Category: Stock Market

The Westpac Banking Corp (ASX: WBC) share price is edging lower in afternoon trade. Westpac shares are now changing hands at $25.26.

This continues its struggles over the past month. Over that period Westpac shares are 1.46% in the red.

What’s up with the Westpac share price lately?

Westpac shareholders have been sailing choppy seas over the last few weeks. They have been watching their shares trade in a range of $24.91 to $26 since 16 September.

The company took a hit at the time, on the back of a third rates cut it made to its savings account products.

The banking giant trimmed the interest rates on its LifeSavings products by 0.5% for some account holders, and 0.1% for all others.

Investors punished the company on the back of the news, sending its share price 4% lower the following week.

After making a swift recovery to its former highs, the Westpac share price took another hit on 11 October. The company announced a series of items that are set to impact its performance in the second half.

These “notable items” will set the banking giant back $1.3 billion on its net profit and cash earnings guidance for H2 2022, according to the company.

Specifically, the impairments comprise a blend of asset writedowns in its institutional banking unit ($965 million); provisions for liabilities such as refunds and litigation ($172 million); and transaction costs associated with recent divestments ($291 million combined).

Westpac understands this will have a net 15 basis point effect on its CET 1 capital ratio requirements.

Will these headwinds continue to plague the company? These leading brokers have weighed in on the debate to offer their opinion on the Westpac share price.

Can Westpac rebound from these pressures?

Analysts at investment bank Macquarie Group think it might not be such smooth sailing for Westpac to get out of the current situation.

The broker was curious about Westpac’s decision to write down the value of its institutional banking unit’s goodwill as part of its earnings management.

Macquarie does note, however, that Westpac’s earnings have been on the slide over several periods. It reckons “earnings are likely to remain under pressure” for the company.

Morgan Stanley’s investment crew has also weighed in. They say Westpac’s earnings down step was substantially larger than its internal forecasts of $261 million.

The broker looks at Westpac’s FY22 earnings guidance and off-market buyback as key inflection points for Westpac’s share price. Morgan Stanley has wound back its price target by 1% to $28.90.

Despite this, it maintains an overweight rating on the company’s shares.

Finally, leading broker Citi has chimed in and believes Westpac’s announcement could be a roadblock for the company’s management outfit.

This is especially true given Westpac management’s efforts to re-establish credibility and lay out its growth vision for the future, Citi says. Citi downgrades its modelling by $1.3 billion, or 20%, as a result.

Westpac shares are up 31% this year to date, after sliding 2% into the red this past week of trading.

The post What these top brokers are saying about the Westpac (ASX:WBC) share price appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Westpac’s $1.3bn earnings hit, Ansell sinks
• Westpac (ASX:WBC) share price edges lower following $1.3bn hit to earnings
• Why this top broker is bullish on the Westpac (ASX:WBC) share price
• How did ASX bank shares perform in the last quarter?
• Is the Westpac (ASX:WBC) share price a buy for its 7% dividend yield?

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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Exchange traded funds (ETFs) can be a great way to balance out your portfolio.

This is because ETFs provide investors with easy access to a large and diverse group of shares that you wouldn’t usually have access to.

With that in mind, I have picked out two ETFs that are popular with investors right now. Here’s what you need to know about them:

BetaShares Global Cybersecurity ETF (ASX: HACK)

If you’re wanting to add some tech shares to your portfolio then you could do this with the BetaShares Global Cybersecurity ETF. This ETF gives investors exposure to the leading companies in the growing global cybersecurity sector.

Among the companies you’ll be investing in with this ETF are Accenture, Cisco, Cloudflare, Crowdstrike, and Okta.

With cybercrime on the rise, demand for cyber security services has been growing fast and is expected to continue doing so in the years that follow. This means many leading companies in the industry could be in a position to grow at an above-average rate over the next decade.

Over the last five years, the fund has generated a return of 21.6% per annum. This would have turned a $10,000 investment into $26,500.

VanEck Vectors Morningstar Wide Moat ETF (ASX: MOAT)

Another ETF for investors to look at is the VanEck Vectors Morningstar Wide Moat ETF. This fund aims to invest in a group of companies with sustainable competitive advantages and attractive valuations.

Among the 50 companies included in the fund are the likes of Alphabet, Amazon, American Express, Boeing, Coca-Cola, McDonalds, Microsoft, Philip Morris, Pfizer, and Salesforce.

Companies with competitive advantages have historically generated strong returns for investors. It is for this reason that Warren Buffett looks for these advantages when choosing his investments.

Over the last five years, the index the fund tracks has generated a return of 19.8% per annum. This would have turned a $10,000 investment into almost $25,000.

The post 2 high quality ETFs for ASX investors appeared first on The Motley Fool Australia.

More reading

• 2 fantastic tech ETFs for ASX investors
• Own BetaShares Global Cybersecurity ETF (ASX:HACK)? Here’s what you’re invested in
• Potential buys: 2 compelling ASX shares
• These ASX shares could be top options for growth investors
• 2 top ETFs that might be buys in October 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended BETA CYBER ETF UNITS. The Motley Fool Australia owns shares of and has recommended BETA CYBER ETF UNITS. The Motley Fool Australia has recommended VanEck Vectors Morningstar Wide Moat ETF. 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 Electro Optic Systems Holdings Limited (ASX: EOS) share price is accelerating during afternoon trade. Its shares spent most of the day frozen pending a price-sensitive announcement by the defence contractor.

At the time of writing, Electro Optic Systems shares are up 10.82% to $3.79

What did Electro Optic Systems announce?

In today’s statement, Electro Optic Systems and its wholly-owned Unites States subsidiary SpaceLink, advised it has reached a significant milestone. This relates to the manufacture and launch of the initial constellation of four high-capacity optical relay satellites.

Following a comprehensive tender process, leading satellite manufacturer, OHB Systems AG (OHB) has been selected as the preferred tenderer.

Currently, the parties involved are engaged in advanced negotiations with a formal contract expected to be signed next week.

The total value of the agreement is expected to exceed US$300 million, subject to relevant terms and conditions.

Should the contract go ahead, OHB will be required to deliver four high-capacity relay satellites in Q1 2024. Payments for the work completed is to be based on achieving specific milestones over the 30-month term.

Electro Optic Systems noted that the satellites to be manufactured by OHB will include multiple subsystems and components. This includes digital payload processing, electric propulsion, and state of the art optical inter-satellite links.

Furthermore, the four medium-earth orbit (MEO) spacecraft must meet United States cybersecurity requirements. SpaceLink is aiming to provide a secure transport layer for critical communications between the satellites and ground stations.

OHB intends to invest US$25 million into SpaceLink in the first tranche of financing for the project. It is anticipated that this will be in the form of a SpaceLink Pre- IPO Convertible Note.

Electro Optic Systems share price snapshot

The past 12 months have been a turbulent ride for investors, with the company’s shares sinking 40%. However, when looking at a 5-year timeframe, its shares are up roughly 200%.

Electro Optic Systems commands a market capitalisation of more than $516 million and has approximately 151 million shares on issue.

The post Electro Optic Systems (ASX:EOS) share price rallies 10% on “significant milestone” appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras owns shares of Electro Optic Systems Holdings Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Electro Optic Systems Holdings Limited. The Motley Fool Australia owns shares of and has recommended Electro Optic Systems Holdings 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 S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading lower. At the time of writing, the benchmark index is down 0.3% to 7,258.3 points.

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

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price. The struggling infant formula company’s shares are surging higher following the release of an update from one of its smaller rivals, Bubs Australia Ltd (ASX: BUB). This morning Bubs reported a 96% year-on-year increase in Q1 gross revenue to $18.5 million. This appears to have sparked hopes that the tough times are now behind the infant formula market.

Electro Optic Systems Hldg Ltd (ASX: EOS)

The Electro Optic Systems share price has jumped 11% to $3.79. Investors have been buying the company’s shares after its wholly-owned US subsidiary, SpaceLink, reached a significant milestone in the manufacture and launch of the initial constellation of four high-capacity optical relay satellites. According to the release, leading satellite manufacturer, OHB Systems, has been selected as the preferred tenderer for the initial constellation. The terms of the contract are expected to require that OHB deliver the four high-capacity relay satellites in Q1 of 2024.

GUD Holdings Limited (ASX: GUD)

The GUD share price is up 7% to $11.33. This follows the release of a trading update at the Citi Australia & NZ Investment Conference and the positive response to it from brokers. GUD revealed that demand for its products has remained resilient despite widespread and protracted lockdowns. As a result, GUD’s revenue and EBIT are currently tracking in line with management’s expectations. In response, Citi retained its buy rating and $12.30 price target on the company’s shares.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price is up over 4% to $10.08. This morning the sports betting company announced a deal with Curling Canada. The agreement sees PointsBet become the official and exclusive sports betting partner for the sports body. This could give the company’s fledgling Canadian operations a big boost. This is because more than 13 million viewers tune in to Curling Canada’s events every season. This ranks among the highest-rated sports programming in the country.

The post Why A2 Milk, EOS, GUD, & PointsBet shares are charging higher appeared first on The Motley Fool Australia.

More reading

• Electro Optic Systems (ASX:EOS) share price rallies 10% on “significant milestone”
• Why the GUD (ASX:GUD) share price is storming 7% higher today
• Star Entertainment (ASX:SGR) share price surges despite police probe
• ASX 200 (ASX:XJO) midday update: BOQ results, A2 Milk shares jump
• PointsBet (ASX:PBH) share price lifts following Canada update

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Electro Optic Systems Holdings Limited and Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Electro Optic Systems Holdings Limited. The Motley Fool Australia has recommended A2 Milk 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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Woolworths Group Ltd (ASX: WOW) shares are inching higher on Wednesday. This is despite the supermarket giant’s involvement in contentions regarding pay standards for its delivery drivers.

At the time of writing, the Woolworths share price is trading hands at $40.33, up 0.24%. This puts the company’s share price 4.11% away from its recent all-time high of $41.99. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 0.3% from its previous close heading into afternoon trade.

Woolies stuck in a payment problem

Australia’s ninth-largest company is the spectacle of a parliamentary inquiry regarding the pay and work conditions of delivery drivers. Importantly, the drivers in question are not Woolworths’ employees. Rather, they are the drivers sourced through its partnership with UberEats.

On Monday, Australian Labor Senator Tony Sheldon accused Woolworths of turning a blind eye to the conditions to which UberEats delivery employees are subject. Correspondingly, Senator Sheldon purported that the multibillion-dollar ASX-listed company is neglecting its responsible sourcing standards in the process. Despite this, Woolworths shares are humming along on Wednesday.

Furthermore, Tony Sheldon provided his argument against the supermarket giant, stating:

Numerous academic reports of UberEats work has been paid significantly below the minimum wage on average about, $10.42 an hour in some cases, as low as $6.67 an hour and others.

They don’t show their workers receive a living wage. Aren’t you perpetuating a starvation wages strategy if you don’t have a proper oversight and require these companies to be paying workers comp and paying minimum wages?

In its defence, Woolworths is arguing that it can’t be held responsible for the payment of another company’s workers. Additionally, the grocery retailer highlighted that the work comes under independent contracting under the Fair Work Commission.

Uncanny timing for Woolworths shares

These allegations from the senator come mere days after Woolworths announced the settlement of class action proceedings. Ironically, these proceedings were in relation to its salaried team members, for which the company is certainly responsible.

In that announcement, the company revealed it had reached a settlement to remediate current and former team members. Approximately 20,000 staff will receive payment of $2,500 plus superannuation. As a result, the total remediation costs are around $50 million.

Woolworths shares rose higher on the settlement news, much like the company’s move today.

The post Own Woolworths (ASX:WOW) shares? Here’s why the company is making news this week appeared first on The Motley Fool Australia.

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• Can the Woolworths (ASX:WOW) share price hit $45 by the end of 2021?
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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 S&P/ASX 200 Index (ASX: XJO) is having an… interesting day so far this Wednesday. At the time of writing, the ASX 200 is down by 0.10% to 7,268 points. After initially plunging this morning just after open, before rebounding into positive territory (if only just), the ASX 200 is back in the red. But even though the ASX 200 only has a toe under the breakeven line right now, one ASX 200 sector is doing far better. That would be ASX tech shares.

While the ASX 200 is down 0.19% so far today, the S&P/ASX All Technology Index (ASX: XTX) is doing far better. The XTX index is currently up a far healthier 1% at 3,003 points so far this Wednesday. As such, we can largely thank this sector for carrying the ASX 200 today, seeing as most of the ASX banks are in the red, and BHP Group Ltd (ASX: BHP) is essentially flat.

So which ASX tech shares are leading the charge?

ASX tech shares lead the ASX 200 into the green

Well, Afterpay Ltd (ASX: APT), the largest tech share in the XTX index by a mile, is in the vanguard. Afterpay shares are currently up a very healthy 2.07% to $117.01 a share at the time of writing. My Fool colleague Mitchell looked at some of what’s going on with Afterpay and some other buy now, pay later (BNPL) shares this morning.

Another large ASX tech stock in the XTX index is the cloud-based accounting software provider Xero Limited (ASX: XRO). Xero is also up by a healthy number today, 2.02% so far at $136.39 a share. That’s despite not much in the way of any news or developments coming out for Xero today.

Appen Ltd (ASX: APX) is another ASX tech winner this Wednesday. This provider of human-annotated datasets is also enjoying a gain in the ‘twos’. It’s up 2.37% to $8.65 at the time of writing.

We also see some more muted gains (but gains nonetheless) from other tech shares like Zip Co Ltd (ASX: Z1P), WiseTech Global Ltd (ASX: WTC) and Altium Limited (ASX: ALU).

So why are ASX 200 tech shares enjoying some of the best gains on the market today? Well, it could just be a bounceback from the recent woes we have seen in this sector.

Just yesterday, my Fool colleague Kerry looked at how ASX tech shares were “taking the brunt of this week’s selling”, with most of the above companies taking a beating. As we discussed, this might be linked to the US 10-year Treasury yield. This yield has subsequently pulled back over the past 24 hours or so, which may also be helping to give ASX tech shares some relief.

Whatever the reason behind today’s moves for ASX 200 tech shares, it will be no doubt welcomed by many investors.

The post These ASX tech shares are lighting up the ASX 200 today appeared first on The Motley Fool Australia.

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• ASX 200 (ASX:XJO) midday update: BOQ results, A2 Milk shares jump
• Own ASX BNPL shares? World Payments Report delivers insights into future of sector
• Zip (ASX:Z1P) share price on watch after broker downgrade
• Why Ansell, Predictive Discovery, Strike Energy, & Zip shares are sinking
• Leading brokers name 3 ASX shares to buy today

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. owns shares of and has recommended AFTERPAY T FPO, Altium, Appen Ltd, WiseTech Global, Xero, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Altium, Appen Ltd, WiseTech Global, and Xero. 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 Poseidon Nickel Ltd (ASX: POS) share price is charging higher today following news its products will be studied for their ability to create battery cathode material.

The company has signed a memorandum of understanding with Pure Battery Technologies (PBT). Under the understanding, the companies will test if Poseidon’s nickel can be used as a base feed for PBT’s proposed precursor Cathode Active Material (pCAM) refining hub.

At the time of writing, the Poseidon share price is 10.5 cents, 5% higher than its previous closing price.

Let’s take a closer look at today’s news from the nickel exploration and development company.

Poseidon share price charges up on battery-related news

The Poseidon share price is surging after the company announced it could soon supply nickel for battery cathodes.

Poseidon and PBT will be working together to see if Poseidon can supply PBT’s proposed Kalgoorlie refinery.

Initially, the companies will be looking into the feasibility of producing up to 50,000 tonnes of pCAM each year.

PBT has commercialised a selective acid leaching process that can produce high-quality, affordable nickel and cobalt materials for lithium-ion batteries. PBT’s process also has a lower environmental footprint than other methods.

PBT will be bringing its technology and expertise to the table. Whereas, Poseidon will provide typical specifications and anticipated production volumes from its projects.

The understanding may lead to a definitive agreement. Such an agreement would outline how the companies would fund and develop a supply chain for battery manufacturing markets.

Poseidon’s managing director and CEO Peter Harold commented on the news:

We look forward to working with PBT to determine if our potential concentrate production could be feed for PBT’s proposed refinery, should we decide to proceed with development of our projects. This could be a great way for us to improve the payability of the nickel in our concentrates and improve the margins of our projects.

The post Here’s why the Poseidon (ASX:POS) share price is up 5% on Wednesday appeared first on The Motley Fool Australia.

More reading

• Why the GUD (ASX:GUD) share price is storming 7% higher today
• Here’s why the Prescient Therapeutics (ASX:PTX) share price is leaping 11% today
• Pilbara Minerals (ASX:PLS) share price struggles despite plant restart milestone
• Here’s why ASX hydrogen shares are leaping higher today
• Envirosuite (ASX:EVS) share price climbs 9% on NASA contract

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 GUD Holdings Limited (ASX: GUD) share price is charging higher on Wednesday afternoon.

At the time of writing, the diversified products company’s shares are up 7% to $11.30.

Why is the GUD share price storming higher?

There have been a couple of catalysts for the strong gain by the GUD share price today.

One is the release of an update at the Citi Australia & NZ Investment Conference and the other is a broker note in response to this.

In respect to the former, the update reveals that demand for GUD’s products has remained resilient despite widespread and protracted lockdowns.

GUD advised that its existing Automotive businesses achieved modest organic revenue growth during the first quarter. This is despite the company cycling very strong growth in the prior corresponding period. Positively, its acquisitions are performing in line with expectations as well.

Elsewhere, the Davey business has reported a strong increase in revenue over the prior corresponding period. Management also advised that its action plan is well advanced.

Overall, the company’s revenue and earnings before interest and tax is tracking in line with management’s expectations with margins trending ahead of the second half of FY 2021.

Broker note

Also giving the GUD share price a lift was a broker note out of Citi this morning.

According to the note, the broker has retained its buy rating and $12.30 price target on the company’s shares.

Based on the current GUD share price, this implies potential upside of 8.8% over the next 12 months before dividends or ~14% including them.

Citi commented: “GUD’s 1Q22 update was largely positive from a topline perspective. However, we have left our earnings forecasts unchanged noting: i) we are already 3% ahead of Factset Consensus FY22 EBIT, ii) further Guidance may be provided at the AGM (29 Oct) particularly around to what extent the phasing of price rises will offset supply chain cost pressures once the FX tailwind wears off.”

The post Why the GUD (ASX:GUD) share price is storming 7% higher today appeared first on The Motley Fool Australia.

More reading

• Star Entertainment (ASX:SGR) share price surges despite police probe
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Prescient Therapeutics Ltd (ASX: PTX) share price is gaining ground in afternoon trade today and is currently changing hands at 24.5 cents apiece.

The biotechnology company’s shares are on the move after Prescient announced pre-clinical data readouts regarding its lead drug candidate.

Read on for more details.

What was announced?

Prescient advised it will be presenting pre-clinical data from a recent study on its OmniCAR candidate at the Cell & Gene Meeting on the Mesa in California. The event started yesterday and runs until 14 October.

According to the company, OmniCAR allows controllable T-cell activity and multi-antigen targeting with a single cell product.

Both of these functions are critical in immune response in humans to protect against illness. The company is seeking a remedial breakthrough with this route to treat various types of cancer.

The company said the Cell & Gene Meeting brings together top executives and decision-makers across various therapies, including cell therapy.

From the pre-clinical readouts, Prescient highlights that OmniCAR has presented capacity to “deliver next-generation cell therapies that are controllable and able to target multiple cancer antigens”.

This is an advantage over the current limitations that CAR-T therapy – the platform on which OmniCAR works – presents in the modern clinical setting.

That’s because CAR-T therapy involves growing living cells that continue to grow. These are then administered to patients which makes outcomes less predictable and controllable.

What else did the company say?

Other key takeouts from the data include that OmniCAR demonstrated a curious phenomenon where it can be “redirected towards a different antigen” by tweaking the formulation. When this happened, it exhibited a dose-response to cancer-killing activity.

For reference, a dose-response measures the relationship between the amount of drug given and the level of response to it. Usually, a stronger relationship indicates a greater efficacy.

Aside from this, Prescient’s other lead drug candidates, PTX-100 and PTX-200, are each progressing through clinical trials.

Both compounds also aim to treat and prevent the onset of cancer.

Investors have bought on the news today and are pushing the Prescient Therapeutics share price 11% higher from the open.

This extends a 9% rally the company’s shares have been on this past week.

Prescient Therapeutics share price snapshot

The Prescient Therapeutics share price has delivered an outsized return of 266% this year to date.

This brings its gain over the past 12 months to 271%, well ahead of the benchmark S&P/ASX 200 Index (ASX: XJO)’s climb of about 20% in that time.

At the time of writing, Prescient has a market capitalisation of $157 million.

The post Here’s why the Prescient Therapeutics (ASX:PTX) share price is leaping 11% today appeared first on The Motley Fool Australia.

More reading

• Prescient Therapeutics (ASX:PTX) share price leaps 11%, up 50% in a month

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 Pilbara Minerals Ltd (ASX: PLS) share price is lagging behind its lithium peers on Wednesday despite the company announcing its first spodumene production at the Ngungaju Plant.

At the time of writing, the Pilbara Minerals share price is up 1.02% to $1.98.

Ngungaju Plant on track for 2022 ramp up

Pilbara Minerals first announced its plans to restart its Ngungaju plant in June, citing $39 million in restart costs.

Today, less than four months after its decision to restart Ngungaju, its coarse production circuit successfully delivered its first spodumene concentrate production.

Pilbara Minerals said that the restart of the coarse circuit is expected to accelerate spodumene concentrate production, with construction, commissioning and ramp-up works progressing for both fines and course concentrate circuits.

The initial production from the coarse circuit is expected to yield lower lithium recoveries, which should improve once its fines circuit is re-commissioned and optimised.

Next up, the company expects the production of fines concentrate to commence during the March quarter 2022.

Pilbara Minerals is targeting an annual production capacity of approximately 180,000 to 200,000 dry metric tonnes (dmt) from Ngungaju by mid-2022.

This should bolster the company’s overall production portfolio, with its flagship and adjacent Pilgan Plant producing between 360,000 to 380,000 tpa.

Pilbara Minerals reiterated an FY22 spodumene concentrate production guidance across the entire Pilgangoora Project of 460,000 to 510,000 dmt.

The production from Ngungaju is uncommitted to offtake agreements. Pilbara Minerals intends to use Ngungaju production to support further sales from the emerging spot market via its recently launched Battery Materials Exchange (BMX) digital sales platform.

Pilbara Minerals share price so far this year

The Pilbara Minerals share price has been trading sideways since early August, after surging more than 100% year-to-date.

It briefly fell to two-and-a-half month lows of $1.78 on Tuesday last week. Before rebounding back around the $2 level.

The post Pilbara Minerals (ASX:PLS) share price struggles despite plant restart milestone appeared first on The Motley Fool Australia.

More reading

• Here are the 3 heaviest traded ASX 200 shares on Tuesday so far
• ASX lithium shares lift as spot prices hit all-time highs
• Could the Pilbara Minerals (ASX:PLS) share price hit $2.80 by the end of 2021?
• Brokers name 3 ASX shares to buy today
• These 3 ASX 200 shares are the most popular by trading volume today

Motley Fool contributor Kerry Sun 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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