Category: Stock Market

It’s a good day to be an ASX hydrogen shareholder after the New South Wales Government announced its brand new $3 billion green hydrogen strategy.

The state government will be offering incentives for company’s producing green hydrogen in New South Wales. It expects the incentives will see more than $80 billion of private investment brought into the state.

‘Green’ hydrogen is made using renewable energy and, as a result, is an almost entirely carbon-neutral fuel source.

The NSW Premier, Dominic Perrottet, stood alongside the NSW Treasurer and Energy Minister, Matt Kean, and the chair of Fortescue Metals Group Limited (ASX: FMG) and Fortescue Future Industries, Andrew ‘Twiggy’ Forrest, to launch the strategy this morning.

At the same time, the share prices of many ASX hydrogen companies were soaring higher.

Right now, the Hazer Group Ltd (ASX: HZR) share price is rocketing 16% higher. Meanwhile, shares in Pure Hydrogen Corporation CDI (ASX: PH2) are up 6%. The Province Resources Ltd (ASX: PRL) share price is also in the green, sporting a 3% gain.

However, the Fortescue Metals share price is sliding lower on Wednesday. At the time of writing, the parent company of Fortescue Future Industries is $14.48, 2.1% lower than its previous close.

Let’s take a closer look at the NSW Government’s new hydrogen strategy.

ASX hydrogen shares gain amid NSW hydrogen strategy announcement

Many ASX hydrogen shares are soaring higher amid the NSW Government’s plan for a future hydrogen industry.

The NSW Government has today announced it will offer up to $3 billion of incentives for companies looking to produce green hydrogen in the state. According to reporting by ABC News, some of the incentives will come as tax breaks.

NSW Treasurer and Energy Minister Matt Kean spoke at the media conference announcing the strategy:

This announcement will see between $80 billion and $270 billion worth of private investment coming into New South Wales between now and 2050…

The size of the hydrogen industry here in New South Wales will be as big as the coal industry in New South Wales by 2050.

Andrew ‘Twiggy’ Forrest, chair of both iron ore giant Fortescue Metals and renewable energy body Fortescue Future Industries, also spoke on the nation’s potential future energy source:

There will be no bigger industry than green hydrogen. It will dwarf the scale of iron ore. It will dwarf the scale of coal…

You have a fossil fuel sector which is in decline… [but] you have a green energy future which can make steel, can make fertilisers, can make cement, can make ships be powered.

The NSW Government has already put $70 million towards developing green hydrogen hubs in the Hunter Valley and Illawarra.

Earlier this week, Fortescue Future Industries partnered with the Queensland Government to build a hydrogen-equipment manufacturing facility in Gladstone.

Fortescue Future Industries is also involved in a number of hydrogen projects, and other renewable energy production projects, over the globe.

The post Here’s why ASX hydrogen shares are leaping higher today appeared first on The Motley Fool Australia.

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• Leading brokers name 3 ASX shares to buy today
• What this leading broker is saying about the Fortescue (ASX:FMG) share price
• It’s building hydrogen equipment, but what else does Fortescue (ASX:FMG) Future Industries do?
• Fortescue (ASX:FMG) share price up 7% this week after iron ore cracks US$130 a tonne

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 Envirosuite Ltd (ASX: EVS) share price is on the rise during early afternoon trade on Wednesday. This comes after the Sydney-based environmental tech company announced an exciting partnership with United States space agency NASA.

At the time of writing, Envirosuite shares are hurtling 9.09% higher to 18 cents.

What’s driving the Envirosuite share price higher?

In today’s statement, Envirosuite advised it has been contracted by NASA to participate in the X-59 Community Response Testing project.

Currently, NASA is designing and building the X-plane to bring back supersonic travel to the aviation market.

Almost two decades ago, the Concorde – a British and French supersonic passenger airliner– retired from the skies. The turbojet had a maximum speed of more than 2,100 kilometres per hour and could fly from New York to London in less than 3 hours.

However, noise became a big issue with the jet releasing a supersonic boom when passing the sound barrier. If this occurred over residential areas, it would leave windows broken in many homes. Hence, the Concorde only ever reached supersonic speed over the ocean before it retired in 2003.

NASA’s revolutionary X-59 program aims to bring back supersonic flight, specifically for the United States travel market. It believes it has found a solution with its X-59 prototype which will reduce the sound to a “gentle thump”.

If successful, this could open the door to domestic supersonic travel worldwide.

As such, Envirosuite has been awarded a contract to focus on addressing and managing noise for the X-59 program. The agreement is based on an 8-year period of performance.

Under the deal, Envirosuite will provide NASA with a software platform to capture, process and visualise data from low-sonic boom flight tests. This will enable NASA and members of the testing team to review the low-sonic booms produced in real-time.

The contract is estimated to generate a minimum revenue of around $750,000 to Envirosuite.

The first phase of the project is expected to run until the end of 2023.

Management commentary

Envirosuite CEO Jason Cooper said:

We’re privileged to have been selected as part of the consortium for this exciting and cutting-edge project with HMMH [consortium leader Harris Miller Miller & Hanson Inc.] and NASA. This project represents new opportunities in the innovative area of aerospace, along with the future of Aviation. Our experienced team look forward to being part of this and bringing the X-59 Quiet Supersonic Technology aircraft to the skies.

Despite today’s gain, the Envirosuite share price has lost roughly 6.5% in value over the past 12 months.

The post Envirosuite (ASX:EVS) share price climbs 9% on NASA contract appeared first on The Motley Fool Australia.

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• This Aussie fund manager values Telsa (NASDAQ:TSLA) share price at over US$3,000
• Why the PVW Resources (ASX:PVW) share price is rocketing 92% higher today
• Star Entertainment (ASX:SGR) share price surges despite police probe
• Why the Peninsula Energy (ASX:PEN) share price is rocketing 20% 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 Tesla Inc (NASDAQ: TSLA) share price has long been one of the US shares that have gripped Aussie investors with the most enthusiasm. The electric vehicle and battery manufacturer frequently tops lists of most popular US shares for Aussie investors. Its CEO, Elon Musk, is one of the most well-known CEOs in the world, even in the uber-famous tech industry. And let’s not forget that stellar performance history.

Although Tesla shares have cooled off in recent months, this company is still up more than 80% over the past 12 months, and up 40% or so since just May. Not only that, Tesla shares are still up more than 1,500% over the past 2 years.

So where to now for Tesla, now that it is sitting at US$805.72 a share at the latest pricing? That’s less than US$100 from its all-time high of US$900.40 a share.

Well, one ASX fund manager thinks the Tesla share price has plenty of gas in the tank (ironic pun not intended there). Sydney-based fund manager Holon Global Investments has just released a 144-page report on the future of Tesla. And you can tell by the title ‘Tesla – On the road to a US$10 trillion company and beyond‘, what the gist might be.

So let’s take a look at what Holon Global has found.

Firstly, Holon describes Tesla shares as having “remarkable upside and provide investors with a once-in-a-generation buying opportunity” at their current level.

Using a 30-year discounted cash flow model for Tesla, Holon arrives at a fair valuation today of a whopping US$3,369 per share. That implies that Tesla shares are currently undervalued by as much as 318%. 

Tesla to reach a share price of US$3,369?

But that’s not all, folks. Holon goes further, stating that “if Tesla can achieve our long-term financial forecasts, our DCF valuation for Tesla in 2030 increases to US$6,244 and further increases to US$9,056 in 2040”.

The core of Holon’s investment thesis is a ballooning of global vehicle sales over the next few decades. The fund manager is predicting that Tesla “will benefit from a doubling of global passenger vehicle sales to 206 million vehicles per year by 2050”.

This will underpin demand for electric vehicles, as Holon believes the sale of traditional internal combustion-powered cars will be banned across the globe by 2040. Further, Holon believes 40% of this demand for new vehicles will come from India and China.

At the end of this model, Holon thinks Tesla will be able to capture 25% of global passenger electric vehicle sales over the next decade, and will be producing 5.5 million cars by 2025. Once it reaches this scale, Holon then reckons “very few companies will have the financial strength and product range to challenge Tesla”.

Take Tesla’s other developments, such as Tesla’s energy and solar divisions, autonomous driving technology, as well as other leading software. We then arrive at a prediction of “annual free cash flows that we forecast will reach US$1 trillion per year from 2044 onwards”.

A lot of bold predictions there, but I’m sure Tesla shareholders would be very excited about what Holon had to say about this company.

At the last Tesla share price of US$805.72, this company has a market capitalisation of US$797.67 billion.

The post This Aussie fund manager values Telsa (NASDAQ:TSLA) share price at over US$3,000 appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen owns shares of Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Tesla. 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 PVW Resources NL (ASX: PVW) share price has returned from its trading halt and is rocketing higher.

In morning trade, the rare earths explorer’s shares were up as much as 92% to 35.5 cents.

The PVW Resources share price has pulled back a touch since then but remains up 46% to 27 cents.

Why is the PVW Resources share price rocketing higher?

Investors have been bidding the PVW Resources share price higher today following the release of an update relating to its Tanami Project in Western Australia.

According to the release, assay results have been received for 20 rock chip samples from the Killi Killi East and Watts Rise prospects at the Project.

As you might have guessed from the PVW Resources share price performance, the results have been very positive. Management advised that its assays revealed up to 12.45% Total Rare Earth Oxides (TREO), with 14 of 20 samples returning assays greater than 1% TREO and heavy rare earths comprising on average 80% of TREO.

Furthermore, the rare earth mineralised samples at Killi Killi East are located over 1.8km strike length and adjacent to a regional unconformity.

What’s next?

An exploration field program will soon re-commence with geochemical surface sampling and ground radiometrics at Killi Killi East. Follow-up drilling is also planned at Watts Rise and Killi Killi East targeting rare earth and gold mineralisation.

PVW Resources’ Executive Director, George Bauk, commented: “These are significant Heavy Rare Earth results. We now know so much more about this style of mineralisation and what we have uncovered to date at Killi Killi indicates there is significant potential within the Killi Killi Corridor, which is over 2km long, and the regional target of over 18km along the Killi Killi East/Watts Rise trend.”

“We are all aware of the state of the nation in respect to Critical Minerals, with rare earths at the forefront and that has been supported by the recent announcement by the Morrison Government to support the industry through the $2 billion loan facility for Australian Critical Minerals projects to help secure the vital supplies of resources needed to drive the new energy economy and support the resources jobs of the future.”

“PVW has significant experience in advancing a greenfield HRE project to production and what we have is a project in the Tanami that has the potential to be the next significant HRE project in Australia and perhaps the world,” he added.

The post Why the PVW Resources (ASX:PVW) share price is rocketing 92% higher today appeared first on The Motley Fool Australia.

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• This Aussie fund manager values Telsa (NASDAQ:TSLA) share price at over US$3,000
• Star Entertainment (ASX:SGR) share price surges despite police probe
• Why the Peninsula Energy (ASX:PEN) share price is rocketing 20% today
• Predictive Discovery (ASX:PDI) share price leaps 15% following sell-off
• Own CBA (ASX:CBA) shares? Here are the highlights from the bank’s AGM

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 Star Entertainment Group Ltd (ASX: SGR) share price rocketed higher today despite news that the Queensland police is investigating the casino operator.

The Star Entertainment share price surged 5.9% to $3.40 in morning trade. This makes it the third best performer on the S&P/ASX 200 Index (Index:^AXJO).

It remains to be seen if this is a dead-cat bounce for the beleaguered company. But the rally isn’t so surprising as other ASX share laggards have also taken off today.

Embattled ASX shares getting their day in the sun

The problem prone A2 Milk Company Ltd (ASX: A2M) share price tops the leader board with a 7.8% resurgence, while the GUD Holdings Limited (ASX: GUD) share price is the runner up with its 7.1% uplift.

Perhaps investors hunting for deep value ASX shares have been forced to dig in the sin bin.

What these shares have in common is that their share prices have all crashed within the past six months.

Dead-cat bounce for the Star Entertainment share price?

The Star Entertainment share price tumble only started last week when it plummeted over 40%. The panicked sell-off was triggered by reports that management allowed organised crime to use its Sydney and Gold Coast casinos to launder money.

The Queensland attorney-general has asked its police department to officially investigate the allegations, reported the Australian Financial Review.

It’s déjà vu for those who remember what happened to the Crown Resorts Ltd (ASX: CWN) share price.

Investigations span two states

At least Star Entertainment shareholders can find comfort that the Queensland Attorney-General Shannon Fentiman has ruled out a royal commission – at least for now.

“The allegations of money laundering and integrity issues are very serious, and the Office of Liquor and Gaming Regulation are undertaking appropriate investigations, along with the Queensland Police and AUSTRAC,” the AFR quoted Ms Fentiman as saying.

“The investigation will consider the appropriateness and effectiveness of Star’s due diligence processes in relation to anti-money laundering and how the Star approaches exclusions to ensure people are excluded from all properties where appropriate.”

Star Entertainment share price troubles only just beginning

It also appears that New South Wales isn’t pushing for a royal commission. The NSW Independent Liquor and Gaming Authority will instead undertake a private investigation.

However, the NSW investigation is run by Adam Bell SC. He’s the former counsel assisting NSW’s Bergin inquiry into Crown Resorts and has the powers of a royal commissioner, according to the AFR.

Foolish takeaway

This means Star Entertainment’s casino license in the state could be torn up if Bell thought that was warranted.

Value investors jumping to buy the beaten down Star Entertainment share price will need strong stomachs.

These investigations will take time and Star Entertainment’s shareholders are likely to be in for a volatile ride.

The post Star Entertainment (ASX:SGR) share price surges despite police probe appeared first on The Motley Fool Australia.

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Motley Fool contributor Brendon Lau 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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The Peninsula Energy Ltd (ASX: PEN) share price is having a bumper day, surging 19.57% to 27.5 cents.

Peninsula Energy owns the Lance Uranium Projects in Wyoming, in the United States. The company is currently transitioning its production method from alkaline to an industry-leading low pH in-situ recovery process.

According to Peninsula Energy, companies that utilise this process populate the lowest quartile of cash costs for global uranium producers.

Peninsula Energy share price jumps on uranium boom

The broader ASX-listed uranium sector is surging on Wednesday following a strong overnight move from international uranium peers.

The largest ASX-listed uranium player, Paladin Energy Ltd (ASX: PDN), is currently up 23.47% to 90.8 cents.

The broad-based buying has trickled all the way down to the speculative end of town. Names such as 92 Energy Ltd (ASX: 92E) and Alligator Energy Ltd (ASX: AGE) are jumping 11% and 18%, respectively.

The strength across the uranium sector was reflected through the strong overnight performance of the Global X Uranium ETF. The Global X ETF jumped 11.92% on the back of its highest ever volume since inception.

In addition, uranium spot prices have rallied by around US$2.75/lb or 7.3% to US$40.5/lb overnight, according to Numerco.

How does this impact Peninsula?

Peninsula Energy made the decision to raise $15 million in May to fund its purchase of 300,000 pounds of uranium at US$31.35 per pound.

Management believed this acquisition of physical uranium was “strategically aligned with the planned preparations for the Company’s flagship Lance Project transition to low pH ISR operations.”

As well, it was a potential “source of funding for the restart of operations at Lance following a final investment decision.”

With uranium prices holding above US$40/lb, this means that Peninsula is sitting on a tidy $2.75 million profit for its physical uranium investment.

Peninsula Energy share price in 2021

The Peninsula Energy share price has boomed in 2021. Peninsula Energy shares are up more than 120% year to date thanks to the resurgence of uranium spot prices.

Peninsula marked a 2.5-year high of 35 cents on 15 September.

The post Why the Peninsula Energy (ASX:PEN) share price is rocketing 20% today appeared first on The Motley Fool Australia.

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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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The Predictive Discovery Ltd (ASX: PDI) share price has jumped out of the starting blocks today with the company’s shares now trading at 19.5 cents apiece.

The Guinea-based miner has clawed back 15% of the losses it gave away yesterday after a horrendous start to the week. The company’s share price had tanked 28% before today’s open.

Why is the Predictive Discovery share price up 15%?

While there’s been no market sensitive information for the company today, Predictive Discovery’s shares have certainly rebounded from yesterday’s sell-off.

Then, its shares crashed from 23.5 cents to close at 17 cents yesterday after coming out of a requested trading halt a day earlier.

Specifically, the sell-off came after the company released an update on its Bankan Project in Guinea.

According to Predictive, it was made aware of a media report that calls into question the legality of its mining operations in the West African nation.

The company’s statement notes the media report claims that two of the company’s permits, the Kaniko and Saman permits, lie within the outer zone of the Upper Niger National Park.

This is apparently a restricted area for mining activities. However, the company notes there are certain exemptions that can be granted through the Guinean ministerial cabinet.

As such, Predictive’s managing director Paul Roberts said the company is working with Guinean authorities to ensure it is fulfilling its environmental responsibilities.

Despite this, investors were spooked yesterday and left the Predictive Discovery party fairly quickly after the company’s update.

Predictive Discovery has since ensured all of its gold mining operations remain compliant. The company also said it has been in regular discussions with the Guinean mining regulator on its ESG planning.

With this news, investors appear to have regained confidence in Predictive’s shares today.

Nonetheless, the Predictive Discovery share price has slipped 25% into the red this past wee, after closing at its 5-year high of 26 cents on 5 October.

Predictive Discovery share price snapshot

Despite the turbulence this week, the Predictive Discovery share price has climbed around 65% in the last month and is up 211% this year to date.

This extends its gain in the last 12 months to 201%, well ahead of the S&P/ASX 200 Index (ASX: XJO)’s return of around 25% in this time.

The post Predictive Discovery (ASX:PDI) share price leaps 15% following sell-off 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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Commonwealth Bank of Australia (ASX: CBA) shares are dipping in early afternoon trade, down 0.59%.

The S&P/ASX 200 Index (ASX: XJO), meanwhile, has managed to pull back from earlier losses and is currently up 0.77%.

Below we take a look at a few highlights from CommBank’s 2021 Annual General Meeting (AGM).

What did CommBank’s Chairman say at the AGM?

Matt Comyn, CommBank’s CEO, and Catherine Livingstone, CBA’s Chairman, both presented at the AGM.

Livingstone commenced, noting that the bank, established early in the 20th century, was intended to be for all Australians.

She said, “This role has never been more relevant than over the past year, with CBA having supported thousands of individual and business customers impacted by COVID-19.”

Livingstone also noted the move to online transactions since early 2022:

Over the course of the pandemic, our customers have embraced digital banking in record numbers, which has helped us tailor our support, and improve our understanding of individual needs.

Then there is the ever-growing emphasis on sustainability. According to Livingstone:

We recognise that commercial, environmental and social outcomes are interconnected, and that balancing the interests of stakeholders involves achieving positive outcomes in all dimensions.

During the past year, we have strengthened our approach to sustainability, including updating our Environmental and Social Framework, which sets out, for our people, as well as our stakeholders, the standards we have set.

On the financial end of the spectrum, Livingstone pointed out:

Cash net profit after tax was up 19.8 per cent on the prior year, reflecting an improvement in economic conditions, and the strong operating performance of our core banking businesses.

During the year, the Bank continued its program of divestments of non-core businesses, in line with its strategy to become a simpler bank. The divestment program has now generated $6.2 billion of excess capital since it began in 2018.

She also addressed the bank’s $6.2 billion of dividends paid out over the past financial year, and CBA’s off-market share buy-back, which returned another $6 billion to CBA shareholders.

What did CommBank’s CEO say at the AGM?

Matt Comyn, addressing the financial end, said, “A deliberate and sustained focus on customers, digital engagement and operational excellence helped us grow operating income by 2 per cent, reflecting above-system growth in home and business lending, and deposits.”

He noted that the bank lent $11 billion more to businesses than it did in FY20, with better overall economic conditions leading to “significantly” lower loan impairment expenses.

Looking ahead, Comyn said there’s reason to be optimistic:

The stimulus provided by our governments during lockdowns has been doing its job. Australians continue to accumulate more savings and many businesses are ready to take advantage of opportunities ahead.

Housing activity is still strong. We are continuing to monitor this closely and adjust our lending settings appropriately. Finally, we’re seeing digital technology enable a raft of changes, which come with both opportunities and risks.

If you’d like to view the webcast of the AGM, you can do so here.

How have CBA shares been moving?

CBA shares are up 24% year-to-date, compared to a gain of 9% posted by the ASX 200.

Over the past month, shares in the big bank are up 3%.

The post Own CBA (ASX:CBA) shares? Here are the highlights from the bank’s AGM appeared first on The Motley Fool Australia.

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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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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. The benchmark index is currently up 0.1% to 7,287.3 points.

Here’s what is happening on the ASX 200 on Wednesday:

Bank of Queensland shares fall on FY 2021 results

The Bank of Queensland Limited (ASX: BOQ) share price is tumbling lower today following the release of its full year results. For the 12 months ended 31 August, the regional bank reported an 83% increase in cash net profit after tax to $412 million. This was driven by a 13% increase in total income to $1.26 billion and its improving net interest margin (NIM). While this was in line with expectations, its outlook appears to have spooked investors. Management warned that it expects its “NIM to decline by c.5-7bps in FY22, as competition continues and the low interest rate environment remains.”

A2 Milk shares surge higher

It has been a very good day for the A2 Milk Company Ltd (ASX: A2M) 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 gross revenue to $18.5 million. This appears to have sparked hopes that the tough times are now behind the infant formula market.

Zip shares downgraded

The Zip Co Ltd (ASX:Z1P) share price is pushing higher despite being downgraded by a leading broker. According to a note out of Citi, its analysts have downgraded the company’s shares to a neutral rating from buy. The broker has also cut its price target by 7% to $7.40. Citi made the move to reflect falling app downloads in the key US market.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday has been the A2 Milk share price with an 8% gain. This follows the update from Bubs this morning. The worst performer has been the Bank of Queensland share price with a 4% decline following its FY 2021 results release.

The post ASX 200 (ASX:XJO) midday update: BOQ results, A2 Milk shares jump appeared first on The Motley Fool Australia.

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• Why the A2 Milk (ASX:A2M) share price is surging 8% higher today
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• Zip (ASX:Z1P) share price on watch after broker downgrade
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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. owns shares of and has recommended ZIPCOLTD FPO. The Motley Fool Australia has recommended A2 Milk and BUBS AUST FPO. 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 PointsBet Holdings Ltd (ASX: PBH) share price is up 4.45% to $10.09 per share in morning trade.

Shares in the corporate bookmaker are gaining even as the S&P/ASX 200 Index (ASX: XJO) is again struggling. The ASX 200 is currently up 0.12% after earlier trading in the red.

Below we take a look at the latest news for the company.

What’s going on in Canada?

The company reported that PointsBet Canada has entered into an agreement to become the exclusive sports betting partner of Curling Canada. PointsBet Canada is a 100% owned subsidiary of PointsBet Holdings. However, this is non-price sensitive news, unlikely to have a material impact on the PointsBet share price.

According to the release, more than 13 million viewers tune in to Curling Canada’s events every season. That ranks it among the highest-rated sports programming in the country.

What’s more, the agreement includes complete category exclusivity covering the company’s Sports Book and Online Casino for all Curling Canada event broadcasts.

Curling Canada’s CEO, Katherine Henderson, commented on the agreement:

With the passing of legalised sports betting by the federal government this past summer, we knew that there would be many opportunities available for our sport to be part of a new, legal and regulated way for fans to enjoy our events.

PointsBet’s track record speaks for itself, as the company has existing partnerships with a variety of highly regarded partners around the world…

PointsBet Canada’s CEO, Scott Vanderwel, added:

Our partnership with Curling Canada will not only support community-based sports but bring curling fans who, our research shows, are active bettors and over-index when compared to fans of other sports, an unprecedented sports betting experience.

PointsBet expects to launch operations in Ontario in the first quarter of 2022, pending regulatory approvals.

PointsBet share price snapshot

The PointsBet share price has struggled so far in 2021, down 13% year to date. That compares to a gain of 9% posted by the ASX 200.

However, PointsBet shares are up just over 2% over the past month.

The post PointsBet (ASX:PBH) share price lifts following Canada update appeared first on The Motley Fool Australia.

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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 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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