Category: Stock Market

The world’s first cryptocurrency, Bitcoin (CRYPTO: BTC), might actually be a force for good in solving climate change. At least, that is the case being made by a veteran of the industry.

Bitcoin has received a bad reputation for its high energy usage in recent years. Most of us have seen the headlines comparing the cryptocurrency’s network energy usage to entire countries. The bleak comparisons have enraged many climate activists at a time when emission reductions are paramount.

However, crypto veteran Ryan Selkis who is the founder of crypto research firm Messari, takes a polar opposite perspective.

Running the numbers

In his annual Crypto Theses for 2022 report, Selkis discusses how Bitcoin has become the centre of political and climate debate. The level of negative sentiment driven towards the cryptocurrency based on its perceived environmental costs was “as if Bitcoin were a bona fide toxin”, as Selkis described.

In contrast, the long-time crypto investor produced several reasons why Bitcoin has an important role to play in our clean energy future. These include:

• Bitcoin’s environmental impact should scale sub-linearly to its economic impact
• Bitcoin recycles energy
• Green energy stimulus

The first touches on the elephant in the room, which is how much energy Bitcoin might consume as it scales. The cryptocurrency’s Proof of Work (PoW) consensus model requires energy to be expended during the consensus process.

As Selkis points out, the Bitcoin network could consume up to 1% of the world’s energy if it were to grow to a $20 trillion asset. While this might seem diabolical, the opportunity is for crypto to automate the global financial services industry — which by Selkis’ figures amounts to 3% of global emissions.

Champions of recycling

Another way it could be considered a positive for the environment is the incentive structure for cheap (often wasted) energy.

Selkis says that Bitcoin miners are often attracted to stranded energy sources that otherwise go unused. Highlighting this, the Messari founder quoted research from Lyn Alden:

The University of Cambridge estimated that global flare gas recovery potential is 8x larger than the bitcoin network’s energy usage in 2021. In other words, virtually the entire Bitcoin network in its peak 2021 form could hypothetically be run off of stranded natural gas in the US, let alone the rest of the world.

Lyn Alden, Lyn Alden Investment Strategy

Bitcoin brings green future forward

Finally, the report drives home how the cryptocurrency could be used to “power clean energy investments”. Importantly, Bitcoin miners’ bottom line is predominantly an outcome of one variable — the cost of energy on a KWh basis.

For this reason, the network could be used to balance the demand for early-stage renewable developments. Conversely, Bitcoin miners could subsidize capital expenditure for renewable developments in low-income areas in exchange for energy rights.

In summary, Selkis suggests that perhaps Bitcoin is more of a hero than a zero in the fight against climate change. At the time of writing, the price of the original cryptocurrency is A$67,526.

The post 3 reasons this crypto veteran thinks Bitcoin (CRYPTO:BTC) is positive for the environment appeared first on The Motley Fool Australia.

More reading

• Aussie crypto sector tipped to be worth $68 billion this decade
• After hitting new record highs in 2021, what’s next for Bitcoin (CRYPTO:BTC) in 2022?
• Bitcoin (CRYPTO:BTC) and Ethereum fall hard again. What’s going on?
• After a wild 2021, what can crypto investors expect in 2022?
• What is the better buy: Bitcoin vs. Ethereum

Motley Fool contributor Mitchell Lawler owns Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. 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 S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. In afternoon trade, the benchmark index is down 0.45% to 7,344.2 points.

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

Blackmores Limited (ASX: BKL)

The Blackmores share price is down 3% to $90.76. This follows the surprise news that the health supplements company’s Chief Financial Officer has resigned. According to the release, Gunther Burghardt is leaving the post after less than two years to pursue personal interests. Mr Burghardt will leave in late February 2022 following the release of Blackmores’ half year results.

Mesoblast limited (ASX: MSB)

The Mesoblast share price has continued its slide and is down a further 6% to a 52-week low of $1.31. Investors have been selling the allogeneic cellular medicines developer’s shares this week after Novartis terminated an agreement that could have been worth ~US$1.2 billion. The two parties were looking at Mesoblasts’ remestemcel-L as a treatment for acute respiratory distress syndrome (ARDS) due to COVID-19.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is down 7% to $11.28. This follows broad weakness in the lithium sector following a poor night of trade on Wall Street. In addition, prior to today the Vulcan share price was up 32% in just over a week. This could mean some investors are taking a bit of profit off the table today.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 5% to $4.52. The tech sector is a sea of red on Wednesday following a particularly poor night of trade on the tech focused Nasdaq index. This has led to the S&P/ASX All Technology Index losing approximately 2.6% of its value during Wednesday’s trade.

The post Why Blackmores, Mesoblast, Vulcan, and Zip shares are sinking appeared first on The Motley Fool Australia.

More reading

• Here’s why the Blackmores (ASX:BKL) share price is sliding today
• Why Afterpay, Cardno, Mesoblast, and Woolworths shares are falling
• ASX 200 (ASX:XJO) midday update: Afterpay takeover vote, Woolworths crashes
• Mesoblast (ASX:MSB) share price crashes 21% after Novartis terminates agreement
• Zip (ASX:Z1P) shares just topped these end-of-year rankings

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 ZIPCOLTD FPO. The Motley Fool Australia has recommended Blackmores 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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It’s a rough day on the market for the Sezzle Inc (ASX: SZL) share price despite silence from the company.

In fact, the market hasn’t heard any news from the buy now, pay later (BNPL) company for nearly a fortnight.

Yet its stock is slumping today. At the time of writing, the Sezzle share price is $3.345, 7.34% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has slid 0.54% today.

Let’s take a look at what might be weighing on the BNPL provider’s shares on Wednesday.

Sezzle share price slumps on Wednesday

The Sezzle share price is being dragged lower today, but at least it’s not alone.

The tech-heavy Nasdaq Composite tumbled 1.14% overnight.

Today, the BNPL sector is adding to the grief of its technology counterparts.

The S&P/ASX All Technology Index (ASX: XTX) is slumping 2.6% at the time of writing.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) isn’t doing much better. It’s fallen 2.42% today.

While Sezzle isn’t a part of either index, its BNPL peer Afterpay Ltd (ASX: APT) exists in both.

Right now, the Afterpay share price is experiencing a 3.64% plunge. Zip Co Ltd (ASX: Z1P) is also in the red, its shares sliding 5.03% at the time of writing.

Meanwhile, the Humm Group Ltd (ASX: HUM) share price is defying the trend to edge 0.68% into the green in afternoon trade.

Today’s drop sees the Sezzle share price record a whopping 16% fall so far this month.

Making the dip more interesting is the fact the only news out of the BNPL company in December seemed to be positive.

On 2 December, Sezzle reported its underlying merchant sales for the month of November were 83% higher than they were during November 2020.

Additionally, the Black Friday and Cyber Monday weekend saw its underlying merchant sales rise 53% on those of the 2020 retail event.

Right now, the Sezzle share price is 46% lower than it was at the start of 2021.

The post Why is the Sezzle (ASX:SZL) share price tumbling 7% today? appeared first on The Motley Fool Australia.

More reading

• Why did ASX BNPL shares get hammered today?
• Sezzle (ASX:SZL) share price fizzles 5% despite upbeat growth figures

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 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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The Woodside Petroleum Limited (ASX: WPL) share price is down 0.3% in early afternoon trading, currently at $22.17 per share.

The broader S&P/ASX 200 Index (ASX: XJO) is under pressure today too, down 0.6% at this same time.

Below we look at 2 factors ASX investors may be considering when weighing up the Woodside share price.

New management plucked from BHP

First, in a late morning release to the ASX yesterday, Woodside announced the appointment of Graham Tiver as its new chief financial officer (CFO) and executive vice president.

Tiver comes to Woodside from BHP Group Ltd (ASX: BHP), where he spent 28 years, most recently overseeing the mining giant’s global accounting. He’s replacing Sherry Duhe, who stepped down from Woodside in November.

Commenting on Tiver’s appointment as CFO, Woodside’s CEO Meg O’Neill said:

Graham’s demonstrated technical and financial capability, strong operational background and leadership skills will make an important contribution to Woodside and delivering ongoing value to shareholders.

Woodside expects Tiver will commence as CFO in February.

What else is impacting the Woodside share price today?

The Woodside share price will be facing some headwinds today amid slipping crude oil prices.

International benchmark Brent crude oil is down 0.84% overnight, currently trading for US$73.08 (AU$102.89) per barrel. As recently as 25 November, that same barrel was fetching US$82.22.

And the outlook for oil prices in 2022 looks lower. Which will be good news when you’re filling up your car, but will pose more headwinds for the Woodside share price.

According to the International Energy Agency (IEA), global oil markets will see an oversupply next year as demand is forecast to slip some amid the resurgent Omicron COVID variant.

According to the IEA’s monthly report (quoted by Bloomberg):

Much-needed relief for tight markets is on the way, with world oil supply set to overtake demand starting this month. The steady rise in supply, combined with easing demand, has considerably loosened our balances.

As for Omicron’s impact on demand?

“The surge in new COVID-19 cases is expected to temporarily slow, but not upend, the recovery in oil demand that is under way,” the IEA said.

With OPEC+ gradually increasing its restricted outputs, and major oil producing nations outside the cartel – think the United States, Brazil and Canada – ramping up their output, the IEA forecast that global crude inventories could grow by 1.7 million barrels per day (bpd) in the early months of 2022.

US production is already well into the upswing, increasing by 340,000 bpd last month.

And shale oil production from the oil rich Permian Basin in the US is forecast to hit new all-time highs next month. The US Energy Information Administration (EIA) forecasts crude output from the Permian alone will exceed 5 million bpd as early as January, exceeding that of very OPEC nation save Saudi Arabia.

Woodside share price snapshot

The Woodside share price is down 4% in 2021, compared to a year-to-date gain of 10% posted by the ASX 200.

Over the past month Woodside shares have slipped just over 1%.

The post What’s impacting the Woodside (ASX:WPL) share price today? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• What ASX 200 energy shareholders should know about the Permian Basin 2022
• 5 things to watch on the ASX 200 on Tuesday
• Could 2022 be a bumper year for the Woodside (ASX:WPL) share price?
• 4 ASX shares tipped for buybacks in 2022: expert

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 Tesserent Ltd (ASX: TNT) share price has taken a dive and fallen about 12% in the past month. This comes despite the internet security services provider releasing a couple of positive announcements to the ASX.

At the time of writing, the Tesserent share price is up 1.21% today to 17 cents apiece.

What’s dragging Tesserent down?

Investors seemed unimpressed by the company’s efforts to boost its cybersecurity presence, sending the Tesserent share price south.

The first notable fall was on 19 November, when the company provided the market with a business update.

While the release highlighted a 372% increase in annual turnover against the prior year, investors shrugged off the good news. In addition, there were some organisational changes which saw a reshuffle of management personnel.

The release, along with the annual general meeting (AGM) later that day, failed to change investor thinking. Over the following 3 trading days, the Tesserent share price sank by almost 20%.

The other significant fall came on 6 December, despite no announcements from the company. Tesserent shares fell heavily, down 11% to a 52-week low of 15 cents. The trend, however, was quickly reversed when Tesserent announced the acquisition of 2 companies the next morning.

Tesserent shares rose 16%, with management noting that the latest purchase would cement its position as the leading provider of cybersecurity solutions.

Tesserent expects both additions to immediately integrate into its ecosystem. This is particularly the case with its North Security business, which leads the company’s federal government team and delivers large multi-year projects.

Tesserent share price summary

Over the past 12 months, the Tesserent share price has continued its declining trend to post a loss of about 50%. The company’s shares reached a 52-week high of 44 cents in January, before gradually treading lower throughout the year.

Tesserent commands a market capitalisation of roughly $203 million, with approximately 1.2 billion shares outstanding.

The post Why has the Tesserent (ASX:TNT) share price tumbled 12% in a month? appeared first on The Motley Fool Australia.

More reading

• Tesserent (ASX:TNT) share price leaps 10% on acquisition news
• What’s with the Tesserent (ASX:TNT) share price wobbles 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 Strike Energy Ltd (ASX: STX) share price is rocketing higher on news its Project Haber has received major support from state and federal governments.

The project’s potential as a domestic urea manufacturer has seen it awarded Lead Agency Status from the Western Australian government. At the same time, the federal government has provided it with a $2 million grant as part of its Supply Chain Resilience Initiative.

At the time of writing, the Strike Energy share price is 19.5 cents, 8.33% higher than its previous close.

Let’s take a closer look at today’s news from the oil and gas explorer and developer.

Strike Energy share price surges on Wednesday

The Strike Energy share price is in the green as its Project Haber is recognised for its importance to the Australian economy.

The news is timely given Australia is on track to run out of AdBlue, of which urea is a major ingredient, in a matter of weeks.

The shortage has been born from the ongoing energy crisis in the northern hemisphere, which has seen energy diverted from urea manufacturing to provide heating and power.  

Subsequent export restrictions on urea have boosted the Middle East urea spot price to more than US$1,000 a tonne.

Additionally, Australia’s only urea production facility, run by Incitec Pivot Ltd (ASX: IPL), is due to close next year.

According to Strike, losing Australian urea production will leave the country reliant on imports from the Middle East and China. As a result, farmers will be exposed to international market conditions.

The Western Australian government’s recognition of Project Haber sees it assigned a case manager.

That manager will assist in its tracking and approvals management and interagency coordination.

Further, the Western Australian mid-west is set to be home to “hydrogen hubs” following a push from the state’s government.

That could see $117.5 million of funding – which the Commonwealth Government might match – funnelled to the region.  

Project Haber is set to be one of Australia’s largest hydrogen-consuming facilities. Thus, it could be strategically important to the local hydrogen economy.

What did management say?

Strike Energy CEO and managing director Stuart Nicholls commented on the news driving the company’s share price today:

The award of this Supply Chain Resilience grant and West Australian Lead Agency Status is recognition of the importance of Strike’s pursuits at Project Haber, to not only domesticate the nitrogen fertiliser industry but also dramatically reduce the carbon footprint of the Australia’s agricultural emissions.

News from South Erregulla

Potentially also sending the Strike Energy share price higher today is news of the company’s South Erregulla gas field.

The company has begun mobilising equipment to the field to start drilling the South Erregulla-1 (SE-1) well.

The primary objective of the well is to delineate around 350 petajoules of high confidence resource. Doing so should secure the gas requirements for Project Haber from Strike’s permits.

That gas feedstock could also let the company progress banking and equity processes with gas to cover the tenor of any debt facilities.

The post Strike Energy (ASX:STX) share price leaps 8% on government recognition appeared first on The Motley Fool Australia.

More reading

• Why Challenger, Helloworld, Lake Resources, and Strike Energy are charging higher
• Here’s why the Strike Energy (ASX:STX) share price is surging 13% today
• Why Boral, Metcash, Silver Lake, and Strike Energy shares are pushing higher
• Here’s why the Strike Energy (ASX:STX) share price surged 18% today
• Here’s why the Strike Energy (ASX:STX) share price isn’t cooking with gas today

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is on course to record a sizeable decline. At the time of writing, the benchmark index is down 0.6% to 7,333 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:

Challenger Ltd (ASX: CGF)

The Challenger share price is up 1.5% to $6.70 after naming its new Chief Executive Officer. According to the release, the annuities company has hired from within, promoting Nick Hamilton to the top job. Mr Hamilton has been the Chief Executive of Challenger’s Funds Management business since 2019.

Helloworld Travel Ltd (ASX: HLO)

The Helloworld share price is up 5% to $2.41. This morning the travel company announced the sale of its corporate and entertainment travel businesses in Australia and New Zealand to Corporate Travel Management Ltd (ASX: CTD) for $175 million. This comprises $100 million in cash and $75 million in Corporate Travel Management shares.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has risen 2% to 85 cents after releasing a drilling update from its Kachi Lithium Brine Project. According to the release, new drilling reinforces prior results, supporting the potential expansion of future production to 50,000 tonnes per annum of lithium carbonate equivalent.

Strike Energy Ltd (ASX: STX)

The Strike Energy share price is up 5.5% to 19 cents. This follows the release of an update on its Project Haber. According to the release, the strategic significance of Project Haber to the national economy has been recognised at both a State and Federal level. This has seen the project awarded Lead Agency Status from the WA Government and a $2 million grant by the Federal Government as part of the Supply Chain Resilience Initiative.

The post Why Challenger, Helloworld, Lake Resources, and Strike Energy are charging higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: CSL upgraded, Westpac AGM update
• Helloworld (ASX:HLO) share price surges 10% on $175m asset sale
• Why is the Corporate Travel Management (ASX:CTD) share price halted?
• Here’s why the Strike Energy (ASX:STX) share price is surging 13% today
• These 3 ASX 200 shares are topping the volume charts on Monday

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 Helloworld Limited. The Motley Fool Australia owns and has recommended Helloworld Limited. The Motley Fool Australia has recommended Challenger Limited and Corporate Travel Management 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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Of all the exchange-traded funds (ETFs) on the ASX, there are very few that actually cover property assets. We Aussies love to talk about, invest in, and wax lyrical over property. And yet, it forms a rather small corner of the overall ASX share market.

There are still a few property focused-ETFs out there though. There’s the SPDR S&P/ASX 200 Listed Property Fund (ASX: SLF) and the VanEck Australian Property ETF (ASX: MVA). But the most popular by far is the Vanguard Australian Property Securities Index ETF (ASX: VAP).

This property-focused ETF from Vanguard mirrors the S&P/ASX 300 A-REIT Index. As the name implies, this index tracks ASX-listed Real Estate Investment Trusts (REITs) according to market capitalisation. The provider tells us that it’s designed to provide exposure to the retail, office, industrial and diversified property sectors.

So if you’re invested in VAP, what kinds of investments are you actually putting your money into?

What’s in your VAP?

Well, here’s a breakdown of this ETF’s current top holdings and their fund weightings (as of 31 October):

1. Goodman Group (ASX: GMG) with a 25% weighting
2. Scentre Group (ASX: SCG) with a 10.65% weighting
3. Dexus Property Group (ASX: DXS) with a 7.94% weighting
4. Mirvac Group (ASX: MGR) with a 7.55% weighting
5. Stockland Corporation Ltd (ASX: SGP) with a 7.38% weighting

The ETF has a current total of 32 holdings, but those are the 5 most prominent. As you can tell, an investment in VAP right now constitutes a significant investment in Goodman Group alone, with its 25% weighting in the ETF. Goodman is a REIT specialising in industrial and commercial real estate.

It’s made a name for itself as one of the most forward thinking real estate companies on the ASX over the past few years. It inked a deal with Amazon.com, Inc. (NASDAQ: AMZN) last year to host one of the e-commerce giant’s warehouses. But Goodman has been working with Amazon for years now, likely helping to bolster its reputation with ASX investors along the way.

Scentre Group, another top VAP holding, is the Australian and New Zealand arm of the old Westfield Group. This REIT owns the Westfield shopping centres across these two countries.

Dexus, another REIT, is one that focuses on offices. Mirvac and Stockland are both diversified REITs, owning a collection of shopping centres, offices, industrial estates and retirement villages between them.

So that’s what you’re invested in if you currently own VAP units.

The Vanguard Australian Property Securities Index ETF charges a management fee of 0.23% per annum. It has returned 21.15% over the past year, as well as an average of 13.11% per annum over the past 10 years. VAP currenlty offers a trailing yield of 3.7%.

The post Own the Vanguard Australian Property ETF (ASX:VAP)? Here’s what you’re invested in appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to sell today
• 2 highly rated ASX 200 shares to buy
• 2 market-leading ASX shares rated as strong buys by brokers
• ‘Close your eyes’: ASX share you can buy and forget
• 3 strong blue chip ASX 200 shares to buy

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 BNK Banking Corporation Ltd (ASX: BBC) share price is soaring in lunchtime trade amid confirmation of an acquisition deal.

Shares in the company are currently swapping hands at $1.22 apiece, up 17.87%, at the time of writing.

Let’s take a look at what BNK Banking Corporation announced today.

Why is the share price surging?

BNK has agreed to sell 100% of its subsidiary Finsure to MA Financial Group Ltd (ASX: MAF) for roughly $151.6 million.

The sale price represents a 66% premium to BNK’s market capitalisation before it announced it was undertaking a strategic review in September.

The ongoing review, due to be completed in early 2022, aims to improve value for BNK shareholders. The sale of Finsure is one of its outcomes.

Finsure is a leading Australian mortgage aggregator with a lending portfolio of $60.8 billion, focused on the home lending market.

Earlier today, MA Financial confirmed it had entered into a binding agreement with BNK to acquire its mortgage broker network.

The acquisition is expected to take place in the first half of 2022 and is dependent on regulatory approval.

Management commentary

Commenting on the news impacting the BNK Banking share price, chairman Don Koch said:

After a detailed assessment, the Board believes the sale of Finsure to MAF represents a compelling outcome for all BNK stakeholders, including shareholders, our people and customers.

The sale price of $151.6 million cash is an attractive valuation and will deliver significant value to BNK shareholders.

The sale price represents a 66% premium to the undisturbed market capitalisation of the group prior to announcement of the strategic review on 21 September 2021.

While Finsure has been growing strongly, the opportunity to be part of MAF, a larger and more diversified financial services group, will accelerate Finsure’s ability to grow its presence in the Australian financial services market.

BNK Banking share price snap shot

Today’s news coincides with another surge in the BNK Banking share price. It’s up more than 74% in the past 12 months.

The company’s shares have surged 22% in the last month alone and gained 18% in the past week.

The company has a market capitalisation of nearly $141 million, based on its current share price.

The post Here’s why the BNK Banking (ASX:BBC) share price is surging 18% today appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy today
• Rio Tinto (ASX:RIO) share price climbs amid $3.2 billion Mongolia ‘reset’
• Why is Macquarie bullish on the Newcrest (ASX:NCM) share price?
• Move over Magellan (ASX:MFG). This global equities manager is gunning for pole position
• Here’s why the Blackmores (ASX:BKL) share price is sliding 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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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:

CSL Limited (ASX: CSL)

According to a note out of Macquarie, its analysts have retained their outperform rating and $338.00 price target on this biotherapeutics giant’s shares. This follows news that the company is acquiring Vifor Pharma for $17 billion. Macquarie expects the deal to be earnings per share accretive in FY 2023. The broker also sees opportunities for CSL to scale and grow Vifor’s renal business to support its longer term growth. The CSL share price was trading at $297.27 prior to its trading halt.

Nearmap Ltd (ASX: NEA)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $3.20 price target on this aerial imagery and location intelligence company’s shares. Morgan Stanley notes that Nearmap has just revealed strong growth in the North American market during the first half of FY 2022. In light of this, the broker is expecting a strong first half result in February. The Nearmap share price is fetching $1.53 this afternoon.

NEXTDC Ltd (ASX: NXT)

Another note out of Macquarie reveals that its analysts have retained their outperform rating and $16.10 price target on this data centre operator’s shares. Macquarie notes that NEXTDC has just acquired its first edge data centre. The new centre is located in Maroochydore on the Sunshine Coast. Macquarie sees a big opportunity in edge data centres, which service regional areas and have the potential to offer greater returns than current centres in capital cities. The NEXTDC share price is trading at $12.26 on Wednesday afternoon.

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

More reading

• ASX 200 (ASX:XJO) midday update: CSL upgraded, Westpac AGM update
• Citi upgrades CSL (ASX:CSL) share price to buy rating on Vifor Pharma deal
• 5 things to watch on the ASX 200 on Wednesday
• Why Charter Hall, Nearmap, PolyNovo, and Virtus Health are racing higher
• ASX 200 (ASX:XJO) midday update: Afterpay takeover vote, Woolworths crashes

Motley Fool contributor James Mickleboro owns NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. and Nearmap Ltd. The Motley Fool Australia owns and has recommended Nearmap 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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