Category: Stock Market

The Readytech Holdings Ltd (ASX: RDY) share price has stepped into the green during morning trade and is now trading 1.5% higher at $3.38.

Earlier, it was doing even better at $3.55, which is a new 52-week high for the people management software provider.

There’s no market-sensitive news out of the company today. Nonetheless, the shares have exploded from a previous low of $2.53 on 23 August.

Let’s take a closer look at what’s behind this momentum.

What’s fuelling this growth?

The Readytech share price has been on the move ever since the company reported its FY21 earnings late last month.

In its report, the company recognised a 27% increase in revenue to $50 million. A key takeaway was its 45% net profit after tax (NPAT) gain to $2.1 million. Impressively, 87% of its revenue came from subscription contracts in FY21 and revenue retention was 96%.

It also saw an almost $7,000 increase in average revenue per customer to $35,000 for the year, coupled with an 11% increase in marketing spend.

Let’s not forget the company’s acquisition of software business Open Office back in May on an $80 million valuation.

On this positive backdrop, Readytech forecasts revenue growth in the mid-teens and an EBITDA margin of 36%-38% in FY22. Longer-term, it hopes to generate $125 million in revenue by FY26, which is a cumulative 150% increase on FY21.

Investors appear to have bought in on Readytech’s growth narrative. They have bumped the Readytech share price 40% higher since its earnings release. In the first 5 days after its announcement, the Readytech share price climbed 25%.

This appears to be the main tailwind behind the company’s shares over the past few weeks.

Readytech share price snapshot

The Readytech share price has climbed 61% this year to date and 86% over the past 12 months.

Readytech shares are up another 9% in the past week alone.

It is outpacing the S&P/ASX 200 index (ASX: XJO) which has risen about 25% over the past year.

The post Readytech (ASX:RDY) share price reaches 52-week high appeared first on The Motley Fool Australia.

More reading

• Is the CSL (ASX:CSL) share price in the buy zone?
• What were the biggest movers on the Nasdaq 100 (ASX:NDQ) overnight?
• ASX 200 (ASX:XJO) midday update: Telstra buys Vita stores, Cochlear sinks
• Sigma (ASX:SIG) share price unmoved by new CEO appointment
• Why ASX 200 energy shares are trouncing the index 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. owns shares of and has recommended Readytech Holdings Ltd. The Motley Fool Australia has recommended Readytech 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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If you’re looking for blue chip shares to buy, then the CSL Limited (ASX: CSL) share price could be worth considering.

The biotech giant is one of the biggest companies on the local share market and has been tipped as a buy by a leading broker.

Strong businesses and long term growth potential

CSL is the biotech company behind the CSL Behring and Seqirus business. The former is a specialist in plasma-based products, whereas the latter specialises in vaccines.

These two businesses have been driving solid sales and profit growth for CSL in recent years. And this looks set to continue long into the future thanks to increasing demand for its core therapies and vaccines, and its lucrative research and development (R&D) pipeline.

In respect to the latter, each year CSL reinvests approximately 11% of its sales into its R&D activities. This ensures that the company has a pipeline of products that have the potential to generate millions and potentially even billions of dollars in sales each year.

In its pipeline at present are CSL112 and clazakizumab. CSL112 is a novel apolipoprotein A-I infusion therapy that has been shown to have an immediate and significant impact on the ability to remove cholesterol from arteries. Whereas clazakizumab is being developed to treat kidney transplant rejection. This product alone could generate peak sales of US$5.4 billion according to analysts.

Is the CSL share price in the buy zone?

The team at Morgans are positive on the CSL share price. A recent note reveals that they currently have an add rating and $324.40 price target on its shares.

It commented: “We view CSL as a core holding and best positioned among its peers to meet growing patient demand, but the near term remains challenged, with timing uncertainty around a full recovery in plasma collections and increasing costs.”

This could make it worth considering the CSL share price with a patient and long term view.

The post Is the CSL (ASX:CSL) share price in the buy zone? appeared first on The Motley Fool Australia.

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• How has the CSL (ASX:CSL) share price performed since FY21 results?
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• 2 high quality ASX 50 shares named as buys

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 CSL Ltd. 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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Investors in the Betashares Nasdaq 100 ETF (ASX: NDQ) are probably keen to know what were the biggest movers of the NASDAQ 100 overnight.

At the time of writing, units in the exchange traded fund (ETF) are trading for $33.45 – down 0.06%. Overnight, however, the NASDAQ 100 ended its trading day up 0.92%.

So, what were the biggest movers overnight?

Let’s take a closer look.

What is NDQ invested in?

As the name of the ETF suggests, NDQ is invested in the 100 largest companies listed on the New York based tech-heavy stock exchange, such as Apple Inc (NASDAQ: AAPL), Amazon.com, Inc (NASDAQ: AMZN), and Facebook, Inc (NASDAQ: FB).

Non-tech shares the ETF (and therefore the shareholder) are invested in include PepsiCo, Inc. (NASDAQ: PEP), Costco Wholesale Corporation (NASDAQ: COST), and healthcare company Moderna Inc (NASDAQ: MRNA).

What moved the Nasdaq-100?

According to Nasdaq, the most prominent movers in early trade included biotech company Biogen Inc (NASDAQ: BIIB) – up 3.1%, and Pinduoduo Inc (NASDAQ: PDD) – down 1.2%.

Other prominent movers earlier in the day include Moderna – up 2.8%, and Okta Inc (NASDAQ: OKTA) – down 1%.

By the end of the day these were the 3 biggest gainers:

• Marriott International Inc (NASDAQ: MAR) – up 3.82%.
• Moderna Inc – up 3.15%.
• Booking Holdings Inc (NASDAQ: BKNG) – up 2.88%.

And these were the 3 heaviest fallers on the index by the end of the day:

• Seagen Inc (NASDAQ: SGEN) – down 1.74%.
• Charter Communications Inc (NASDAQ: CHTR) – down 1.28%.
• Okta Inc – down 0.80%.

Let’s see if NDQ follows the NASDAQ 100’s lead and ends today higher.

NDQ share price snapshot

Over the past 12 months, shares in the ETF have increased 31.9%. This is greater than the S&P/ASX 200 Index (ASX: XJO) but less than the actual NASDAQ 100 composite (by about 9 percentage points). It is, however, roughly matching its namesake’s performance since the beginning of the year – both up about 21%.

The post What were the biggest movers on the Nasdaq 100 (ASX:NDQ) overnight? appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor Marc Sidarous owns shares of BETANASDAQ ETF UNITS. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Amazon, Apple, BETANASDAQ ETF UNITS, Booking Holdings, Costco Wholesale, and Facebook. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Moderna Inc. and has recommended the following options: long January 2022 $1,920 calls on Amazon, long March 2023 $120 calls on Apple, short January 2022 $1,940 calls on Amazon, and short March 2023 $130 calls on Apple. The Motley Fool Australia owns shares of and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia has recommended Amazon, Apple, Booking Holdings, and Facebook. 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 Friday, the S&P/ASX 200 Index (ASX: XJO) has failed to follow the lead of US markets and is dropping. The benchmark index is currently down 0.45% to 7,337.7 points.

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

Telstra buys stores from Vita

The Telstra Corporation Ltd (ASX: TLS) share price is edging higher today after it agreed to buy the Telstra retail stores operated by Vita Group Limited (ASX: VTG) for a cash consideration of $110 million. The telco giant will also acquire Vita’s Sprout business, leaving the retailer with just its Artisan Aesthetic Clinics business. Vita intends to return a good portion of the proceeds to shareholders as dividends.

Centuria Industrial’s shares sink

The Centuria Industrial Reit (ASX: CIP) share price is sinking today after returning from a trading halt. This morning the industrial property company announced the completion of an institutional placement which raised $300 million. These funds were raised at a 5.2% discount of $3.80 per new share. Centuria Industrial is raising funds to acquire eight freehold urban infill industrial assets for a total of $351.3 million.

Energy shares rise

One area of the ASX 200 that is performing positively today is the energy sector. For example, the shares of Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) are recording solid gains today after oil prices charged higher overnight. Traders were buying oil after growing fuel demand and a draw in U.S. crude inventories led to tight supplies.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Computershare Ltd (ASX: CPU) share price with a 5.5% gain. This is despite there being no news out of the share registry company. The worst performer on the ASX 200 has been the Cochlear Limited (ASX: COH) share price with a 5.5% decline. This follows news that the hearing solutions company has been hit with a patent infringement complaint.

The post ASX 200 (ASX:XJO) midday update: Telstra buys Vita stores, Cochlear sinks appeared first on The Motley Fool Australia.

More reading

• Why ASX 200 energy shares are trouncing the index today
• Why the Centuria Industrial (ASX:CIP) share price is down 8% today
• Cochlear (ASX:COH) share price down 4% on US patent infringement complaint
• Telstra (ASX:TLS) share price higher on Vita (ASX:VTG) deal
• Here’s why the Medibank (ASX:MPL) share price is up 12% in the last 3 months

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 Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Cochlear 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 Sigma Healthcare Ltd (ASX: SIG) share price is flat on Friday morning and trading at 60 cents a pop.

This comes after the pharmacy chain operator and distributor announced a leadership reshuffle for the top job.

Sigma appoints new CEO

In today’s statement, Sigma advised that its board has appointed Vikesh Ramsunder as the new managing director and CEO.

Ramsunder brings a wealth of experience to the role, having been involved with wholesaling, logistics, pharmacy and retail sectors. He is currently serving as group CEO of Clicks Group Ltd (JSE: CLS), a position he has held since January 2019.

Clicks Group, based in South Africa, is one of the largest wholesale, pharmacy and retail operations in the African healthcare market. The company boasts over 840 stores through market-leading retail brands such as GNC, The Body Shop and Claire’s. The group also has more than 600 in-store pharmacies across southern Africa.

Prior to becoming group CEO, Ramsunder held several other roles within the Clicks Group, including chief operating officer from 2015. In addition, he also took over as managing director of United Pharmaceutical Distributors (UPD), the Click Group’s pharmaceutical wholesaler business.

His appointment follows an extensive search that resulted in a strong list of candidates, both internal and external.

Ramsunder is expected to commence with Sigma in February 2022 following the completion of his notice period.

Outgoing Sigma CEO and managing director, Mark Hooper will remain in the role until 31 January 2022.

Sigma chair, Ray Gunston commented:

The last four years have been committed to a sustained period of critical investments to rebuild our infrastructure in our core wholesale and retail business and set the business up for the future.

We now emerge from that phase poised to accelerate our growth. Vikesh brings the mix of skills and experience that will be valuable in leading Sigma to fast-track that growth agenda both organically and through acquisitions.

About the Sigma share price

Over the past 12 months, Sigma shares have traversed mostly sideways, with a few hiccups along the way. The Sigma share price is up by just 5.26% over the period. It is down 3.23% year to date.

Based on today’s share price, Sigma has a market capitalisation of roughly $635 million. There are more than 1 billion shares outstanding.

The post Sigma (ASX:SIG) share price unmoved by new CEO appointment appeared first on The Motley Fool Australia.

More reading

• Why APA, Kathmandu, Nickel Mines, & Sigma shares are dropping
• Sigma (ASX:SIG) share price sinks 7% on half year update and guidance downgrade

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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S&P/ASX 200 Index (ASX: XJO) energy shares are broadly putting in a great performance today.

Shares in Woodside Petroleum Limited (ASX: WPL), for example, are up 2.64% to $22.37 per share.

And the Santos Ltd (ASX: STO) share price, which was up more than 4% in early morning trade, is up 1.39% at the time of writing.

This, as the ASX 200 itself has given back its early gains and is currently down 0.25% for the day.

What’s going on with the oil price?

ASX 200 oil and gas shares look to be benefitting from another overnight boost in global crude oil prices.

Brent crude gained 1.4% over the past 24 hours to US$77.25 (AU$105.80) per barrel on the ICE Futures Europe exchange.

That’s its highest level in almost 3 years, when Brent briefly traded above that price from August to October 2018.

Today’s Brent crude price is now 260% higher than the post-pandemic-crash lows, which saw it bottom out at US$21.44 on 24 April 2020.

And a growing number of top analysts and oil traders see crude’s steady march higher, having some way to go yet. This would be welcome news to investors in ASX 200 oil and gas shares.

As Bloomberg reports:

Vitol Group sees oil rising above $80 a barrel, partly as surging gas prices boost demand for crude in power generation. Goldman Sachs Group Inc. said crude may top $90 if the coming winter in the northern hemisphere proves colder than normal.

How have these 2 ASX 200 energy shares been tracking?

The Santos share price has gained 30% over the past 12 months, and shares are up 10% in the last month.

The Woodside Petroleum share price is up 24% since this time last year, and shares have gained 13% over the past month. When running your measuring stick along Woodside’s share price, it’s worth keeping in mind the pending merger agreement with BHP Group Ltd (ASX: BHP).

The ASX 200, by comparison, is up 25% in 12 months and down 2% over the past month.

The post Why ASX 200 energy shares are trouncing the index today appeared first on The Motley Fool Australia.

More reading

• How do you value the Woodside Petroleum (ASX:WPL) share price?
• 5 things to watch on the ASX 200 on Friday
• Oil prices rise, Woodside (ASX:WPL) share price hits 1-month high
• Why the Santos (ASX:STO) share price is charging higher on Thursday
• 5 things to watch on the ASX 200 on Thursday

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

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The Flight Centre Travel Group Ltd (ASX: FLT) share price has stepped into the green from market open today. It now trades at $20.25.

That’s a new 52-week high for the travel agency giant, whose share price was hit by the pandemic, alongside other travel shares.

Not surprising for a company that has a corporate and leisure travel network spanning over 90 countries.

Whilst there’s been no market sensitive information released for the company today, let’s take a look at what’s fuelling this growth in the Flight Centre share price.

What tailwinds are behind the Flight Centre share price?

Flight Centre’s share price has been on the receiving end of a few positive catalysts lately.

The company released its FY21 results last month, where it recognised an improvement in its trading conditions over the last few months.

Vaccination rollouts in the US and abroad are well into the advanced stages, and flights to the US and Europe have been in place for some time now, benefitting the company’s revenue take.

This appears to be a positive for the Flight Centre share price, due to the uptick in demand for the company’s services.

As such, the company is expecting a strong rebound in its overseas travel markets, in particular the UK, the US and Canada.

Adding fuel to the fire here is recent announcements from Qantas Airways Limited (ASX: QAN) that it is already selling tickets for flight travel to several destinations from 18 December this year.

In the days following this announcement – in addition to positive vaccine data – the Flight Centre share price jumped over 35% to $18.60.

Investors appear to be bullish on this flavour combination of positive vaccine data and a rebound in travel numbers – both in Australia and abroad – as the economy begins to reopen. Flight Centre sits at the hub of this speculative movement, as a “reopening play”.

As a result, Flight Centr’s shares have since climbed a further 8% to the current trading and jumped a further 1.4% in early trading on Friday.

However, it might not all be as rosy as it seems at face value for Flight Centre. As Aaron Teboneras of The Motley Fool explained, it still needs to “generate about 50% of its pre-COVID total transaction value (TTV)” in its corporate markets, and around “40% of pre-COVID TTV” in its leisure arm.

Flight Centre share price snapshot

It’s been a positive year to date for Flight Centre’s share price, having posted a return of 28% since January 1.

This extends its return over the past 12 months to 49%. Both of these results are well ahead of the S&P/ASX 200 index (ASX: XJO)’s return of around 25% over this last year.

Despite the slight recovery, Flight Centre is well off its previous high of around $39 in January 2020.

The post Why the Flight Centre (ASX:FLT) share price reached a new 52-week high today appeared first on The Motley Fool Australia.

More reading

• September is being kind to the Flight Centre (ASX:FLT) share price. What’s next?
• How has the Flight Centre (ASX:FLT) share price performed since reporting results?
• These are the 10 most shorted ASX shares
• How have these 3 ASX 200 travel shares performed since reporting results?
• Is it too late to buy Qantas (ASX:QAN) and other ASX travel shares?

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 recommended Flight Centre Travel Group 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 Centuria Industrial Reit (ASX: CIP) share price has been among the worst performers on the S&P/ASX 200 Index (ASX: XJO) on Friday.

In morning trade, the industrial property company’s shares are down 8% to $3.69.

Why is the Centuria Industrial share price sinking?

The catalyst for the weakness in the Centuria Industrial share price today has been the completion of an institutional placement.

According to the release, the company has raised $300 million through the issue of approximately 78.9 million shares at $3.80 per new share. This represents a 5.2% discount to the Centuria Industrial share price prior to its trading halt.

The proceeds from the placement will be used to partially fund the acquisition of eight freehold urban infill industrial assets for a total of $351.3 million. This price represents an average initial yield of 4.1% and a weighted average capitalisation rate of 4.23%.

Management notes that the acquisitions expand the company’s exposure across key industrial sub-sectors. These include distribution centres, cold storage, and transport logistics. This is a big positive given how these sectors are experiencing strong tailwinds underpinned by accelerating consumer shift to online retail.

Centuria Industrial’s Fund Manager, Jesse Curtis, commented: “The Placement received strong demand from new and existing institutional investors, indicating clear endorsement of CIP’s strategy and management capability to build scale and amass, off market, a high-quality portfolio of urban infill industrial assets to deliver value to unitholders.”

The company will now push ahead with its non-underwritten share purchase plan which is aiming to raise a further $25 million. These funds will be raised at $3.76 per share. This represents the institutional placement issue price adjusted for its 30 September distribution of 4.325 cents per share.

Is it time to invest?

A number of brokers have responded to the news. One that is bullish is Macquarie Group Ltd (ASX: MQG).

Its analysts were pleased with the acquisitions and have retained their outperform rating and lifted their price target to $4.22.

Based on the current Centuria Industrial share price, this represents potential upside of 14% before distributions.

Speaking of which, Macquarie estimates that the company will pay an 17.3 cents per share distribution in FY 2022. This equates to a 4.7% yield at current prices.

The post Why the Centuria Industrial (ASX:CIP) share price is down 8% today appeared first on The Motley Fool Australia.

More reading

• Centuria Industrial REIT (ASX:CIP) reveals acquisitions worth $351 million
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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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Many ASX investors willing to take on more risk for greater returns turn to small-cap companies.

And those punters have seen handsome rewards in the past 12 months, with the S&P/ASX Small Ordinaries (ASX: XSO) gaining almost 30%.

Yes, the smaller businesses can encounter awful challenges that can sometimes even send them broke. But experts remind us that all the massive S&P/ASX 100 [XTO] (ASX: XTO) companies were once small caps. 

Earlier this week, Australian Ethical head of domestic equities Mike Murray revealed the 2 small caps he thought might grow into big dogs.

Now it’s Perpetual portfolio manager Nathan Hughes’ turn. Here are 3 ASX shares that he recently picked out.

ASX share that has ‘done tremendously well’

In a recent Livewire video, Hughes said he admired what retailer Premier Investments Limited (ASX: PMV) has navigated through during the COVID-19 pandemic.

“It’s a company that’s done tremendously well, rolling out Smiggle and Peter Alexander and more recently it’s had a lot of success online with huge scope for continued growth there,” he said.

“That’s both in taking those brands into additional markets and continuing to grow their online presence.”

After Hughes made those comments, Premier shares rocketed up 2.7% on Thursday after the company revealed its 2021 financial year results.

Indeed, pyjama retailer Peter Alexander showed off $100 million in sales growth over the year.

Premier shares are climbing in morning trade today, up 2.71% at $28.38 apiece. This marks an increase of 18.15% for the year.

Lighting up your portfolio

Beacon Lighting Group Ltd (ASX: BLX) is another small-cap retailer that has impressed Hughes.

The business has benefitted from “changing consumer spending patterns” since the pandemic arrived, he said in a Livewire video published this morning.

But growth from here on will come from several other factors.

“There’s [the] continued rollout of their existing store network. There’s direct to consumer online – so they’re going to new markets globally, which is really in its infancy,” said Hughes.

“And they’re also using their existing relationships here in the existing store network to penetrate into the trade channel.”

Beacon predicts that trade business could become as large as its retail channel within the next 5 years, according to Hughes.

“I think that’s a really big opportunity. The company has grown revenues at about 10% per annum compound since listing, and we think there’s a long runway for growth ahead.”

Beacon shares have risen more than 28.57% this year, sitting at $2.16 apiece at the time of writing.

‘Matured’ but ‘long runway of growth ahead’

Holding shares in mining companies can be a roller-coaster experience.

But Hughes likes the look of Adelaide’s OZ Minerals Limited (ASX: OZL), whose shares have risen 20.66% this year.

“I think it’s matured as a company; it still has a long runway of growth ahead of it,” he said of the copper and gold producer.

“The Carrapateena project has been built to be expandable and scalable, and there’s also some further upside from the West Musgrave Project that we think the stock will deliver.”

The post 3 more small-cap ASX shares with a competitive edge appeared first on The Motley Fool Australia.

More reading

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Motley Fool contributor Tony Yoo has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Premier Investments 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 92 Energy Ltd (ASX: 92E) share price won’t be going anywhere on Friday after the company requested a trading halt.

What’s the trading halt for?

92 Energy shares will remain halted, pending the release of an announcement regarding a capital raising.

It will remain in a trading halt until Tuesday, 28 September or upon the release of the announcement.

The 92 Energy share price successfully made its ASX debut on 15 April after a strongly supported initial public offering at 20 cents a share.

The company has $5.8 million in cash and cash equivalents based on its June quarterly activities report.

All aboard the uranium hype train

92 Energy shares have been running hot following a sudden spike in uranium spot prices.

Uranium prices briefly jumped to US$50/lb in late September, marking a 9-year high for the energy metal.

Uranium prices have been skyrocketing off the back of purchases from an investment fund, Sprott’s Physical Uranium Trust.

This has caused a sharp re-rate across ASX-listed uranium players, from established large cap players like Paladin Energy Ltd (ASX: PDN) all the way to recent IPOs like 92 Energy.

As such, the 92 Energy share price is up 173% since its first day of listing, where it closed at 28.5 cents. And up almost 400% for those that managed to participate in the IPO.

92 Energy share price jumps on uranium discovery

Shares in 92 Energy briefly touched $1.15 on Monday after the company discovered a new zone of uranium mineralisation at its 100% owned Gemini Project.

The company will now review the drill results for “insights into the geology, mineralogy and structure … to gain a comprehensive understanding of this zone as soon as possible”.

A follow-up drilling program is currently planned for the Canadian winter drilling season which typically runs from January to March.

The post Why the 92 Energy (ASX:92E) share price is frozen today appeared first on The Motley Fool Australia.

More reading

• 92 Energy (ASX:92E) share price rockets 43% on uranium discovery
• Why ASX uranium shares are diving double-digits on Monday
• ASX uranium shares boom to multi-year highs, bull market is just getting started: analyst
• 92 Energy (ASX:92E) share price jumps 11%, up 400% since IPO. Here’s why.
• Is there a uranium ETF listed on the ASX?

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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