Category: Stock Market

Shares in oil and gas explorer Invictus Energy Ltd (ASX: IVZ) are having a stellar day in the green. At the time of writing, the Invictus Energy share price is trading 7.14% higher at 15 cents.

Invictus shares jumped from the open following a company announcement on its 80% owned Cabora Bassa project in Zimbabwe.

The preliminary results from surveys conducted at the site are promising according to Invictus. So let’s take a walk through and see what the release said.

What did Invictus Energy announce?

Following the completion of a seismic survey conducted at the Cabora Bassa site in early November. The company finalised the survey after collecting almost 840km of high resolution 2D data for processing.

Preliminary assessment by the geophysicists at seismic data specialist EarthSignal revealed encouraging results.

Petroleum giant ExxonMobil (NYSE: XOM) – just Mobil at the time – also uncovered a robust dataset in the 1990s at the site, per the company. Invictus is asking EarthSignal to reprocess this legacy data as well.

The announcement is likely a positive step forward for Invictus, as it claims the Cabora Bassa project is “potentially the largest, undrilled seismically defined structure onshore in Africa”.

Specifically, the results suggest a “clearly defined Muzarabini anticline structure and clear fault definition and deep reflectors below 4 seconds”.

Additional studies show amplitude anomalies in the shallower section of the Muzarabini structure and also up against the basin fault.

It is here where Invictus reckons it could find hydrocarbon bearing traps, as the amplitude anomalies described can often be indicative of the presence of hydrocarbons, it says.

What did management have to say?

Invictus’ managing director, Scott Macmillan was also encouraged by the results and is keen to progress forward in starting the upcoming drilling program scheduled for the first half of 2022.

Speaking on the announcement, Macmillan said:

Importantly, the initial processing results of the seismic acquisition has produced high quality data revealing a variety of structural and stratigraphic features providing for a target rich environment for the upcoming drilling program. The early indications from the preliminary seismic processing are very encouraging and particularly the strong amplitude anomalies observed in the Muzarabani structure and along the basin margin fault.

Macmillan continued:

While we look forward to the final processed products and interpretation of the entire CB21 Survey which will also enable better characterisation of the primary Upper Angwa target in the Muzarabani prospect, these initial results are encouraging as we progress with the selection of optimal drilling locations for the upcoming drilling campaign scheduled for 1H 2022.

The Invictus Energy share price has delivered the goods in the past 12 months, and has soared over 138% in that time.

It has also climbed almost 178% this year to date, a galaxy ahead of the benchmark S&P/ASX 200 index (ASX: XJO)’s return of around 16% in the last year.

The post Seismic results send the Invictus Energy (ASX:IVZ) share price surging appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• Why are ASX 200 resources shares booming again on Friday?
• Dicker Data (ASX:DDR) share price edges lower as stock trades ex-dividend
• Is the Mineral Resources (ASX:MIN) share price a lithium bargain buy?
• Why the Archtis (ASX:AR9) share price is sinking 9% today

The author Zach Bristow 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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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Breville Group Ltd (ASX: BRG)

According to a note out of Macquarie, its analysts have retained their outperform rating and $34.37 price target on this appliance manufacturer’s shares. This follows management comments at its annual general meeting this week which revealed that the company is performing in line with expectations. Macquarie also notes that demand remains solid, particularly for coffee machines, and supply chain issues have largely been avoided. The Breville share price is trading at $29.74 this afternoon.

Hipages Group Holdings Ltd (ASX: HPG)

A note out of Goldman Sachs reveals that its analysts have retained their buy rating and lifted their price on this tradie services marketplace provider’s shares to $4.95. The broker notes that Hipages is evolving from a lead-sourcing service for tradies to a comprehensive trade services platform. It believes this leaves it well-placed for grow over the long term. Particularly given the highly supportive macro environment, tailwinds from digitisation and a shift to online, early signs of execution on a solid adjacency strategy, and growth in its total addressable market beyond residential trade services. The Hipages share price is fetching $3.99 today.

Xero Limited (ASX: XRO)

Analysts at Credit Suisse have retained their outperform rating and $160.00 price target on this cloud accounting platform provider’s shares following its half year results. While Xero’s result fell short of the market’s expectations, it was actually ahead of Credit Suisse’s estimates. All in all, the broker remains positive on the future and expects its average revenue per user metric to be a key driver of growth. The Xero share price is trading at $140.29 on Friday afternoon.

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

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• Goldman says the Xero (ASX:XRO) share price selloff is a buying opportunity
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• Why Liontown, Nearmap, Ramsay, and Xero shares are sinking today
• Why is the Xero (ASX:XRO) share price tumbling 7% if the company is growing revenue?

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 Hipages Group Holdings Ltd. and Xero. The Motley Fool Australia owns shares of and has recommended Xero. The Motley Fool Australia has recommended Hipages Group Holdings 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 a good day on the ASX to be a resource investor. The S&P/ASX 200 Resources Index (ASX: XJR) is booming, having gained 2.3% at the time of writing.

For context the S&P/ASX 200 Index (ASX: XJO) is up as well, having increased by 0.93%. Meanwhile, the All Ordinaries Index (ASX: XAO) is also up 0.93%.

Let’s take a look at what’s excited the market over ASX 200 resources shares on Friday.

What’s boosting the sector on Friday?

There are a few interlinking happenings that are likely favourably impacting the ASX’s resource sector.

Firstly – and, perhaps, most importantly – the price of iron ore rebounded overnight.

According to CommSec, while most of Australia slept, the spot price of iron ore surged 5.3% to US$94.20 a tonne.

The resurgence in the steelmaking commodity’s price was due to Chinese developer, China Evergrande Group (HKG: 3333).

The now-infamous developer reportedly managed to stay afloat by making interest payments on 3 bond tranches worth US$148 million.

As The Motley Fool has previously reported, the Evergrande saga has likely spurred concerns about the future of Chinese property developers.

Unsurprisingly, the nation’s building industry is a big consumer of steel, thus, demanding plenty of iron ore.

Which ASX 200 resource shares are soaring?

The biggest mover among the ASX 200 resources sector by far is Gold Road Resources Ltd (ASX: GOR). Its share price has gained 5.3% so far this Friday.

Taking out second and third place is Champion Iron Ltd (ASX: CIA) and Rio Tinto Limited (ASX: RIO), having both gained 3.8% at the time of writing.

Rio Tinto’s fellow iron ore giants are also performing well.

The BHP Group Ltd (ASX: BHP) share price has gained 3%. Meanwhile, that of Fortescue Metals Group Limited (ASX: FMG) is up 3.6%.

However, there are a few sector participants in the red today. Notable fallers include Whitehaven Coal Ltd (ASX: WHC). Its share price is currently down 0.6%.

The post Why are ASX 200 resources shares booming again on Friday? appeared first on The Motley Fool Australia.

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• Why Calix, Fortescue, Link, and Zip shares are jumping today
• ASX 200 (ASX:XJO) midday update: BHP & Fortescue rise, Zip completes acquisition
• Fortescue (ASX:FMG) share price climbs 5% as iron ore rebounds
• Woodside (ASX:WPL) share price rises amid hydrogen plant land approval
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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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The Dicker Data Ltd (ASX: DDR) share price is falling on Friday afternoon. This comes as the IT distributor’s shares are trading ex-dividend.

At the time of writing, Dicker Data shares are down 1.72% to $14.26. Despite the drop, it’s worth noting the company’s shares are up 17% in a month.

Why are Dicker Data shares falling today? 

With the company’s third-quarter results released late last month, investors are eyeing Dicker Data shares as they go ex-dividend today.

Typically, one business day before the record date, the ex-dividend date, is when investors must have purchased shares. If the investor does not buy Dicker Data shares before this date, the dividend will go to the seller.

Historically, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because investors tend to sell off the company’s shares after securing the dividend.

What does this mean for Dicker Data shareholders?

For those eligible for Dicker Data’s third-quarter dividend, shareholders will receive a payment of 9 cents per share on 1 December. The dividend is fully-franked, which means investors can expect to receive tax credits from this.

Investors who elect for the dividend reinvestment plan (DRP) will see a number of shares added to their portfolio. This will be based on a volume-weighted average price over 10 business days up until the record date (15 November).

The last election date for shareholders to opt-in to the DRP is 16 November.

Dicker Data share price summary

Since the beginning of 2021, Dicker Data shares have gained 36% on the back of positive investor sentiment. The S&P/ASX All Technology Index (ASX: XTX) is up around 10% over the same timeframe.

Dicker Data shares reached an all-time high of $16.60 in August, before plummeting on the back of the company’s half-year results.

Based on today’s price, Dicker Data commands a market capitalisation of roughly $2.47 billion, with approximately 172.83 million shares outstanding.

The post Dicker Data (ASX:DDR) share price edges lower as stock trades ex-dividend appeared first on The Motley Fool Australia.

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• Own Dicker Data? The share price is up 25% in the last month
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• Why Crown, Dicker Data, Neometals, and Pilbara Minerals are surging higher
• Dicker Data (ASX:DDR) share price up 13% on Q3 earnings

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

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The Mineral Resources Limited (ASX: MIN) share price has been a very disappointing performer in recent months.

Since peaking at a record high of $65.38 in July, the mining and mining services company’s shares have tumbled 39% to $40.15.

Why has the Mineral Resources share price tumbled?

A few months ago, things were looking incredibly positive for the Mineral Resources share price. Iron ore prices were at sky high levels and lithium prices were booming and on an upward trajectory.

However, since then, while lithium prices have strengthened, the price of iron ore has fallen heavily.

This is particularly the case for the low grade iron ore that Mineral Resources is exposed to. And, as with the Fortescue Metals Group Limited (ASX: FMG) share price, this has put significant pressure on the company’s shares.

Is this a buying opportunity?

The team at Citi appear to believe the weakness in the Mineral Resources share price could be a buying opportunity.

In fact, based on the broker’s price target, the company’s shares could arguably be classed as a bargain right now.

According to the note from earlier this week, Citi has retained its buy rating but trimmed its price target on the company’s shares to $55.00.

Based on the current Mineral Resources share price, this implies potential upside of 37% for investors over the next 12 months.

And that doesn’t include dividends. Citi also expects a fully franked dividend of $1.27 per share in FY 2022. If you include this, the total potential return increases to over 40%.

What did the broker say?

Citi was pleased with the company’s performance during the first quarter of FY 2021 and is positive on the future thanks to its lithium plans. The broker expects this to offset any weakness from its iron ore operations in the future.

It commented: “MIN achieved good production performance, announced commercial production from the Kemerton lithium hydroxide plant by mid-2022, and that mining would restart at the Wodgina lithium mine in Q1FY23. The price received for its Mount Marion lithium concentrate was double the average price received in FY21.”

“However, this was overshadowed by a large contraction in iron ore demand (MIN’s dominant revenue earning product over the last twelve months), the resulting iron ore price decrease, and increases in grade and quality discounts applied to MIN’s ~58% Fe product.”

Positively, though, the broker believes recent policies in China will put a floor on iron ore prices. It appears to believe that this should allow investors to start focusing more on its burgeoning lithium operations, rather than worrying about falling iron ore prices.

The post Is the Mineral Resources (ASX:MIN) share price a lithium bargain buy? appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy today
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• Mineral Resources (ASX:MIN) share price slumps 7% on quarterly update
• ASX 200 (ASX:XJO) midday update: Crown and Pilbara Minerals surge higher
• Why ASX lithium shares are surging higher on Tuesday

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

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The Archtis Ltd (ASX: AR9) share price is deep in the red after the software security provider came out of a trading halt today.

At the time of writing, the Archtis share price is down a sizeable 9.43% to 24 cents.

Let’s take a look at what Archtis released to the ASX this morning.

What did Archtis announce?

Investors are dropping Archtis shares on news of the company’s latest capital raising.

According to its release, Archtis advises it has received firm commitments to raise $6.5 million through a share placement.

The offer was presented to domestic and international institutional and sophisticated investors. The issue price is 23 cents apiece. This equates to roughly 28.26 million new ordinary shares to be added to the company’s registry.

In addition, Archtis will offer a share purchase plan (SPP) to existing shareholders to raise a further $1.5 million on the same terms as the placement.

Participants in the placement and SPP will also be able to receive 1 option to acquire an Archtis share for every 3 shares received under either offer. This will be exercisable at 35 cents, expiring 2 years from the date of issue.

The funds from the equity raising will support a number of growth initiatives for the company. These include:

• Launch the Kojensi platform into key regional markets of the United States and the United Kingdom
• Explore and execute a merger and acquisition strategy to achieve annual recurring revenue (ARR)
• Build pipeline and close opportunities in conjunction with the Microsoft field through IP Co-sell.

Archtis managing director and CEO, Daniel Lai commented:

We were pleased to see such strong demand from domestic and international institutions following our recent decision to be quoted on the OTCQB Market. A diversified shareholder base bolsters our strategic efforts to scale our information security technologies in the US and globally.

By expanding our market reach with Kojensi, NC Protect and cp. Protect, we expect to leverage our success with Australian Defence in other geographical regions and accelerate pipeline through our alliance with Microsoft IP Co-sell.

About the Archtis share price

The Archtis share price retreated between January and July 2021 following the company’s expanded global operations.

The share price regained ground in August and September but has since been on a continuing decline. Archtis shares are now down 22.6% year to date.

Archtis has a market capitalisation of about $56.08 million, with more than 233.67 million shares on its books.

The post Why the Archtis (ASX:AR9) share price is sinking 9% today appeared first on The Motley Fool Australia.

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• Up 42% in a month: What’s the go with the Brainchip (ASX:BRN) share price?
• Why has the Lynas (ASX:LYC) share price just hit a 9-year high?
• The Cettire (ASX:CTT) share price is soaring 7% to all-time highs. What’s happening?
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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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Shares in artificial intelligence (AI) and machine learning specialist Brainchip Holdings Ltd (ASX: BRN) are charging higher today and now trade up 12.25% at 55 cents.

In fact, Brainchip shares have been on the upward trajectory for over a month now, having surged 42% off a low in mid-October.

After trading sideways for a week or two as we rolled into November, the Brainchip share price spiked again following a company announcement on Tuesday.

Why don’t we take a closer look at what’s been squeezing the juice for Brainchip shareholders recently.

What’s the go with Brainchip’s share price lately?

Brainchip advised on Tuesday that functionality and performance testing of its AKD1000 production chips has been completed.

Results were positive, as the chips showed better performance than the original engineering samples provided.

For some context, in the quest to develop its “Akida Neuromorphic System-on-Chip (NSoC)”, Brainchip tested a production version of its AKD1000 chip with several applications.

These ‘neural network’ functions included object classification, keyword spotting and spiking neural networks.

Brainchip attributes the improved performance of its chips to a better layout and minor design changes, made after analysing previous testing results.

As a result, the chips are “now being integrated into complete PCIe and Mini-PCIe boards, which are being shipped to early access customers for further testing.

Investors had a delayed reaction to the announcement of about 1 day, however sent its shares flying thereafter.

Since the announcement on Tuesday, the Brainchip share price has roared 14% to its current levels.

What other catalysts are there?

The update builds on previous momentum Brainchip obtained with its technologies last month, including with its AKD1000 chips.

Brainchip advised last month that it will now be taking orders for two of its Akida AI processor development kits.

These kits include the X86 Shuttle PC development kit and the Raspberry Pi development kit – both of which integrate the AKI1000 chip.

Aside from this, it was also awarded another patent from the US Patents and Trademarks Office for “spontaneous machine learning and feature extraction” over its Akida chip.

Essentially the patent allows the Akida chip to learn in real time, versus relying on training from sample data and populations.

The company acknowledges that protection over its intellectual property (IP) is a key competitive advantage to help shareholders realise value.

Brainchip now has five foundational patents under its belt to help achieve this result and to drive sales volumes into the future.

Investors have responded positively to both announcements and have piled into Brainchip shares over the past few weeks.

The trend appears to be continuing today as well. The total volume of Brainchip shares exchanging hands today is 14,558,325 – over 100% above its 4-week average.

Brainchip share price snapshot

The Brainchip share price has climbed over 59% in the last 12 months after rallying a further 28% this year to date.

Both of these returns are ahead of the benchmark S&P/ASX 200 Index (ASX: XJO)’s return of around 16% this past year.

The post Up 42% in a month: What’s the go with the Brainchip (ASX:BRN) share price? appeared first on The Motley Fool Australia.

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• Why the BrainChip (ASX:BRN) share price is rocketing 15% today
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The author Zach Bristow 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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Friday is proving to be another great day on the ASX for the Lynas Rare Earths Ltd (ASX: LYC) share price.

The company’s stock hit a new multi-year high today despite the company maintaining its silence.

At the time of writing, the Lynas share price is $7.98, 1.79% higher than its previous close.

However, earlier today it shot up to reach $8.09, representing a 3.1% gain and a new 12-month record high.

For context, the S&P/ASX 200 Index (ASX: XJO) is also gaining today. It’s currently 1.06% higher. Meanwhile, the All Ordinaries Index (ASX: XAO) has also surged 1.06%.

Let’s take a closer look at what’s going on with the Lynas share price lately.

Why is the Lynas share price up on Friday?

There’s no obvious explanation for the surge in the rare earth producer’s stock today. Particularly, as the last time the market heard price-sensitive news from the company was nearly 2 weeks ago.

Then, Lynas announced it had received word from Japan Australia Rare Earths (JARE) reconfirming its support for the company.

Since then, and including today’s rise, the Lynas share price has gained another 6%. However, the company’s stock isn’t alone in the green today.

Right now, the S&P/ASX 200 Materials Index (ASX: XJR) is the best performing of the bunch, sporting a 2.54% gain.

In fact, much of the sector is leaving Lynas in its dust on Friday.

Right now, it’s being led by the share prices of Champion Iron Ltd (ASX: CIA) and Gold Road Resources Ltd (ASX: GOR). They are showcasing gains of 4% and 5% respectively.

Only 2 of the sector’s members are in the red today. They are St Barbara Ltd (ASX: SBM) and Newcrest Mining Ltd (ASX: NCM). Their share prices have both fallen 0.6% and 0.7% respectively.

Right now, the Lynas share price is 90% higher than it was at the start of 2021. It has also gained 21% over the last 30 days.  

The post Why has the Lynas (ASX:LYC) share price just hit a 9-year high? appeared first on The Motley Fool Australia.

More reading

• The materials sector is leading the ASX 200 today. What’s going on with the Lynas (ASX:LYC) share price?
• What’s with the Lynas (ASX:LYC) share price today – up 8%?
• Here are the top 10 ASX shares today
• Here’s why the Lynas (ASX:LYC) share price is up 3% on Monday
• These were the best performing ASX 200 shares last week

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

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The Cettire Ltd (ASX: CTT) share price continues to rise. At the time of writing, it’s up more than 7%.

It has been an extraordinary 2021 for Cettire. Over the last month it’s up 48%. In six months it has rise 143%. Since the start of 2021 it has soared around 800%.

Rapid rise

Cettire is a global online retailer, which offers a wide selection of personal luxury goods through its website, Cettire.com. It has a catalogue of over 1,3000 luxury brands and more than 160,000 products across clothing, shoes, bags and accessories. It has also recently taken the step to expand into the children’s wear segment and expand its addressable market.

This business is capitalising on the large increase in e-commerce demand from global consumers.

In FY21 it saw a significant increase of revenue. Reported gross revenue increased 333% to $124.5 million. In constant currency terms, this was an increase of 384%. Reported sales revenue soared 304% to $92.4 million. In constant currency terms, this was growth of 352%.

The difference between gross revenue and sales revenue is that the sales revenue includes allowances and returns from customers.

Active customers jumped 285% to 114,830. More customers are returning to Cettire to purchase more goods. In FY21, 40% of gross revenue came from repeat customers, whilst in FY20 this was 26%.

Cettire said that its reported product margin was 37% and a delivered margin of 24%. In dollar terms, the product margin rose 307% to $33.8 million and the delivered margin increased 243% to $22 million. The profitability of the business could have an influence on the Cettire share price over time.

At an underlying/adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) level, Cettire was profitable in FY21. It made $2.1 million of adjusted EBITDA. This metric excludes expenses associated with the initial public offering (IPO), share-based payments and unrealised foreign currency movements.

At the bottom line, it made a net loss after tax of $0.3 million. Operating cashflow surged 131% to $12.7 million.

Cettire is expecting more growth in FY22

When the luxury e-commerce ASX share released its FY21 result, it also gave some optimistic comments about FY22 and its outlook. Investors may factor in the outlook into their thoughts on the Cettire share price.

The business said its positive trading momentum had continued into FY22, with July 2021 gross revenue increasing 181% on July 2020.

Cettire believes that there is a significant market penetration ahead. The Cettire founder and CEO Dean Mintz said:

Our number one priority is to maximise the global revenue potential of the company by taking a long-term view. We will continue to invest in opportunities aligned to our strategy, with a near-term focus on customer acquisition, technology enhancements and building organisational capability.

Our focus in FY22 is on continuing to enhance our customer proposition, centred around our vast range of luxury products, value and rapid fulfilment, all of which are enabled by our deep and diverse supply chain and world class, proprietary technology.

The post The Cettire (ASX:CTT) share price is soaring 7% to all-time highs. What’s happening? appeared first on The Motley Fool Australia.

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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. owns shares of and has recommended Cettire Limited. The Motley Fool Australia has recommended Cettire Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Calix Ltd (ASX: CXL) share price is off to an explosive start today. Shares in the clean technology company have rocketed to a new all-time high on Friday following a new patent filing for an application of its core technology.

At the time of writing, Calix shares are swapping hands for $7.15 apiece. That’s an increase of 16.7% from their previous close. The Calix share price is now 600% above where it was a year ago.

The company’s latest patent filing for a technology dubbed “ZESTY” has investors paying attention. Let’s take a closer look at what it’s all about.

Calix share price surges on ‘ZESTY’ new technology

Investors are bidding up Calix shares on Friday as the market gets excited about the company’s latest patent filing.

According to the release, the green company has submitted a patent for using its core technology in the production of iron and steel with zero carbon dioxide (CO2) emissions. The new innovation is known as Zero Emissions Steel TechnologY, or ZESTY for short.

Furthermore, Calix’s ZESTY aims to improve current methods of iron production. The company outlined four goals for its process that are likely fuelling the Calix share price today. These include:

• Reduced temperature of operation;
• No pelletisation of iron ore required — enabling the processing of fines;
• Able to be renewably powered, with intermittent operation; and
• Can approach theoretical minimum hydrogen use.

Moreover, the company’s own Low Emissions Intensity Lime and Cement (LEILAC) process could be used in conjunction with iron production. This would be complementary as lime is used to remove impurities during iron production.

What’s next?

From here, Calix plans to carry out larger-scale testing of its ZESTY process dependent on a confirmation from its current small-scale testing. This upsized study would be undertaken with ores from a potential customer that the company has already engaged in discussions with.

Commenting on the new technology, Calix CEO Phil Hodgson stated:

These are early days for the Calix ZESTY technology, however, given the materiality of both the potential for our technology in iron and steel production and the size of the environmental challenge, being similar to the one our LEILAC business is addressing, we will be pursuing this opportunity as quickly as possible – the world cannot wait any longer.

Finally, based on the current Calix share price, the company now holds a market capitalisation of $1.15 billion.

The post Here’s why the Calix (ASX:CXL) share price is up 17% on Friday appeared first on The Motley Fool Australia.

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• Why Calix, Fortescue, Link, and Zip shares are jumping today

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

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