Category: Stock Market

Motley Fool Australia Chief Investment Officer Scott Phillips joined Nine’s Late News on Tuesday night to discuss the day on the ASX, including a strong reopen for NSW, a nice lift in business confidence, and a new airline for Australia’s skies.

The post NSW cash splash, business confidence up, Qantas (ASX:QAN) down on Bonza news. Scott Phillips on Nine’s Late News appeared first on The Motley Fool Australia.

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• Qantas (ASX:QAN) share price falls amid new budget airline competition
• Will the Qantas (ASX:QAN) share price follow Ryanair’s surge on reopening?
• Top brokers name 3 ASX shares to buy next week
• International borders will reopen soon. Why is the Qantas (ASX:QAN) share price stalling?

Motley Fool contributor Scott Phillips 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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ASX copper shares have, broadly, enjoyed a very strong 12 months. Particularly the first of those 6 months, which saw copper prices hit all-time highs.

Over the past 12 months Oz Minerals Ltd (ASX: OZL), for example, is up 58%. Over the last 6 months, however, the Oz Minerals share price is down 3%.

It’s a somewhat similar story with ASX copper share Sandfire Resources Ltd (ASX: SFR). Sandfire’s share price is up 33% over the past 12 months, while it’s only gained 5% in the past 6 months.

For some comparison, the All Ordinaries Index (ASX: XAO) is up 18% in 12 months and up 4% over the past 6 months.

The copper price and ASX copper shares

While many factors determine the price investors are willing to pay for ASX copper shares, the price of the red metal is a crucial ingredient. That’s because the bulk of any increase in the price of copper goes straight to the bottom line. Conversely, any decrease means lower profit margins.

Copper prices surged coming out of the initial panic caused by the global pandemic. And prices kept on running higher, fuelled by booming demand for EVs, grid storage, wind turbine production, and the wider green energy transition.

This time last year, one tonne of copper was trading for US$6,740. On 5 July the red metal hit record highs of US$10,417 per tonne. That’s partly why we saw the ASX copper shares do so well in the first half of the year.

Since then, copper has retraced and is currently trading for US$9,465 per tonne. While that’s down from its record highs, it’s still well above historic prices.

And, according to the International Monetary Fund’s World Economic Outlook report, just out today, copper could join other clean energy transition metals to run far higher from here.

What did the IMF report forecast?

According to the IMF, global copper production was valued at US$123 billion in 2020.

And, in what could spell good news for ASX copper shares, that value could ramp up, particularly under the “Net Zero by 2050 emissions scenario”.

Citing copper among the critical metals for green technology, the IMF report said that, “the demand for some metals would increase with more certainty because they are used across a range of low-carbon technologies (copper, nickel, and manganese, for example)”.

The report went on to state, “In the IEA’s Net Zero by 2050 emissions scenario … copper shows a twofold increase in total consumption”.

And much of the increase in forecast demand would come sooner rather than later:

The scenario also implies that the growth in metal demand would initially be very high between now and 2030 and slow down over time because the switch from fossil fuels to renewables requires large initial investments.

Now you may be wondering, if there’s a big boost in demand for metals like copper, why don’t producers step in with an equal increase in supply?

The answer, as the IMF report points out, is that, “Copper, nickel, and cobalt are extracted in mines, which often require capital-intensive investment and take as long as 19 years to construct.”

That’s quite a planning horizon!

For that reason, “Results show that supply is quite inelastic over the short term but more elastic over the long term. A demand-induced positive price shock of 10 percent increases the same-year output of copper by 3.5 percent…”

Forecasts and ASX copper shares

It’s important to remember that any type of multi-year forecast is just that. A forecast. Any number of factors can change over the years that might not align with today’s assumptions.

As the IMF report notes, “High uncertainty surrounds the demand scenarios. First, technological change is hard to predict. Second, the speed and direction of the energy transition depend on policy decisions.”

But, if the report’s forecast on the demand for critical green energy metals is right, that should offer some welcome tailwinds for ASX copper shares.

The post Why this IMF forecast could spell good news for ASX copper shares appeared first on The Motley Fool Australia.

More reading

• ASX set to welcome first cryptocurrency ETF… but there’s a catch
• Here are the top 10 ASX shares today
• Gascoyne (ASX:GCY) share price slides 9% after board rejects takeover
• Coles (ASX:COL) share price lifts amid CEO’s forecast of record Christmas
• Could the AGL (ASX:AGL) share price reach $7.50 by the end of 2021?

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 ASX is home to more exchange-traded funds (ETF)s than most of us could imagine. Sure, you have the vanilla index funds like the Vanguard Australian Shares Index ETF (ASX: VAS) that remain uber-popular. But there are also ETFs covering what seems to be everything under the sun.

There are ETFs for crude oil, gold, silver, platinum and palladium exposure. Want an ETF that tracks the South Korean economy? Easy. Or Indian shares? Done. ASX ETFs also cover cash, property or government bonds. Like we said, everything under the sun.

Well, not exactly. There is one glaring exception. And that would be cryptocurrencies like Bitcoin (CRYPTO: BTC). Cryptos are perhaps the only major asset class not covered by an exchange-traded fund on the ASX today.

But that might be about to change.

ETF provider BetaShares has just announced that it will be launching a cryptocurrency-based ETF, a first on the ASX. It will be known as the BetaShares Crypto Innovators ETF and will have the ticker code ‘CRYP’.

There is a catch though. This ETF won’t be directly investing in cryptocurrencies like Bitcoin, Ethereum (CRYPTO: ETH) or even Dogecoin (CRYPTO: DOGE). Rather, it will be focusing on the “global companies driving the rapidly growing crypto economy”.

Will this new cryptocurrency ETF invest in Bitcoin?

BetaShares tells us that CRYP will “aim to track an index comprising a focused portfolio of more than 30 leading crypto innovators”, including Coinbase Global Inc (NASDAQ: COIN), Riot Blockchain Inc (NASDAQ: RIOT) and MicroStrategy Incorporated (NASDAQ: MSTR).

In this way, BetaShares is aiming to tap “picks and shovels” exposure to crypto rather than directly holding cryptocurrency assets — and the “complications” that come with it. You can expect CRYP’s other holdings to contain companies that enable “crypto mining equipment, crypto trading venues, and other key services that allow the crypto economy to thrive”.

According to a report in the Australian Financial Review (AFR) today, BetaShares CEO Alex Vynokur says the company is still aiming to release an ETF backed directly by cryptocurrencies but reckons the regulatory framework just isn’t there yet.

“But we’re well on our way,” he told the AFR. “An ETF structure provides much-needed investor protection, and transparency and accountability, things that investors don’t get now buying cryptocurrencies in unregulated venues.”

It’s not BetaShares’ first attempt at a crypto-focused ETF though. Back in 2018, BetaShares announced its intentions to launch a similarly-themed ETF called the BetaShares Global Blockchain Innovators ETF (ASX code was to be BLOK). However, this ETF never launched and has presumably been put on ice.

Hopefully, this new cryptocurrency ETF from BetaShares will fare a lot better than its predecessor.

The post ASX set to welcome first cryptocurrency ETF… but there’s a catch appeared first on The Motley Fool Australia.

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• What happened to the Bitcoin price in the FY22 first quarter?
• Are NFTs a bubble awaiting a pin or the next big investment theme?
• Here’s what happened to the Ethereum price in September
• Here’s what happened to the Bitcoin price in September
• How these top 3 cryptos performed in the first quarter of FY22

Motley Fool contributor Sebastian Bowen owns shares of Bitcoin, Coinbase Global, Inc., and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended MicroStrategy. 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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Today, the S&P/ASX 200 Index (ASX: XJO) notched up its third consecutive day in the red. The benchmark index finished slightly lower at 7,272.5 points, down 0.11%.

Across the markets on Wednesday, it was a balance between strong performers in real estate shares and weakness among the miners and banks.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the ten stocks that rose to the occasion:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, The a2 Milk Company Ltd (ASX: A2M) was the biggest gainer today. Shares in the infant formula producer soared 13.28%. It is a sight for sore eye following the company’s disappointing performance over the past year. The boost comes amid its smaller rival, Bubs Australia Ltd (ASX: BUB) releasing a positive update. Find out more about The A2 Milk Company here.

The next biggest gaining ASX share today was The Star Entertainment Group Ltd (ASX: SGR). The casino operator gained 5.92% despite news that the Queensland police is investigating the company. Uncover the latest Star Entertainment Group details here.

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

ASX-listed company	Share price	Price change
The a2 Milk Company Ltd (ASX: A2M)	$6.57	13.28%
The Star Entertainment Group Ltd (ASX: SGR)	$3.40	5.92%
Pointsbet Holdings Ltd (ASX: PBH)	$10.13	4.87%
Vicinity Centres (ASX: VCX)	$1.735	3.27%
National Storage REIT (ASX: NSR)	$2.37	3.04%
Crown Resorts Ltd (ASX: CWN)	$9.10	2.94%
Worley Ltd (ASX: WOR)	$10.69	2.59%
Tabcorp Holdings Ltd (ASX: TAH)	$5.15	2.59%
Abacus Property Group (ASX: ABP)	$3.615	2.41%
Sims Ltd (ASX: SGM)	$13.90	2.28%

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.

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• Why A2 Milk, EOS, GUD, & PointsBet shares are charging higher
• Star Entertainment (ASX:SGR) share price surges despite police probe

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 shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended A2 Milk, BUBS AUST FPO, and Pointsbet 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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The Gascoyne Resources Ltd (ASX: GCY) share price closed Wednesday’s trading session 9.52% lower at 38 cents a share.

The gold miner’s shares were on the move today after the company’s board rejected a takeover bid from Westgold Resources Ltd (ASX: WGX).

Here’s what we know.

What was announced?

Gascoyne’s board unanimously recommended shareholders reject an offer made by Westgold around 2 weeks ago.

The company’s major 22% shareholder, Deutsche Balaton AG1, also recommended fellow shareholders reject the proposal.

For a bit of background, Westgold announced its intention for an unsolicited, conditional, and off-market takeover of all of Gascoyne’s shares on 30 September.

Gascoyne shares soared 21% higher on the day of the announcement.

However, Gascoyne and ASX minerals explorer Firefly Resources Ltd (ASX: FFR) agreed to merge back in June. As such, the company “remains committed to the proposed Scheme of Arrangement with Firefly”.

Today, Gascoyne outlined its “enhanced business plan”. In it, it states its hopes to see a significant improvement in cashflows by reducing capital investment in FY22 and FY23.

This, it says, will be achieved by “postponement of the Stage 3 cut-back of the eastern and western walls of the Gilbey’s pit”.

The announcement notes Gascoyne came to the decision after identifying a “pathway to increase free cash flow based on enhanced future operational flexibility” and amid higher operating costs in WA.

Gascoyne also adds that it is in a fairly robust financial position with $40.1 million in available liquidity as of 30 September.

Consequently, the gold miner also reiterated its FY22 production guidance of 70-80koz “at a significantly lower All-in Cost following the removal of (approximately) $60M waste stripping from the deferred cut-back”.

Speaking on the announcement, Gascoyne CEO Richard Hay said:

Gascoyne’s decision to defer the Stage 3 eastern and western wall cut-back of the Gilbey’s pit will greatly increase cash generation from Dalgaranga and Melville over the next three years and protect the business against avoidable financial risk in the current environment. We have been able to take this pathway by capitalising on the operational flexibility emerging from the proposed merger with Firefly and exploration success within our Dalgaranga tenements.

Touching on the board’s recommendation, Hay added:

While we still await the Bidder’s Statement from Westgold to support its intention to make a takeover offer for Gascoyne, the Board is of the view that the Offer does not represent a superior alternative to the proposed merger with Firefly. The Board firmly believes that Gascoyne combined with Firefly provides greater value to shareholders than the individual parts. Also, our major 22% shareholder Deutsche Balaton AG has stated that, it does not intend to accept the Westgold Offer in the absence of a superior proposal. Accordingly, Gascoyne shareholders are advised to take no action in response to correspondence from Westgold and to REJECT the Westgold Offer.

Gascoyne share price snapshot

The Gascoyne share price has had a difficult year to date, having slumped 10% into the red since January 1.

Despite this, it has soared over 887% in the last 12 months, well ahead of the S&P/ASX 200 Index (ASX: XJO)’s return of around 20% in that time.

The post Gascoyne (ASX:GCY) share price slides 9% after board rejects takeover appeared first on The Motley Fool Australia.

More reading

• Here’s why the Gascoyne (ASX:GCY) share price is rocketing 23% 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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The Coles Group Ltd (ASX: COL) share price is up close to 1% amid comments by the CEO that the supermarket business is expecting to report a very strong end to the 2021 calendar year.

According to reporting by the Australian Financial Review, the Coles CEO Steven Cain is expecting a record Christmas as consumers spend some of the cash that they have saved. Mr Cain thinks that people are going to spend up on both food and drink.

The AFR quoted Mr Cain, who said:

There’s a lot of catching up to do. There’s $100 billion extra sitting in people’s bank accounts. We expect a fair share of that to be spent on food and drink. There’s a lot of premiumisation.

Potential inflation is coming under increasing focus. At the moment, red meat is the only place where inflation is “justified”. It was reported that there are shortages when it comes to red meat because of intermittent COVID-19 restrictions on meat processors. However, other areas are also seeing a bit of inflation.

The newspaper said new investment bank Barrenjoey has warned that shoppers will have to prepare for the highest supermarket prices over the last decade as suppliers try to make up for the higher prices of commodities, packaging and freight. Suppliers may be wanting price increases of mid-to-high single digits, less product discounting and more “shrinkflation” (where products get smaller).

How is it doing at the moment?

In terms of the Coles share price, it’s up around 10% over the last six months, though it is down 8% since 23 August 2021.

The latest result that investors have seen was the FY21 report. That’s when the company said it had achieved 3.1% sales growth, 6.3% earnings before interest and tax (EBIT) growth and a 7.5% rise of net profit after tax (NPAT).

As part of the result release, Coles gave its outlook for FY22. The company said that local shopping trends had re-emerged, with e-commerce and neighbourhood stores outperforming shopping centre and CBD locations.

In supermarkets, sales growth in the first seven weeks of the first quarter of FY22 was approximately 1%, with 12% growth over two years. The first several weeks of FY21 included elevated sales from Victoria. E-commerce penetration was approximately 8% in the first quarter. In July, Coles supermarkets incurred about $15 million of COVID-19 costs.

Coles said that liquor sales were strong as lockdowns continued, with growth being flat year on year, but up 19% on a two-year basis.

In Express, fuel volumes were being impacted by lockdowns, with average weekly fuel volumes of approximately 49ML in the first seven weeks.

In ‘other’, FY22 corporate costs are expected to be approximately $75 million. But smarter selling benefits are expected to be more than $200 million in FY22. It’s going to renew around 50 stores and open another 20 in FY22.

The business continues to invest as it works on its two new Witron distribution centres.

Coles share price valuation

According to Commsec, Coles shares are currently valued at 22x FY23’s estimated earnings.

The post Coles (ASX:COL) share price lifts amid CEO’s forecast of record Christmas appeared first on The Motley Fool Australia.

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It certainly has been a disappointing year for the AGL Energy Limited (ASX: AGL) share price.

Since the start of 2021, the energy company’s shares have lost a whopping 50% of their value and are now trading at $6.05.

This means the AGL share price has fallen almost 70% over the last five years.

Could the AGL share price bounce back and hit $7.50 by the end of the year?

While the market remains very divided on the AGL share price, one top broker believes value is emerging.

According to a note out of Ord Minnett from last week, its analysts have a buy rating and $7.65 price target on the company’s shares.

Based on the current AGL share price, this implies potential upside of 26% for investors before dividends.

The broker has also pencilled in a 32 cents per share fully franked dividend in FY 2022. If we add this into the equation, the potential return on offer increases to over 31%.

As a result, it would appear as though the team at Ord Minnett believe the AGL share price could be trading in or around the $7.50 mark by the end of the year.

What is the broker saying?

Ord Minnett notes that the company is planning to change its name to Accel Energy and demerge AGL Australia (its retail business) as a separately listed entity via capital reduction.

The broker has been looking over the retail business and believes it would have a lot of appeal as a takeover target post-demerger. Its analysts have even suggested that Telstra Corporation Ltd (ASX: TLS) could be a potential suitor given its interest in the energy sector.

It commented: “Telstra has expressed interest in growing its energy retailing business and we see substantial synergies between the largest telco company and the second-largest energy retailer.”

And based on other transactions in the industry, it suspects the business could command a decent price. In fact, the broker suspects the retail business would be worth ~$10.75 per share based on current industry takeover multiples. This is significantly higher than where the AGL share price trades today.

This could make AGL one to watch in the coming months.

The post Could the AGL (ASX:AGL) share price reach $7.50 by the end of 2021? appeared first on The Motley Fool Australia.

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• AGL (ASX:AGL) share price slumps amid expert’s warning of earlier coal exit
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• Why this broker sees 30% upside for the AGL (ASX:AGL) share price
• Why did the AGL share price have such a lousy month in September?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. 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 Qantas Airways Limited (ASX: QAN) share price is taking off today despite one billionaire publicly selling their holding in the company.  

Billionaire, founder and former leader of the United Australia Party Clive Palmer has removed Qantas’ shares from the holdings of the Palmer Group in protest of the airline’s mandatory vaccination policy.

Despite the apparent sell-off, Qantas is in the green on the ASX today.

At the time of writing, the Qantas share price is $5.55, 1.46% higher than its previous close.

That’s significantly better than the performance of the broader market. Right now, the S&P/ASX 200 Index (ASX: XJO) is down less than 0.1%, as is the All Ordinaries Index (ASX: XAO).

Let’s take a closer look at Palmer’s stance against Australia’s largest airline.

Qantas share price lifts despite Palmer’s critism

The Qantas share price is soaring higher today despite billionaire businessman and leader of the United Australia Party Clive Palmer bailing from the airline.

Palmer has removed Qantas’ stock from the Palmer Group of Companies’ portfolio due to the airline’s stance on COVID-19 vaccination.

Qantas mandated its employees must be vaccinated against COVID-19 back in August. Qantas’ frontline employees must have received both jabs by November, while the rest of its staff have until March 2022.

At the time, Qantas CEO Alan Joyce stated:

Having a fully vaccinated workforce will safeguard our people against the virus but also protect our customers and the communities we fly to.

However, Palmer has a different view. In a statement released by the United Australia Party, he commented:

Alan Joyce and his board have taken risks which could result in possible future legal ramifications…

I believe the financial risks Qantas is taking over mandatory vaccinations of its staff leaves them exposed to future financial damages by staff who suffer side effects or worse.

As many onlookers might have predicted, the Qantas share price was unfazed by Palmer’s proclamation.

According to data from the Therapeutic Goods Administration, only 2.3% of people who get a COVID-19 jab experience side effects. The most common side effects are a sore arm, mild fatigue, and headaches, all lasting less than 48 hours.

The post Qantas (ASX:QAN) share price lifts despite Clive Palmer sell-off appeared first on The Motley Fool Australia.

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• Will the Qantas (ASX:QAN) share price follow Ryanair’s surge on reopening?
• Top brokers name 3 ASX shares to buy next week
• International borders will reopen soon. Why is the Qantas (ASX:QAN) share price stalling?
• Travel stocks soar. Hopes for a new COVID treatment. Evergrande drags on. Scott Phillips on Nine’s Late News

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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When investors think ‘green’ or environmentally sustainable investments, Brickworks Limited (ASX: BKW) shares likely aren’t the first to come to mind. The 91-year-old company has evolved greatly over its tenure, though its core brickmaking operations have been carried all the way through.

Today, Brickworks operates 45 manufacturing plants, producing over 2,000 different brick and building products spanning 17 brands. With such large-scale operations, it may not come as a surprise that the company consumed 4.1 petajoules of energy (equivalent to 77,900 homes) in FY21.

However, as discussed at the ASX CEO Connect conference yesterday, the company has some green credentials.

Green ways of doing business

There are many companies on the ASX that are easily distinguishable as environmental, social, and governance (ESG) focused.

Such companies might include Australian technology company Calix Ltd (ASX: CXL), which is working on CO2 capture and battery tech. Another example might be Genex Power Ltd (ASX: GNX), which owns and develops renewable energy assets.

Alas, Brickworks shares would seem like an atypical inclusion among these green ASX-listed peers. Though, as managing director Lindsay Partridge pointed out at the ASX CEO Connect conference yesterday, bricks remain to be one of the most energy-efficient building materials.

Adding to this, Partridge stated that Brickworks’ bricks are carbon neutral after 9 months of installation. Considering that the clay bricks are guaranteed for 100 years, the product is attractive from a carbon-neutral perspective.

As such, the company foresees a strong demand for bricks, masonry, roof tiles, and precast in the future. Brickworks considers these materials as key enablers in achieving the United Nation’s sustainable development goal, “Make cities and human settlements inclusive, safe, resilient, and sustainable.”

Partridge also noted that Brickworks is using the spoil from the Brisbane Cross River rail project to make bricks.

These initiatives are building upon past work within the company to reduce its environmental footprint. According to its sustainability report, Brickworks’ Australian operations have decreased emissions by 39.9% since FY06.

Brickworks shares are greener in more ways than one

To the excitement of shareholders, Brickworks hasn’t broken the bank while implementing its environmental plans. Instead, Brickworks shares have stampeded upwards in recent years — providing great value to shareholders.

In the past year, the company’s shares have gained 22% (23.2% when including dividends). This is roughly in line with the S&P/ASX 200 Index (ASX: XJO) return of 19% (23.7% when including dividends). However, the difference begins to stand out when assessing from a longer time period.

Over the past three years, Brickworks shares have garnered a return of 36%. While the Aussie benchmark has delivered 22.3%.

The post Could Brickworks (ASX:BKW) shares be a greener investment than first thought? appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler owns shares of Genex Power Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Brickworks. The Motley Fool Australia owns shares of and has recommended Brickworks. 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 300 Index (ASX: XKO) is edging lower today, continuing the disappointing run on this week’s 0.54% loss.

At the time of writing, the ASX 300 is hovering 0.06% lower to 7,278.9 points. This means the index is now down by more than 2% in a month.

Let’s take a look at the biggest winners and losers on the ASX 300 today.

Paladin Energy Ltd (ASX: PDN)

The Paladin share price is roaring 20.68% higher to 88.7 cents amid the company’s release of its sustainability report.

The company noted that its Langer Heinrich Mine in Namibia is progressing towards restarting production. In addition, it is engaging with global nuclear energy utilities to secure long-term contracts.

Overnight, the Global X Uranium Exchange Traded Fund (ETF) jumped 11.65% to US$26.92. This has also led to other industry players in the uranium sector experiencing sharp and sudden increases in their share prices.

The a2 Milk Co Ltd (ASX: A2M)

Another mover today is the A2 Milk share price, up 13.45% to $6.58.

The infant formula company is on the receiving end of smaller rival Bubs Australia Ltd (ASX: BUB)’s latest news.

Bubs reported earlier today that it achieved a 96% year-on-year increase in gross revenue to $18.5 million for Q1 FY22. Investors appear to believe that the struggling industry has brighter days ahead following the severe impact COVID-19 had.

Energy Resources of Australia Ltd (ASX: ERA)

The Energy Resources share price is also pushing ahead, up 11.54% to 43.5 cents.

The mineral exploration and production company announced its quarterly update early yesterday morning. It advised that no production of uranium oxide occurred over the 3-month period ending 30 September.

Energy Resources stated it will continue to sell down its stocks of uranium oxide. Expected contract sales are estimated to come in at 1.37 million pounds in 2021.

Which ASX 300 companies are heading south?

Pact Group Holdings Ltd (ASX: PGH)

The Pact Group share price is down a heavy 12.79% to $3.00.

Investors are selling the packaging company’s shares after Pact Group provided a sale update on its contract manufacturing businesses.

The company said that it terminated the deal as it was perceived to be under unfavourable terms. In addition, a brief trading update was attached to its update.

Bank of Queensland Ltd (ASX: BOQ)

Also being weighed down by investors today is the Bank of Queensland share price, down 4.94% to $9.24.

The regional bank released its full-year results for the 2021 financial year.

While its numbers reported growth across the board, investors have been focused on the company’s near-term outlook.

Management advised its net interest margin is forecast to fall by up to 7 basis points in FY22. Bank of Queensland blamed increased competition and the low interest rate environment for the decline.

The post Which ASX 300 shares are leading the way mid-week? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras owns shares of A2 Milk. 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 A2 Milk. 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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