Category: Stock Market

The Macquarie Group Ltd (ASX: MQG) share price has been a force to be reckoned with over the past year. In fact, the Australian investment bank has returned twice as much as the best performing of the big four banks during this time. In quantifiable terms, Macquarie has gained ~47% in 12 months.

Despite the company’s already impressive run, one fund manager remains bullish on a longer-term view. The team at Perennial Partners discussed a few key reasons as to why they expect more good times to come for the Macquarie share price in their latest monthly report.

Why is the Macquarie share price appealing to this fund manager?

Recently, Perennial Partners shared its overview of the ASX market in its October monthly report. Overall, the sentiment was fairly positive as the economy begins to reopen on high vaccination rates. From there, the fund manager honed in on appealing opportunities in the market, one being the Macquarie Group share price.

During October, Macquarie shares appreciated 8.7% in value after reporting a record first-half profit of $2,043 million. There was a lot for investors to like in this result as net profit contributions from the company’s various divisions all experienced strong growth.

In explaining the strong momentum behind Macquarie, Perennial Partners noted two dominant factors providing favourable operational conditions.

Firstly, the high level of merger and acquisition (M&A) activity fuelled by demand for returns is benefitting Macquarie. This is a positive for the business in two ways. The investment bank is able to sell its own managed assets for a premium price. Additionally, the high demand for its M&A advisory services is also boosting revenue.

Secondly, a volatile commodity market has enabled high returns from within the Commodities and Global Markets (CGM) business. In particular, the energy shortage across multiple countries has been a major opportunity for the company’s commodities trading operation.

That being said, the long-term catalyst for the Macquarie share price is believed to be its exposure to the energy transition. As stated by Perennial Partners in the October report:

On a longer-term view, Macquarie is very well placed to benefit from the energy transition as a result of its established position as a global leader in the financing and development of renewable energy assets and other infrastructure related to the energy sector.

The post Macquarie shares are very well placed for the long term: fund manager appeared first on The Motley Fool Australia.

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

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Investors in the Good Drinks Australia Ltd (ASX: GDA) share price might have woken up to a seemingly nice surprise this morning. On Monday, investors saw Good Drinks shares close at 9 cents a share. This morning, they opened at 90 cents a share, up an apparent 900%. Hallelujah!

Most unfortunately for investors though, this is not quite as good as it seems. Yes, Good Drinks shares were 9 cents earlier in the week, and are currently trading at 90 cents so far today. But if investors look carefully at their brokerage accounts, they will probably find that they own far fewer shares in Good Drinks than they used to.

That’s because this company has just completed a share consolidation. A share consolidation is the opposite of the much more well-known practice of a share split (or stock split). That’s why it’s sometimes referred to as a ‘reverse stock split’.

You might remember the hullabaloo over the US giants Apple Inc (NASDAQ: AAPL) and Tesla Inc (NASDAQ: TSLA) splitting their respective stocks last year. Apple did a 4-1 stock split while Tesla did a 5-1. That meant that investors in Apple, for example, woke up with 4 times as many shares as they had before the split, with each share worth approximately 4-times less than its value pre-split.

The opposite has just occurred with Good Drinks. But this shouldn’t come as much of a surprise. The company gazetted this move more than a month ago.

Why has Good Drinks consolidated its shares?

Here’s how Good Drinks explained it at the time:

Good Drinks Australia… proposes to seek shareholder approval… to consolidate its issued capital through the conversion of every ten existing shares into one share. The Company currently has 1,283,167,579 Shares on issue, which, for a Company of its size, is a considerable number. The Consolidation will result in a more appropriate and effective capital structure for the Company and a Share price more appealing to a wider range of investors…

While the share consolidation will have no effect on the underlying value of the Company, the effect on the Good Drinks share price at the time of the conversion should be to trade at 10 times the price at which it previously traded. 

So basically, if an investor had 100,000 GDA shares on Monday, worth 9 cents each, they would have a total value of $9,000 of capital in the company. Today, that same investor would have 10,000 shares worth 90 cents each, with a total value of $9,000. AS you can see, it’s just some numbers that have moved around. It means very little to Good Drinks investors in practice.

Sorry to burst anyone’s bubble who thought they’d woken up 900% richer this morning!

The post Did the Good Drinks Australia (ASX:GDA) share price really just leap 900%? appeared first on The Motley Fool Australia.

More reading

• Why is the Race Oncology (ASX:RAC) share price plunging 12% today?
• Why is the FBR (ASX:FBR) share price on ice today?
• Why Bapcor, Mayne Pharma, Race Oncology, and TechnologyOne shares are sinking
• Why is the Sovereign Cloud (ASX:SOV) share floating 27% higher today?
• Why is the Technology One (ASX:TNE) share price tumbling 9% today?

Motley Fool contributor Sebastian Bowen owns shares of 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 has recommended Apple. 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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Investors are selling off shares in precision oncology company Race Oncology Ltd (ASX: RAC) after a flurry of market sensitive announcements yesterday.

At the time of writing, shares in the RNA focused company are down around 12.47% at $3.30, as investors digest the updates announced after the bell on Tuesday.

What did Race Oncology announce?

Race Oncology came out with several updates, including presentations from its AGM and advising of a share purchase plan (SPP).

The Company is intending to raise up to $29.7 million under the SPP. Eligible shareholders will have the opportunity to acquire fully paid ordinary shares in Race Oncology under the terms.

Shares will be issued at a price of $3 under the SPP. This is at a discount of 20.4% to Race Oncology’s last closing price.

Race Oncology has taken the liberty of providing three scenarios in which the funds will be raised and allocated.

In its best-case scenario, it hopes to raise the $29.7 million in order to finance various cancer and AML/MDS studies, whilst improving the formulation of its lead drug candidate called Zantrene.

Whereas in its base scenario, it hopes to raise $12 million and would narrow its study focus whilst refining the Zantrene formula.

Aside from this, Race Oncology also released the presentation from its AGM yesterday. In it, the company provided a strategic update to its “Three Pillar” strategy.

This involves extending Zantrene’s use to the “new area of cardio-protection, enhancing Zantrene’s utility for solid tumours through new formulations, and commencing a program to develop new RNA–targeting molecules”.

Speaking on the AGM, Race Oncology’s CEO and Managing Director Phil Lynch said:

2020-2021 has seen significant progress for Race. We have built a select and highly capable team, which has planned and completed important pre-clinical programs that positively capitalise on the FTO opportunity, most
recently reported for melanoma. We have also generated unexpectedly positive new preclinical data and insight indicating Zantrene provides cardio-protection, when used adjunctively with a traditional anthracycline chemotherapeutic. This is both a significant preclinical observation as well as a potentially large commercial opportunity for Race given there are few products that compete in this field.

The announcements follow an update out of Race’s corner on Monday. Investors bid up the Race Oncology share price following study readouts for Zantrene in a heart safety research program.

Race Oncology share price snapshot

Investors have responded poorly to the announcements today, driving the company’s share price down with force.

For instance, total trading volume today is over 445% of the 4-week average for Race Oncology shares at 1,148,215.

The Race Oncology share price is also down almost 6% in the past week of trading, however, has climbed over 89% this year to date.

As such it is well ahead of the benchmark S&P/ASX 200 index (ASX: XJO)’s gain of around 12% since January 1.

The post Why is the Race Oncology (ASX:RAC) share price plunging 12% today? appeared first on The Motley Fool Australia.

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• Why Bapcor, Mayne Pharma, Race Oncology, and TechnologyOne shares are sinking
• Racing higher: Race Oncology (ASX:RAC) share price jumps 13% on study breakthrough
• Why the Race Oncology (ASX:RAC) share price is up on Monday
• Race Oncology (ASX:RAC) share price struggles despite new Leukemia study

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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The FBR Ltd (ASX: FBR) share price isn’t moving at the moment because its shares are currently in a trading halt.

It’s currently finalising the details for a capital rising, which it is expecting to announce before the commencement of trading on Friday, 26 November 2021.

FBR’s capital raising

The robotic bricklaying business hasn’t officially released its announcement about the detail regarding the capital raising.

However, the Australian Financial Review had the inside scoop about what the money may be used for.

The AFR reported that FBR is looking to raise $10 million from investors to continue investing in its Hadrian bricklaying robotic technology.

Reportedly, the offer is for 222.2 million new shares at 4.5 cents per share, which was a 15% discount to the last closing price.

This money is going to be used for general working capital and to partially build tow more Hadrian bricklaying machines.

Ongoing progress

FBR has been making a number of announcements recently which have outlined the progress the business has made.

In the first quarter of FY22, it had record sales receipts of $621,000.

FBR has completed a few builds for customers – three residential and two low-rise commercial structures.

It has a pipeline of 24 confirmed upcoming builds for builders with expected revenue of over $1.1 million.

FBR said that an additional three builds in Wellard have been committed to complete the five home Wellard portfolio, with revenue of more than $2 million in FY23 expected from the sale of the five home portfolio.

Management boasted of a strong utilisation rate committed up to May 2022, with more future work expected to be added to maximise utilisation of both existing Hadrian prototypes.

Two additional Hadrian X robots are at the procurement stage.

International markets

FBR recently made an announcement regarding a non-binding term sheet for up to 5,000 homes in Mexico with GP Vivienda.

The bricklaying business also recently announced a market entry feasibility study for UAE with a memorandum of understanding with the Ministry of Energy and Infrastructure executed.

Management also boasted that it had unlocked the international clay block market, with the Hadrian X capable of laying the largest clay blocks currently in production, in addition to concrete blocks.

Research and development

The company said the next iteration of Hadrian X is under development, with a higher lay speed and a capability of handling even larger blocks with a longer reach.

Additional product revenue streams are also under development with multiple DST and digitalisation-related R&D projects underway.

FBR also recently received a R&D tax refund of $4 million, netting $1.4 million after the loan repayment.

FBR share price snapshot

Over the last month, FBR shares have risen by around 30% as it made a number of announcements mentioned in this article.

The post Why is the FBR (ASX:FBR) share price on ice today? appeared first on The Motley Fool Australia.

More reading

• Here’s why the FBR (ASX:FBR) share price is rocketing 8% on Wednesday
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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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) has just dropped into the red. At the time of writing, the benchmark index is down slightly to 7,408.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Bapcor Ltd (ASX: BAP)

The Bapcor share price is falling again and down almost 5% to $7.11. Investors have been selling the auto parts retailer’s shares after the surprise announcement of the exit of its Chief Executive Officer and Managing Director, Darryl Abotomey. Mr Abotomey is stepping down after a decade leading the company on 28 February 2022.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is down 3% to 29.2 cents. This appears to have been driven by the pharmaceutical company’s annual general meeting update this week. At the event, management was unable to provide guidance for the full year. It also warned that its performance has not been in line with expectations so far in FY 2022.

Race Oncology Ltd (ASX: RAC)

The Race Oncology share price has sunk 13% to $3.30. This means the oncology company’s shares have now given back all of yesterday’s gains and some more. Race’s shares jumped notably higher yesterday following the release of a study update.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price has continued to slide and is down a further 9% to $11.42. Investors have been selling the enterprise software company’s shares since the release of its full year results on Tuesday. TechnologyOne delivered a 43% increase in SaaS ARR to $192.3 million and a 19% lift in profit before tax to $97.8 million. However, this wasn’t enough for a couple of brokers. This morning both Macquarie and UBS downgraded the company’s shares to the equivalent of sell ratings. These downgrades were made largely on valuation grounds.

The post Why Bapcor, Mayne Pharma, Race Oncology, and TechnologyOne shares are sinking appeared first on The Motley Fool Australia.

More reading

• Why is the Technology One (ASX:TNE) share price tumbling 9% today?
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• ASX 200 (ASX:XJO) midday update: BHP, Woodside rise, TechnologyOne falls
• Why the Bapcor (ASX:BAP) share price is crashing 10% lower on Tuesday
• TechnologyOne (ASX:TNE) share price on watch following strong SaaS growth in FY21

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 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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The Sovereign Cloud Holdings Ltd (ASX: SOV) share price has returned to trading following the company’s completed placement and institutional entitlement offer.

At the time of writing, the infrastructure-as-a-service (IaaS) company’s shares are fetching for 77.5 cents, up a sizeable 27.05%.

Sovereign Cloud share price resumes

It’s been a strong day for the Sovereign Cloud share price, with investors buying up amid the company’s successful equity raise.

In a statement to the ASX, Sovereign Cloud advised it has raised gross proceeds of approximately $35 million. This consists of a placement to data centre operator, Nextdc Ltd (ASX: NXT) and the accelerated institutional component.

The placement saw 24.9 million shares issued to Nextdc at a price of 50 cents per share, raising $12.4 million. This was completed Monday 22 November and gives Nextdc a 19.99% controlling interest in AUCloud.

On the other hand, the institutional component raised roughly $4 million at the same price. This comprises a 4 for 11 fully-underwritten accelerated pro-rata non-renounceable entitlement offer. In turn, around 8 million new ordinary shares are to be issued by the company on 30 November.

A retail entitlement component is also expected to be raised, allowing everyday shareholders to take part in the offer. Approximately a further $18.6 million (before costs) is projected to be added to the Sovereign Cloud’s equity raise.

The proceeds will be used towards investing in customer growth, scaling AUCloud, and the research and development of new features. The platform will also be rolled out to Brisbane, Melbourne, and Adelaide. This is expected to complement the new cloud platform’s existing presence in Sydney and Canberra.

Furthermore, Sovereign Cloud will spend more than half of its funds on working capital requirements during the period.

AUCloud currently has 48 employees located in Canberra, Brisbane and Sydney. The company’s resources are forecast to expand over the next 2 years to support revenue growth in Canberra and Sydney.

About the Sovereign Cloud share price

Over the past 12 months, Sovereign Cloud shares have moved in circles, particularly in the second half of 2021. The company’s share price is down 30% since this time last year, and hovering around 25% below year to date.

Sovereign Cloud presides a market capitalisation of about $40.67 million, with more than 52.48 million shares on its books.

The post Why is the Sovereign Cloud (ASX:SOV) share floating 27% higher today? appeared first on The Motley Fool Australia.

More reading

• Here’s why the Sovereign Cloud (ASX:SOV) share price is in the spotlight this week

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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Investors are selling off shares in software provider and consultant Technology One Ltd (ASX: TNE) on Wednesday.

At the time of writing, Technology One shares are down 9% from the open as the market continues to digest its full-year results released yesterday.

Whilst its Software-as-a-Service (SaaS) annual recurring revenue (ARR) was up 43% to $192.3 million for the year, amid other strengths, investors were quick to leave the Technology One party yesterday.

The selling pressure has spilled over into today’s session with the Technology One share price now sitting at $11.41, down from $12.55 at yesterday’s close.

Charging lower despite growth?

Technology One secured a number of growth areas in FY21, as reported in its results. For instance, profit before tax (PBIT) was up 19% at $97.8 million and was at the top end of guidance.

The result was underpinned by the growth of its TechnologyOne Global SaaS enterprise resource planning (ERP) solution.

According to the company, this trajectory puts it on track to hit a target of $500 million ARR by FY26. Given its current ARR is $257.5 million, this equates to an additional $242.5 million of annual recurring revenue in the coming 5 years.

SaaS annual ARR climbed to $192.3 million this year, which looks promising in reaching its target. Tech One also expects that by FY24, its total business should be growing by more than 15% per annum.

During the year, Tech One also added approximately 100 enterprise customers to its Global SaaS ERP solution and now has 637 large scale enterprise customers. With hundreds of thousands of users as well, this makes it the largest single instance SaaS ERP offering in Australia, according to the company.

Further, more than 30 organisations added the company’s SaaS ERP offering ahead of its competitors’ systems. These include systems from Oracle, SAP, Microsoft, Tribal, and Workday.

TechnologyOne also maintained its presence in the local government sector, closing “20 major deals with $25 million in total contract value”. It also has more than 300 council customers in the Asia-Pacific [APAC] region, according to the announcement.

In the higher education sector, Technology One “closed 10 major deals with $30 million in total contract value, cementing [its] position as the dominant provider to the APAC Higher Education sector”.

During the year, the company also announced the end of its “on-premise business” by October 2024. The date is intended to give its remaining on-premise customers ample time to make the transition to its “Global SaaS ERP solution”. It expects 90% of all remaining on-premise customers to make the transition.

Mixed response to results

There was a mixed response to Technology One’s set of results. Analysts at Bell Potter, Jefferies, Macquarie, and UBS were quick to update clients with their thoughts.

Bell Potter reckons the pullback in Technology One share price is a buying opportunity. It retained its $15 price target and held its buy rating on the share.

Analysts at each of Jefferies, Macquarie, and UBS aren’t so rosy on the situation. UBS cut its rating to sell despite raising its price to $11.90/share, citing reasons of valuation. However, it acknowledged the company’s solid annual result.

Jefferies noted that Tech One shares are trading at a record multiple that already has its performance baked in, and values the company at $11/share.

The broker notes the move from on-premise is positive for the company. It also reckons that “beyond FY24, however, growth from conversions is less likely and Technology One already has a strong presence with domestic customers (circa 70%)”.

This, it reckons, “may require the driver of growth to shift to either the UK or products currently in development”.

Meanwhile, Macquarie analyst Mitchell Sonogan also cut the bank’s rating on Technology One to underperform from neutral. It re-rated the company at an $11 price target as well.

In the past 12 months, the Technology One share price has climbed more than 26%, rallying over 31% this year to date.

The post Why is the Technology One (ASX:TNE) share price tumbling 9% today? appeared first on The Motley Fool Australia.

More reading

• Is the TechnologyOne (ASX:TNE) share price a buy after its results?
• ASX 200 (ASX:XJO) midday update: BHP, Woodside rise, TechnologyOne falls
• TechnologyOne (ASX:TNE) share price on watch following strong SaaS growth in FY21
• 5 things to watch on the ASX 200 on Tuesday
• 3 ASX 200 shares cruising past 52-week highs today

The author Zach Bristow has no positions in any of he stocks mentioned. 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 BrainChip Holdings Ltd (ASX: BRN) share price is in the freezer on Wednesday. Here’s what we know so far.

Prior to market open this morning, the company – engaged with neuromorphic computing – paused the trading of its shares.

Soon after, they were halted at the BrainChip share price’s previous close of 62 cents.

Let’s take a closer look at the details of BrainChip’s trading halt.

Why is the BrainChip share price frozen?

BrainChip’s stock isn’t going anywhere right now as the company prepares to make a mysterious announcement.

In requesting its trading halt, BrainChip stated it’s working to “facilitate an orderly market in BrainChip’s securities to manage its continuous disclosure obligations.”

Unfortunately, that’s the only clue we have. BrainChip’s stock will remain frozen until it either releases an announcement or the ASX opens on Friday, whichever comes sooner.

The trading halt has come just days after BrainChip announced a new partnership with Japanese giant MegaChips Corporation. The company’s stock gains 21.5% on the back of the announcement.

Additionally, the BrainChip share price surged 14.8% over the first 3 weeks of November. My Foolish colleague Zach recently broke down all the news that drove the BrainChip share price in late October and early November.

Making today’s freeze more interesting is just how unusual it is. BrainChip hasn’t entered a trading halt since December 2020.

The company broke that trading halt by announcing NASA had placed an order for its Akida Early Access Evaluation Kit. Additionally, the company had penned an intellectual property licence.

The BrainChip share price surged 57% on the back of the announcements.

It goes without saying that plenty of eyes will be watching BrainChip this week in anticipation of what could be big news.

Right now, BrainChip’s shares are trading for 43% more than they were at the start of 2021.

The post Why is the BrainChip (ASX:BRN) share price having a freeze today? appeared first on The Motley Fool Australia.

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• BrainChip (ASX: BRN) share price rockets 16% on Megachips deal
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• Up 42% in a month: What’s the go with the Brainchip (ASX:BRN) share price?
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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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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:

BHP Group Ltd (ASX: BHP)

According to a note out of Morgans, its analysts have retained their add rating but trimmed their price target on this mining giant’s shares to $45.70. This follows the announcement of a binding agreement to merge its petroleum assets with Woodside Petroleum Limited (ASX: WPL). As well as being positive on the merger, Morgans likes BHP due to its attractive combination of upside sensitivity, balance sheet strength, and resilient dividend profile. The BHP share price is trading at $38.49 this afternoon.

Life360 Inc (ASX: 360)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and increased their price target on this app maker’s shares to $16.50. The broker notes that Life360 is acquiring personal items tracking company Tile for US$205 million (A$282.8 million). The broker is positive on the deal and expects to widen its target market and offer further upsell opportunities. The Life360 share price was fetching $13.51 prior to its trading halt.

Sonic Healthcare Limited (ASX: SHL)

Another note out of Morgans reveals that its analysts have retained their add rating and lifted their price target on this healthcare company’s shares to $47.05. This follows the recent release of a solid trading update for the first four months of FY 2022. In addition, the broker sees upside risk to COVID-19 testing demand in the northern hemisphere during the winter period. This could be a big positive for Sonic’s pathology operations. The Sonic share price is trading at $41.39 on Wednesday afternoon.

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

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• These top brokers say the BHP (ASX:BHP) share price is a bargain buy
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• Looking to invest in the electrification and battery theme? Here are 5 ASX shares to consider
• ASX 200 (ASX:XJO) midday update: BHP, Woodside rise, TechnologyOne falls
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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. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited 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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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 0.15% to 7,420.9 points.

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

Webjet Limited (ASX: WEB)

The Webjet share price is up almost 1.5% to $5.66 following the release of the online travel agent’s half year results. For the six months ended 30 September, Webjet experienced a significant improvement in booking volumes. This was particularly the case for its WebBeds business, which is now producing positive cash. This led to Webjet recording TTV of $663 million and revenue of $55.4 million for the period. This was more than double what it achieved in the first half of FY 2021.

Whispir Ltd (ASX: WSP)

The Whispir share price has jumped 12% to $2.35. Investors have been buying the cloud-based communications platform provider’s shares after it upgraded its guidance for FY 2022. Whispir now expects its revenue to be in the range of $64 million to $68 million in FY 2022. This represents a year on year increase of between 34% and 42%. Its prior guidance was for revenue in the range of $57.2 million to $60.2 million.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is up almost 3% to $2.57. This may have been driven by a rise in coal prices. According to CommSec, the thermal coal price rose 1.9% or US$3.00 to US$157 per tonne overnight.

Woodside Petroleum Limited (ASX: WPL)

The Woodside share price is up 2.5% to $22.97. Investors have been buying this energy producer’s shares after several brokers responded positively to its update on plans to merge with the petroleum assets of BHP Group Ltd (ASX: BHP). UBS, for example, has retained its buy rating and lifted its price target on the company’s shares to $28.30.

The post Why Webjet, Whispir, Whitehaven Coal, and Woodside shares are pushing higher appeared first on The Motley Fool Australia.

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• Biden taps oil reserve. What could this mean for ASX oil shares?
• These top brokers say the BHP (ASX:BHP) share price is a bargain buy
• Why is the Whispir (ASX:WSP) share price rocketing 14% higher?
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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 shares of and has recommended Whispir Ltd. The Motley Fool Australia has recommended Webjet Ltd. and Whispir 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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