZ (ASX:ANZ) share price raised to ‘buy’ at Morgan Stanley
• Andromeda (ASX:ADN) share price rocketed 14% today. Here’s why
• Why were Rio Tinto (ASX:RIO) and BHP (ASX:BHP) shares in the green today?
• Here’s why the PointsBet (ASX:PBH) share price stormed 5% higher today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has 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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Key points

• The AnteoTech share price soared again today, taking its gains over the past week to 42%
• Demand for rapid antigen tests is increasing
• The company’s CEO is hitting media headlines this week

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The AnteoTech Ltd (ASX: ADO) share price has been skyrocketing amid momentum for COVID-19 rapid antigen tests.

Shares in the company soared 7.25% on Thursday to close at 37 cents apiece. That’s a 42% gain on last Thursday’s closing price.

Let’s take a look at what may be impacting AnteoTech shares.

What is happening at AnteoTech?

The AnteoTech share price is surging amid the rising demand for rapid antigen tests in Australia. In fact, the company has been hitting media headlines in recent days as it seeks approval for local production.

CEO Derek Thomson told the Courier Mail he has been seeking permission to manufacture the tests for nearly two years. He said:

We could supply millions now, it’s a good volume and it would certainly make a dent in the Queensland need at the moment.

The company has been producing rapid antigen tests in the European market including Spain while it waits for approval from Australia’s Therapeutic Goods Administration.

My Foolish colleague James noted on Friday the company plans to ramp up local production in the near future, and sales in 2022 could rocket due to RAT shortages. The AnteoTech share price jumped on the news.

Speaking on the pending TGA approval, Thomson told the Courier Mail:

We’re supplying them some more information, we’ve continued to do that and we believe that we’re in the final stages of our of our processing.

We would have liked it to go quicker but we understand that they have a responsibility and we’re working with them as best we possibly can.

Thomson also appeared on the Today Show on Thursday morning, where he said he believes the company will get through the TGA approval process “soon”.

Rapid antigen tests have been dominating media headlines in recent weeks, with other Australian companies also awaiting approval on the tests.

Among these are Lumos Diagnostics Holdings Ltd (ASX: LDX) and unlisted Brisbane-based diagnostics developer Ellume.

AnteoTech share price snapshot

The AnteoTech share price has returned 221% in the past year. This year to date, it has gained around 21%, while it has soared almost 95% in the past month.

Meanwhile, the S&P/ASX 200 index (ASX: XJO)’s has returned 8.45% in the past year.

The post AnteoTech (ASX:ADO) share price gains 42% in a week amid RAT race appeared first on The Motley Fool Australia.

More reading

• Why AnteoTech, BrainChip, City Chic, and ResMed shares are charging higher
• Lumos diagnostics (ASX:LDX) share price climbs amid RAT mania
• AnteoTech (ASX:ADO) share price surges amid ambition to join scramble for RATs
• Why Anteotech, Brainchip, RAIZ, and Santos shares are pushing higher
• Are AnteoTech (ASX:ADO) rapid COVID tests available in Australia?

Motley Fool contributor Monica O’Shea 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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Key points

• Morgan Stanley is bullish on the banking sector in 2022
• Analysts at the firm upgraded ANZ to a buy in a note yesterday
• The broker raised its price target by almost 10% to $31 per share
• The ANZ share price has climbed 17% in the last 12 months

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The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price edged into the green today, finishing 0.07% higher at $28.58.

While there’s been nothing particularly sensitive out of ANZ’s camp today, the team at Morgan Stanley upgraded the bank to a buy in a note yesterday.

Morgan Stanley is bullish on the banking sector in 2022. The broker reckons the ASX banking universe can outperform the benchmark S&P/ASX 200 Index (ASX: XJO), riding on a number of industry-specific tailwinds.

As seen on the chart below, the ANZ share price (blue) has lagged the benchmark index (red) since June last year, leading many to question what’s in store next for the banking giant’s investors.

However, the gap has started to converge, and ANZ is beginning to regain steam once more as we roll into the new year, adding weight to Morgan Stanley’s thesis.

The story is backed by strong inflows into financials since the new year, given their defensive nature and sensitivity to the interest rates cycle.

If economists at Westpac Banking Corp (ASX: WBC) have a crystal ball, the shift in rates will come on faster and stronger from 2022, according to a research note today. The bank is predicting 5 rate hikes from the RBA in 2022-24, in stark contrast to the RBA’s language on the matter.

So why was the ANZ share price raised to a buy?

Analysts at Morgan Stanley are constructive on ASX banking shares like ANZ due to the changing outlook for interest rates from 2022 onwards.

The firm reckons that earlier-than-expected rate hikes from the RBA, coupled with higher fixed rates on mortgage products, will decompress margins throughout the sector.

However, while it remains bullish, the firm cautioned investors on the potential impact higher rates might have on Australian mortgage credit and the housing market. Notably, higher fixed rates mean higher interest payments on home mortgages, meaning less disposable income for those households.

Nevertheless, Morgan Stanley itself is banking that total loan growth in the sector should be higher in FY22, coming off such an anomalous year in 2021.

Alas, the broker raised its ANZ share price target by almost 10% to $31 in its note yesterday and upgraded the stock to a buy while doing so.

Analysts have conviction on the bank given its well-diversified business exposure, improving loan growth outlook, and an equally improved outlook for margins.

The broker is joined by both Bell Potter and Macquarie, who rate ANZ as a buy and each value the company at $30 per share.

Aside from that, Goldman Sachs, Jefferies, and Morgans agree with their investment banking associates and urge clients to buy ANZ on a long-term view.

ANZ share price summary

Unlike some of its banking major colleagues, the ANZ share price fared well in 2021 and has subsequently climbed almost 17% in the last 12 months.

So far this year its shares have climbed almost 4%. As such, the bank is ahead of the ASX 200’s return this year to date, with the broader index falling by 1.37%.

The post ANZ (ASX:ANZ) share price raised to ‘buy’ at Morgan Stanley appeared first on The Motley Fool Australia.

More reading

• Will ASX big four bank ANZ (ASX:ANZ) raise its dividend in 2022?
• Netwealth (ASX:NWL) share price lifts on record net inflows of $3.6bn
• How are ASX bank shares performing today?
• Analysts name 2 ASX dividend shares to buy
• 2 ASX shares with growing fully franked dividends

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended 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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Key points

• The Andromeda share price surged 13.95% today
• Andromeda’s takeover offer for Minotaur was “overwhelmingly” accepted
• Only a few conditions remain before takeover at the end of January

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The Andromeda Metals Ltd (ASX: ADN) share price is in the news again today following an update on its takeover offer for Minotaur Exploration Ltd (ASX: MEP).

At market close, the Andromeda share price was up 13.95% trading at 24 cents apiece, and the Minotaur share price was up 12.5% trading at 27 cents.

Andomeda’s takeover decision

Today, Andromeda announced that Minotaur shareholders had approved the proposed demerger of its copper and gold assets into its subsidiary Demetallica at its general meeting today.

This means all non-kaolin related assets, including copper, gold and other projects in Queensland and South Australia, will be moved under the umbrella of Demetallica.

Demetallica will then push for an initial public offering (IPO) and apply for ASX listing in April.

The demerger was one of the major conditions of Andromeda’s takeover offer, and leaves just a few other conditions to be addressed before finalising on 7pm 31 January, unless extended or withdrawn.

This includes a including a minimum 90% acceptance of the offer, no “material adverse advent” or “prescribed occurrences”.

The demerger, which was a condition of the takeover offer, was made today at the Minotaur general meeting.

Last days for Minotaur Exploration

Just yesterday, Minotaur released its cash flow and activities update for the quarter ending 31 December, reporting it had $5.61 billion available in funding for future operating activities — a potential draw for Andromeda investors.

Today, Minotaur non-executive chair Roger Higgins addressed shareholders for potentially the last time. He said:

If the demerger resolutions are carried today Minotaur will inevitably become a subsidiary of Andromeda Metals Ltd (ASX: ADN) and, in due course, very likely be removed from the ASX list.

But not everyone will be seeing these new changes for the companies — today, Andromeda chair and non-executive director Rhoderick Grivas announced his resignation due to “family reasons”.

Andromeda share price snapshot

The Andromeda share price dropped by almost 20% in the past 12 months. It hit its 52-week-low of 14 cents in mid September, just before announcing positive HPA test results from its Canadian facility.

The company has a market capitalisation of $534 million and 2.48 billion shares outstanding.

The post Andromeda (ASX:ADN) share price rocketed 14% today. Here’s why appeared first on The Motley Fool Australia.

More reading

• Minotaur Resources (ASX:MEP) share price spikes on Andromeda, quarterly update
• Why is the Andromeda Metals (ASX:ADN) share price leaping another 18% today?
• Why has the Andromeda (ASX:ADN) share price rocketed 26% in a month?

Motley Fool contributor Alice de Bruin 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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Key points

• Both the Rio Tinto and BHP share prices enjoyed healthy gains today
• Rising iron ore prices helped give the mining giants a boost
• US listings for both companies also ascended overnight

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The Rio Tinto Limited (ASX: RIO) and BHP Group Ltd (ASX: BHP) share prices rose today amid booming commodity prices.

At the close of trading, Rio Tinto’s shares were up 3.18% to $113.41, while the BHP share price climbed 3.11% to $48.01.

Let’s take a look at what caused these ASX mining shares to rise today.

What’s been happening at the mining giants?

Shares in the two miners are at their highest level in the past five months. Both shares are trading at their best price since mid-August.

Investors seem to be reacting to spiraling iron ore prices. The iron ore price increased by 3.20% from US$125 at market close on 18 January to US$129 on 19 January in the United States. Copper prices also increased slightly by 0.34% to US$4.4850 per lbs.

The performance of BHP and Rio Tinto on US markets overnight also may have sparked investor interest here in Australia.

On the New York Stock Exchange, Rio Tinto jumped 2.89% overnight while BHP ascended 3.05%.

Meanwhile, both BHP and Rio Tinto released quarterly updates yesterday. Rio saw a 5% decline in its Pilbara iron ore shipments to 84.1 million tonnes (Mt) in the three months ended 31 December. The company forecast iron ore shipments of 320Mt–335Mt and copper production of 500kt–575kt. The Rio Tinto share price gained 0.24% yesterday.

The BHP share price fell slightly after the company released its second-quarter update. Iron ore production increased 4% compared to the previous quarter to 66.1 Mt.

The company’s half-year production reached 129.1 Mt, while BHP copper production declined 3% compared to the previous quarter. The BHP share price fell 0.30% yesterday.

On another note, BHP revealed this week it is planning to trial using battery-powered trains to transport iron ore from its Pilbara mines to its Port Hedland export facility in Western Australia.

Share price snap shot

The BHP share price has gained 3.7% in the past year, while Rio Tinto has fallen 5.3%. In the past month, BHP shares have increased 16% while Rio Tinto shares have soared 15.7%.

In contrast, the S&P/ASX 200 Index (ASX: XJO) has returned about 8.4% in the past year.

The post Why were Rio Tinto (ASX:RIO) and BHP (ASX:BHP) shares in the green today? appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• What are brokers saying about the Rio Tinto (ASX:RIO) 2022 production update?
• ASX 200 (ASX:XJO) midday update: BHP’s update, Megaport sinks, HUB24 impresses
• Why the Rio Tinto (ASX:RIO) share price will be in focus today
• BHP (ASX:BHP) share price on watch following second quarter update

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 PointsBet Holdings Ltd (ASX: PBH) share price was a strong performer on Thursday.

The sports betting company’s shares rose 5% to $6.38 despite the rest of the tech sector taking another tumble.

Why did the PointsBet share price race higher?

Investors were bidding the PointsBet share price higher on Thursday amid reports that the company has been awarded a new licence in the United States.

These reports were confirmed by the company after the market close, with PointsBet announcing that it has been awarded sports wagering and interactive gaming operator licenses by the Pennsylvania Gaming Control Board.

This will allow the company to offer online sports betting and online casino products in Pennsylvania through its partnership agreement with Penn National Gaming Inc. (NASDAQ: PENN). Given that Pennsylvania is one of the top five sports betting states in the United States, this is a big win for PointsBet.

PointsBet USA’s CEO, Johnny Aitken, commented: “We are excited to be inching closer to officially offering PointsBet’s market-leading products to sports fans and bettors in Pennsylvania in partnership with Penn National Gaming.”

“With Pennsylvania ranking among the top five sports betting states in the nation, PointsBet is thrilled to be able to soon establish its presence in this lucrative market, and we are appreciative of the support we’ve received from the state of Pennsylvania and the great people at the Gaming Control Board. We ultimately seek to provide customers in Pennsylvania with the best-in-class sports betting and online casino experience,” he added.

Once again, the company intends to leverage its partnership with NBC Sports to grow its operations in the state. This includes through exclusive multi-platform game day integrations across NBC Sports Philadelphia, regional broadcast home to the Phillies, 76ers, and Flyers.

PointsBet USA’s Chief Marketing Officer, Kyle Christensen, said: “With NBC Philadelphia being a key asset in the NBC Sports portfolio, it will play a vital role in our ability to reach new customers and build brand recognition in this new market. We are excited to continue telling the PointsBet story and demonstrate to sports fans and bettors in Pennsylvania exactly what sets the brand apart among the rest.”

The post Here’s why the PointsBet (ASX:PBH) share price stormed 5% higher today appeared first on The Motley Fool Australia.

More reading

• PointsBet (ASX:PBH) share price falls on mixed broker note
• Why BrainChip, PointsBet, PolyNovo, and Syrah shares are pushing higher
• Why is the PointsBet (ASX:PBH) share price winning today?
• These were the worst performing ASX 200 shares last week
• Why is the Pointsbet (ASX:PBH) share price on a losing streak today?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings 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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Today, the S&P/ASX 200 Index (ASX: XJO) pulled a green day out of the hat after struggling through most of the session. At the end of trade, the benchmark index was sitting 0.14% higher at 7,342.4 points.

The ASX-listed gold miners carried the market on its shoulders today. In fact, the top three performing ASX shares were gold mining companies. This helped lift the materials sector to a gain of 3.05% while most of the market was sitting in the red. The poorest performing sector out of the bunch was communication services.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Northern Star Resources Ltd (ASX: NST) was the biggest gainer today. Shares in the gold mining company jumped 11.43% after reporting its second-quarter results for FY22. Find out more about Northern Star Resources here.

The next biggest gaining ASX share today was Evolution Mining Ltd (ASX: EVN). Another gold miner making the list today, however, this time there were no results released. Instead, it is possible positive sentiment extended across the industry as gold prices rallied overnight. Uncover the latest Evolution Mining details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Northern Star Resources Ltd (ASX: NST)	$9.75	11.43%
Evolution Mining Ltd (ASX: EVN)	$4.13	8.40%
Chalice Mining Ltd (ASX: CHN)	$8.79	7.46%
Newcrest Mining Ltd (ASX: NCM)	$25.55	6.59%
Coronado Global Resources Inc (ASX: CRN)	$1.51	5.59%
Fortescue Metals Group Ltd (ASX: FMG)	$21.40	4.70%
IGO Ltd (ASX: IGO)	$13.33	3.98%
OZ Minerals Ltd (ASX: OZL)	$29.21	3.95%
Rio Tinto Ltd (ASX: RIO)	$113.60	3.36%
Ebos Group Ltd (ASX: EBO)	$37.94	3.21%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares this Thursday
• Why Allkem, Beacon Lighting, Northern Star, and Virtus Health shares are charging higher
• Why is the Evolution Mining (ASX:EVN) share price surging 10% today?
• ASX 200 (ASX:XJO) midday update: Zip’s Q2 update, Santos and Woodside deliver record revenue
• Why the Northern Star (ASX:NST) share price is surging 7% today

Motley Fool contributor Mitchell Lawler 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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Key points

• Beacon Lighting shares received a boost on Thursday
• The company’s first half update showed sales and earnings in line with those of the prior corresponding period
• An interim report is expected to be released on 17 February 2022

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The Beacon Lighting Group Ltd (ASX: BLX) share price revelled in its latest update to the market today.

At the close, shares in the lighting retailer finished 6.5% higher to $3.14. Although, at one point the company’s share price topped out at $3.18.

Housing market turns it up for Beacon Lighting share price

It is another positive session for the Beacon Lighting share price on Thursday after the company revealed how business has been tracking in the first half of FY2022. This period captures the 26 weeks ending 26 December 2021.

According to the release, the continued importance of the home has generated strong business for Beacon Lighting retail, trade, eCommerce, and international businesses. As such, the company’s unaudited results are largely in line with those of the first half in FY2021.

Unaudited accounts have Beacon’s total sales for the half-year sitting at $151.3 million. For reference, revenue for the prior corresponding period came in at $151.7 million.

Likewise, the company’s net profit after tax of $22.2 million for the most recent first half mirrors that of the previous year. Despite the lack of growth, the market is reacting with optimism towards the Beacon Lighting share price. As Beacon notes in the update, the net profit result appears to be a significant increase to analysts’ expectations.

What did management say?

Beacon Lighting CEO Glen Robinson commented on the company’s half-year update, stating:

Throughout H1 FY2022, Beacon Lighting has been working closely with our manufacturing partners to best meet
demand in a disrupted logistics environment and remained focused on providing exceptional service to our
customers. Our customers have continued to be adaptable whether that is purchasing products in store, online
or using our click and collect service.

What’s next?

While today’s update provides a glimpse into Beacon Lighting’s first-half results, the official numbers will come at a later date. A set of audited numbers with a more comprehensive breakdown of these results are expected to be published by the company on 17 February 2022.

Beacon Lighting share price snapshot

The ASX-listed Beacon Lighting share price is up 87% in the past 12-months, outpacing the broader Australian share market.

At present, the company is trading on a price-to-earnings (P/E) ratio of 17.3. This is above the specialty retail industry average of 11.7 times earnings.

The post Beacon Lighting (ASX:BLX) share price jumps 7% on first half update appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler 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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