Category: Stock Market

What a week it has been for the Magellan Financial Group Ltd (ASX: MFG) share price. Magellan shares had one of the worst weeks in the company’s history this week.

The Magellan share price fell an astonishing 32.9% between last Friday’s close and Monday’s open. It found a new 52-week low of $19.19 earlier this week. That was the first time Magellan has fallen below $20 a share since 2015.

But the past few days have certainly seen a reversal of fortunes for this ASX 200 fund manager. Today, the Magellan share price is $21.40 at the time of writing, up a healthy 2.1% so far. This means that Magellan shares have now bounced by 11.5% from their new 52-week low that we saw earlier in the week.

So to understand Magellan’s rather decisive recovery, we first have to go over what caused the Magellan share price to tumble so tragically on Monday.

Top ASX 200 fund manager faces its worst Christmas

So before this week, Magellan was already a company under pressure. The sudden and scantily-explained exit of its CEO Brett Cairns on 6 December spooked investors first.

Two days later came the announcement that the marriage of Magellan’s founder and chief investment officer, Hamish Douglass, had broken down. Douglass and his wife, Alexandra, both own significant chunks of Magellan shares, so the split had investors worried that a large-scale sale of shares might be on the cards.

Then last Friday, Magellan got some even worse news. As we covered at the time, the Magellan share price was suspended from trading last Friday after the company announced that a “material contract” had been terminated.

On Monday, it was revealed that the client contract in question was that of British wealth management company, St. James’s Place (LON: STJ). The contract was worth around 12% of Magellan’s annual revenue, so this was obviously big news for ASX investors to digest.

The resumption of trading on Monday saw the nasty share price crash we touched on earlier.

So with all of this seemingly bad news coming Magellan’s way, what has turned the ship around over the past 3 days?

Why has the Magellan share price bounced back?

Well, it could be put down to 1 or 2 factors. Firstly, Hamish Douglass released a client video yesterday that addressed many investors’ concerns.

Douglass said any suggestion that he or his wife would “dump” shares in Magellan was “absurd”. He added: “We’ve never sold a single share in Magellan”.

He also stated that “people have tried to create an image that my wife and I are in some nasty divorce … Nothing could be further from the truth”.

He urged calm among investors regarding the St. James’s Place mandate.

Douglass said:

Their decision to withdraw doesn’t have an impact on any other clients and importantly, it doesn’t have that larger impact on our business.

So it’s possible that Douglass’s strong defence has eased some concerns over the company’s future direction.

It’s also possible that some investors are seeing great value in a Magellan share price under $20.

Whatever the reason for Magellan’s share price recovery, investors will surely feel relieved. Merry Christmas, indeed! 

The post The Magellan (ASX:MFG) share price is now up 11% in 3 days. What’s going on? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Douglass speaks out: ‘We’ve never sold a single share in Magellan’
• Why Brickworks, Charter Hall, Magellan, and Rio Tinto shares are falling
• Magellan (ASX:MFG) share price flops as fresh talk of turmoil at the top emerges
• Is it a sell? Why is Morgans saying ‘avoid’ the Magellan (ASX:MFG) share price?

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

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The DigitalX Ltd (ASX: DCC) share price is surging higher on Friday. This comes after the blockchain and asset management services company announced a senior leadership appointment.

At the time of writing, DigitalX shares are fetching 11 cents, up 14.13%. It’s worth noting its shares are now around 24% higher than this time last week.

What did DigitalX announce?

Investors are pushing up the DigitalX share price following the company’s positive update.

According to Thursday’s release, DigitalX has appointed highly experienced finance industry executive Lisa Wade as its new CEO.

This follows an extensive search process after the resignation of Leigh Travers in late July. His departure came into effect during September after giving a two months’ notice period.

Incoming CEO Wade brings a wealth of knowledge to the role, having served for more than 30 years in the finance industry.

With a strong background in blockchain project development, Wade recently led the Project Atom Central Bank Digital Currency project (CBDC). This is a collaborative research project between the Reserve Bank of Australia, Commonwealth Bank of Australia (ASX: CBA) and Perpetual, and Project Carbon. The latter is a global strategic alliance tokenising voluntary carbon credits with Latu, CIBC, Natwest, and National Australia Bank Ltd (ASX: NAB).

Previously, Wade held various titles including director at Citigroup where she specialised in arbitrage and derivatives.

Most recently, however, Wade took on the position of head of digital innovation and sustainability at NAB.

She is also a non-executive director of Blockchain Australia, the peak blockchain industry body in Australia.

DigitalX stated that Wade is expected to fulfil the new CEO role as soon as her notice period is expired from her existing job. No exact date was given in the release.

DigitalX share price summary

So far this year, the DigitalX share price has gained around 13%.

Based on today’s price, DigitalX commands a market capitalisation of about $77.96 million and has approximately 742.44 million shares outstanding.

The post The DigitalX (ASX:DCC) share price is soaring 14% today. Here’s why appeared first on The Motley Fool Australia.

More reading

• DigitalX (ASX:DCC) share price leaps 19% on Sell My Shares update
• Here’s why the DigitalX (ASX:DCC) share price is leaping 9% 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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The Chalice Mining Ltd (ASX: CHN) share price is topping off a rocky week with a 3% gain, despite no news having come from the company.

However, its recent volatility might have something to do with the company’s spin-off, Falcon Metals Ltd (ASX: FAL).

At the time of writing, the Chalice Mining share price is $8.83, 3.15% higher than its previous close.

Let’s take a closer look at the latest news of the former gold explorer turned mineral explorer.

What’s driving the Chalice Mining share price lately?

The Chalice Mining’s stock is once again on the move today. It follows a 1.5% gain on Tuesday and a 1.1% slip on Wednesday.

The small rollercoaster came amid the float of the company’s spin-off, Falcon Metals, which listed with what used to be Chalice Mining’s gold assets.

Today’s gain may well be the market’s way of showing relief the company’s hard work is over.

The company spun out its gold assets to focus on its nickel, copper, and platinum group elements projects. The resulting company, Falcon Metals, debuted on the market on Wednesday.

Its share price plummeted 28% after its initial public offering (IPO), which saw Chalice Mining shareholders taking home 1 Falcon share for every 3.0341 Chalice shares owned.

It also offered $30 million worth of new shares, priced at 50 cents apiece, with Chalice shareholders having priority over the general public.

Fortunately, the Falcon Metals share price recovered 19% yesterday and is currently up 5.3% today. Right now, it is trading at 39.5 cents, still 21% lower than its offer price.

All the excitement might have put pressure on Chalice Mining’s stock this week. Particularly, since it tumbled 4.2% when Falcon Metals was officially demerged on 15 December.

However, the Chalice Mining share price is still 105% higher than it was at the start of 2021. Though, it is 8% lower than it was this time last month.

The post Why is the Chalice Mining (ASX:CHN) share price surging today? appeared first on The Motley Fool Australia.

More reading

• 22% recovery: Falcon Metals (ASX:FAL) share price regains on second day of trade
• Falcon Metals (ASX:FAL) share price nosedives 28% on IPO
• Why is the Chalice Mining (ASX:CHN) share price falling today?
• 5 things to watch on the ASX 200 on Wednesday
• Bell Potter names the best ASX mining shares to buy in 2022

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The Neuroscientific Biopharmaceuticals Ltd (ASX: NSB) share price is rising today on the back of a clinical trial update.

Shares in the company are trading at 34 cents at the time of writing, up 11.48%.

Let’s take a look at what may be weighing on investors’ minds today.

What did the company announce?

The Neuroscientific Biopharmaceuticals share price is on the rise following promising results from a safety assessment of the company’s lead drug candidate, EmtinB.

In research conducted in vitro, the EmtinB drug did not cause any adverse reactions or toxicity. The trial involved screening 173 potential biological targets known to stimulate drug-induced reactions in humans.

Neuroscientific is a biotechnology company working on peptide-based drugs to treat neurodegenerative diseases.

EmtinB binds to specific proteins known as receptors to activate signalling pathways between the cells. This can help to protect and regenerate the nervous system.

The in vitro trials were carried out by research company Eurofins at laboratories in France. This screen is recommended to reduce risk before progressing to human trials.

The completion of this safety assessment is seen by the company as a major step towards conducting phase I trials in humans.

Management commentary

Speaking on the results fuelling the Neuroscientific Biopharmaceuticals share price, chief executive officer and managing director Matt Liddelow said:

These positive safety results add further confidence to existing safety data for EmtinB in demonstrating it’s low likelihood to cause any major safety issues in humans — and is another major step towards achieving the landmark milestone of starting first-in-human Phase I studies in the first half of 2022.

I look forward to updating the market with further progress in the New Year as we advance towards Phase I clinical studies.

Neuroscientific Biopharmaceuticals share price snap shot

The Neuroscientific Biopharmaceuticals share price has gained 36% since the start of the year. For perspective, the S&P/ASX 200 Index (ASX: XJO) has returned more than 12% over the same period.

Despite this, the company’s shares have lost 7% in the past month but are up around 8% this week.

The company has a market capitalisation of roughly $43.7 million based on its current share price.

The post Neuroscientific Biopharmaceuticals (ASX:NSB) share price surges 11% on drug update appeared first on The Motley Fool Australia.

More reading

• The ASX share market coverage that captivated readers in 2021
• Merry Christmas
• Why AMP, Hipages, Pilbara Minerals, and Webjet shares are storming higher
• Imricor Medical (ASX:IMR) share price spikes 6% after expanding trial sites
• Could 2022 be a good year for the Westpac (ASX:WBC) share price?

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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It has been quite the year for the ASX share market in 2021, with more than 150 initial public offerings (IPOs), bountiful dividend payouts, a boom in mergers and acquisitions, and a flurry of high-flying ‘green shares’. It was exciting for ASX market writers, too! Ultimately it was you — our readers — who decided what the big news this year would be.

We’ve compiled some of our most popular articles among readers this year to reflect on what captivated investors in 2021.

Is Fortescue Future Industries listed on the ASX?

In October, Fortescue Metals Group Limited (ASX: FMG) revealed its new green hydrogen subsidiary, Fortescue Future Industries (FFI). Considering the excitement around green energy alternatives, investors were flocking to find out how they could get hold of some FFI.

As we covered, the subsidiary is not a directly listed ASX share. However, owning shares in the $59 billion iron ore mining parent company can give investors some indirect exposure to the Fortescue Future Industries business.

The Fortescue Metals share price has gained 28.9% since announcing its hydrogen venture.

3 top ASX dividend shares to buy for 2021 and beyond

It looks like investors made a New Year’s resolution to increase their passive income in 2021. One of our most popular articles all year was published in January. It laid out 3 ASX dividend shares offering a reasonable yield. Maybe its popularity shouldn’t be a surprise given the low interest rate environment.

Nonetheless, the companies were Telstra Corporation Ltd (ASX: TLS), Coles Group Ltd (ASX: COL), and Washington H. Soul Pattinson & Co. Ltd (ASX: SOL). Updating for present-day figures, these ASX shares are offering trailing dividend yields of 3.87%, 3.45%, and 2.06% respectively.

5 lithium shares that are fast-charging up in 2021

Following an 8-fold increase in the share price of US electric vehicle maker Tesla Inc (NASDAQ: TSLA) in 2020, attention quickly turned to the companies whose materials are expected to be highly sought-after in the EV era. As a result, ASX lithium shares sprung to life.

In our January coverage, we took a closer look under the hood of 5 ASX-listed lithium suppliers. Most of these companies went on to outperform the S&P/ASX 200 Index (ASX: XJO) this year.

These are the top performing lithium stocks in 2021 so far

Clearly, the appetite for ASX lithium shares was large throughout this year. The interest in the electrifying sector carried through to our article in March summarising the top performing ASX lithium shares in 2021 up to that point in time.

Remarkably, all 5 of the companies covered had posted gains of more than 150% between January and March alone. That is equivalent to a compound return of more than 35% each month for the first 3 months of 2021. For reference, the ASX share taking the crown was Lake Resources N.L. (ASX: LKE), which is now up 1,087% year-to-date.

Is Canva coming to the ASX?

Last, but not least, our readers were incredibly curious to know if Canva was coming to the ASX. The graphic design platform garnered the interest of many ASX shares investors as it rapidly ascended from its US$6 billion valuation in 2020. By April 2021, the Sydney-based company had reached a valuation of US$15 billion after raising another US$71 million in funding.

Yet, here we are at the end of 2021 and Canva has not shown any intention of becoming an ASX share.

However, the company has since gone on to raise more capital privately. By September, it had reached a monumental US$40 billion valuation.

The post The ASX share market coverage that captivated readers in 2021 appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: AMP shoots higher, travel shares rise
• This week, Fortescue (ASX:FMG) produced its own hydrogen for the first time. What does this mean?
• 2022 will be a shocker, so this is what to do: experts
• 3 ASX 200 dividend shares to buy for 2022 and beyond
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Mitchell Lawler owns Tesla. 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, Telstra Corporation Limited, and Washington H. Soul Pattinson and Company Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Well, 2021 isn’t going to end the way many of us had hoped it might.

Thanks to the rise of the new COVID variant, our 26 year-old and his partner are stuck at their place for Christmas, thanks to a housemate testing positive a couple of days ago. It’s a tough pill to swallow for all of us, but especially for his 8 year-old little brother.

Out of an abundance of caution, we also got tested yesterday, and at the time of writing we’re still waiting for the results. We’re hoping they’re back before our planned Christmas lunch with our extended family tomorrow – otherwise it’ll be a quiet Christmas for us, too.

And we’re not alone. Many people will spend Christmas apart, who’d otherwise be with family and friends.

It’s so very 2021.

And yet.

And yet, I can’t help but reflect on how fortunate we are.

On the pandemic front, we live in a time when scientific discovery made identification of the virus possible. And when cutting edge science made a vaccine available in crazy-fast time, using brand-spanking-new technology. And when top-grade medical treatment reduced the severity and breadth of the harm.

When our governments were (generally) smart, willing and able enough to support what otherwise would have been a cratering economy. And when we (and previous generations) had voted to make healthcare both free and universal.

We live largely free of war and conflict. In one of the most prosperous countries on Earth. With access to sufficient healthy food, comfort and means of connection.

If we’re going to live through a pandemic, doing it here, in Australia, and now, in 2021, is about as good as you could hope for.

I’m not going to talk about money, or stocks, or finance, today. I’ll probably do a 2021 wrap-up another time.

Today is for the other stuff, that’s more important. Today is about recognising that things haven’t been ideal, but that we have a helluva lot to be thankful for.

It’s also about remembering those who are going to do it tough, tomorrow. Those who’ll be separated from family and friends, either because of COVID or myriad other reasons.

And it’s about remembering those who’ll have empty chairs at their tables; perhaps for the first time, or perhaps not. Many of us will be celebrating Christmas but also missing loved ones who are no longer with us.

We’re thinking of you, and hoping you’ll find some Christmas joy, even if it’s tinged with sorrow. (And if you find yourself in a dark place, please talk to someone. You can call Lifeline on 13 11 14.)

And every year, thousands and thousands of Australians will miss all or part of Christmas because they’re serving you and me.

Many of our armed forces will be deployed away from home, tomorrow. Our hospitals will be full of doctors, nurses and support staff who will probably wear Santa hats, if COVID regulations allow, but will otherwise be doing what they do every day – and more over the last 22 months – taking care of us.

Our ambos will be treating our sick and injured, and getting them to hospital as quickly and safely as possible. Our fireys will be attending car accidents and house fires. Our coppers will be attending crime scenes, managing traffic, dealing with violence and generally keeping us from harm.

And our utility workers will be keeping the lights on and the water flowing; retail staff and hospitality staff will be keeping us supplied and fed; media staff will entertain and inform us; and many, many more will be serving us in other ways.

Thank you to all of you who are working tomorrow.

And a personal thank you, from me and on behalf of the entire Motley Fool team, for being with us throughout 2021.

We know there are a million other things you could be doing, and a thousand other places you could get your finance fix. That you spend some of your time with us is truly appreciated.

Whether you’re a casual reader or a paying member, thank you. We appreciate and deeply value the trust you’ve placed, and continue to place, in us.

And, to conclude, I want to share the latest in our annual Christmas tradition – a Foolish Christmas Carol.

Yeah, it’s a little corny. And if it’s not your thing, that’s cool. But it’s a bit of fun, and we hope it gives you a smile.

From all of us, to all of you, and with all our love, we wish you a very Merry Christmas.

—–

God Rest Ye Foolish, Gentlemen

God rest ye Foolish gentlemen
(All genders though, today)
Remember our good fortune
This coming Christmas Day
Then make good use of compound’s pow’r
Don’t you be led astray
Oh tidings of comfort and joy
(Time we’ll employ)
Oh tidings of comfort and joy

In Australia, and globally
Our patience, this year worn
Remember that the good times come
The sun will rise each morn
So Murphy’s Law or just bad luck
We won’t give up in scorn
Oh tidings of comfort and joy
(Trading’s not a toy)
Oh tidings of comfort and joy

Fear not then, Foolish investor
Let nothing you affright
Though markets can be volatile
We think the future’s bright
Just save, invest and stay the course
We think that path is right
Oh tidings of comfort and joy
(The fruits we’ll enjoy)
Oh tidings of comfort and joy

God rest ye Foolish gentlemen
(All genders though, today)
We thank you for your trust and faith
We hope you’ll hap’ly stay
We’ve done our best to see you through
And not lead you astray
Oh wishing you lots of Christmas joy
(From your Foolish envoy)
Oh wishing you lots of Christmas joy

—–

Fool on (merrily)!

The post Merry Christmas appeared first on The Motley Fool Australia.

More reading

• The ASX share market coverage that captivated readers in 2021
• Why AMP, Hipages, Pilbara Minerals, and Webjet shares are storming higher
• Imricor Medical (ASX:IMR) share price spikes 6% after expanding trial sites
• Could 2022 be a good year for the Westpac (ASX:WBC) share price?
• Why has the Afterpay (ASX:APT) share price gained 5% this week?

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

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the week with a solid gain. At the time of writing, the benchmark index is up 0.6% to 7,433.4 points.

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

AMP Ltd (ASX: AMP)

The AMP share price has jumped 7% to $1.01. Investors have been buying this financial services company’s shares after it announced a divestment from its private markets business, PrivateMarketsCo. AMP has entered into a binding agreement to sell its infrastructure debt platform to Ares Holdings for a total cash consideration of $428 million. The agreement follows PrivateMarketsCo’s strategic decision to focus on managing equity investments in real estate and infrastructure.

Hipages Group Holdings Ltd (ASX: HPG)

The Hipages share price has surged 7% higher to $3.88. This is despite there being no news out of the tradie marketplace provider. However, it is worth noting that earlier this month Goldman Sachs reiterated its buy rating and lifted its price target on the company’s shares to $5.15.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 5% to $2.95. Investors have been buying this lithium miner’s shares over the last few trading sessions following a bullish broker note out of Macquarie. That note reveals that the broker is expecting lithium prices to remain at record levels for the next four years. In response, Macquarie has retained its outperform rating and lifted its price target to $3.70.

Webjet Limited (ASX: WEB)

The Webjet share price is up 2.5% to $5.33. This appears to have been driven by news that Australians will be eligible to receive a COVID-19 booster shot four months after their second vaccine from January 4. This waiting period will be narrowed to just three months at the end of January. This could be a boost to travel markets if it helps control the latest outbreak.

The post Why AMP, Hipages, Pilbara Minerals, and Webjet shares are storming higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: AMP shoots higher, travel shares rise
• Here’s why the AMP (ASX:AMP) share price is racing 6% higher today
• Christmas is a bumper time for travel, so why is the Webjet (ASX:WEB) share price still struggling in December?
• These 3 ASX 200 shares are topping the volume charts this Thursday
• What is the 2022 outlook for the Pilbara Minerals (ASX:PLS) share price?

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 Hipages Group Holdings Ltd. The Motley Fool Australia has recommended Hipages Group Holdings Ltd. and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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It’s the lead-up to Christmas, and many eyes are watching the Afterpay Ltd (ASX: APT) share price surge higher once more.

But it’s likely not the holiday spirit driving the company’s stock higher.

At the time of writing, Afterpay’s shares are trading for $86.9 apiece. That’s 1.76% higher than their previous close and 5% higher than they were at the end of last Friday’s session.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.56% right now.

So, what might be boosting the buy now, pay later (BNPL) giant’s shares this week? Let’s take a look.

What’s driving the Afterpay share price higher?

It’s been a good week for the Afterpay share price – and those of its peers have also been gaining.

Right now, the Zip Co Ltd (ASX: Z1P) share price is 5.7% higher than it was at the end of last week. That of Sezzle Inc (ASX: SZL) has also gained 7.5%.

Meanwhile, the Humm Group Ltd (ASX: HUM) share price is sporting a whopping 22% gain, spurred by a 22% surge on Monday.

The BNPL sector’s movements might be a simple correction following last Friday’s devastating blow.

This time last week, many ASX BNPL stocks were tumbling amid news the US Consumer Financial Protection Bureau called on 5 of the sector’s largest participants to help investigate its concerns about the industry.

However, the Afterpay share price might be being spurred by international happenings this week.

The company’s future acquirer, Block Inc (NYSE: SQ) (formerly named Square), has seen its share price gain 5.9% since Monday’s close after starting the week with a 5.2% dip.

As Afterpay’s planned takeover is an all-scrip deal, the value of its acquisition is dependent on the Block share price. Therefore, they tend to move in unison.

However, despite this week’s uptick, the Afterpay share price is still firmly in the long-term red.

It has fallen 26% since the start of 2021. It’s also 19% lower than it was this time last month.

The post Why has the Afterpay (ASX:APT) share price gained 5% this week? appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Bega, FAR, and WiseTech shares are falling
• Why is the Afterpay (ASX:APT) share price soaring 5% today?
• Why Afterpay, Lovisa, Liontown, and Pilbara Minerals shares are racing higher
• These 5 ASX shares grew revenue by more than 70% in the last year
• $4.5 million brawl over Afterpay (ASX:APT) options settled

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended AFTERPAY T FPO, Block, Inc., and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Humm 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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Shares in vascular catheter specialist Imricor Medical Systems Inc (ASX: IMR) are lifting on Friday and now trade 6% higher at $1.05.

Investors are driving up the price of Imricor shares following a company announcement advising it has added another 2 institutions to the list of sites adopting its iCMR ablation solutions.

Imricor’s lead product, the Vision-MR Ablation Catheter, is specifically designed to work under real-time MRI guidance, with the intent of enabling higher success rates along with a faster and safer treatment compared to conventional procedures.

It touts itself to be a leading innovator in the space, and with that in mind, let’s take a look at what the company released today.

What did Imricor announce today?

The company announced that the German Heart Centre Berlin and the Charité Medical University Virchow-Klinikum campus, both in Berlin Germany, are the latest two institutions to adopt Imricor’s iCMR ablation solutions.

Imricor says these new customers bring the total of Imricor sites to 13. The company has since signed an Equipment Purchase Agreement (EPA) with the German Heart Centre Berlin to outfit an existing CMR facility for iCMR procedures. Both institutions will then utilise the iCMR lab at the Heart Centre.

Both new customers will separately purchase Imricor’s catheters and other consumables via a purchasing organisation called Sana Einkauf & Logistik Group Purchasing Organisation.

Imricor has already executed a Master Purchasing Agreement with Sana in April 2020, establishing pricing for the company’s consumable products and making them available in the Sana catalogue for hospitals who purchase devices via this route.

The terms of this particular agreement sets pricing for the one-time purchase of capital equipment needed to outfit an iCMR lab at the German Heart Centre Berlin.

Imricor says the collaboration is significant as it is a “key strategic goal of Imricor to grow the number of sites performing realtime iCMR cardiac ablation procedures in Europe”. Planning is underway for
procedures to commence in the first half of 2022, per the release.

Management commentary

Speaking on the announcement, Imricor’s Chair and CEO, Steve Wedan said:

The addition of these two world-renowned institutions is a major step forward for Imricor, and we are very excited to add them to our customer base. These sites have well-established facilities and programs like the MRI Core Lab and the CMR-Academy and we look forward to growing and deepening our relationships and collaborations with them in the coming months and years.

The Imricor share price has slipped almost 53% in the last 12 months after sliding another 53% this year to date.

In the past month, it has also plunged over 22%. Thus, any gains from today are a welcomed reprieve for shareholders.

The post Imricor Medical (ASX:IMR) share price spikes 6% after expanding trial sites appeared first on The Motley Fool Australia.

More reading

• Could 2022 be a good year for the Westpac (ASX:WBC) share price?
• Sonic (ASX:SHL) share price hits 52-week high amid COVID booster change
• ASX 200 (ASX:XJO) midday update: AMP shoots higher, travel shares rise
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The author has no positions 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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2021 was a year that was going extremely well for the Westpac Banking Corp (ASX: WBC) share price. I say ‘was’ because the last quarter of the year was certainly not as kind to Westpac shares as the first three.

Between 1 January and 28 October, the Westpac share price rose a very pleasing 33.62%. But the past few months have brought this ASX 200 bank down to earth somewhat. Between 28 October and today, Westpac has dropped a little over 18%. That pulls its year-to-date gains down to almost 9% at the time of writing.

If you throw in Westpac’s two 2021 dividends, that return gets slightly better. Westpac paid out two dividends this year. Those were an interim dividend of 58 cents per share that investors received back in June and the final dividend of 60 cents per share that was paid out earlier this week. Those dividends would have added an extra few percentage points to Westpac’s 2021 overall return.

So now that 2021 is almost in the rearview mirror, what might 2022 hold for Westpac shares?

Top ASX brokers spill on the Westpac share price

Well, let’s see what some expert ASX investors think of the Westpac share price outlook.

ASX broker Goldman Sachs is currenlty neutral on Westpac. Goldman rates Westpac shares with a 12-month share price target of $25.60 (implying a potential upside of around 20%). However, it still has some hesitations for this ASX bank share. Goldman has its eye on Westpac’s margins, which it is worried will provide a “weak platform for revenue growth in FY 2022”.

It’s also worried about Westpac’s higher exposure to the housing market, especially in New South Wales. However, it also takes note that Westpac may be able to buy back more of its shares under the current share buyback program due to the recent falls in the Westpac share price.

Goldman Sachs isn’t the only broker that is currently sitting on its hands when it comes to Westpac shares. As my Fool colleague James covered earlier this week, fellow broker Bell Potter is also currently rating Westpac shares as a hold. Bell Potter has a $22 share price target on Westpac right now. It is adopting a ‘wait-and-see’ attitude towards the bank’s ‘Fix, Simplify and Reform’ plans, since these reforms “soak time and money”.

Not all brokers are as ambivalent though. As we checked out earlier in December, broker Morgans currently rates Westpac as a ‘buy’, with a share price target of $29. This broker reckons Westpac shares are good value at these levels, pointing to its current dividend yield (sitting at 5.51% today).

So there you have it, some expert opinions on what 2022 holds in store for the Westpac share price. Time will only tell who ends up being right, so let’s see how Westpac fares in 2022!

 

The post Could 2022 be a good year for the Westpac (ASX:WBC) share price? 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. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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