Category: Stock Market

Shares in PPK Group Limited (ASX: PPK) are up and down in morning trade today. This comes after the boron nitride nanotubes (BNNT) company announced a joint venture to manufacture anti-viral and anti-bacterial face masks.

At the time of writing, the PPK share price is down 0.6% trading at $19.92, after touching a high of $20.6 near the open.

PPK eyes new revenue stream

In today’s statement, PPK advised it has teamed up with Xefco to form a new company called Survivon.

Founded in 2018, Xefco uses advanced manufacturing methods to create textile technologies with additional functional benefits. In particular, the group focuses on antiviral technology.

The newly-formed business will immediately start local production of anti-viral and antibacterial face masks using Xefco’s ground-breaking technology. PPK advised it has purchased a mask factory in Brisbane and has orders already in hand. Up to 5 million masks can be produced each month.

The company said the medical-grade face masks would contain an ultra-thin coating of 99.95% pure copper developed by Xefco and Deakin University.

An independent study by the Peter Doherty Institute for Infection and Immunity revealed positive results in May. It showed that the new treated textiles were able to inactivate the virus associated with COVID-19 by 97.79% in 5 minutes, and 99.95% in 15 minutes.

PPK and Xefco will each own 47.6% of Survivon with the remaining balance held by senior manager, Matthew Bailey.

Under the terms of the partnership, PPK will contribute $4.5 million in cash on completion in exchange for its equity, less the transfer of PPK’s recently acquired business, Mask Innovation to Survivon for approximately $1.6 million.

The cash will be used as ordinary working capital for the new business.

Management commentary

PPK executive chair Robin Levison commented:

The chance to combine the manufacturing assets of PPK’s Mask Innovation business with leading science developed by Xefco in conjunction with Deakin University represents a tremendous commercialisation opportunity with global application.

It is also an incredibly timely one and yields a likelihood of making a very practical and immediate difference in combating one of the great healthcare issues of our time.

About the PPK share price

Over the last 12 months, the PPK share price has accelerated, gaining around 420% since this time last year. Year-to-date, its shares have advanced 240%.

PPK presides a market capitalisation of roughly $1.78 billion, and has 89.29 million shares on its books.

The post PPK (ASX:PPK) share price wobbles on joint venture news appeared first on The Motley Fool Australia.

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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 Adavale Resources Limited (ASX: ADD) share price has soared into the green today after the company announced a key uranium license update.

The Adavale share price is currently 7.9 cents, up 19.7% on the previous close of 6.6 cents. In early trade, the Adavale share price skyrocketed to 9.4 cents, which was a 42% gain.

Here’s what we know.

What did Adavale announce?

Adavale advised that planned work will commence in October at the company’s Lake Surprise uranium project in South Australia.

The Adavale share price jumped immediately at the market open following the news.

There is a selection of works to commence involving high tech mining assessments and sampling regimes. For instance, there is “1,100 line kilometres of ultra high resolution gamma surveying” that is planned at the site to “define known surface anomalies”.

Adavale will also conduct geological sampling and analysis of samples to follow up on “historic portable XRF values”.

Additionally, the program intends to scope further works to upgrade its “historic exploration”, in order to comply with JORC 2012 standards.

Given the 5-year price high that uranium is fetching in the commodity markets at the moment, it’s no wonder investors are responding to Adavale’s announcement.

Uranium has shot up 63% from about $US30/lb to trade at US$49.40/lb in just over a month. It’s as if someone drew a straight line directly north when looking at its chart.

Investors speculating on the uranium story obviously enjoyed the news and are buying Adavale shares in droves today. More than 36.9 million shares changed hands in the first three hours of trading today.

Despite this morning’s surge, the Adavale share price is trading below its 12-month high of 11 cents.

What did management say?

Speaking on the results, Adavale’s chair, Grant Pierce said:

We are rather excited to be finally preparing for the commencement of this uranium program in South Australia. We have been in a state of readiness for some 6 months but as experienced by many exploration companies in Australia, COVID cross border travel restrictions disrupted the best laid plans. It will be great to see some new results on these licences that show so much promise.

Adavale Resources share price snapshot

The Adavale share price has had a bumpy year to date but is still 56% in the green since 1 January. Even better, it’s up 158% over the past 12 months.

Over the past month alone, the Adavale share price has climbed 48%.

These results have far outpaced the S&P/ASX 200 index (ASX: XJO) which is up about 25% over the past year.

The post Adavale Resources (ASX:ADD) share price surges 42% on uranium update appeared first on The Motley Fool Australia.

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• Predictive Discovery (ASX:PDI) share price zooms 21% on drill results

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 Dexus Property Group (ASX: DXS) share price is gaining in early afternoon trade, up 1.01% to $11.03 per share.

Below we take a look at the commercial property owner and manager’s acquisition announcement.

What acquisition was reported?

Dexus’ share price is gaining after the company reported the acquisition of a $1.5 billion portfolio of industrial properties. The acquisition is taking place alongside APN Industria REIT (ASX: ADI).

Dexus said the move is part of its objective to invest in sustainable income streams and expand its funds management business.

According to the release the industrial property acquisitions consist of:

• Jandakot Airport, in Perth, Western Australia (initially 66.7% Dexus, 33.3% ADI), with 49 properties, 80 hectares of developable land and an airport operating business.
• Lot 2, 884-928 Mamre Road, Kemps Creek, New South Wales (50% Dexus, 50% ADI), a fund-through development.
• 2 Maker Place, Truganina, Victoria (100% ADI), a logistics facility leased to Australia Post.

Commenting on the acquisitions, Dexus’ CEO, Darren Steinberg said:

These are high-quality investments that will further enhance the resilience of our property portfolio. The near-term development potential and scope to enhance returns by introducing third party capital make this a compelling opportunity, and one aligned with our priorities to grow our funds management business and recycle capital into high returning opportunities.

Dexus chief investment officer, Ross Du Vernet added:

The acquisitions will provide our industrial business with a meaningful footprint in Western Australia and new product in the Sydney market to service our growing customer base. Across the group, the industrial portfolio is expected to grow to $11.3 billion (4.6 million square metres) post completion of the near-term developments and recent acquisitions.

ADI is undertaking a fully underwritten $350 million equity raising to partly fund its share of the acquisitions. Shares will be issued at $3.45, almost an 8% discount from yesterday’s closing price of $3.74 per share. ADI is currently in a trading halt.

Dexus plans to take up its full $40 million entitlement under ADI’s Entitlement Offer. Dexus will fund its part of the acquisitions through debt facilities. It expects gearing will initially increase by around 3.3%.

The company said it will update the market with guidance at its half year 2022 financial year results in February 2022.

Dexus share price snapshot

Dexus’ share price has had a strong run in 2021, up 17%. That compares to a year-to-date gain of 10% posted by the S&P/ASX 200 Index (ASX: XJO).

Over the past month Dexus shares have gained 4%.

The company pays a 4.8% dividend yield, 20% franked.

The post Why the Dexus (ASX:DXS) share price is moving higher today 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 Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. The benchmark index is currently up 1.1% to 7,375.6 points.

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

Transurban returns and falls

The Transurban Group (ASX: TCL) share price is trading lower today after completing the institutional component of its equity raising. This morning the toll road operator revealed that it has raised $2.9 billion at an 8.3% discount of $13.00 per share. Management advised that the offer attracted strong demand from institutional shareholders, with approximately 93% of eligible entitlements taken up. Transurban is raising funds to acquire the remaining stake in WestConnex.

Premier Investments results

The Premier Investments Limited (ASX: PMV) share price is storming higher today following the release of its full year results. This morning the retail conglomerate reported an 18.7% increase in retail sales to $1,443.2 million and a 97% jump in statutory net profit after tax to $271.8 million. The Peter Alexander brand was a particularly positive performer, reporting stellar sales growth over the 12 months.

Brickworks results

The Brickworks Limited (ASX: BKW) share price is pushing higher after the release of its full year results. The building products company reported a 6% decline in revenue to $890 million but a 95% jump in underlying net profit after tax to $285 million. The key driver of this result was the company’s joint venture property trust with Goodman Group (ASX: GMG).

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the News Corp (ASX: NWS) share price with a 9% gain. This morning Goldman Sachs reiterated its conviction buy rating and $44.50 price target on its shares. The worst performer has been the Ramelius Resources Limited (ASX: RMS) share price with a 2.5% decline. Risk-on sentiment is weighing on gold miners today.

The post ASX 200 (ASX:XJO) midday update: Transurban falls, Premier Investments jumps appeared first on The Motley Fool Australia.

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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 Brickworks. The Motley Fool Australia owns shares of and has recommended Brickworks. 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 Predictive Discovery Ltd (ASX: PDI) share price is screaming higher this morning after the company announced a key gold drilling update.

Shortly after the market open, the Predictive Discovery share price hit 17 cents, which is 21% higher than yesterday’s close.

At the timing of writing, the price has settled back to 16 cents, representing a 10.34% gain.

Let’s take a closer look at the drilling update.

What did Predictive Discovery announce?

Predictive announced that its high impact air-core (AC) drill results “returned excellent initial results”, following up from a series of “regional gold auger anomalies” near its NE Bankan gold deposit in Guinea’s Siguiri Basin.

The company said its extensive AC drilling program is just beginning, with the results of 16 drill holes reported in its announcement.

As a result, Predictive is testing “multiple promising targets” that were identified by previous examinations of the area.

The company says the drill results are further evidence that it is “just at the beginning of the Bankan discovery story”.

It anticipates finding a lot more gold across the full project area.

Investors have bought on the news, and are pushing the Predictive Discovery share price higher in early trade.

The greenfields Bankan Project is Predictive’s flagship project. It was discovered in April 2020. NE Bankan is the second gold discovery at the site and is just 3km from the first discovery.

What did management say?

Predictive Discovery managing director, Paul Roberts said:

These shallow, high-grade results are a great start to our regional AC program and confirm the potential for discovering new zones of gold mineralisation very close to NE Bankan.

Expanding on the drill results, Roberts added:

Importantly, some of the new AC drill results also suggest that transported material may have been too deep
in places for the auger to drill through it, opening up the possibility that some of the new mineralised zones
reported here may extend significantly along strike in follow-up AC drilling.

Predictive Discovery share price snapshot

Predictive Discovery has been a major ASX performer this year, with its share price rising 166% since 1 January.

Over the past 12 months, the Predictive Discovery share price has gained 128%. This is well ahead of the S&P/ASX 200 index (ASX: XJO) which is up about 24% over the past year.

The post Predictive Discovery (ASX:PDI) share price zooms 21% on drill results appeared first on The Motley Fool Australia.

More reading

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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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The Telix Pharmaceuticals Ltd (ASX: TLX) share price has plummeted today after the company announced news of its prostate cancer imaging investigational product, Illuccix.

Illuccix is currently in the midst of the US Food and Drug Administration’s (FDA) approval process. However, Telix has announced the FDA has extended the product’s review period by 3 months.   

The Telix share price has fallen 6.3% on the back of the news. Shares in the company are currently trading for $6.37 a piece.

Though, earlier today they hit a low of $5.66, representing a drop of 16%.

Let’s take a closer look at today’s news from the biotechnology company.

Illuccix’s FDA approvals process extended

The Telix share price is tumbling today after the company announced the FDA has extended its review process for Illuccix.

The date for the process to be finalised has now been pushed back to 23 December 2021.

The extra time will allow the FDA to further review and consider information to do with the product’s manufacturing, as well as conclude its label review.

According to Telix, 3 months is the FDA’s standard review extension period.

Telix noted that it had met with the FDA in June. Then, the FDA stated it wasn’t aware of any manufacturing or clinical review issues with Telix’s Illuccix.

However, Telix’s pre-authorisation inspection (PAI) fell after the review meeting and raised a set of manufacturing-related observations.

Illuccix is also under review by Australia’s Therapeutic Goods Administration and the company’s working towards marketing authorisation applications for Illuccix in Europe and Canada.

Telix share price snapshot

Despite today’s dip, the Telix share price has been performing well lately.

Right now, it is 58% higher than it was at the start of 2021. It has also gained 261% since this time last year.

The company has a market capitalisation of around $1.9 billion.

The post Telix (ASX:TLX) share price sinks 6% on FDA update appeared first on The Motley Fool Australia.

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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 Qantas Airways Limited (ASX: QAN) share price is looking bullish in September, up 11% to 10-month highs of $5.68. At the time of writing, it is up 3.66% on the day to $5.67.

This follows an optimistic FY21 full-year results announcement and news the United States might reopen its international borders as soon as November.

Good news for travellers

The United States will reopen its borders in November to fully vaccinated travellers from 33 countries, the White House reported on Monday.

According to Reuters, this marks a sudden shift from the Biden administration which last week said that “it was not the right time to lift any restrictions amid rising COVID-19 cases”.

The United States will welcome air travellers from 26 European countries, as well as the UK, Ireland, China, India, South Africa, Iran, and Brazil.

The news has sparked a jump for both the Qantas share price and the broader ASX-listed travel sector this week.

ASX-travel shares rejoice

ASX-travel shares have bounced higher this week even after a sharp selloff for the broader S&P/ASX 200 Index (ASX: XJO) on Monday.

Airlines including Qantas, Air New Zealand Limited (ASX: AIZ) and Regional Express Holdings Ltd (ASX: REX) are up a respective 2.3%, 2.3% and 3.7% this week.

Travel management companies like Corporate Travel Management Ltd (ASX: CTD) and Webjet Limited (ASX: WEB) have rebounded strongly after Monday’s correction, up 9.1% and 3.3% respectively.

Qantas expects international travel to pick up in 1H21

Qantas’ FY21 full-year results expected international flying in 1H22 to be at approximately 15 per cent of pre-COVID levels.

The company said once Australia’s borders begin to reopen, the group’s international capacity is expected to pick up by 30 to 40 per cent by Q3 and 50 to 70 per cent by Q4, compared to pre-COVID levels.

Qantas share price tests 10-month high

The Qantas share price has been had highs of $5.80 and lows of $4 since November last year.

Qantas is trading towards the upper level, currently fetching $5.67.

The post Why the Qantas (ASX:QAN) share price is rallying 3% on Thursday 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 owns shares of and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) is currently up around 1% to 7,371 points as the US Federal Reserve revealed its plans for bond tapering.

What did the Federal Reserve say?

The world’s most followed central bank noted that the US has made progress on vaccinations and there is strong policy support, whilst economic activity and employment have continued to strengthen.

Sectors that have been hurt most by impacts of COVID-19 have improved in recent months, though the rise in COVID-19 cases have slowed their recovery.

It was noted by the central bank that inflation is elevated, but it put that down largely to transition factors.

The Fed said that the path of the economy continues to depend on the course of the virus, though ongoing vaccinations will help reduce the impacts of the public health crisis on the economy. However, the central bank believes there are still risks to the economic outlook.

Inflation and employment targets

The Fed committee seeks to achieve maximum employment and inflation at the rate of 2% over the longer run. Considering inflation has been high for some time, the Fed is going to aim for inflation to be “moderately above” 2% for some time. It expects to maintain an accommodative stance of monetary policy until these outcomes are achieved.

It’s going to keep the interest rate target rate at 0% to 0.25% and expects to keep it at this level until the job market has reached “maximum employment” and inflation targets are also on track.

Reduction of bond buying

Central bank bond buying can have a supporting impact on the ASX 200.

The current bond buying situation is that the Fed has been increasing its holdings of Treasury securities by at least $80 billion per month and of agency mortgage‑backed securities by at least $40 billion per month. It was doing this until substantial further progress had been made toward its maximum employment and price stability goals.

If the economy keeps recovering as it is, then the Fed believes it would be warranted to slow down the pace of asset purchases.

According to reporting by the Australian Financial Review, Federal Reserve chairman Jerome Powell said the central bank could reduce asset purchases as soon as November and complete the process by the middle of 2022. Mr Powell also said:

The timing and pace of the coming reduction in asset purchases will not be intended to carry a direct signal regarding the timing of interest rate lift-off.

What has the ASX 200 done?

As mentioned, the ASX 200 is up around 1%, but within that there are different movers.

Looking at some of the biggest businesses, the Commonwealth Bank of Australia (ASX: CBA) share price is up 1.3%, the Fortescue Metals Group Limited (ASX: FMG) share price has increased 2.5%, the Macquarie Group Ltd (ASX: MQG) share price is up 2% and the Afterpay Ltd (ASX: APT) share price has risen over 4%.

Looking at the overall ASX 200, there are a few other ASX shares that have performed even stronger. The Bapcor Ltd (ASX: BAP) share price is up more than 6%, the AGL Energy Ltd (ASX: AGL) share price is up over 5% and the Corporate Travel Management Ltd (ASX: CTD) share price is currently up 4.6%.

The post ASX 200 shares jump as Fed flags bond tapering appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison owns shares of Fortescue Metals Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Bapcor, Corporate Travel Management Limited, and Macquarie 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 Kingsgate Consolidated Limited (ASX: KCN) share price has surged 45% higher on Thursday morning after an important update from the Aussie resources group.

Why the Kingsgate share price is surging 45% higher

Shares in the Aussie gold exploration and production company have been on fire this morning. The company’s market capitalisation has swelled to over $250 million at the time of writing. The significant share price upswing comes after an update on its ongoing talks with the Government of Thailand.

The Kingsgate announced negotiations with the Royal Thai Government are now entering the final stages. This update comes on the back of the company’s 18 February 2021 update on operating licences and permits.

Kingsgate has been negotiating with the south-east Asian government to settle on a number of actionable steps. Some of those steps outlined in today’s release include:

• The grant of all operating licences and permit applications required to re-start and operate the Chatree Gold Mine;
• The renewal/approval of key exploration licence applications to enable access to previously unavailable but highly prospective areas;
• Establishing improved processes around expediting approvals of mining leases and mine plans; and
• Support from the Thai Government for the potential listing of Akara Resources on the Thai Stock Exchange.

There were a number of other items noted by the company in today’s update which has sent the Kingsgate share price soaring on Thursday.

The company noted “there can be no guarantee that a negotiated settlement will be reached” but Kingsgate is “comforted by its recent engagement with the Thai Government, and Kingsgate maintains it has excellent prospects of a successful arbitral outcome if these negotiations do not successfully conclude”.

The news has kicked the Kingsgate share price higher this morning. After an up and down start to the year, shares in the Aussie miner are now up 19.4% year to date following today’s surge.

Foolish takeaway

The Kingsgate share price is rocketing higher on Thursday morning. It comes after a promising update on negotiations with the Thai Government to restart and operate the company’s Chatree Gold Mine in the company.

The post Kingsgate (ASX:KCN) share price rockets 45% on Thailand update appeared first on The Motley Fool Australia.

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Motley Fool contributor Ken Hall 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 AnteoTech Ltd (ASX: ADO) share price is rocketing today. This comes after news the company has submitted its SARS-CoV-2 antigen rapid diagnostic test for Therapeutic Goods Administration (TGA) approval.

According to the company, its rapid diagnostic test is able to detect COVID-19 in 97.3% of cases and can provide results in 1 minute.  

At the time of writing, the AnteoTech share price is 29.5 cents, 7.27% higher than its previous close.

Let’s take a closer look at today’s news from the biotechnology company.

Rapid COVID-19 test submitted for TGA approval

The AnteoTech share price is soaring after the company announced it has submitted its COVID-19 rapid diagnostic test for TGA approval.

AnteoTech’s test uses a nasal swap to test for COVID-19 infections in 1 minute. AnteoTech is also working on creating a saliva-based sampling method.

The test has been submitted for TGA approval alongside AnteoTech’s Eugeni Reader Platform – a transportable device needed to read AnteoTech’s rapid COVID-19 tests.

If the products receive TGA approval, AnteoTech will begin marketing, selling, and using the tests in Australia.

AnteoTech is already working with Australian distributor, Abacus dx, in the hope the rapid testing products will be approved.

Abacus has a strong pipeline of potential customers for the test across the healthcare and screening markets. AnteoTech believes the test’s first sales will happen shortly after it’s listed on the Australian Register of Therapeutic Goods.

The AnteoTech share price soared 14% last week when the company announced a distribution agreement to sell the rapid tests in Greece and Cyprus.

Additionally, if the TGA grants approval for the rapid test, it will create a benchmark for its efficacy and quality.

Currently, numerous COVID-19 rapid diagnostic tests are approved for use in Australia.

However, the TGA advises rapid diagnostic tests for COVID-19 shouldn’t be relied upon. The body says the prevalence of COVID-19 in Australia is lower than the number of false positives or false negatives that would likely result from rapid testing.

AnteoTech share price snapshot

Today’s gains included, the AnteoTech share price is 168% higher than it was at the start of 2021.

It has also gained 268% since this time last year.

The post AnteoTech (ASX:ADO) share price soars 7% on news of rapid COVID-19 test appeared first on The Motley Fool Australia.

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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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