Category: Stock Market

Today, the S&P/ASX 200 Index (ASX: XJO) experienced a bumpy ride as it bounced between positive and negative. Unfortunately, it was on the negative side of the fence that the market decided to settle on by the end of the day. In specific terms, the benchmark index finished 0.28% lower at 7,384.5 points.

Despite oil prices rising overnight, energy shares acted as the benchmark’s biggest detractor on Thursday. Likewise, tech companies failed to find sympathy among investors, with the sector being another laggard on the market today. Meanwhile, healthcare and utilities provided some buoyancy to an otherwise lackluster session.

The question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Novonix Ltd (ASX: NVX) was the biggest gainer today. Shares in the battery materials and technology company climbed 5.93% despite there being no announcements out. Find out more about Novonix here.

The next biggest gaining ASX share today was Imugene Ltd (ASX: IMU). The clinical-stage immuno-oncology company gained 5.21%. Once again, this move to the upside occurred without any news being published by the company today. Uncover the latest Imugene details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Novonix Ltd (ASX: NVX)	$9.64	5.93%
Imugene Ltd (ASX: IMU)	$0.505	5.21%
AGL Energy Ltd (ASX: AGL)	$5.84	4.66%
Sydney Airport (ASX: SYD)	$8.59	2.87%
Lifestyle Communities Ltd (ASX: LIC)	$21.03	2.04%
Liontown Resources Ltd (ASX: LTR)	$1.54	1.99%
Steadfast Group Ltd (ASX: SDF)	$4.88	1.88%
IGO Ltd (ASX: IGO)	$10.38	1.87%
NIB Holdings Ltd (ASX: NHF)	$6.81	1.79%
Brambles Ltd (ASX: BXB)	$10.60	1.73%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Sydney Airport takeover update, Santos falls
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX shares today
• ANZ Bank (ASX:ANZ) spruiks $400m tech rebuild with mortgage approval in 10 min
• 5 things to watch on the ASX 200 on Wednesday

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

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The Zoom2U Technologies Ltd (ASX: Z2U) share price lived up to its name today, zooming 26% to a high of 47 cents in early trading. This follows the Australian-owned delivery platform’s acquisition of the Local Delivery Shopify App. 

Zoom2u announced that it has agreed to buy the assets associated with Local Delivery for $880,000. The assets include “all intellectual property … and existing customer relationships of approximately 570 e-commerce businesses in over 45 countries”.

Marketed as a same-day delivery company employing local drivers, Zoom2U said this acquisition would allow it to expand its footprint into North America and the United Kingdom. 

At the close of trade, the Zoom2U share price was swapping hands 11.6% higher at 38 cents apiece.

Why is this good news for Zoom2u? 

Zoom2u founder and CEO Steve Orenstein said the purchase aligned with its recent initial public offering (IPO) company prospectus for acquiring software as a service (SaaS) businesses that would provide Zoom2U with new customer bases. 

The acquisition is hoped to push the Locate2u subscription-based software to existing and new local delivery customers, allowing e-commerce businesses to deliver their products in the quickest, most effective ways possible by optimising driving routes, tracking and communicating with drivers, and giving consumers accurate estimations of arrival.

Potential revenue growth is also an upside, Zoom2u says. The Local Delivery App currently brings in an annual recurring revenue (ARR) of around AU$145,000, which it hopes can be further utilised to convert new customers.

Said Orenstein:

The combination of the Local Delivery App and Locate2u will enable Shopify Merchants to provide an end-to-end delivery solution to their customers. The acquisition opens up significant opportunity to grow the Locate2u product globally… 

We will initially deploy limited sales resources to these regions to exploit the data base and prove up our ability to sell into these markets.

The purchase will be possible with cash on hand that was allocated for international growth, the company said.

Investors will be able to attend a webinar to further discuss the matter on Tuesday, 14 December. 

About the Zoom2u share price

The Zoom2U share price hit its second-lowest mark at 34 cents yesterday, challenged only by its low in September after it first listed on the ASX.

On 20 September, it shot up 19% after entering a contract agreement with Telstra Corporation Ltd (ASX: TLS) offering free two-hour delivery of Apple and Samsung handsets to homes in selected areas of Sydney, Melbourne and Brisbane.

At the time of writing, the company has a market capitalisation of more than $44 million.

The post Here’s why the Zoom2u (ASX:Z2U) share price zoomed 26% higher today appeared first on The Motley Fool Australia.

More reading

• DigitalX share price leaps 19% on Sell My Shares update
• Is the Flight Centre (ASX:FLT) share price good value after falling 16% in a month?
• Woodside (ASX:WPL) share price dips as company eyes east coast market
• Oil Search (ASX:OSH) share price dips despite PNG court approval of Santos (ASX:STO) merger
• These 3 ASX 200 shares are topping the volume charts this Thursday

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended Telstra Corporation 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 DigitalX Ltd (ASX: DCC) share price is storming higher towards the end of market trade on Thursday. This comes after the company released an update on its recently acquired digital share trade execution business, Sell My Shares.

At the time of writing, the blockchain and asset management services provider’s shares are fetching for 10.5 cents, up 19.32%.

What did DigitalX announce?

Investors are fighting to get a hold of DigitalX shares following the company’s positive release.

In a statement to the ASX, DigitalX advised it has integrated the Drawbridge mobile application with Sell My Shares. This will enable employees and directors to quickly execute trades which have been approved under their company’s share trading policy.

DigitalX noted that the feature marks an important milestone to commercialise Drawbridge, and reap the rewards. The business application focuses on opening revenue streams through trading proceeds in addition to a software as a service model.

Furthermore, the company stated it has beefed up the Sell My Shares team with the appointment of Peter Hume. Taking on the role as product owner, Mr Hume will be tasked with executing on product improvement and growth opportunities.

An experienced technologist, Mr Hume formerly held positions chief technology officer (CTO) of stock market information platform, Market Index. He also co-founded and served as CTO of savings and digital asset investment app, Bamboo.

Pleasingly, it appears the Sell My Shares business is exceeding growth targets following DigitalX’s acquisition on 30 September. As such, the first two months has experienced revenues of 35% greater than originally forecasted in the purchase agreement.

Quick take on DigitalX

Founded in 1998, DigitalX is an Australian technology and investment company focused blockchain technology development and digital assets funds management.

DigitalX gives investors a way to gain digital asset exposures through a secure and accessible platform.

The company operates through three segments, blockchain consulting and development, asset management, and other. The latter relates to governance, finance, legal, and risk management, company secretarial and management of the corporate entity.

DigitalX share price snapshot

Adding to today’s gain, the DigitalX share price has surged by more almost 30% over the past 12 months. However, when looking at year-to-date, its shares are treading around 12% higher.

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

The post DigitalX share price leaps 19% on Sell My Shares update appeared first on The Motley Fool Australia.

More reading

• Here’s why the DigitalX (ASX:DCC) share price is leaping 9% today
• The DigitalX share price has tumbled 30% in 8 days. What’s happening?
• Why did the DigitalX (ASX:DCC) share price fall 10% this morning?

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 Flight Centre Travel Group Ltd (ASX: FLT) share price is under pressure on Thursday.

In afternoon trade, the travel agent’s shares are down 2% to $17.64.

This means the Flight Centre share price is down 16% since this time last month.

Is the Flight Centre share price in the buy zone now?

Despite its disappointing decline over the last few weeks, the team at Goldman Sachs continue to sit on the fence with the Flight Centre share price.

According to a note out of the investment bank this morning, the broker has retained its neutral rating on the company’s shares.

However, its new price target of $20.40 still implies attractive upside of 15.5% over the next 12 months

What did the broker say?

Goldman has been looking at the Omicron variant of COVID-19 and the impact it could have on the travel market.

It commented: “Our global macro team published 4 scenarios on the Omicron variant and early signs indicate that it is likely more consistent with the downside scenario which implies a large Q1 infection wave but with vaccines still protecting against a severe disease resulting in lower hospitalization rates.”

“In our view, the implications for travel from this scenario would be an initial slowdown in searches and interest driven by the uncertainty, followed by a quick recovery. However, travel is likely to remain impacted for longer for the Southern African regions where travel bans have been imposed by several countries,” it added.

The good news is that after weighing everything up, the broker sees disruption in FY 2022 but no real impact in FY 2023.

Goldman explained: “We’ve always expected to see occasional hiccups like new variants to impact recovery through the roadmap to global full recovery in FY24. However, FLT has a significant business in South Africa, which has also been one of the leads in terms of recovery. We expect a slowdown in recovery in the EMEA region in late 1H22 and early 2H22. We however make no changes to our outlook into FY23 and beyond as a result of the Omicron outbreak.”

Though, as mentioned above, it isn’t enough for Goldman to be a little more positive on the Flight Centre share price. It continues to prefer Webjet Limited (ASX: WEB), as discussed here.

The post Is the Flight Centre (ASX:FLT) share price good value after falling 16% in a month? appeared first on The Motley Fool Australia.

More reading

• ASX 200 retail shares lift as Aussies head into Christmas with $240bn in savings
• Why is the Flight Centre (ASX: FLT) share price soaring 6% higher today?
• Here’s why ASX 200 travel shares are taking off today
• Flight Centre (ASX:FLT) shares have a 13% short interest. What does this mean?
• These are the 10 most shorted ASX shares

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The Woodside Petroleum Limited (ASX: WPL) share price is struggling today despite its plan to supply gas to Australia’s east coast.

The company has entered a memorandum of understanding with Viva Energy Group Ltd (ASX: VEA).

The understanding could see Woodside shipping gas from its Western Australia projects using Viva Energy’s planned LNG regasification Victorian terminal.

At the time of writing, the Woodside share price is $22.25, 0.67% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has been wobbling today. Right now, it is up 0.12%.

Let’s take a closer look at the energy giant’s plan for the east coast.

Woodside share price slips despite east coast push

It’s a rough day for the Woodside share price despite the company’s potential partner announcing the pair’s plans.

Viva Energy announced its exclusive discussions with Woodside to progress a capacity rights agreement at Viva Energy’s proposed Gas Terminal Project.

The terminal could enable Woodside to supply and regasify LNG to Australia’s eastern states.

According to Viva Energy, the Australian Energy Market Operator believes that a gas shortfall could emerge in Victoria as early as 2023.

Viva Energy is expecting to make a final investment decision on the terminal in the third quarter of 2022. It’s planning to build the terminal in Geelong.

Viva Energy CEO Scott Wyatt said that Woodside’s use of the terminal could see it forming “virtual pipelines”, delivering LNG to the east coast domestic market. He stated:

This can be achieved more efficiently and with lower environmental impact than building new pipeline infrastructure to transport gas from other domestic gas sources to the east coast Australian gas market…

Woodside’s experience and capability in LNG supply, shipping, terminals, and international gas markets will assist us in progressing the Gas Terminal Project to a final investment decision.

Woodside CEO also commented on the news, saying:

Our [memorandum of understanding] with Viva Energy presents an opportunity for Woodside to supply reliable, cost-competitive LNG from our Western Australian projects and global portfolio into the east coast gas market, which is predicted to face a shortfall in coming years.

Today’s drop included, the Woodside share price is 2% lower than it was at the start of 2021. It has also fallen 4% over the last 30 days.

The post Woodside (ASX:WPL) share price dips as company eyes east coast market appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• Woodside (ASX:WPL) share price rises on $5 billion new energy plan
• Why has the Woodside (ASX:WPL) share price had such a slow start to December?
• 5 things to watch on the ASX 200 on Wednesday
• Why did the Woodside (ASX:WPL) share price go backward in November?

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 Oil Search Ltd (ASX: OSH) share price is in reverse today. This comes after the energy company revealed the National Court of Papua New Guinea’s decision regarding its merger scheme with Santos Ltd (ASX: STO).

During late afternoon trade, Oil Search shares are trading 1.43% lower to $4.14 apiece. The S&P/ASX 200 Index (ASX: XJO) is also down today by 0.07% to 7,400.2 points.

What was the decision?

In today’s statement, Oil Search advised that it has received approval from the National Court of Papua New Guinea in regards to its merger with Santos.

This is another key hurdle within the merger implementation deed that needed to be satisfied. Previously, the company required its shareholders to vote in favour of the transaction, which passed with flying colours.

The latest approval takes Oil Search and Santos one step closer to becoming a super oil and gas company.

Under the scheme, Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held.

Once the transaction is completed, this will give Oil Search shareholders a 38.5% stake in the newly-merged entity. Santos shareholders would retain the remaining 61.5% interest.

Oil Search expects to lodge a certified copy of the orders with the Papua New Guinea Registrar of Companies tomorrow. This will make the scheme effective and Oil Search will apply to have its shares suspended.

Both Oil Search and Santos are hoping to create the largest oil and gas company listed on the ASX. The merged company will have a diversified portfolio of long-life and low-cost assets with significant growth options.

Oil Search share price summary

Since this time last year, the Oil Search share price has risen by more than 10%.

The company’s shares have moved sideways for most of 2021 amid uncertainty in the global economic recovery.

Based on today’s price, Oil Search commands a market capitalisation of $8.6 billion and has 2 billion shares outstanding.

The post Oil Search (ASX:OSH) share price dips despite PNG court approval of Santos (ASX:STO) merger appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Sydney Airport takeover update, Santos falls
• Santos (ASX:STO) share price edges higher amid Barossa project sale
• 5 things to watch on the ASX 200 on Thursday
• Santos (ASX:STO) share price climbs as merger clears key PNG hurdle
• Why Life360, Oil Search, Telix, and Zip shares are storming higher

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 S&P/ASX 200 Index (ASX: XJO) seems like it doesn’t quite know what it wants for this Thursday’s trading. At the time of writing, the ASX 200 is down, but only just, falling 0.07% at 7,400 points. That comes after stints in both positive and negative territory earlier.

But rather than trying to figure all that out, let’s instead check out the ASX 200 shares currently topping the ASX trading volume charts, according to investing.com.

3 most active ASX 200 shares by volume on Thursday

Telstra Corporation Ltd (ASX: TLS)

Telstra is our first ASX 200 share topping the charts so far today, with a sizeable 9.72 million shares finding new owners so far. However, there’s not a lot in the way of news or announcements out of this telco this Thursday. In saying that, we did get some news out of Telstra yesterday, with the announcement that the company had secured 2x10MHz from the government’s 850/900 MHz band auction for a cost of $6.16 million.

This sent Telstra shares up around 1% yesterday. But the telco has had a more muted day today, falling 0.15% so far to $4.05 a share. It’s probably a combination of these events that is pushing up Telstra’s volume today.

Ausnet Services Ltd (ASX: AST)

Energy retailer Ausnet is our next share up today. This ASX 200 share has seen an impressive 30.72 million of its shares swap hands on the markets today. It’s not entirely clear why this company has had such high levels of volume this Thursday. There are no major developments to report on, and the Ausnet share price is not doing much either – flat at $2.52 a share so far. It’s a strange situation to be sure.

Sydney Airport (ASX: SYD)

Our final and most traded ASX 200 share so far this Thursday goes to Sydney Airport. This infrastructure giant has had a whopping 38 million of its shares bought and sold so far today. We do have something of a smoking gun with this company though.

This volume can likely be attributed to the announcement this morning that the Australian Competition and Consumer Commission (ACCC) has decided to allow the proposed acquisition of Sydney Airport by the Sydney Aviation Alliance to go ahead. Sydney Airport shares have reacted positively to this news, up 2.87% to $8.59 a share.

The post These 3 ASX 200 shares are topping the volume charts this Thursday appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Sydney Airport takeover update, Santos falls
• Sydney Airport (ASX:SYD) share price lifts off after ACCC gives takeover green light
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX shares today
• ANZ Bank (ASX:ANZ) spruiks $400m tech rebuild with mortgage approval in 10 min

Motley Fool contributor Sebastian Bowen owns Telstra Corporation 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 owns and has recommended Telstra Corporation 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 OZ Minerals Limited (ASX: OZL) share price hit a post-GFC high today. This came after the ASX copper producer announced the sale of its holdings in two joint ventures (JVs) that could ultimately bring in more than $20 million in cash.

The OZ Minerals share price hit an intraday high of $27.23 in early afternoon trading today. That’s 1.22% up on its previous closing price.

It is also the highest price that OZ Minerals has traded for since mid-2008 as the global financial crisis was unfolding.

OZ Minerals told the ASX today that it has struck a $6.6 million deal to sell its 80% stake in the Jericho copper-gold system and its 70% holding in the larger Eloise copper project near Cloncurry in northwest Queensland.

The buyer is Demetallica, which is a subsidiary of OZ Minerals’ junior JV partner Minotaur Exploration Ltd (ASX: MEP).

Proceeds from the asset sales

The $6.6 million consideration is made up of a $475,000 non-refundable deposit and a $6.13 million payment. The second larger payment is due when Minotaur floats Demetallica via an initial public offering (IPO).

But these aren’t the only payments OZ Minerals could receive. It is also entitled to up to US$8.82 million (AU$12.3 million) from the copper mined at both projects.

The amount is calculated at the rate of US4 cents a pound on the ore that forms part of the measured and indicated resources or tonnes actually mined, exceeding 200,000 tonnes and capped at 300,000 tonnes.

OZ Minerals gets a further $2.75 million upon the publication or completion of a positive pre-feasibility study for Eloise and/or Jericho, or the commencement of mining within those areas.

OZ Minerals explains divestment rational

The projects weren’t of sufficient scale to keep OZ Minerals interested. This deal gives Demetallica options to develop and fund the projects, as well as look for other partners.

OZ Minerals chief executive, Andrew Cole said:

The resource at Jericho did not meet our requirements to continue so we have agreed for our partner’s subsidiary, Demetallica, to gain 100% ownership of the project.

Our exploration strategy is to partner with junior explorers who bring new ideas and regional expertise in a way that allows us to test theories and quickly determine the attractiveness of a project.

This is a good example of how our partnering approach allows us to continually turn over our portfolio of exploration projects as we search for our next material discovery. We look forward to continuing to work in partnership with MEP under our various joint ventures.

Demetallica’s asset portfolio ahead of IPO

The Jericho copper-gold system reported a maiden mineral resource estimate of 9.1Mt @ 1.4% copper (Cu) and 0.3g/t gold (Au).

Demetallica has also struck a deal with Sandfire Resources Ltd (ASX: SFR) to gain full control of Sandfire’s regional tenements and the Altia polymetallic deposit near Cloncurry.

The post Here’s why the OZ Minerals (ASX:OZL) share price hit a 13-year high today appeared first on The Motley Fool Australia.

More reading

• Investing for the future: why this fundie is optimistic on copper shares
• These are the biggest opportunities on the ASX in 2022: fund manager
• Looking to invest in the electrification and battery theme? Here are 5 ASX shares to consider

Motley Fool contributor Brendon Lau owns OZ Minerals Limited and Sandfire Resources NL. 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 Azure Minerals Limited (ASX: AZS) are in the green today and are now trading 7% higher at 36.5 cents apiece.

Azure’s share price jumped from the open and rallied as much as 10% to 41 cents before smoothing off to its current intraday low.

Investors responded positively to a company announcement out of Azure’s camp today which updated the market on the Andover Project. Here are the details.

What did Azure announce?

The company advised that it has intersected ”substantial massive nickel and copper sulphide mineralisation” on a site that sits as part of the Andover Project.

It has also discovered a new zone of nickel and copper sulphide mineralisation at the Skyline prospect, also located at the site in WA.

Results were obtained as a part of Azure’s ongoing drilling program at the site. To date, 133 diamond drill holes have been completed at the site for a total of 58,808 metres across various prospects.

For instance, there have been 102 holes drilled at VC-07 East, 20 holes at VC-07 West, 8 holes at VC-23 and 3 holes at Skyline

Azure notes that 2 diamond drill rigs are currently drilling on the VC-07 West prospect while a third rig, having completed drilling the three holes at Skyline, is now drilling on an anomaly at the VC-18 East EM prospect.

The initial drilling program at Skyline intersected intervals of nickel and copper sulphide mineralisation at the modelled depths. The holes have been sampled and assays are awaited.

These mineralised intervals coincide with the electromagnetic (EM) conductors identified by surface EM surveys. Azure reckons this confirms that the “presence of EM conductance is a very strong indicator for the presence of nickel and copper sulphide mineralisation in the Andover intrusive complex”.

Meanwhile, the VC-07 west site has shown “significant intersections of nickel and copper sulphide mineralisation with portable XRF confirming massive sulphide zones contain high grades of nickel and copper”.

Follow-up drilling for both Skyline and VC-23 is expected to be carried out in the first quarter of 2022, per the release.

Management commentary

Commenting on the announcement, Azure Minerals Managing Director, Tony Rovira said:

We’re very pleased that our regional exploration drilling has got off to such a great start with a new Ni-Cu sulphide discovery made at the Skyline prospect. The first three holes all intersected Ni-Cu sulphide mineralisation coinciding with EM conductors, confirming that on the Andover Project, electrical conductance continues to be associated with sulphide mineralisation.

Rovira continued:

Meanwhile our drilling continues to intersect substantial Ni-Cu sulphide mineralisation within the VC-07 mineralised corridor, with the latest massive sulphide intersections at VC-07 West also coinciding with electromagnetic conductors. With multiple mineralised drill hits and extensions of the EM conductors that have yet to be drilled, VC-07 West looks promising for hosting significant Ni-Cu sulphide mineralisation

Today’s gains are a welcomed reversal for Azure shareholders who’ve watched the share price slide more than 53% in the last 12 months.

This year to date things aren’t faring much better, with shares falling another 30% since January 1.

The post Azure Minerals (ASX:AZS) share price leaps 10% on new copper and nickel discoveries appeared first on The Motley Fool Australia.

More reading

• Here’s why the OZ Minerals (ASX:OZL) share price hit a 13-year high today
• Why Alcidion, Magellan, Redbubble, and Seven West shares are dropping
• Why Hipages, IGO, Talga, and Vulcan shares are storming higher
• Own Coles (ASX:COL) shares? Here’s how the share price performed in November
• What’s boosting the Electro Optic (ASX:EOS) share price today?

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to continue its winning streak but is falling just a touch short. At the time of writing, the benchmark index is down slightly to 7,401.7 points.

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

Alcidion Group Ltd (ASX: ALC)

The Alcidion share price is down 14% to 27.5 cents. This follows the completion of the institutional component of the healthcare technology company’s capital raising. Alcidion raised a total of $43.4 million at a 21.9% discount of 25 cents per new share. These funds are being used to acquire UK healthcare technology company Silverlink PCS Software.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down a further 4.5% to $28.98. This fund manager’s shares have been sold off this week following the surprise exit of its Chief Executive Officer, Dr Brett Cairns. Magellan advised that Dr Cairns is leaving for personal reasons. The company has promoted its Chief Financial Officer, Ms Kirsten Morton, to the top job on an interim basis.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has sunk 9% to $3.01. This ecommerce company’s shares have been sold off this week after being dumped out of the ASX 200 at the quarterly rebalance. In other news, this morning UBS initiated coverage on this ecommerce company’s shares with a neutral rating and $3.45 price target.

Seven West Media Ltd (ASX: SWM)

The Seven West Media share price is down 3% to 62 cents. This is despite the media company’s takeover of Prime Media Group (ASX: PRT) getting a boost today. This morning the Australian Competition and Consumer Commission (ACCC) revealed that it will not oppose the sale of Prime’s business and assets to Seven. Shareholders will be voting on the transaction later this month.

The post Why Alcidion, Magellan, Redbubble, and Seven West shares are dropping appeared first on The Motley Fool Australia.

More reading

• Seven West Media (ASX:SWM) share price dips despite ACCC green light on Prime Media deal
• Why is the Alcidion (ASX:ALC) share price down 14% today?
• The Magellan (ASX:MFG) share price has lost 40% in 6 months. What now?
• Why Carsales, Magellan, Nickel Mines, and Sigma shares are dropping
• Alcidion (ASX:ALC) share price halted amid acquisition news

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

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