Category: Stock Market

Today, the S&P/ASX 200 Index (ASX: XJO) climbed further out of its recent January dip. At the end of the session, the benchmark index finished 1.14% higher at 7,268.3 points.

Only two sectors left investors in the red on the ASX today. These losses were seen in energy and materials, which were pulled down by weakness in oil and iron ore prices. Fortunately, the remaining sectors more than made up for the underperformers. The tech sector was a standout from the crowd, posting a 4.2% gain.

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, Computershare Ltd (ASX: CPU) was the biggest gainer today. Shares in share registry operator surged 11.24% on its solid first half result, which included an upgraded guidance. Find out more about Computershare here.

The next biggest gaining ASX share today was Dicker Data Ltd (ASX: DDR). The computer products distributor jumped 7.76% after announcing plans to pay shareholders a fully-franked final dividend of 15 cents per share. Uncover the latest Dicker Data details here.

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

ASX-listed company	Share price	Price change
Computershare Ltd (ASX: CPU)	$22.17	11.24%
Dicker Data Ltd (ASX: DDR)	$14.59	7.76%
Imugene Ltd (ASX: IMU)	$0.325	6.56%
AVZ Minerals Ltd (ASX: AVZ)	$0.855	6.21%
Commonwealth Bank of Australia (ASX: CBA)	$99.56	5.58%
Magellan Financial Group Ltd (ASX: MFG)	$18.59	5.57%
South32 Ltd (ASX: S32)	$4.42	5.49%
Zip Co Ltd (ASX: Z1P)	$3.09	5.10%
Alumina Ltd (ASX: AWC)	$2.08	5.05%
WiseTech Global Ltd (ASX: WTC)	$46.65	4.76%

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 Wednesday
• Dicker Data (ASX:DDR) shares fly 8% on dividend announcement
• Why CBA, Computershare, Dicker Data, and Temple & Webster shares are on fire today
• ASX 200 (ASX:XJO) midday update: CBA impresses, Mineral Resources delivers a shocker
• Computershare (ASX:CPU) share price jumps 12% after strong half and guidance upgrade

Motley Fool contributor Mitchell Lawler owns Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Dicker Data Limited, WiseTech Global, and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Dicker Data Limited and WiseTech Global. 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 past 30 days have been rough on the Woolworths Group Ltd (ASX: WOW) share price despite the company’s silence.

However, its direct competitor, fellow supermarket giant Coles Group Ltd (ASX: COL) hasn’t suffered the same pressure.

The Coles share price has tracked roughly in line with the S&P/ASX 200 Index (ASX: XJO), falling 2.64% over the past 30 days – 0.24% more than the index’s own slump.

Meanwhile, the Woolworths share price has stumbled into a hole, tumbling 7.25% since this time last month.

As of Wednesday’s close, stock in Woolworths is swapping hands for $34.41. At the same time, a share in Coles will set an investor back $16.62.

Let’s take a look at why the ASX’s biggest supermarket has been lagging its smaller rival lately.   

Why has the Woolworths share price underperformed Coles?

There’s no clear reason why the Woolworths share price has underperformed that of Coles over the past 30 days. However, broker expectations might be playing a part.

As The Motley Fool Australia recently reported, Macquarie and Citi have both lowered their price targets for Woolworths to $40 and $39 respectively. Those targets are 13% to 16% higher than Woolworths’ current share price.

Meanwhile, Citi expects the Coles share price to get to $19.60 and Morgans has a target of $19.90 – about 18% to 20% higher than it is currently.

How has Omicron impacted Woollies and Coles?

The spread of the COVID-19 Omicron variant in 2022 has impacted both of the ASX supermarket giants.

In early to mid-January, Woolworths asked for patience from customers as supply chain issues and absenteeism at its distribution centres saw some shelves go bare. It also implemented product limits due to the outbreak.

Coles also acknowledged that it was struggling with supply chain issues by announcing a recruitment drive and reinstating product limits. Additionally, the media reported Coles faced significant staff shortages at its distribution centres, too.

Woolworths share price snapshot

Looking back over the past 12 months, the Woolworths share price has outperformed Coles by almost 7%. Woollies shares are down 2.19% compared to the Coles share price, which is down 9.13%.

Over the long term, Woolworths is the stand-out with a 60% gain in its shares over 5 years compared to Coles at 30%.

The post Why is the Woolworths (ASX:WOW) share price trailing Coles by 5% over the past month? appeared first on The Motley Fool Australia.

More reading

• Why does the Woolworths (ASX:WOW) share price have the blues today?
• Price check: Woolworths (ASX:WOW) shares have already dropped 8% in 2022. Can they recover?
• Could this be the biggest issue faced by ASX retail shares heading into earnings season?
• Will supply chain issues continue to dog Woolworths (ASX:WOW) when it reports this month?
• Could this help Woolworths (ASX:WOW) withstand the current climate of uncertainty?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET. 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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REX Airlines and Qantas subsidiary QantasLink have entered a public spat over a new flight route between Sydney and Broken Hill.

But it seems the dispute hasn’t dampened investor sentiment for the companies’ shares. Both airlines are having a good week on the ASX so far.

The Regional Express Holdings Ltd (ASX: REX) share price has surged 23% in just the last 3 trading days. Meanwhile, the Qantas Airways Ltd (ASX: QAN) share price has gained more than 6%.

Let’s take a look at what’s behind the squabble.

Broken Hill competition

REX Airlines is not happy about Qantas operating in what it sees as its own regional market. QantasLink will be flying between Broken Hill and Sydney for the first time from 8 April.

The airline will schedule return flights between the two destinations in its 50-seat Q300 aircraft twice a week.

In comments on ABC radio, REX deputy chair John Sharp described Qantas’s decision to fly into the regional town as “retaliation”.

Qantas obviously isn’t happy with Rex going into the domestic airline business, flying in competition with them in Sydney, Melbourne, Brisbane, and Adelaide.

So in retaliation they’ve been moving into our regional market, our traditional market.

However, QantasLink CEO John Gissing had his own words for REX, stating:

We hear a lot about that airline. Some people in aviation call them the cockatoo airline, lots of squawking. But sometimes you can’t work out what they’re actually on about.

Despite the public spat, both Qantas and the Regional Express share price are well in the green this week. The Qantas share price has been buoyed by news Australia’s international borders will open. As Motley Fool Australia reported yesterday, Qantas is looking to restart flights to more overseas destinations on the back of the announcement.

Meanwhile, Regional Express has received $250 million from the NSW government to secure its base in Sydney.

In an announcement shared with the market on Monday, REX said the package would create 2,500 jobs in NSW. REX deputy chair Sharp commented:

Without the state’s substantial assistance, Rex’s expansion plans in the State would never have materialised under this climate of pandemic and many new jobs would not be created.

NSW premier Dominic Perrottet added:

By supporting Rex Airlines to expand its Sydney headquarters we are not only creating thousands of new jobs, but signalling to the world that NSW is open and ready to welcome travellers.

The post ‘Squawking’ bird? War of words erupts between Regional Express (ASX:REX) and Qantas (ASX:QAN) appeared first on The Motley Fool Australia.

More reading

• Qantas v the WA government: here’s the latest
• ‘Open for business’: Qantas (ASX:QAN) share price lifts amid CEO’s renewed optimism
• Why are ASX travel shares Flight Centre (ASX:FLT), Qantas and Webjet lifting off today?
• Frequent flyer: what changed for the Qantas (ASX:QAN) share price today?
• Why is the Qantas (ASX:QAN) share price taking off this week?

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 ClearVue Technologies Ltd (ASX: CPV) share price hit the gas for shareholders today following its latest update.

At the closing bell, shares in the green technology company were situated at 46.5 cents apiece, rising 13.4%. The sizeable gain put ClearVue shares on pace with a three-week high. Notably, shareholders are now sitting on a gain of 72% over the past month.

Moreover, today’s market announcement propelled the number of shares being exchanged on the market. While the average trading volume for this small-cap company hangs around 1.16 million, more than 3.7 million shares swapped hands today.

Two minds are better than one

The excitement getting behind ClearVue on the ASX today stems from its partnership agreement with D2Solar. This builds on top of an already lengthy relationship between the companies.

According to the release, ClearVue has signed a Master Services Agreement (MSA) with California-based D2Solar. As part of the agreement, the two companies will put their heads together to continue development on second and third-generation technologies.

Clearvue explained the rationale behind budding up with solar development company D2Solar. Importantly, the deal is expected to bring stability to ASX-listed ClearVue’s supply chain. A locally sourced supply chain has become an influential factor in purchasing decisions within the US market.

Furthermore, the MSA enables the ability for both companies to enter into an exclusive supply agreement in the future. This would see D2Solar be the exclusive manufacturer of certain ClearVue components once the company reaches this stage.

Additional scope of work is being discussed to include development input from D2Solar. The expanded scope would encompass development efforts on the second and third generation of ClearVue’s single and double-glazed products.

Commenting on the news, ClearVue executive chair, Victor Rosenberg said:

ClearVue is very pleased to be working with D2Solar – they are a one-of-a-kind service in solar technology development and are a pleasure to work with. Very few contract development teams globally have the depth of skills and knowledge that the team at D2Solar can offer – we have been very pleased to be working with them over the last few years and are very much looking forward to deepening this relationship going forward including as a tech development partner, contract manufacturing partner and through the proposed co-location.

Interestingly, the move in the ClearVue share price occurred despite the announcement being marked non-price sensitive.

How has the ASX treated the ClearVue share price lately?

ClearVue has made its way into 2022 in style. In the space of 5 weeks, the ClearVue share price has rocketed 86% higher. The bulk of these gains played out in January without any announcements to fuel the momentum.

However, it is worth noting that the company is coming off a low base. Between April 2021 and December 2021, ASX-listed ClearVue shaved off 73% from its share price.

The company currently holds a market capitalisation of $98 million.

The post Better together: ClearVue (ASX:CPV) shares rocket 13% on partnership appeared first on The Motley Fool Australia.

More reading

• Here’s why the ClearVue Technologies (ASX:CPV) share price is surging 66% this week

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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The Shiba Inu (CRYPTO: SHIB) price is sliding today.

The token is down 7% over the past 24 hours, currently trading for 0.0031 US cents.

This comes after the speculative altcoin – whose creators call it the ‘Dogecoin killer’ and also features a Shiba Inu dog as its mascot – surged 38% yesterday.

At the current price, Shiba Inu has a market cap of US$17.1 billion, making it the 14th biggest crypto in virtual circulation, according to data from CoinMarketCap.

Whether today’s losses reflect short-term profit taking or longer-term pain for the crypto remains to be seen. The token is down 9% in 2022 and down 65% since hitting all-time highs on 28 October last year.

What drove yesterday’s Shiba Inu price surge?

When you’re talking about market caps in the US$17 billion range, a 38% daily gain is worth taking stock of.

As The Motley Fool reported yesterday, the Shiba Inu price surge followed “a weekend rally driven by news that fast-food chain Welly’s will be partnering with the dog-inspired cryptocurrency.”

Derivatives markets also look to have spurred on the price gains, where “forced liquidations cost traders nearly $10 million, this time on traders betting the price of SHIB would fall”.

Commenting on the revived fortunes in the crypto markets over the past week, Sharat Chandra, VP of Research and Strategy at EarthID said (quoted by the Economic Times), “Crypto prices have mimicked the US stock rally and recovery in stocks have provided the tailwinds for crypto.”

For some insight into yesterday’s big leap in the Shiba Inu price, Ishan Arora, Partner at Tykhe Block Ventures, added, “Bitcoin and Ethereum both bouncing off the lows have again given investors confidence in other coins such as Shiba Inu which have also bounced off weeks of downtrend.”

And Lindsey Bell, chief markets and money strategist at Ally Financial said (quoted by Bloomberg), “People are starting to feel a little more comfortable dipping their toes back into some of these riskier asset classes after the pullback.”

Now what?

Bell cautioned that it wasn’t all clear sailing ahead for cryptos and the Shiba Inu price, with plenty of uncertainty on the horizon. Among those, how fast and how high global central banks might set interest rates.

The post Chasing its tail? Shiba Inu price tumbles today following 38% leap appeared first on The Motley Fool Australia.

More reading

• It’s happening again — Shiba Inu goes parabolic, shooting 38% higher
• Here’s what’s driving stability with Shiba Inu today
• Bitcoin (CRYPTO:BTC) takes most popular crown, here are 3 cryptos hot on its heels
• Why the Shiba Inu token is sinking
• Forget Bitcoin! These were the 5 crypto assets you wish you’d held in 2021

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and recommends Bitcoin and Ethereum. The Motley Fool Australia owns and recommends Bitcoin and Ethereum. 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 Nickel Mines Ltd (ASX: NIC) share price finished Wednesday’s trading session in a continued trading halt.

Before market open today, the low-cost nickel producer requested its shares be halted pending a capital raising announcement.

Yesterday’s closing price for Nickel Mines shares stood at $1.455 apiece.

What’s the details in Nickel Mines’ update?

The Nickel Mines share price remained frozen today despite the company releasing the details regarding its capital raise.

According to its afternoon release, Nickel Mines launched a US$225 million capital raise to fund the acquisition of its initial 30% stake in the Oracle Nickel Project (ONI).

In December, Nickel Mines announced that it had executed a binding definitive agreement to acquire a 70% stake in ONI.

Shanghai Decent Investment (Group) Co., Ltd (Shanghai Decent) and Decent Resource are listed as partners in the US$525 million investment. This will comprise US$371 million in acquisition funding and US$154 million in shareholder loans.

Nickel Mines stated that its US$225 equity raise will be broken in the following:

• A US$106 million fully underwritten institutional placement;
• A US$106 million non-underwritten placement to Shanghai Decent (conditional placement); and
• A US$13 million non-underwritten share purchase plan (SPP)

ONI is currently undergoing construction activities within the Indonesia Morowali Industrial Park.

Once the acquisition is completed, this will pave the way for Nickel Mines in becoming a top-10 global nickel producer.

With new capacity from the Angel Nickel Project (ANI) and ONI coming online, the company’s nickel production profile is expected to approximately triple by early 2023.

Under the US$106 million institutional placement, roughly 108.1 million new ordinary shares will be issued at $1.37 per new share. This reflects a discount of about 5.8% on yesterday’s closing price of $1.455.

The new shares issued under the placement represent approximately 4.3% of the company’s total registry.

In regards to the conditional placement, Nickel Mines entered into a subscription agreement with Shanghai Decent. However, this is subject to shareholder approval from Nickel Mines investors, and the Foreign Investment Review Board (FIRB) approval.

The conditional placement will be conducted at the same price as the institutional placement.

Lastly, the SPP will be offered to eligible Australian and New Zealand shareholders who can apply for up to $30,000 worth of shares. The listed price will be the same as above.

A SPP booklet will be dispatched on 16 February, along with the offer opening up.

Nickel Mines share price snapshot

With Nickel pig iron prices rising to unprecedented levels, the Nickel Mines share price has accelerated by 20% in the past year.

The company’s shares rocketed to an all-time high of $1.65 last month, before retracing 12% to late December levels.

Nickel Mines commands a market capitalisation of roughly $3.66 billion, with approximately 2.52 billion shares outstanding.

The post ‘Building a Nickle Empire’: Nickel Mines (ASX:NIC) seizes future-facing nickel opportunities appeared first on The Motley Fool Australia.

More reading

• Here’s why the Nickel Mines (ASX:NIC) share price is on ice today
• These were the best performing ASX 200 shares last week
• Here are the top 10 ASX shares today
• Here are the top 10 ASX shares today
• Here’s why the Nickel Mines (ASX:NIC) share price is surging 7% today

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

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

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

Appen Ltd (ASX: APX)

According to a note out of Citi, its analysts have retained their buy rating and $14.80 price target on this artificial intelligence data services company’s shares. While it acknowledges that Appen is likely to have started the year off slowly based on data out of its largest customer, Meta (Facebook). It reminds investors that January is traditionally a quiet period and suggests that they don’t judge the whole year on this month. The Appen share price is trading at $8.66 on Wednesday.

GUD Holdings Limited (ASX: GUD)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating and lifted their price target on this diversified products company’s shares to $17.00. This follows the release of a first half result that was ahead of expectations. Outside this, the broker is positive on its outlook and believes recent acquisitions have made the company stronger. So much so, it suspects a guidance upgrade could be coming in a couple of months. The GUD share price is fetching $12.95 today.

Macquarie Group Ltd (ASX: MQG)

Analysts at Citi have retained their buy rating and $226.00 price target on this investment bank’s shares following the release of its third quarter update. Citi was impressed with the company’s results and notes that its Commodities and MacCap businesses are powering ahead. And while it continues to expect Macquarie’s earnings to peak in FY 2022 and then decline in FY 2023 and FY 2024, it still sees enough value to maintain its buy rating. The Macquarie share price is trading at $197.65 today.

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

More reading

• Is the ASX value shares party just getting started?
• The ASX 200 just hit 3-week highs. What’s next?
• GUD (ASX:GUD) share price on watch after reporting 32% revenue growth
• Why Appen, Nanosonics, Nearmap, and Temple & Webster are sinking
• Why Flight Centre, Macquarie, Super Retail, and Suncorp shares are racing higher

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. The Motley Fool Australia owns and has recommended Appen Ltd. 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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The online accounting software company Xero Limited (ASX: XRO) has long been a market darling here on the ASX boards. Xero shares have risen from under $20 five years ago to the $115.18 they are commanding today (at the time of writing). That’s a five year gain of 540%. That’s notwithstanding the rather flat year Xero has had more recently though.

Over the past 12 months, Xero shares have gone backwards by roughly 11.8%, including the 21.5% the shares have lost over 2022 thus far. Still, Xero has been one of the best growth shares to own on the ASX over the past five years, which earned it a place in the once-famed WAAAX group.

Xero’s share price growth has arguably been fuelled by this company’s stunning growth numbers. Just two months ago, Xero reported its half-year results for the six months ending 30 September 2021. The company reported a 23% increase in both revenues (to NZ$505.7 million) and subscribers (3 million), as well as a gross margin of 87.1%.

So numbers of this calibre might elicit a question: why isn’t Xero paying its loyal investors a dividend? As most investors would be aware of, dividends are quite a common occurrence on the ASX boards. ASX shares that don’t pay a dividend are relatively rare. Especially well-known ASX 200 names like Xero.

So let’s see why Xero hasn’t shown investors the money just yet.

Xero cash: Where are the dividends?

So digging deeper into Xero’s results, and we might get our clue. In November, the company also reported earnings before interest, tax, depreciation and amortisation (EBITDA) of NZ$981 million. That was down 19% compared to the previous year’s corresponding half. But Xero also reported a net loss of NZ$5.9 million for the period.

This indicates that Zero is still very much in its ‘growth phase’ of development, and is continuing to plough its revenues back into the business for future growth. As such, it’s arguably the case that Xero’s management sees better value in reinvesting its cash into the business, rather than sending it out the door in the form of a dividend. 

So on the above numbers, it’s possible that Xero could afford to pay its investors a dividend. It did report positive earnings, after all. But that’s not what the company appears to be focused on. If Xero continues to grow its revenues and subscribers at something even close to the numbers it reported in November for the next few years, then a dividend is a distinct possibility one day. But for now, it seems that management’s priorities lie elsewhere.

At the current Xero share price, this company has a market capitalisation of $17.2 billion.

The post Show me the money! Why Xero (ASX:XRO) shares don’t pay a dividend appeared first on The Motley Fool Australia.

More reading

• 3 ASX tech shares to pounce on NOW while they’re cheap
• Are ASX tech shares ‘yesterday’s growth spot’?
• ‘Plenty of bargains’ following ASX tech shares sell-off: expert
• 2 ASX 200 shares that could be top buys for growth
• 3 excellent ASX tech shares Goldman Sachs rates as buys

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Xero. The Motley Fool Australia owns and has recommended 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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Key points

• Qantas CEO Alan Joyce has renewed his attack on Western Australia’s border closures
• WA borders will remain closed until future notice
• The Qantas share price finished in the green on Wednesday

---

Qantas Airways Limited (ASX: QAN) is in the news again today — or more so, its CEO.

After speaking out against Western Australia’s border stance on Friday, Qantas boss Alan Joyce has delivered another barb today.

Since Friday, the Qantas share price has jumped almost 10%, finishing today’s session at $5.52, up 0.55% on yesterday’s close.

So what exactly is going on with the travel-or-not-to-travel conundrum. Let’s take a look…

WA compared to North Korea

You may have heard by now that Australia is planning to open its borders to fully-vaccinated travellers from 21 February.

However, Western Australia has decided to not follow suit.

WA’s borders remain closed under the state’s coronavirus travel restrictions with its initial plans to reopen by 5 February on hold indefinitely.

Direct international travellers to WA will still need to quarantine for 14 days and provide PCR tests.

Last week, Qantas CEO Alan Joyce went on record, comparing WA’s border to the North-South Korean divide.

According to the ABC, Joyce said: “The fact that you can travel to London but you can’t travel to Perth, I think there is something fundamentally wrong with the federation.”

However, Western Australian premier Mark McGowan is sticking to his decision.

Joyce reaffirms comments on WA closure

Today, Joyce reiterated how WA’s decision to close itself off has affected the rest of the country.

According to the ABC, Joyce said, “[I]t feels like we have a part that is like North Korea, that is very restricted in parts of what the people can do in terms of travel.”

Just yesterday, Joyce announced Qantas would restart international flights “sooner or add capacity to those routes we are already flying”.

According to the Australian Bureau of Statistics (ABS), Australia hosted 9.5 million visitors in 2019, “the highest on record”. And, between 2018-19, tourism injected more than $60 billion into the economy.

Minister for Home Affairs Hon Karen Andrews MP said Australia’s opening would breathe life into the tourism industry which accounted for 660,000 jobs in the two years prior to the pandemic.

How is this affecting the Qantas share price?

In the last week, the Qantas share price has jumped by more than 12%.

In 6 months, it has increased by 22% — hitting a 52-week-low of $4.25 in September followed by a high of $5.85 in November.

The airline giant has a market capitalisation of $10.37 billion based on today’s share price.

The post Qantas v the WA government: here’s the latest appeared first on The Motley Fool Australia.

More reading

• ‘Open for business’: Qantas (ASX:QAN) share price lifts amid CEO’s renewed optimism
• Why are ASX travel shares Flight Centre (ASX:FLT), Qantas and Webjet lifting off today?
• Frequent flyer: what changed for the Qantas (ASX:QAN) share price today?
• Why is the Qantas (ASX:QAN) share price taking off this week?
• Are ASX travel shares finally emerging from the COVID storm?

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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In late trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing, the benchmark index is up 0.9% to 7,251.7 points.

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

Bapcor Ltd (ASX: BAP)

The Bapcor share price is down 9% to $6.44 following the release of its half year results. The auto parts retailer reported a 1.9% increase in revenue to $900.1 million but a 14.7% decline in net profit after tax to $60.7 million. Management advised that its earnings were impacted by the transition to its Victoria distribution centre and support provided to staff.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price has tumbled 9% to $52.64. Investors have been selling this mining and mining services company’s shares after its half year results fell well short of expectations. Mineral Resources delivered an underlying net loss after tax of $36 million for the six months. This compares to the consensus estimate of a $105 million profit.

Nanosonics Ltd (ASX: NAN)

The Nanosonics share price is down a further 6% to $4.51. Investors have been selling this infection prevention specialist’s shares this week amid a shock announcement relating to its sales agreement with GE Healthcare in North America. With immediate effect, Nanosonics will take everything in-house. Goldman Sachs was very disappointed. It notes that “GE has played a critical role in driving adoption of NAN’s trophon system over 10+ years and, in FY21, GE constituted 60% of NAN’s Group sales.” In response, the broker has retained its sell rating and slashed its price target to $3.80.

Syrah Resources Ltd (ASX: SYR)

The Syrah share price has returned from its trading halt and dropped 10% to $1.48. This follows the completion of the institutional component of its $250 million capital raising. Syrah has raised $192 million from institutional investors at $1.48 per new share. This represents a discount of 10.3% to its last close price. These funds will support the initial expansion of its Vidalia active anode material (AAM) facility in Louisiana, USA.

The post Why Bapcor, Mineral Resources, Nanosonics, and Syrah shares are falling 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 Nanosonics Limited. The Motley Fool Australia owns and has recommended Nanosonics Limited. The Motley Fool Australia has recommended Bapcor. 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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