Category: Stock Market

The Fatfish Group Ltd (ASX: FFG) share price is on the move this Monday. This comes after the company provided an operational update on digital insurance business Fatberry and buy-now later-later (BNPL) provider PaySlowSlow.

At the time of writing, the tech venture builder company’s shares are up 7.55% to 5.7 cents.

Record sales performance

In today’s statement to the ASX, Fatfish advised its insurtech Fatberry has enjoyed exponential growth in 2021.

Total gross sales for the three months ending 30 September have come in at $2.78 million, a record-breaking quarter. This is notably higher than the $1.98 million achieved in gross sales for the entire first half of 2021.

On the back of its sales performance, year-to-date gross sales stand at around $4.76 million — an all-time high.

Fatberry’s gross written premiums soared 37.4% month-on-month from August 2021. This is underpinned by strong consumer demand in the Malaysian market.

The company aims to continue its growth with plans to expand its business into regional areas. Undoubtedly, this could have a positive effect on the Fatfish share price if the company can maintain its traction.

PaySlowSlow’s successful launch

In addition to the positive announcement, Fatfish stated that its BNPL company PaySlowSlow has successfully launched in Malaysia.

Entered into the market in mid-September, more than 87 merchants have signed up so far within the first 2 weeks. This has led to close to $51,000 in gross merchandise sales with recorded increases week-on-week.

Fatfish plans to accelerate the rollout of PaySlowSlow across Southeast Asia to boost sales numbers.

Fatfish share price summary

Over the last 12 months, Fatfish shares have accelerated by 375% with year-to-date gains at almost 60%. The company’s share price hit an all-time high of 43 cents in February this year, before sharply pulling back.

Fatfish presides a market capitalisation of roughly $59 million, with approximately 1 billion shares on its books.

The post Fatfish (ASX:FFG) share price surges 7% on business update appeared first on The Motley Fool Australia.

More reading

• Why is the Kuniko (ASX:KNI) share price soaring 13% on Monday?
• Here’s why the Cobalt Blue (ASX:COB) share price is surging 11% today
• ASX 200 (ASX:XJO) midday update: Star shares crash, tech shares tumble
• Here’s why the Douugh (ASX:DOU) share price is rocketing 18% today
• Z Energy (ASX:ZEL) share price leaps 6% on Ampol takeover news

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 Kuniko Ltd (ASX: KNI) share price is on the rise on Monday after the company announced an expansion of exploration licenses in Norway.

At the time of writing, the Kuniko share price is up 9.28% to $2.12.

Kuniko share price jumps on exploration license expansion

Kuniko has received an additional 59 prospective exploration licenses covering a combined area of approximately 523 km².

The exploration licenses pave the way for exploration and evaluation activities around the Ringerike area and Nord-Helgeland pegmatite field, both situated in Northern Norway.

The Ringerike Project is located 15 km northeast of the company’s existing Skuterud cobalt-copper project. Its believed to be prospective for nickel, copper, cobalt and platinum group elements.

Kuniko said it will compile all historical data from the project to expand its geological understanding and development an exploration plan for 2022.

The Nord-Helgeland Project covers a substantial portion of underexplored areas of the Nord-Helgeland pegmatite field. Kuniko intends to undertake further assessments to determine which resources are prospective in the area.

The company has already completed an initial site visit and obtained 13 rock grab samples.

Management commentary

Kuniko CEO Antony Beckmand hailed the strategic expansion, commenting:

This is an excellent opportunity for Kuniko, adding a meaningful and significant expansion of exploration potential in already prospective areas for mineralisation that so far, remain largely underexplored.

This strategic expansion of our already exciting portfolio of battery metals projects enables us to consolidate our presence in the region and our footprint in Norway, while broadening the prospects of projects we can grow and develop over time, ensuring we don’t miss potential value creating opportunities.

We will include the newly acquired exploration areas into our overall workstreams for further field work next year, though the immediate focus remains on finalizing analysis from our recent geochemical and airborne geophysics programs to guide the evaluation of our project portfolio and prioritisation of our next phase of exploration activities

Kuniko share price snapshot

The Kuniko share price has cooled down from all-time highs of $3.60 but is still up 150% since its ASX debut on 24 August.

Given its current price of around $2, it remains a 10-bagger for investors that managed to participate in its initial public offering, which successfully raised ~$7.8 million at an offer price of just 20 cents per share.

The post Why is the Kuniko (ASX:KNI) share price soaring 13% on Monday? appeared first on The Motley Fool Australia.

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• Kuniko (ASX:KNI) share price drops following production update

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 Cobalt Blue Holdings Ltd (ASX: COB) share price is rocketing in morning trade, up 11% after earlier posting gains of more than 13%.

This comes as the broader All Ordinaries Index (ASX: XAO) is struggling, currently down 0.8%.

Below we take a look at the ASX energy company’s latest announcement that looks to be driving investor interest.

What did Cobalt announce?

Cobalt Blue’s share price is surging after the company reported a 35% increase in its Broken Hill tenement area in New South Wales, following the grant of Exploration Licence 9254.

With Cobalt Blue securing 2 new exploration licences in 2021, its tenement portfolio now extends across some 220 square kilometres.

The company released a mineral resource estimate for its total Broken Hill tenement on 16 September. That comprised of 118 Mt at 859 ppm cobalt-equivalent (687 ppm cobalt, 7.6% sulphur and 133 ppm nickel) for 81,100 tonnes of contained cobalt.

Commenting on the company’s expanding footprint in the region, Cobalt’s CEO Joe Kaderavek said:

The growth in the company’s tenement portfolio reflects a considered step toward securing long-term exploration potential to complement development of the Broken Hill Cobalt Project. Having now established a strong resource base we look forward to applying this blueprint in our future targeting.

Cobalt demand has been growing as the world works to transition away from fossil fuels and towards renewables. Cobalt is found in many new batteries, including lithium-ion batteries, used in electric vehicles (EVs) and for grid storage for renewable sources, like wind and solar.

Cobalt Blue share price snapshot

Over the past 12 months, the Cobalt Blue share price is up a stellar 255%. By comparison the All Ords has gained 19% over the full past year.

Cobalt Blue’s shares are down 1.5% over the past month despite today’s lift.

The post Here’s why the Cobalt Blue (ASX:COB) share price is surging 11% today appeared first on The Motley Fool Australia.

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• ASX 200 (ASX:XJO) midday update: Star shares crash, tech shares tumble
• Here’s why the Douugh (ASX:DOU) share price is rocketing 18% today
• Z Energy (ASX:ZEL) share price leaps 6% on Ampol takeover news
• Why is the Downer (ASX:DOW) share price struggling today?
• Why the Predictive Discovery (ASX:PDI) share price is in a trading halt

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 Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a disappointing note. The benchmark index is currently down 0.65% to 7,273.6 points.

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

Star shares crash

The Star Entertainment Group Ltd (ASX: SGR) share price is crashing on Monday. This follows media reports alleging money laundering, organised crime, large-scale fraud, and foreign interference that has been enabled by Star. The company has responded stating that it “is concerned by a number of assertions within the media reports that it considers misleading.”

IAG court update

It has been a good day for the Insurance Australia Group Ltd (ASX: IAG) share price. The insurance giant’s shares are charging higher after the Federal Court found in favour of insurers on a significant number of policy wording questions in the second business interruption test case. And while it found in favour of policyholders on other questions, the market appears pleased with the results of this test case. IAG also revealed that it is reviewing the judgment to determine whether to appeal any aspect of it.

Tech shares tumble

A number of tech shares including Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) are trading notably lower on Monday. This has led to the S&P ASX All Technology index dropping 1.9% at the time of writing. A disappointing finish to the week on Wall Street’s tech-focused Nasdaq index appears to be behind these declines.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been Perenti Global Ltd (ASX: PRN) share price with a 5.5% gain. This morning Macquarie retained its outperform rating and lifted its price target on its shares to $1.10. The worst performer on the ASX 200 has been the Star share price with an 18% decline following the aforementioned media report.

The post ASX 200 (ASX:XJO) midday update: Star shares crash, tech shares tumble 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 AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Insurance Australia 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 S&P/ASX 200 Index (ASX: XJO) has opened trading this week on the wrong side of the bed it seems. At the time of writing, the ASX 200 is down 0.66% to 7,271 points. But one ASX share is comprehensively defying the mood of the broader market today. That would be the Douugh Ltd (ASX: DOU) share price.

Douugh shares are trading at 7.5 cents each, up an extraordinary 18.46% so far this Monday. It was an even better story shortly after open too, with the ASX fintech company rocketing as high as 7.9 cents per share. That was up roughly 21% on Friday’s closing share price.

So what’s going on with Douugh shares here? Why is this embattled company exciting investors so much today?

Well, it’s almost certainly the result of an ASX announcement the company made this morning before market open.

Making dough: ASX fintech announces strong US market growth

Kicking the week off in style, Douugh released an update on customer takeup this morning, and it certainly makes for some interesting reading.

Douugh reported that it doubled its US customer base over the first quarter of the 2022 financial year (1Q22). Its total customer number now stands at 55,321. That’s up 53% from the end of the previous quarter (4Q21).

Douugh also reported that its customer deposits rose to $11.6 million, up 76% from the previous quarter, with collective debit card spending rising by 94%. The company also revealed that its funds under management have grown to over $5.5 million, up 11% from the previous quarter.

Here’s some of what Douugh founder and CEO Andy Taylor had to say on these numbers:

We are seeing strong month-on-month momentum building now, which has accelerated following the launch of the integrated robo-advisory service and with the dialling up of growth marketing initiatives. As expected, we are demonstrating exponential growth on all key metrics, suggesting strong product market fit…

We see a window of opportunity to become the responsible financial super app for a large sector of underserved customers in the emerging gen-z segment, which we are well positioned to capture.

About the Douugh share price

Douugh shares have only been on the ASX for a little over a year, having IPOed back on 9 October 2020.

It’s been a difficult journey for the company since then. The Douugh share price is now down around 85% from its 52-week high of 49 cents a share that it hit a few weeks after IPO back in November. Douugh is also down by close to 58% year to date in 2021 so far.

At the current Douugh share price, this company has a market capitalisation of $30.6 million.

The post Here’s why the Douugh (ASX:DOU) share price is rocketing 18% today appeared first on The Motley Fool Australia.

More reading

• Z Energy (ASX:ZEL) share price leaps 6% on Ampol takeover news
• Why is the Downer (ASX:DOW) share price struggling today?
• Why the Predictive Discovery (ASX:PDI) share price is in a trading halt
• Fortescue (ASX:FMG) share price gains amid Twiggy’s planned $1bn hydrogen investment
• CBA (ASX:CBA) share price slips as bank spruiks carbon credit opportunity

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Z Energy Ltd (ASX: ZEL) share price is gaining ground to start the week’s trading and is now changing hands at $3.415 apiece.

That’s a 6.06% gain from the New Zealand fuel company’s previous closing price of $3.22 per share on Friday.

Z Energy’s shares are on the move after it announced it had entered into an acquisition agreement with Aussie fuel giant Ampol Ltd (ASX: ALD).

Read on for more details.

What did Z Energy announce?

Z Energy advised that it has entered into a binding scheme implementation agreement with Ampol. It is proposed that Ampol acquires Z Energy on a cash consideration of NZ$3.78 per share.

Z Energy’s board has unanimously recommended shareholders vote in favour of the scheme.

It appears Ampol considers Z Energy a nice tuck in to its portfolio, given it has made several revisions to its original offer.

The agreement follows an announcement Z Energy made in August that it had received an offer from Ampol to acquire all of its shares after previous failed negotiations at NZ$3.35, $3.50 and $3.60 per share.

As The Motley Fool reported earlier today, in its reasoning for the latest offer, Ampol believes the acquisition could be “double-digit earnings per share accretive, and +20% free cash flow accretive in 2023”.

As such, Z Energy has appointed an independent advisor to assess whether the updated deal is in the best interests of its shareholders and hasn’t ruled out accepting higher offers from rival bidders.

The deal also stipulates that Z Energy will still be entitled to pay dividends on the company’s FY22 performance “during the period up to the implementation of the scheme”.

If the interim distribution of NZ$0.05 per share is made by Z Energy, the deal then represents a value of NZ$3.83/share, according to the company’s announcement.

In AUD, this represents an approximate 23 cents or 7% premium to the current Z Energy price and a 13% premium to its closing price on Friday.

The deal is expected to finalise in the first half of 2022, if and when all regulatory approvals have been obtained, according to the company.

Z Energy share price snapshot

The Z Energy share price has wobbled this year to date but has managed to climb 14% into the green since January 1.

This extends its gains in the past year to more than 35%. That’s ahead of the S&P/ASX 200 Index (ASX: XJO)’s return of about 25% in the last 12 months.

The post Z Energy (ASX:ZEL) share price leaps 6% on Ampol takeover news appeared first on The Motley Fool Australia.

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• Ampol (ASX:AMP) share price on watch after Z Energy takeover agreement

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 Downer EDI Limited (ASX: DOW) share price is out of form on Monday morning. This comes after the company announced the sales of its Open Cut Mining East business.

At the time of writing, Downer shares are edging 1.26% lower to $6.675.

Downer divestment 

In its release, Downer advised it has entered into a sales agreement with the Australian subsidiary of PT Bukit Makmur Mandiri Utama (BUMA).

Established in 1998, BUMA is currently the second largest independent coal mining contractor in Indonesia. The company holds around 20% market share in the country, providing coal mining services to large Indonesian firms.

BUMA’s operations are supported by roughly 12,000 employees as well as being equipped with over 2,500 units of heavy equipment.

Downer will receive about $150 million in cash proceeds for its Open Cut Mining East business. So far, BUMA has paid a deposit of $16 million with the remaining amount to be paid at the sale completion.

The transaction includes the transfer of the assets, liabilities, employees and all existing contracts.

Downer noted that this is the final step of its divestment. Together with the previously announced sale of its Mining and Laundries business, Downer has received a total of $778 million.

Undoubtedly, the additional cash injection has failed to have a positive effect on the Downer share price.

Commenting on the sale, Downer CEO, Grant Fenn said:

An important part of our Urban Services strategy was the exit from our capital-intensive Mining businesses.

The sale of Open Cut Mining East is the last step of this process and follows the divestments of Open Cut Mining West, Downer Blasting Services, Underground mining, Otraco, the Snowden consulting business and our share in the RTL Mining and Earthworks joint venture.

Completion of the sale is expected to occur sometime before the end of 2021 calendar year.

About the Downer share price

Over the past 12 months, the Downer share price has pushed 35% higher, with year-to-date up 25%. It is worth noting that its shares are close to reaching the 52-week high of $6.87 achieved earlier this month.

Based on today’s price, Downer commands a market capitalisation of around $4.66 billion and has approximately 696.1 million shares outstanding.

The post Why is the Downer (ASX:DOW) share price struggling today? appeared first on The Motley Fool Australia.

More reading

• Downer (ASX:DOW) share price hits 52-week high, up 16% since reporting

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 Predictive Discovery Ltd (ASX: PDI) share price won’t be going anywhere on Monday.

This morning the gold exploration company requested a trading halt.

Why is the Predictive Discovery share price halted?

The Predictive Discovery share price was placed in a trading halt this morning at the company’s request.

According to the release, the request relates to its Bankan project in Guinea’s Siguiri Basin.

It commented: “The Company has received information that a media report is pending relating to the Company’s operations at the Bankan project in Guinea and requests a trading halt of its securities to allow it time to prepare an announcement so that the market is fully informed in relation to this issue.”

The company has requested that the Predictive Discovery share price be halted until the earlier of the release of its announcement or the commencement of trading on 13 October.

What is the report?

As of yet, the media report alluded to has not surfaced and therefore the “issue” in question has not been revealed.

However, it is worth noting that last month Guinea’s President Alpha Condé was ousted following a military coup.

And while the leader of the coup, Col Mamady Doumbouya, made miners exempt from a nationwide curfew, things can change rapidly in these circumstances.

Predictive Discovery shareholders are likely to have to wait patiently until Wednesday to get an answer.

They will no doubt be hoping that the news doesn’t have a negative impact on the Predictive Discovery share price. It has been smashing the market this year and was up almost 300% in 2021 prior to today’s trading halt.

This has been driven by some very promising drilling results from the Bankan project in recent months.

The post Why the Predictive Discovery (ASX:PDI) share price is in a trading halt 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. 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 Fortescue Metals Group Limited (ASX: FMG) share price is in the green this morning after Fortescue Future Industries announced its plan to build a hydrogen-equipment manufacturing facility.

Fortescue Future Industries and the Queensland government released news of the planned facility on Sunday.

Chair of Fortescue Metals and Fortescue Future Industries, Andrew ‘Twiggy’ Forrest, commented on the plan:

This initiative is a critical step in Fortescue’s transition from a highly successful pure play iron ore producer, to an even more successful green renewables and resources powerhouse.

At the time of writing, the Fortescue Metals share price is $14.29, 0.28% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is down 0.7% this morning. Meanwhile the S&P/ASX 200 Resources Index (ASX: XJR) is up 0.32%.

Additionally, Fortescue Metals’ stock is gaining alongside iron ore prices. According to data from Business Insider, the price of iron ore soared 4% higher on Friday. It finished the day trading at US$122.86 a tonne.

Let’s take a closer look at Fortescue Future Industries’ newest ambitions.

Fortescue share price gains amid hydrogen news

The Fortescue Metals share price is lifting after Forrest and Queensland’s Premier, Annastacia Palaszczuk, announced Fortescue Future Industries’ plan to build one of the largest hydrogen-equipment manufacturing facilities on earth.

The Global Green Energy Manufacturing Centre will be located in Gladstone. It will produce up to 2 gigawatts of electrolysers each year – more than doubling global production.

Electrolysers split hydrogen from water and, if run on renewable electricity, are entirely carbon neutral. Production of the technology should begin in early 2023.

Fortescue Future Industries will initially invest around $114 million to produce the first electrolysers. Though its total investment could be more than $1 billion if demand allows.

The body will begin construction on the first stage of the 6-stage project in February 2022, subject to approvals.  

According to Fortescue Future Industries CEO Julie Shuttleworth, the facility will be “an epicentre for Queensland’s green hydrogen ambitions”. Shuttleworth added:

[Fortescue Future Industries’] goal is to become the world’s leading, integrated, fully renewable energy and green products company, powering the Australian economy and creating jobs for Australia as we transition away from fossil fuels. Our manufacturing arm, starting with electrolysers and expanding to all other required green industry products, will herald great potential for green manufacturing and employment in regional Australia.

According to Queensland’s Deputy Premier, Steven Miles, the facility will be built on land developed by the state’s government.

The Global Green Energy Manufacturing Centre will create more than 300 jobs over its life and produce a new export industry for the state.

The post Fortescue (ASX:FMG) share price gains amid Twiggy’s planned $1bn hydrogen investment 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 Commonwealth Bank of Australia (ASX: CBA) share price is trading lower on Monday. The move comes as Australia’s biggest bank highlights the potential market opportunity in the supply of carbon credits.

At the time of writing, shares in the bank are commanding a price of $104.01, down 0.42%. This puts the CBA share price at a gain of 24.7% since the beginning of 2021. For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 9.5% year-to-date.

CBA share price stumbles on Australia’s green future

Carbon offsetting is a booming business globally as government initiatives are put in place to secure a low emission future. According to German bank Berenberg, the offset market has more than tripled over the past three years.

Although estimates indicate the current market is still relatively small, forecasts have the addressable market size sitting at $200 billion by 2050.

As such, CBA is taking notice of the potential market opportunity ahead. Commonwealth Bank of Australia’s head of institutional banking and markets Andrew Hinchliff believes Australia holds vast prospects for becoming a significant supplier of carbon credits.

In explaining, Hinchliff outlined that environmental, social, and governance (ESG) issues were positioned as the second-highest priority for institutional bank customers. This is behind the impacts of COVID-19 and its burdensome supply chain effects.

The building pressure from shareholders and governments to operate in a more sustainable manner has meant many companies have implemented some form of emission reduction targets. Consequently, the demand for carbon credits is rising as these companies look for ways to offset their emissions.

As a result, Hinchliff considers Australia to be well placed for this growing trend, stating:

We think Australia‘s got a unique opportunity – just based on our natural resources being land, soil, sea, wind and solar – to be a significant supplier of carbon credits not only to Australia but also into the world which is a big opportunity for our clients.

A slice of the pie

Today, Australia’s biggest bank by market capitalisation is putting its money where its mouth is. In a release, CBA revealed a partnership with Xpansiv to develop Australia’s voluntary carbon market. Xpansiv is a global marketplace for ESG commodities, enabling increased liquidity and efficiency where it has traditionally lacked. Despite this, the CBA share price is being sold off at the start of the week.

According to the release, the bank has invested $15 million in Xpansiv through the agreement. The platform plans to launch trading of Australian Carbon Credit Units (ACCU) next year. These will be issued by the Clean Energy Regulator, representing one tonne of carbon dioxide equivalent stored or avoided, which can be used to offset emissions.

Furthermore, Xpansiv chief commercial officer Ben Stuart stated:

We anticipate Australia’s voluntary carbon market will grow quickly in both size and trading volumes given the country’s position as one of the world’s largest producers of natural resources.

Our partnership with CBA signals the bank’s intention to play a leading role in supporting the development of carbon market infrastructure and will significantly accelerate the development of our client offering.

Additionally, the banking giant unveiled its latest feature for customers on Tuesday last week. CBA customers will be able to track their carbon footprint directly in the CommBank app. This is made possible through a partnership with fintech startup CoGo.

These two recent partnerships clearly highlight CBA’s endeavour to capitalise on the green transition. However, the company still hasn’t won over climate activists at Market Forces. Despite its partnerships, Market Forces claims the bank’s current plan aligns closer to reaching net-zero by 2070, rather than 2050.

Finally, the CBA share price is up 51.7% over the past 12-months.

The post CBA (ASX:CBA) share price slips as bank spruiks carbon credit opportunity appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler owns shares of Commonwealth Bank of Australia. 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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