Category: Stock Market

The Origin Energy Ltd (ASX: ORG) share price is beating out its smaller energy peer, AGL Energy Limited (ASX: AGL), in November. Interestingly, it has been a month of relative radio silence from both ASX-listed companies. Likewise, the share prices of both energy retailers are in the red this month as we move towards December.

In November, the Origin share price has slipped 2.6% with hardly a peep from the company. Meanwhile, shares in AGL have suffered a 6.8% fall this month with little news, other than a Jobkeeper payments notice.

Let’s take a closer look at what’s been going on.

AGL keeps on sinking

It’s time to compare the Origin and AGL share price so far in November. To kick it off, let’s focus on what has been happening on the AGL front.

The share price destruction for AGL shareholders continues to be relentless. Earlier in the month, the 184-year-old company set a new 52-week low of $5.10. Though, in actuality, this was a multi-decade low for the AGL share price, not having been this low since the year 2000.

This disappointing achievement arrived at the doorstep of shareholders despite there being no price-sensitive announcement so far this month. In fact, the only notable news from the company was its declaration regarding Jobkeeper payments made to AGL during FY20 and FY21.

According to the release, the utility company received payments from the government for 70 individuals in FY20 and 66 individuals in FY21. This amounted to total Jobkeeper payments to AGL of $1,574,300 across the two financial periods.

Perhaps rubbing investors the wrong way, AGL has not made any voluntary repayment of the subsidies. This is despite numerous other ASX-listed businesses opting to pay back at least some of the taxpayer dollars that helped retain employees through the brunt of COVID-19.

Origin share price outperforms on a quiet month

It seems the less news the better is the case for the Origin share price this month. While it was quiet for AGL, it was even quieter for the larger electricity generator and retailer.

Investors are possibly still coming off the high from last month’s $2.12 billion sale of a 10% interest in Australia Pacific LNG. Furthermore, the transaction is expected to be completed by 31 December 2021. That means a $2 billion sugar hit is coming to the Origin balance sheet very soon.

Positively, the sale will allow the company to pay down its debts. At the end of June 2021, Origin had a debt of $4.939 billion, compared to cash of $898 million.

The Origin share price is still underperforming the S&P/ASX 200 Index (ASX: XJO) over the past year.

The post Why is the Origin (ASX:ORG) share price outperforming AGL in November? appeared first on The Motley Fool Australia.

More reading

• Here’s why this top broker is tipping 40% upside for the AGL (ASX:AGL) share price
• Does the AGL share price really offer a 14% dividend yield?
• The AGL (ASX:AGL) share price has lost 8% so far this month. What’s next?
• The AGL (ASX:AGL) share price is at all-time lows. Here’s why this fundie still thinks it’s poor value
• Here’s why the Origin (ASX:ORG) share price has outperformed the ASX 200 over the last 3 months?

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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The Australian Foundation Investment Co Ltd (ASX: AFI) has been an ASX stalwart for decades. Since it first opened its financial doors in 1928, AFIC (as it’s more easily known) has built a reputation as a listed investment company (LIC) focused on strong, stable and robust returns. In an age before anyone had heard of an exchange-traded fund (ETF), this was a useful reputation to have.

And it’s one that AFIC has arguably upheld in this modern age. According to the company’s website, AFIC shares have returned an average of 13.2% per annum over the past 10 years (including the benefits of franking). That is a significant outperformance of the S&P/ASX 200 Accumulation Index, which has returned 11.6% per annum over the same period (also including franking).

Dividends: Has AFIC still got it?

One of the main attractions that investors have towards AFIC is the company’s history of dividend payments. AFIC has paid out a biannual dividend for decades now, and one that has tended to rise over time.

With talk of inflationary pressures returning to investors’ minds with a vengeance in 2021, dividends are arguably more important than they have been for years. This, AFIC is happy to tell us, is a primary concern for this company. Here’s what it has to say on its dividend policy:

As a long-term investor, our primary method of communicating value to our shareholders is through a growing stream of fully franked dividends. We aim to provide shareholders with real income growth through dividends growing at a greater rate than inflation.

So AFIC promises investors that it will ‘aim’ to ensure its dividends not only keep pace with inflation but outstrip it, compensating investors over and above for its wealth-destroying effects.

So how do AFIC’s dividends measure up in this regard?

Well, here is a table of AFIC’s dividend payments over the past decade or so, against the Australian inflation rate (sourced from rateinflation.com):

Year	AFIC fully-franked dividend (cents per share)	Rise over previous year	Annual inflation rate
2011	21	–	3.3%
2012	21	–	1.8%
2013	22	4.76%	2.4%
2014	22	–	2.5%
2015	23	4.55%	1.5%
2016	24	4.35%	1.3%
2017	24	–	1.9%
2018	24	–	1.9%
2019	32	33.3%	1.6%
2020	14	(56.25%)	0.8%
2021	14	–	~2.63% over first 3 quarters

A mixed bag when it comes to inflation

So as you can see, AFIC’s dividends have done a pretty decent job keeping ahead with inflation, with the obvious caveat that we haven’t seen this continuing over the past 2 years. The coronavirus pandemic has played havoc with both inflation and the share market. And while inflation seems to be stepping up more recently, AFIC’s dividend payments have yet to catch up. We can probably blame the dividend drought of 2020 for this.

As a LIC, AFIC holds an underlying portfolio of ASX shares, the most prominent of which are the blue chips like Commonwealth Bank of Australia (ASX: CBA) and Westpac Banking Corp (ASX: WBC). Westpac and CBA (like the other ASX banks) slashed their dividend payouts last year in response to the threat COVID posed to the Australian economy. In turn, this means AFIC would have received fewer dividends from its holdings, hampering its capacity to fund its payouts.

So it remains to be seen whether AFIC’s 2022 dividends and beyond can return to the levels they were at before 2020 and, in turn, continue to keep up with inflation. So circle 24 January 2022 on your calendar – that’s when AFIC will release its interim results for FY2022, and we’ll probably find out what its next dividend will be.

At AFIC’s current share price of $8.18, this ASX LIC has a trailing dividend yield of 2.93%.

The post AFIC (ASX:AFI) aims to grow its dividends faster than inflation. Is it delivering? appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• These 3 ASX 200 shares are topping the volume charts this Monday
• Here’s why the BetaShares Crude Oil Index ETF (ASX:OOO) is sliding 5% today
• ASX 200 (ASX:XJO) midday update: Omicron hits Flight Centre, Domino’s jumps
• 5 things to watch on the ASX 200 on Monday

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

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Today, the S&P/ASX 200 Index (ASX: XJO) suffered a loss even after recovering much of the ground lost from this morning’s dramatic fall. At the end of the session, the benchmark index finished 0.54% lower at 7,239.7 points.

The market was in a state of panic today as fears of the new Omicron COVID-19 variant emerges. However, thanks to some green shoots in the tech and materials sector a major down day was diverted. On the red side, energy and property shares felt the pinch of potential impacts from the new viral strain.

However, 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, Bapcor Ltd (ASX: BAP) was the biggest gainer today. Shares in the automotive parts retailer gained 4.59% today, recovering partly from the fall that occurred last week after announcing the retirement of its CEO. Find out more about Zimplats here.

The next biggest gaining ASX share today was Domino’s Pizza Enterprises Ltd (ASX: DMP). The pizza chain operator rallied 4.43% to $130.60 despite no announcements from the company. Uncover the latest Domino’s Pizza Enterprises details here.

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

ASX-listed company	Share price	Price change
Bapcor Ltd (ASX: BAP)	$7.07	4.59%
Domino’s Pizza Enterprises Ltd (ASX: DMP)	$130.60	4.43%
Technology One Ltd (ASX: TNE)	$11.99	3.72%
Mineral Resources Ltd (ASX: MIN)	$45.08	3.56%
Mercury NZ Ltd (ASX: MCY)	$5.67	2.90%
Fortescue Metals Group Ltd (ASX: FMG)	$17.68	2.85%
Novonix Ltd (ASX: NVX)	$10.98	2.81%
Sonic Healthcare Ltd (ASX: SHL)	$42.70	2.64%
Latitude Group Holdings Ltd (ASX: LFS)	$2.05	2.50%
Pointsbet Holdings Ltd (ASX: PBH)	$7.42	2.49%

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

• Own Domino’s (ASX:DMP) shares? Here’s how Pizza Hut is coming for a bigger slice of the pie
• These 3 ASX 200 shares are topping the volume charts this Monday
• Here’s why the BetaShares Crude Oil Index ETF (ASX:OOO) is sliding 5% today
• Why Domino’s, Healius, Kogan, and Vulcan shares are pushing higher
• ASX 200 (ASX:XJO) midday update: Omicron hits Flight Centre, Domino’s jumps

Motley Fool contributor Mitchell Lawler owns shares of Sonic Healthcare Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Bapcor, Dominos Pizza Enterprises Limited, Pointsbet Holdings Ltd, and Sonic Healthcare 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 been a mad Monday on the ASX as the broader index struggled to mitigate a general sell-off, but the AnteoTech Ltd (ASX: ADO) share price has weathered the storm.

At the market close, the company’s stock is trading flat with its previous closing price of 19.5 cents.

Let’s take a look at what might have buoyed the biotechnology company’s stock today.

A challenging day for some healthcare shares

Some earlier points of Monday’s session looked like a blood bath, with a sea of red sweeping over the major indexes.

The broader ASX market improved this afternoon before dropping again, with the S&P/ASX 200 Index (ASX: XJO) trading down 0.37% at the close. The All Ordinaries Index (ASX: XJO) slumped 0.34%.

Their weak performance was also reflected in the S&P/ASX 200 Health Care Index (ASX: XHJ), which was down 0.68% at today’s close of trade.

The CSL Limited (ASX: CSL) share price was among the leaders of the plunge, sporting a 1.69% drop. Mesoblast Limited (ASX: MSB) and Nanosonics Ltd (ASX: NAN) shares are also in the red. They have fallen 2.98% and 1.9% respectively.

What’s keeping the AnteoTech share price afloat?

Luckily for investors, the AnteoTech share price hasn’t suffered alongside many of its peers.

As my Foolish colleague Bernd reported earlier today, there were a few healthcare heavyweights recording decent gains on Monday.

The AnteoTech share price might have been held steady by an expectation that the new COVID-19 variant, Omicron, could bolster additional demand for the company’s COVID-19 rapid diagnostic tests.

AnteoTech has developed a rapid testing platform that can be used to identify COVID-19. The company has previously signed agreements that will see its rapid diagnostic instruments distributed in Turkey, Cyprus, Greece, and Romania.

Additionally, the testing device was submitted to the Therapeutic Goods Administration in September for approval for use in Australia.

The post Here’s why the AnteoTech (ASX:ADO) share price has withstood today’s sell-off appeared first on The Motley Fool Australia.

More reading

• Own Domino’s (ASX:DMP) shares? Here’s how Pizza Hut is coming for a bigger slice of the pie
• Liontown (ASX:LTR) share price struggles despite premium lithium update
• Here’s why these 3 All Ordinaries shares just hit 52-week lows
• These 3 ASX 200 shares are topping the volume charts this Monday
• Why is the Strike Energy (ASX:STX) share price climbing 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. owns shares of and has recommended CSL Ltd. and Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Nanosonics 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 Domino’s Pizza Enterprises Ltd. (ASX: DMP) share price could come under investor scrutiny as its major competitor has announced growth plans.

Domino’s is one of Australia’s biggest fast food businesses. But key rival Pizza Hut has plans to muscle in.

Pizza Hut wants a bigger slice of the market

According to reporting by the Australian Financial Review, Pizza Hut Australia wants to double the size of its business within four years.

Its plan is to increase the number of Pizza Huts by more than 100% to over 500 within four years.

Pizza Hut, according to its management, has already lifted its market share from 7% to 9% since the onset of COVID-19.

A key way that the pizza peer wants to expand is with growth of delivery thanks to the utilisation of technology. Management boast that it has managed to reduce average delivery time from 49 minutes to 31 minutes.

According to the reporting, Pizza Hut is on track to achieve sales growth of 26% in the 2021 calendar year to $240 million (up from $190 million in the 2020 calendar year). The challenger is thinking it’s going to add 45 outlets in 2022 and has plans for 100 new stores in the works.

In the longer-term, Pizza Hut believes that it can reach 750 outlets beyond that 4-year period, perhaps as much as 800.

The business had been growing even before COVID-19 came along, but the pandemic has acted as an “accelerant”. Same store sales had increased by 13.7% for the 12 months to 31 October 2021 according to the reporting by the AFR.

One of the final insights from Pizza Hut was that it isn’t facing inflation pressures thanks to long-term contracts with its parent for the next two and a half years – management say that’s locked in.

Where does this leave Domino’s and the share price?

Domino’s is a much bigger business and also has plans to grow. In FY21, Domino’s Australia saw almost $1.3 billion of network sales. At the latest count, Domino’s Australia had grown its outlet count to 722.

In FY22, the overall Domino’s business had seen network sales growth of 8% (on top of 14.9% growth in FY21), with same store sales growth of 4.3%.

Domino’s continues to add store organically and geographically. The ASX share had a total of 3,167 outlets at the last count after opening 64 more stores and acquiring a network of 156 in Taiwan.

There are now eight markets where Domino’s has more than 100 outlets in a countries: Japan (842), Australia (722), France (454), Germany (377), the Netherlands (329), Taiwan (156), New Zealand (141) and Belgium (123).

Domino’s expects to more than double its business over the decade ahead with continued growth beyond that. It continues to look for opportunities in additional markets.

When the company released its FY21 result, it was expecting new store openings to be an increase of between 9% to 12% for its 3-year to 5-year outlook. By the end of 2023 it’s aiming to reach 4,000 stores and by 2033 it is aiming to hit 6,650 Domino’s stores.

Domino’s share price snapshot

Today, the Domino’s share price climbed around 4% after the volatility of last week relating to the Omicron variant of COVID-19.

The post Own Domino’s (ASX:DMP) shares? Here’s how Pizza Hut is coming for a bigger slice of the pie appeared first on The Motley Fool Australia.

More reading

• Why Domino’s, Healius, Kogan, and Vulcan shares are pushing higher
• ASX 200 (ASX:XJO) midday update: Omicron hits Flight Centre, Domino’s jumps
• 3 strong ASX growth shares for investors to buy in December
• 2 top ASX shares to buy and hold for a decade
• 2 excellent ASX growth shares to buy

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Dominos Pizza Enterprises 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 Liontown Resources Limited (ASX: LTR) share price failed to take off today despite the company’s positive announcement.

At market close on Monday, the lithium developer’s shares finished down 0.27% to $1.85.

What did Liontown update the ASX with?

It appears Liontown shares are taking a breather after zooming upwards 9.14% in the past week.

According to its release, Liontown advised that it has successfully completed a large-scale spodumene concentrate production program. Bulk samples were collected from the wholly-owned Kathleen Valley Project in Western Australia’s north-eastern Goldfields region.

The pilot program produced a large volume of 6% spodumene (Li2O) concentrate and a quantity of tantalum concentrate. Around 5 tonne of mineralised pegmatite from the company’s core inventory had been fed into the grinding mill.

The miner expects the successful operation to support both off-take negotiations and the planned lithium hydroxide downstream pre-feasibility study. Liontown is seeking to develop a leading second-generation lithium-tantalum mining and processing operation at Kathleen Valley.

Liontown managing director and CEO Tony Ottaviano commented:

The bulk sample testwork program is a key component of our thorough and exhaustive metallurgical testwork program for Kathleen Valley which continues to demonstrate Liontown’s commitment to evidence-based design.

The final product from the program will enable Liontown’s potential customers to test and pre-qualify our high-quality spodumene for operating in their refinery or toll-treaters. The product will also be used to support future detailed design engineering of our both our tantalum circuit and downstream lithium hydroxide refinery.

About the Liontown share price

It has been an outstanding 12 months for the Liontown share price, rising by more than 672% for the period. When looking at year to date, its gains are just as impressive, up around 513%.

The company’s shares reached an all-time high of $1.995 earlier this month, before settling back.

Based on today’s price, Liontown commands a market capitalisation of roughly $3.54 billion, with approximately 1.91 billion shares on issue.

The post Liontown (ASX:LTR) share price struggles despite premium lithium update appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• ASX 200 lithium shares in focus amid China supply shortage
• Top brokers name 3 ASX shares to buy next week
• Why Greenland Minerals, Liontown, Nearmap, and Pushpay shares are tumbling lower
• Why Liontown, Nearmap, Ramsay, and Xero shares are sinking 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 All Ordinaries Index (ASX: XAO) started the day poorly and bottomed soon after the open. It has since reclaimed some territory and is now trading 0.14% in the red at 7,589 points on last check.

Amidst the weakness, these 3 All Ordinaries shares are behind the pack today and kneeled to their 52-week lows during the session.

Kogan.com Ltd (ASX: KGN)

Shares in ecommerce company Kogan bottomed directly from the open today and posted a new 52-week low at $7.71. Kogan has since levelled back up above the All Ord’s and is now trading 3% in the green at $8.26.

Investors have responded poorly to Kogan’s trading update last week, where the market was expecting more out of the company.

Its adjusted EBITDA was down 61% this year to date, translating to just $1.8 million in growth over the prior year. This occurred as operating expenses increased by 9% on the first quarter to $15 million.

Shareholders also voted down Kogan’s board remuneration report at its annual general meeting (AGM). Luckily for the board, shareholders opted to retain its structure and voted against spilling over.

Kogan shareholders have been swimming in sea of red this year. Shares are well down off a high of $21.67 back in January and have given away another 17% in the past month.

Beston Global Food Co Ltd (ASX: BFC)

The Beston Global share price started well today, before collapsing, re-attempting to take off, and then falling to its intraday lows. At the time of writing, shares in the dairy and meat distributor are trading down 1.3% at 7.4 cents apiece.

Beston updated the market on its business activity last week, outlining several investment highlights. In it, the company says it wants to increase milk supply by FY23 to drive growth in base earnings and maximise capacity utilisation, targeting 170–180 million litres per annum.

However, it also explained that prices realised for uncontracted mozarella have been slightly below expectations due to Covid-19 lockdowns, whereas sales growth in its meat division has “lagged internal targets”.

The company also estimates a 6% growth in milk sales for FY22, and anticipates a 350% increase in lactoferrin production. Amid other estimates, this calls for group sales growth of 54% year on year.

However, the company also didn’t provide any specific profit or EBITDA guidance, instead stating the change is expected to be “large”, next to a green arrow.

Investors have punished Beston Global these past 3 months, with shares coming down in sawtooth-like fashion from a high of 9.3 cents back in September.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

Shares in the Australian bank were rangebound from the open and hit a 52-week low of $8.43 early in the session. They have since recovered somewhat and are inching higher at $8.62 apiece on last check.

Investors are showing a mixed reaction to Bendigo’s “digital transformation roadmap” presentation released last Friday.

In the report Bendigo covered several ‘digital initiatives’ it has already completed in FY20/21, alongside what’s in store for FY22/23.

For example it now accepts digital the full uploading of documents, and has partnered with Tyro Payments thereby reducing merchant systems by 85%.

Looking beyond F21, it wants to launch its new product and pricing engine, whereas in FY24, Bendigo wants its Rural Bank and Adelaide Bank integration completed.

Jefferies jumped in and re-rated Bendigo Bank to a buy with a $10 price target following the news, however investors aren’t enticed just yet. Aside from that, both Citi and JP Morgan are neutral on Bendigo Bank’s share price at the moment.

In the past 12 months, the Bendigo Bank share price has slipped over 5% in the red, after posting a loss of 7.5% this year to date.

The post Here’s why these 3 All Ordinaries shares just hit 52-week lows appeared first on The Motley Fool Australia.

More reading

• It’s a buy: Why did Jefferies just upgrade the Bendigo Bank (ASX:BEN) share price?
• Why Domino’s, Healius, Kogan, and Vulcan shares are pushing higher
• These are the 10 most shorted ASX shares
• The Kogan (ASX:KGN) share price just hit another 52-week low, its fourth this week. Can it fall any further?
• Kogan (ASX:KGN) share price falls amid remuneration second strike

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Bendigo and Adelaide Bank Limited and Kogan.com 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 S&P/ASX 200 Index (ASX: XJO) has shrugged off the steep falls we saw this morning, but is still starting the trading week off on the wrong foot so far this Monday. At the time of writing, the ASX 200 is currently down by 0.36% at 7,253 points.

But let’s not get too caught up in all that, and instead check out the ASX 200 shares that are currently topping the trading volume charts today, according to investing.com.

3 most active ASX 200 shares by volume on Monday

Vicinity Centres (ASX: VCX)

ASX real estate investment trust (REIT) Vicinity Centres is our first ASX 200 share today. Vicinity has seen a hefty 16.9 million units change hands so far today.

With no news or announcements out of this REIT today, we can probably assume this high volume is the result of the depressing fall this company has endured so far. Vicinity units are currently down by a nasty 5.06% at $1.69 each. It’s this steep selloff that has probably prompted this high volume we are seeing today.

Pilbara Minerals Ltd (ASX: PLS)

Our next ASX 200 share today is lithium producer Pilbara Minerals. Pilbara has seen a whopping 24.6 million of its shares bought and sold on the markets so far this Monday.

Unlike the other two companies on this list, Pilbara is actually in the green today, up 0.4% at $2.49 a share. But soon after open, it was a different story, with Pilbara collapsing down to $2.28 a share (down almost 4.5%). It’s this volatility that is probably behind this company’s place on this list today.

Telstra Corpoation Ltd (ASX: TLS)

Our final and most traded ASX 200 share on Monday so far is telco Telstra. This blue chip giant has witnessed a sizable 24.74 million of its shares find a new home today. Again, there is nothing major out with this company today, so we can probably also blame a share price slide for Telstra’s elevated trading volume.

The telco is currently down 1.23% at a flat $4 per share. Since Telstra is a massive company with a relatively low share price, even moves like this can often put a rocket under the company’s trading volumes.

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

More reading

• How does the Telstra (ASX:TLS) share price usually perform leading up to Christmas?
• Here’s why the BetaShares Crude Oil Index ETF (ASX:OOO) is sliding 5% today
• ASX 200 (ASX:XJO) midday update: Omicron hits Flight Centre, Domino’s jumps
• This sector could be a $50 trillion investment opportunity: expert
• 5 things to watch on the ASX 200 on Monday

Motley Fool contributor Sebastian Bowen owns shares of 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 shares of 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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Shares in oil and gas development company Strike Energy Ltd (ASX: STX) are trading up 3% in the green on Monday and are now swapping hands at 16.5 cents apiece.

Strike Energy shares started the session poorly and traded as low as 15 cents before reversing course and landing in the green in afternoon trade.

However, Strike Energy shares have been on the downward slope these past 2 months. They first wiped 34% off the slate back in October after the company’s maiden Perth Basin Gas Reserve came in well behind consensus estimates.

The trend has continued ever since. Today, investors are again responding poorly to a company update and have pushed the Strike Energy share price to 52-week lows.

Let’s take a closer look.

What did Strike Energy announce?

Strike Energy provided an update on the appraisal drilling operations at Walyering-5 (W5) in the Perth Basin on behalf of the EP447 joint venture (JV). Strike Energy is the operator and holder of a 55% interest in the JV, whereas Talon Energy (ASX: TPD) owns the other 45% stake.

The W5 well was designed to test the “updip potential of the Walyering wet-gas discovery, and on success recommence the development of the field, which stalled under previous ownership”.

Gas discovery at the site was made in the Jurassic Cattamarra Coal Measures, according to the company. Since acquiring the asset, Strike has expanded its surface area and carried out 90km2 of 3D seismic over the historical Walyering wells.

Today, Strike Energy advised that drilling is now complete at the 8.5 inch production hole section of W5 down to 3,435 metres measured depth (MD).

According to the release, the well reached total depth in only 13 days – 8 days ahead of schedule. During the drilling of the production hole, Strike Energy intersected the primary targets in the Cattamarra Coal Measures (CCM).

Positive indications of the presence of gas and conventional quality reservoir were observed whilst drilling targets in the CCM.

These were encountered close to estimates at depths of 3,098 metres and 3,176 metres MD respectively. Strike Energy observed, “elevated mud gas levels, low weight on bit penetration and well sorted, coarse grained sands in the cuttings when drilling through the A Sand, before encountering similar conditions in the B Sand”.

It has since pulled out of the hole and commenced “wireline logging operations over the open hole section” in order to determine the significance of these observations.

Moving forward, the company says that it will acquire a “full suite of wireline logs over the target reservoirs before running the 5.5 inch” casing and cementing in place.

Investors were chasing more substance from the news and have consequently been dormant on Strike Energy shares in today’s session.

Strike Energy share price snapshot

The Strike Energy share price has been swimming in a sea of red these past 12 months. In that time, it has posted a loss of almost 39%, after sliding another 42% this year to date.

In the last month, it is also down 3% and has fallen around 6% in this past week. Each of these returns is behind the S&P/ASX 200 Index (ASX: XJO)’s return of around 10% in the last year.

The post Why is the Strike Energy (ASX:STX) share price climbing today? appeared first on The Motley Fool Australia.

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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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