Category: Stock Market

As we’ve discussed here on the Fool before, ASX exchange-traded funds (ETFs) remain hot property on the ASX. In fact, last year was a record-breaking one for ETFs. We saw both record fund inflows and record funds under management (FUM) for ETFs in 2021. So now that 2022 is well underway, let’s check in with the ASX’s hottest ETF, the Vanguard Australian Shares Index ETF (ASX: VAS).

Now VAS isn’t hot because of its blistering performance figures. Its 13.4% rise last year was an arguably solid result. But it wasn’t even close to topping the ASX ETF sector. That honour would go to the BetaShares Geared US Equity Fund (ASX: GGUS) with its 2021 gain of 66.25%.

But VAS was, and remains, the most popular ASX ETF by funds under management. As of 31 December, it has just over $10.1 billion in FUM, well above its closest rival.

So there are a lot of investors who have money tied up in the Vanguard Australian Shares Index ETF. Hence, let’s see how it has performed in 2022 so far.

As many investors would be aware of, 2022 hasn’t been the kindest year for ASX shares. The S&P/ASX 200 Index (ASX: XJO) remains down by 4.96% for the year so far, even after the slight recovery we have seen over the past two weeks or so.

How the Vanguard Australian Shares Index ETF has performed in 2022

So how has VAS done?

Well, VAS’s first recorded unit price of 2022 was $97.13. Today, it’s currently trading at $92.39 at the time of writing. That’s a drop of 4.87%. But, of course, VAS doesn’t track the ASX 200. Instead, it is the only ASX ETF that follows the broader S&P/ASX 300 Index (ASX: XKO). That remains down 5.01% year to date.

So VAS units have slightly outperformed the ASX 300 index, but by the amount that you might expect for an index-tracking ETF.

As we covered last month, VAS has seen a couple of significant changes over the past month or two. For one, BHP Group Ltd (ASX: BHP) has become a far larger presence after the mining company completed its ‘unification’ program and ended its dual-listing on the London Stock Exchange. This saw a massive chunk of BHP shares move from the LSX to the ASX, increasing its presence and weighting in the ASX share market, and thus the index funds like VAS that mirror it.

The other was the departure of Afterpay, which was acquired in full by Block Inc (NYSE: SQ). In Afterpay’s place, a CHESS Depositary Interest (CDI) of Block has now joined the ASX 200 and ASX 300.

No doubt investors will be hoping for a recovery in the VAS unit price over the rest of the year to make up for its lacklustre start to 2022. But we shall have to wait and see.

The Vanguard Australian Shares Index ETF charges a management fee of 0.1% per annum.

The post Hot ETF? Here’s how the VAS (ASX:VAS) share price has performed in 2022 so far… appeared first on The Motley Fool Australia.

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• 3 ASX tech shares to pounce on NOW while they’re cheap
• The ASX 200 just hit 3-week highs. What’s next?
• Why 2 specific ASX share sectors are taking such a beating in 2022
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Sebastian Bowen owns Block, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc. 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 Dicker Data Ltd (ASX: DDR) share price is rocketing on Wednesday afternoon. This comes after the IT distributor announced its biggest ever dividend to investors ahead of its FY21 results later this month.

During early afternoon trade, Dicker Data shares are at an intraday high of $14.71 apiece, up 8.64%. It’s worth noting that the company’s shares have climbed more than 24% since hitting a three-month low on 27 January.

Dicker Data maintains strong dividend payout

Investors are buying up Dicker Data shares to get in on the company’s latest dividend action.

In its release, Dicker Data declared shareholders will receive a fully-franked final dividend payment of 15 cents per share. The company pays dividends every three months as opposed to a biannual basis like most other dividend-paying ASX businesses.

The second and third largest dividends from Dicker Data came in its FY20 result (10.5 cents) and FY19 result (13 cents).

The strong dividend payout means that Dicker Data will have rewarded its investors with a total yearly dividend of 42 cents. This represents an increase of 27.3% when compared to the prior corresponding period.

The record date for the final dividend falls on 15 February, with payment following on 1 March 2022.

Dicker Data advised it will release its audited FY21 results on Monday 28 February, providing details of its yearly performance.

Earlier this month, the company announced it has been appointed the non-exclusive Autodesk distributor for the Australian and New Zealand regions.

Dicker Data and Autodesk exchanged contracts and entered into a three-year agreement, securing the distribution rights.

No revenue detail was given as Dicker Data explained that it’s not possible to quantify the impact at this time. However, it did state that over the course of the agreement, it expects revenue to be significant.

Dicker Data share price snapshot

Over the last 12 months, Dicker Data shares have accelerated by nearly 19%. However, year to date they are 0.88% lower.

On valuation grounds, Dicker Data commands a market capitalisation of roughly $2.5 billion, with a trailing dividend yield of 2.55%.

The post Dicker Data (ASX:DDR) shares fly 8% on dividend announcement appeared first on The Motley Fool Australia.

More reading

• Why CBA, Computershare, Dicker Data, and Temple & Webster shares are on fire today
• Here’s why the Dicker Data (ASX:DDR) share price is having such a great week
• An ASX XI to take on the world
• 2 ASX 200 shares that could be top buys for dividends
• Top ASX dividend shares to buy in 2022

Motley Fool contributor Aaron Teboneras owns Dicker Data Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Dicker Data Limited. The Motley Fool Australia owns and has recommended Dicker Data 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 S&P/ASX 200 Index (ASX: XJO) is having another positive day. In afternoon trade, the benchmark index is up 0.4% to 7,214.3 points.

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

Commonwealth Bank of Australia (ASX: CBA)

The Commonwealth Bank share price is up 5.5% to $99.55. This follows the release of the banking giant’s half year results. Australia’s largest bank delivered a 23% increase in cash earnings to $4,746 million, which was well-ahead of expectations. In addition, CBA is returning significant capital to investors. It has declared a $1.75 per share interim dividend and announced a $2 billion on-market share buyback.

Computershare Limited (ASX: CPU)

The Computershare share price has jumped 13% to $22.54. Investors have been buying the stock transfer company’s shares after its first half update impressed the market. Computershare reported a 4.6% increase in management revenue to US$1.2 billion and a 4.5% lift in management earnings per share to 22.76 US cents. In light of this strong half, the company has upgraded its full year earnings per share growth guidance from 2% to 9%.

Dicker Data Ltd (ASX: DDR)

The Dicker Data share price is up 8% to $14.66. This follows the release of a dividend announcement from the leading IT distributor. According to the release, Dicker Data will pay a final fully franked dividend of 15 cents per share for FY 2021. This brings its full year dividend to 42 cents per share, which is up 27% year on year.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price has jumped 11% to $8.96. Investors have been buying the online furniture retailer’s shares after it delivered a 46% increase in revenue to $235 million during the first half. And while the company reported a 40% decline in profit to $7.3 million, this was largely expected given its planned increased investment to fuel its growth.

The post Why CBA, Computershare, Dicker Data, and Temple & Webster shares are on fire today appeared first on The Motley Fool Australia.

More reading

• Here’s what you need to know about the CBA (ASX:CBA) $2 billion share buyback
• Rising tide? Here’s why ASX 200 bank shares are having such a good run today
• Everything you need to know about the CBA (ASX:CBA) interim dividend
• ASX 200 (ASX:XJO) midday update: CBA impresses, Mineral Resources delivers a shocker
• Cha-ching! Temple & Webster (ASX:TPW) share price soars 12% on record half revenues

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 Dicker Data Limited and Temple & Webster Group Ltd. The Motley Fool Australia owns and has recommended Dicker Data Limited. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The All Ordinaries Index (ASX: XAO) has had a mildly successful start to this Wednesday’s trading so far. At the time of writing, the All Ords is currently up by 0.28%, albeit having risen far higher this morning before falling back to Earth somewhat.

But the Cettire Ltd (ASX: CTT) share price hasn’t been so lucky. Cettire shares are currently down by a nasty 4.3% at the time of writing at $2.69 a share.

Today’s fall is just the latest in what has been a pretty awful couple of months for Cettire shares. It was only back in November last year that the company was hitting record highs of $4.80 a share. On today’s pricing, Cettire is now down more than 43% from those highs. Even in 2022 so far, the Cettire share price has lost over 26% year to date.

So what might be behind this latest dive for Cettire shares?

Cettire share price dives amid insider selling rumours

Well, it’s unfortunately not too clear. We haven’t had any official news out of the company since Cettire announced it was partnering up with the Chinese e-commerce giant JD.com Inc (NASDAQ: JD) earlier this week. The partnership will enble Cettire to attempt to crack the lucrative Chinese luxury market. Cettire shares popped around 15% on that news.

But there are rumours swirling around today regarding Cettire’s founder Dean Mintz and the massive chunk of Cettire shares that he owns.

Under Cettire’s IPO prospectus, Mintz quarantined the remaining 66% or so of Cettire shares that he still owns under voluntary escrow. But 25% of that stake came out of escrow when Cettire’s half-year results were released on 3 February. Another 25% will be released from escrow in August. And the remaining 50% next February.

And if a new report is to be believed, Mintz is looking to unload. According to a report in The Australian this week, there was an “understanding around the market” this week that investment bank Jarden was “pitching a small part of his holding to various investors”. If true, this indicates that Mintz hasn’t been wasting too much time since the shares came out of escrow and is looking to unload at least some.

Founders selling out of their own companies are rarely received well by ASX investors, even if it is to simply diversify wealth or reduce the risk of concentration. The reasons why Mintz might be unloading his shares, or even if he is unloading them at all, remain unclear. But this could be what is spooking Cettire investors today.

At the current Cettire share price, this company has a market capitalisation of $1.03 billion.

The post Selling out? Cettire (ASX:CTT) share price slumps amid founder selling rumours appeared first on The Motley Fool Australia.

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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. owns and has recommended Cettire Limited. The Motley Fool Australia has recommended Cettire 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 DGL Group Ltd (ASX: DGL) share price is flying high today after the company announced strong earnings growth during the first half of FY22.

The hazardous waste management company told the ASX that its results were “better than expected”.

The DGL share price hit an intraday high of $3.18 shortly after the market opened. This was 17.3% above yesterday’s closing price. At the time of writing, DGL shares are up 10.7% to $3.00.

Let’s take a look at what DGL reported today.

DGL share price skyrockets on ‘better than expected’ results

For the 6 months ending December 2021, DGL reported:

• Sales revenue of $143 million (up 182% against the previous corresponding period [PCP])
• Earnings before interest, taxes, depreciation and amortisation (EBITDA) of $23 million (before deducting acquisition costs of $3 million) — up a whopping 139% from PCP
• Net profit after tax of $9 million, up 187% from PCP

DGL said the “better than expected” results were “fuelled by stronger than anticipated Q2 growth which is forecast to continue into the second half of FY22”.

Further, DGL predicts that its revenue for FY22 will hit $343 million, with an EBITDA of $54 million.

However, with these results currently being externally audited, full earnings are to be released to investors on 25 February. In it, accurate results and detailed earnings guidance for the financial year will be announced.

Since 31 December, the DGL share price has dropped by 4.1%.

Management praises ‘outstanding results’

DGL CEO Simon Henry said:

The outstanding results have been driven by favourable trading and climatic conditions across the group and the successful integration of the acquisitions completed over the reporting period.

Despite the challenging business environment, DGL with its wide range of assets and services is expected to perform strongly over the remainder of FY22 as reflected in the updated FY22 forecast revenue of $343mil and EBITDA of $54 mil.

In other company news today, DGL announced the issuing of 511,190 fully paid ordinary shares to Austech Chemicals Pty Ltd. This is “part settlement of the final working capital adjustment in accordance with the Share Purchase Agreement entered into between the parties”.

The acquisition of Austech — a company manufacturing automotive chemicals — was completed in December. It is one of several DGL takeovers announced last year.

Among these businesses were:

• Opal Australasia — a chemical manufacturer (completed September 2021)
• Aquapac — a water solutions company (completed October 2021)
• Profill Industries — a chemical manufacturer (completed November 2021)
• Ausblue — Adblue distributor (completed November 2021)
• Shackell Transport — a bulk liquid and other freight company (completed December 2021)

DGL said the acquisitions would “preserve significant portions” of the businesses while “increasing DGL’s breadth of products, services, customers and geographies”.

DGL share price snapshot

Over the past 12 months, the DGL share price has increased by a whopping 177%.

Last month, DGL was among the top 20 small cap ASX shares listed in fund manager Wilson Asset Management’s Microcap portfolio due to its potential for future growth.

The company has a market capitalisation of $764.75 million and a price-to-earnings ratio (P/E) of 16.35.

The post ‘Better than expected’: Soaring revenues drive the DGL (ASX:DGL) share price up 17% appeared first on The Motley Fool Australia.

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• 2 exciting small cap ASX shares to buy: experts

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. owns and has recommended DGL Group Limited. The Motley Fool Australia has recommended DGL 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 Magellan Financial Group Ltd (ASX: MFG) share price is holding steady despite analysts sharing concerns for the fund manager in the near term.

At the time of writing, shares in Magellan are swapping hands at a price of $18.18, up 3.2%. This follows yesterday’s pleasant change of scenery for the company’s shareholders as the share price ascended 7.2%.

However, some analysts are being cautious to jump back on the Magellan bandwagon. After a monumental fall from grace, equity onlookers are wary of a few more lashings yet to be delivered to the Australian fund manager.

Teething issues as clients adjust to a new face

It wasn’t too long ago that Hamish Douglass — Magellan Financial Group co-founder and portfolio manager — was touted by many as a superstar. The incredible success of Douglass’ investments sent funds flocking to Magellan over the years.

Although, even superstars are capable of making a misstep. For Douglass, the decision to go cash-heavy during the COVID-19 recovery led to underperformance across the funds managed by ASX-listed Magellan.

As often the case, when it rains, it pours. A period of underperformance for the company’s funds set the pace for a tumbling of dominos — cascading until Douglass made the decision to go on medical leave.

The task of picking back up the pieces has now been put in the hands of fellow co-founder, Chris Mackay. This includes a battered investment book, now hosting funds under management (FUM) of A$93.5 billion. Indeed, the A$116.4 billion in November 2021 seems like a distant memory.

Unfortunately, analysts are forecasting the situation to get worse before it gets better. Namely, the team at UBS, who believe the change in leadership presents a heightened risk of further outflows. Additionally, this could spell more bad weather for the ASX-listed Magellan share price.

Director at UBS, Shreyas Patel said:

While the stock is starting to reflect risks around key-person, outflows… and underperformance, there are still more questions than answers with respect to the outlook.

Recapping Magellan’s recent run on the ASX

Shareholders of Magellan Financial Group have endured an abysmal start to 2022. While the S&P/ASX 200 Index (ASX: XJO) hasn’t provided attractive returns — being down 5% — it is still better than the performance delivered by the Magellan share price.

On a year-to-date basis, ASX-listed Magellan shares are down 17.6%. This is creating a difficult situation for investors to gauge whether the company is undervalued at these levels.

Notably, the price-to-earnings (P/E) ratio is at its lowest in more than eight years. Currently, this metric is sitting at approximately 11.4 times. The only time the Magellan share price reflected a P/E this low in recent history was in 2018, at 15 times.

The post More pain to come for Magellan (ASX:MFG) shares: analysts appeared first on The Motley Fool Australia.

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• Is all the recent turmoil now priced into Magellan (ASX:MFG) shares?
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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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Renascor Resources Ltd (ASX: RNU) shares are charging higher today.

Again.

The ASX resource explorer was up 4% at lunchtime today, trading for 36 cents per share at the time of writing.

That puts Renascor Resources shares up a phenomenal 900% since this time last year.

So what’s been driving investor interest?

Why have Renascor Resources shares become so hot?

Renascor Resources shares have gotten a series of boosts over the past year.

Back in March the investors rewarded the company after it signed a non-binding memorandum of understanding (MOU) with Hanwa Co Ltd, amongst the biggest traders of battery chemicals in the Asian region. Under the MOU, the company will supply up to 10,000 tonnes of purified spherical graphite (PSG) per year for 10 years.

Renascor continued its strong run into the springtime when it announced another MOU, this one with South Korean conglomerate POSCO. That agreement will see Renascor supply POSCO with 20,000 to 30,000 tonnes of PSG per year.

Following that up, the company reported the successful completion of its large-scale pilot flotation trials. As The Motley Fool reported at the time:

The trials were testing the upstream component of Renascor’s planned graphite mine and battery anode material manufacturing operation. Over the course of the trials, 77.8 tonnes of ore from the Siviour deposit were processed into high purity graphite concentrates. Renascor plans to use it as feedstock to produce its purified spherical graphite.

Following closely on this announcement, Renascor Resources shares got another big lift after the Australian federal government granted Major Project Status for the company’s Siviour Graphite Project, located in South Australia’s Eyre Peninsula.

And the good news kept flowing into 2022.

Last week the company got another share price lift when it revealed it had scored a $185 million government loan to develop the Siviour Project.

How has Renascor performed this year?

Up 900% in 12 months, Renascor Resources shares have continued to impress in 2022, gaining 94% year to date.

By comparison the All Ordinaries Index (ASX: XAO) is down 5% in the New Year.

The post Why have Renascor Resources (ASX:RNU) shares become so hot? appeared first on The Motley Fool Australia.

More reading

• Here’s why the Renascor (ASX:RNU) share price is rocketing 19% today

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 Commonwealth Bank of Australia (ASX: CBA) share price has been among the best performers on the ASX 200 on Wednesday.

In afternoon trade, the banking giant’s shares are up 5% to $99.08.

Why is the CBA share price racing higher?

The catalyst for the rise in the CBA share price today was the release of the bank’s half year results.

For the six months ended 31 December, Australia’s largest bank delivered a cash profit well-ahead of the market’s expectations at $4,746 million.

CBA’s profit was up 23% over the prior corresponding period and driven by strong business outcomes, reduced remediation costs, and lower loan loss provisions due to an improved economic outlook. This helped offset a weaker net interest margin caused by increased switching to lower margin fixed home loans, the impact of the rising swap rates, and continued pressure from home loan competition.

This ultimately led to CBA ending the period in a very strong financial position. The bank reported a CET1 ratio of 11.8%, which is notably higher than APRA’s unquestionably strong benchmark of 10.5%.

But it won’t be at 11.8% for much longer. In light of its strong capital position, CBA has decided to return more funds to shareholders via an on-market share buyback.

The CBA share buyback

Hot on the heels of an off-market $6 billion share buyback last year, CBA has announced a $2 billion on-market buyback today. This is expected to reduce its CET1 ratio to 11.4% once complete.

Management commented: “The strong capital position and our progress on executing our strategy mean that we are well placed to continue to support our customers, manage ongoing uncertainties and continue returning excess capital to shareholders.”

CBA is expecting to start its buy-back after the completion of the on-market share purchase associated with neutralising the impact of interim dividend.

It also notes that “The timing and actual number of shares purchased under the buy-back will depend on markets conditions, available trading windows, the prevailing share price and other considerations.”

Based on the current CBA share price, the bank could buyback approximately 20.2 million shares. While this is only a fraction of the ~1.7 billion shares it has on issue, it should still be a small boost to the bank’s earnings per share metric in FY 2023.

The post Here’s what you need to know about the CBA (ASX:CBA) $2 billion share buyback appeared first on The Motley Fool Australia.

More reading

• Rising tide? Here’s why ASX 200 bank shares are having such a good run today
• Everything you need to know about the CBA (ASX:CBA) interim dividend
• ASX 200 (ASX:XJO) midday update: CBA impresses, Mineral Resources delivers a shocker
• Analysts forced to eat humble pie as CBA (ASX:CBA) share price soars 5%
• The ASX 200 just hit 3-week highs. What’s next?

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 Nickel Mines Ltd (ASX: NIC) share price has been put into the freezer on Wednesday.

Its shares have been frozen as the company prepares to release news of a capital raise with media reporting it could be worth around $200 million.

The Nickel Mines share price will be stuck at its previous close of $1.45 until Friday unless the company drops its anticipated release before then or extends its trading halt.

Let’s take a closer look at what’s going on – or not going on – with the nickel miner’s stock today.

Why is Nickel Mines’ stock in the freezer on Wednesday?

The Nickel Mines share price has been halted amid rumours it’s looking to boost its cash holdings after last year’s acquisitions.

The company stated that the freeze will end when the company announces a capital raise is finalised.

According to reporting by The Australian, the capital raise could be being conducted through the Bank of America.

In October, Nickel Mines announced it had successfully increased its holding in the Angel Nickel Project by 30%.

The stake came at a cost of US$210 million and boosted the company’s ownership of the project to 80%.

It announced it had agreed to buy a 70% stake in the Oracle Nickel Project 2 months later.

The project comprises 4 rotary kiln electric furnace lines and has commenced construction within the Indonesia Morowali Industrial Park.

The deal will ultimately cost the company US$525 million.

Nickel Mines share price snapshot

After a strong 2021, the Nickel Mines share price has slumped into the new year. Though, it’s still outperforming the S&P/ASX 200 Index (ASX: XJO).

Year to date, Nickel Mines shares’ value have fallen 0.3%. Meanwhile, the ASX 200 has tumbled 5%.

Additionally, prior to today’s freeze, the nickel miner’s stock was trading for 21% more than it was this time last year.

The post Here’s why the Nickel Mines (ASX:NIC) share price is on ice today appeared first on The Motley Fool Australia.

More reading

• 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
• Why Afterpay, Appen, Liontown, and Nickel Mines shares are surging higher

Bank of America is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The ASX is hosting a goodbye party for Sydney Airport (ASX: SYD) on Wednesday as investors scramble to swap shares in the iconic travel stock one last time.

Today, the Supreme Court of New South Wales granted the final approval needed for the airport to be taken off the ASX and put into super funds’ pockets.

The airport is the most traded S&P/ASX 200 Index (ASX: XJO) stock on the back of the news. More than 36 million shares have swapped hands since the ASX opened.

It also topped the index’s trade yesterday when 130 million shares in the airport were traded.

Additionally, at the time of writing, the Sydney Airport share price is $8.73, 0.23% higher than its previous close.

That’s also 0.23% lower than the $8.75 per share takeover bid posed by the Sydney Aviation Alliance – the consortium of funds acquiring the landmark.

Let’s take a look at what will happen next for Sydney Airport shares.

Sydney Airport shares are waiting at their departure gate

Shares in Sydney Airport are trading hand over fist on Wednesday as it prepares to launch off the end of the runway at the session’s close, never to return.

The airport will be busy submitting paperwork today. If all goes to plan, it will enter a trading halt tonight and will delist shortly afterwards.

Additionally, the airport will be removed from the ASX 200 when the market opens tomorrow.

It will be replaced by Telix Pharmaceuticals Ltd (ASX: TLX). The biotechnology company has a market capitalisation of around $2.1 billion, according to the ASX.

The airport’s take-off might have some retail investors feeling glum. However, as it’s being taken over by super funds, its profits will still benefit Australians.  

It was extensively approved of by Sydney Airport shareholders — 96% of investors voted ‘yes’ to the takeover last week.

It follows a brilliant 12 months of trade for the airport. At its current share price, Sydney Airport’s stock has gained 52% since this time last year, largely spurred by the drawn-out takeover process.

The post Last hurrah: Investors clamour over Sydney Airport (ASX:SYD) shares on final day of trade 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. 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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