Category: Stock Market

The Metal Hawk Ltd (ASX: MHK) share price is set to finish Friday’s trading session on a high note. This follows the mineral exploration company’s latest update on its capital raising efforts.

At the time of writing, Metal Hawk shares are up 15.31% to 56 cents apiece.

Details of the placement

Investors are snapping up Metal Hawk shares after they came out of a trading halt today.

According to the company’s release, Metal Hawk has received firm commitments from investors to raise $2.4 million by way of a placement.

Both new and existing institutional and sophisticated investors supported the offer. It’s worth noting that established nickel miner Western Areas Ltd (ASX: WSA) also participated in the placement by maintaining its 6.6% interest.

Metal Hawk listed an issue price of 45 cents, which is an 8.2% discount to the last trading price on 5 October. Metal Hawk will create roughly 5.39 million shares using its 15% placement capacity under listing rule 7.1. The rule allows up to 15% of the company’s shares to be issued without shareholders’ approval.

Metal Hawk will use the net proceeds of the placement to accelerate drilling at its Berehaven Nickel Project.

Located about 20 kilometres southeast of Kalgoorlie in the West Australian goldfields, Metal Hawk recently discovered massive high-grade nickel sulphides at the Commodore prospect.

Metal Hawk managing director Will Belbin commented:

We’ve had a huge level of support for this raising which enables us to aggressively ramp up exploration drilling at Commodore. We look forward to following up the successful maiden RC campaign with deeper diamond drilling and downhole electromagnetics to get a better grasp on the project’s true potential.

About the Metal Hawk share price

In addition to today’s significant price rise, Metal Hawk shares have risen by almost 120% over the past year.

Metal Hawk commands a market capitalisation of about $22.65 million. It has approximately 40 million shares on its books.

The post Metal Hawk (ASX:MHK) share price rockets 15% on capital raising update appeared first on The Motley Fool Australia.

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• Metal Hawk (ASX:MHK) share price explodes 256% on huge nickel discovery

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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Yesterday I looked at three ASX shares brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

According to a note out of UBS, its analysts have retained their sell rating and NZ$22.65 (A$21.50) price target on this medical device company’s shares. UBS was pleased to see the company release the Evora Full sleep apnoea mask. It notes that this new design is in line with current industry trends. However, it isn’t enough for a change of rating. UBS continues to believe its shares are overvalued at the current level. The Fisher & Paykel Healthcare share price is trading at $28.77 today.

Magellan Financial Group Ltd (ASX: MFG)

Another note out of UBS reveals that its analysts have retained their sell rating and cut their price target on this fund manager’s shares to $29.00. This follows the release of Magellan’s latest funds under management update, which revealed further fund outflows. The broker believes this is being driven by the poor performance of its flagship Global Fund. Unfortunately, the broker suspects that there could be further outflows to come. Particularly on the retail side due to its underperformance and high fees. The Magellan share price is fetching $33.65 today.

Mineral Resources Limited (ASX: MIN)

Analysts at Morgan Stanley have retained their underweight rating and $41.00 price target on this mining and mining services company’s shares. While the broker notes that the company is working towards restarting its Wodgina lithium operation, it doesn’t expect this to happen until the second half of next year. For now, the broker believes the company’s shares are overvalued. Particularly given its exposure to low grade iron ore. The Mineral Resources share price is trading at $43.55 today.

The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

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• Why Fletcher Building, Magellan, Sezzle, & Starpharma are racing higher
• Here’s why these top brokers reckon the Magellan (ASX:MFG) share price is cheap
• Why A2 Milk, Magellan, Santos, & Whitehaven Coal shares are falling
• Top brokers name 3 ASX shares to buy today
• Why A2 Milk, CBA, Flight Centre, & Magellan’s shares are sinking

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 De Grey Mining Limited (ASX: DEG) share price is in the green this afternoon and is now trading 0.83% higher at $1.22.

Shares in the gold exploration company are on the move despite there being no market-sensitive news out of its camp today.

At one point, to start the day, the gold explorer’s shares were in the red, hitting an intraday low of $1.17. They stepped into the money just after 11am, where they have stayed since.

What’s happening with De Grey today?

The De Grey Mining share price is just behind the S&P/ASX All Ordinaries Gold Index (ASX: XGD) today which has climbed 1.05% into the green since the opening of trade.

This indicates there may be strength across the broader ASX gold sector today that may be helping the company’s price action.

The De Grey Mining share price has risen 26% in the past week, leading the ASX Gold index’s gain of 6%.

Also rallying this past week is the price of gold, which has shot up US$30/t.oz since 30 September, hitting a high of US$1,768/t.oz on 4 October.

The recent gains are a reversal of a longer-term downward trend that had been in place since June, where the price of the yellow metal bottomed on 29 September.

As of today it is trading 0.3% higher, commanding US$1,760/t.oz at last check, not far off its recent tops.

De Grey’s industry is in a unique position, in that participants on the supply side must accept prices that are offered in the spot and futures markets on the commodity it is exposed to – gold.

This means the markets dictate what price the company gets for its hard-earned labour. As such, it is considered a price taker, and its share price can and does fluctuate with the price action in the broader gold markets.

Two recent updates appear to have excited investors. De Grey announced a positive scoping study and drill results that indicate a high gold production at two of the company’s sites.

The De Grey Mining share price has shot up 28% from a previous low of 93 cents following the release of both announcements this past week.

De Grey Mining share price snapshot

The company’s shareholders have endured a wave-like journey over the past 12 months. The De Grey Mining share price is down 0.2% in this time. However, it has managed to climb 20% this year to date.

It’s also rallied almost 11% this past month and has risen 26% in the last week, despite today’s selling pressures.

For comparison, the S&P/ASX 200 (ASX: XJO)’s benchmark index has returned around 20% over the past 12 months.

The post Why is the De Grey Mining (ASX:DEG) share price higher on Friday? appeared first on The Motley Fool Australia.

More reading

• Which ASX shares are leading the way in the ASX 300 today?
• Which shares are the biggest winners and losers on the ASX 300 today?
• Why De Grey Mining, Gold Road, Nick Scali, & Redbubble shares are racing higher
• De Grey (ASX:DEG) share price jumps 4% on gold project update
• Why the De Grey (ASX:DEG) share price is lifting 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. 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 Regional Express Holdings Ltd (ASX: REX) share price is slipping into the red in afternoon trade today. At the time of writing, it is trading down 3% at $1.60.

Rex shares are leading the broader sector’s decline today with the S&P/ASX 200 Hotels Restaurants & Leisure Index (AXHRJD) sliding 1.55% from market open today as well.

Whilst there’s been no market sensitive news out of the airline’s camp today, it’s worthwhile seeing what’s led us to this point.

What’s up with the REX share price lately?

September saw the regional airline carrier’s share price takeoff from the runway, shooting up almost 30% to a high of $1.70 on October 4.

The onset of this move coincided with Qantas’ announcements last that it intends to start travel to some destinations from mid-December.

Despite this, REX announced extended reductions to its staff headcount and further downsizing of its service offerings at the end of the month.

It also advised that its services will remain suspended until 31 October, where it then expects all relevant staff to be double-vaccinated against COVID-19.

In fact, as more and more news comes out regarding the vaccine statistics of Australian’s, travel and leisure names share in the good fortune.

The ASX Hotels & Leisure Index has climbed over 12% since mid-August, on optimism of Australia’s domestic and international border reopening.

According to the Department of Health, 60.2% of people aged 16 and over are double vaccinated as of 7 October, and 81.5% have had at least one dose.

That means 12.423 million of us are fully vaccinated against COVID-19 here in Australia after another 330,600 doses were recorded in the last 24 hours.

As vaccination rates approach the desired 80% mark, former New South Wales Premier Gladys Berejiklian recently resigned, after a corruption probe.

That was a week ago, and REX shares started trading this week with a sharp nosedive, a trend that has continued until today.

The same phenomenon was observed in the broader travel sector as we walk through to finish this week of trading.

Investors appear uncertain about the roadmap out of lockdown given the former Premier’s resignation. The resignation has been felt throughout the public and private markets in the past week since it was announced.

REX share price snapshot

The REX share price has been plagued by the pandemic itself this year to date and is in the red from January 1.

The recent momentum hasn’t been enough to salvage the REX share price. It has posted a loss of 22% since January 1. Yet, it has gained 16% in the past 12 months, around half that of the S&P/ASX 200 index (ASX: XJO)’s climb of about 25% in this time.

The post Why is the Regional Express (ASX:REX) share price sliding 3% today? appeared first on The Motley Fool Australia.

More reading

• The Regional Express (ASX:REX) share price is booming 8%. Here’s why
• Why has the REX (ASX:REX) share price gained 6% so far this week?
• Regional Express (ASX:REX) share price takes flight despite extended stand-downs

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 Tesserent Ltd (ASX: TNT) share price is surging today despite no news being released by the company.

However, only minutes before yesterday’s close, Tesserent announced it had completed its acquisition of Australian cybersecurity firm, Loop Secure.

Tesserent spent around $13.5 million to acquire Loop, using a mix of cash and scrip to pay.

At the time of writing, the Tesserent share price is 24.2 cents, 10% higher than its previous close.

Let’s take a closer look at the most recent news from the internet security-as-a-service provider.

Tesserent finalises Loop acquisition

The Tesserent share price is gaining today despite no news from the cybersecurity and cloud services company. However, its recently finalised acquisition is a potential catalyst.

Yesterday, Tesserent announced it had completed its acquisition of Loop Secure. While investors’ enthusiasm for Tesserent shares may have been spurred by this today, the acquisition has been a long time coming.

Tesserent first announced its plan to acquire Loop on 19 August.

Back then, the market was seemingly indifferent to the announcement. The Tesserent share price finished that session exactly where it had ended the previous one.

According to Tesserent, its purchase of Loop adds an additional $18 million of unaudited revenue to its books. Loop also has $2.25 million of sustainable earnings before interest, tax, depreciation, and amortisation (EBITDA).

Additionally, Loop’s security services will strengthen Tesserent’s Cyber 360 capabilities and deliver significant synergy and cross-selling benefits.

Tesserent previously said the acquisition would see it paying $7 million of cash on completion. It expects to pay another $2 million over the following 12 months.

Tesserent share price snapshot

Today’s gains haven’t been enough to boost the Tesserent share price back into the green.

The company’s stock value has fallen 30% since the start of 2021. It is almost 7% lower than it was this time last year.

The post Why is the Tesserent (ASX:TNT) share price climbing 11% on Friday? appeared first on The Motley Fool Australia.

More reading

• Tesserent (ASX:TNT) share price struggles amid investor update
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• Why the Tesserent (ASX:TNT) share price is frozen today
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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 MetalsTech Ltd (ASX: MTC) share price is plummeting during early afternoon trade on Friday. This comes after the gold explorer provided the ASX with a clarification update on its previously disclosed lithium spinout announcement.

At the time of writing, MetalsTech shares are down 7.89% to 52.5 cents. This means that its shares have lost around 20% in value in the past week, reversing October’s gains.

Why is MetalsTech shares nosediving?

On Wednesday, MetalsTech advised that its wholly-owned subsidiary Winsome Resources signed a binding agreement with leading fibreglass manufacturer, China Jushi.

However, today’s updated release informed that the entity which executed the binding subscription agreement was a subsidiary of Zhenshi.

The Chinese company will subscribe for up to 9.9% of all shares issued in the proposed Winsome float. This equates to around $2.7 million in value, bringing the total float amount to $5.7 million. The remaining $3 million is being committed by North America’s Lithium Royalty Corp.

Zhenshi is the second largest shareholder of the $15 billion market capitalised, China Jushi. Furthermore, Zhenshi has a diversified investment in fibreglass products, stainless steel, wind energy, composites minerals, logistics and real estate.

The issue price for each share is listed at 20 cents apiece which equates to roughly 13.5 million shares.

Metalstech shareholders are expected to receive about $9 million worth of shares in Winsome by a way of distribution. This translates to 45 million Winsome shares (1 free share held for every 3.68 Metalstech shares held).

More on MetalsTech’s subsidiary, Winsome

A lithium-focused exploration and development company, Winsome operates three project areas in the James Bay Region of Quebec Province, Canada. It’s worth noting that all three projects – Cancet, Adina and Sirmac-Clappier are 100% owned by the company.

Cancet is the Company’s most advanced lithium asset, comprising of an area of over 20,000 hectares. The project sits on a favourable geological setting with a well-mineralised spodumene bearing pegmatite.

Winsome is currently undertaking an initial public offering (IPO) to list on the ASX under the ticker code of WR1. It is expected that the company will begin trading on the ASX around mid-November this year.

The post Metalstech (ASX:MTC) share price sinks further 8% on lithium update clarification appeared first on The Motley Fool Australia.

More reading

• Here’s why the Metalstech (ASX:MTC) share price is sliding on Thursday
• Why is the Metalstech (ASX:MTC) share price sliding 8% on Wednesday?
• Metalstech (ASX:MTC) share price soars 17% on record gold hit
• Why the Metalstech (ASX:MTC) share price hit a record high today
• Why the Metalstech (ASX:MTC) share price is rocketing 26% higher today

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

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The Aristocrat Leisure Limited (ASX: ALL) share price is on course to end the week with a small decline.

At the time of writing, the gaming technology company’s shares are down almost 1% to $44.88.

Despite this, the Aristocrat Leisure share price is still up a whopping 43% since the start of the year.

Can the Aristocrat share price go even higher?

The good news for shareholders is that a couple of leading brokers believe the Aristocrat share price can keep rising from here.

For example, the team at Goldman Sachs have recently put a buy rating and $48.60 price target on the company’s shares.

Based on the current Aristocrat share price, this suggests there’s still a further 8.3% upside left for its shares.

Goldman is positive on the company due to its strong balance sheet, continued design and development (D&D) investment to drive growth, and its attractive valuation. In respect to the latter, the broker highlights that the company’s shares are trading largely in line with the average for ASX 200 industrials. This is despite its significantly stronger growth potential.

It commented: “We stay Buy on ALL noting that our MT positive thesis on ALL remains firmly intact, given i) balance sheet strength, ii) management’s focus on continued D&D investment to drive sustained LT growth, iii) leaving it well positioned for further share gains or M&A opportunities, and iv) relative valuation support, trading at ~28x 1-yr fwd PER, broadly in line with ASX200 industrials despite >30% EPS growth forecast in FY22E.”

Who else is bullish?

Another broker is even more bullish on the Aristocrat share price. According to a recent note out of Credit Suisse, its analysts have an outperform rating and $50.30 price target on its shares. This implies potential upside of 12% over the next 12 months.

Credit Suisse believes that Aristocrat’s growing Digital business will benefit from lower mobile platform fees. This follows recent regulatory pressure on app stores following Epic Games’ court battle with Apple.

The broker has previously estimated that Aristocrat could pay a commission in the region of $700 million in FY 2021 to mobile platforms such as Apple’s App Store and Google Play. Clearly, any reduction in fees would be a big win for the company.

All in all, the Aristocrat share price may already be smashing the market in 2021, but these brokers appear to believe its run could continue.

The post These brokers think the Aristocrat (ASX:ALL) share price can keep climbing appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
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• Broker tips Aristocrat Leisure (ASX:ALL) share price to keep rising
• Lithium surge, Sydney Airport takeover, ACCC torches Qantas deal. Scott Phillips on Nine’s Late News
• The Aristocrat (ASX:ALL) share price has hit 10 new record highs in the past month

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 Immuron Ltd (ASX: IMC) share price is taking off today after it was found the company’s drug might be able to treat COVID-19.

Researchers from the Hebrew University’s Hadassah Medical Center tested if the company’s proprietary product, IMM124E, has potential antiviral benefits.

They found IMM124E might boost antiviral immunity across certain viral strains, including severe acute respiratory syndrome coronavirus-2, the virus that causes COVID-19.

Immuron also announced it has filed a Patent Cooperation Treaty application to seek patent protection for IMM124E.

At the time of writing, the Immuron share price is 14.5 cents, 11.54% higher than its previous close. Earlier today it was up 25% to 17 cents before partially retreating.

Let’s take a closer look at today’s news from Immuron.

Data suggests IMM124E may help treat COVID-19

The Immuron share price is surging upwards on news the company’s IMM124E drug could have the potential to treat COVID-19.

Recently published research on IMM124E has detailed the results of a mouse model and human clinical study that attempted to find if the drug could promote antiviral interferon γ T cell responses.

The trial saw 5 human volunteers given 600mg of IMM124E daily for four days and 1200mg on the fifth day.

After the fifth day, researchers took blood samples from the volunteers. They then tested the samples for the number of T cell clones secreting antiviral interferon γ in response to viral antigens of SARS-CoV-2 and hepatitis B virus.

The data suggests IMM124E could enhance antiviral responses against COVID-19 and hepatitis B.

Meanwhile, data from the mouse model suggested IMM124E might enhance antiviral immunity for swine flu, New Caledonia influenza, and cytomegalovirus.

The results won’t be validated until more detailed research on IMM124E’s potential to treat certain viruses has been completed. However, it’s an encouraging outcome.

Though, it’s not the first time IMM124E has been linked to the treatment of COVID-19.

The most recent time the company announced similar news was in May, when researchers from Monash University found the drug may inhibit COVID-19 infection.

Immuron share price snapshot

Despite today’s boost, the Immuron share price is still well and truly in the red on the ASX.

The company’s share price has fallen 31% since the start of 2021. It is also 40% lower than it was this time last year.

The post Immuron (ASX:IMC) share price surges 11% on COVID-19 treatment data appeared first on The Motley Fool Australia.

More reading

• Why is the Rumble Resources (ASX:RTR) share price leaping 11% today?
• Why Fletcher Building, Magellan, Sezzle, & Starpharma are racing higher
• How did ASX lithium shares perform in the FY22 first quarter?
• Here’s why these top brokers reckon the Magellan (ASX:MFG) share price is cheap
• Metcash (ASX:MTS) share price struggles as CEO steps down

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 Rumble Resources Ltd (ASX: RTR) share price is climbing in afternoon trade and now trades 11% higher at 49.5 cents apiece.

Rumble shareholders have been on a bumpy ride these past few months, and the company has also made several advancements over this time.

It’s worthwhile taking a dive into this progress and see what has led us to Rumble’s share price gain of 15% in the last 2 days.

What’s tailwinds are behind the Rumble Resources share price?

Rumble has made several announcements over the past 2 months regarding drilling and exploration updates.

In late August, the company advised that the drill program at its Earaheedy Joint Venture with Zenith Minerals Ltd (ASX: ZNC) had been expanded by 30% to 40,000 metres.

This came following a 125% increase in the zinc-lead mineralisation footprint at this site announced in July.

Afterwards, the company announced in early September that reverse circulation (RC) drilling had commenced at its Lamil Gold-Copper joint venture with AIC Mines Ltd (ASX: A1M).

The JV is located within the Paterson Province of WA, known as one of the “most highly endowed yet under explored mineral provinces in Australia”, and hosts the “world-class” Telfer gold-copper mine and Nifty copper mine.

The Rumble Resources share price popped on the day of this announcement, closing at a high of 54.5 cents on 13 September.

It made an immediate u-turn and headed back down to where it was trading prior to this – around 44 to 45 cents each.

There, it continued in a tight channel trading sideways until this Wednesday, when bullish investors began to get a hold of Rumble’s shares once again.

There was no price-sensitive information behind this action, only that the company’s shares have gained 6.5 cents per share in the last 2 days.

One other asset gaining in price these past few days is the price of copper, which the company has direct exposure too.

Copper has increased 3% in the past 2 days and now trades at US$4.275/lbs, up from US$4.15 on Wednesday. The price of zinc has also gained around 2.5% in this time.

Given that Rumble Resources is an ASX resource share whose share price will fluctuate with volatility in the broader commodity market, as well as the recent price action of copper and zinc, there may be more to it than meets the eye with the company’s shares today.

Rumble Resources share price snapshot

The Rumble Resources share price has gained 330% this year to date, well ahead of the S&P/ASX 200 Index (ASX: XJO).

It has also gained 200% in the past 12 months, after rallying a further 5% in the last month – again well ahead of the broad index’s return of about 25% in that time.

The post Why is the Rumble Resources (ASX:RTR) share price leaping 11% today? appeared first on The Motley Fool Australia.

More reading

• Immuron (ASX:IMC) share price surges 11% on COVID-19 treatment data
• Why Fletcher Building, Magellan, Sezzle, & Starpharma are racing higher
• How did ASX lithium shares perform in the FY22 first quarter?
• Here’s why these top brokers reckon the Magellan (ASX:MFG) share price is cheap
• Metcash (ASX:MTS) share price struggles as CEO steps down

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a strong note. At the time of writing, the benchmark index is up 0.8% to 7,314.1 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are racing higher:

Fletcher Building Limited (ASX: FBU)

The Fletcher Building share price is up over 2% to $6.90. Investors have been buying the building products company’s shares following the release of a bullish broker note out of UBS. According to the note, the broker has upgraded the company’s shares to a buy rating with an NZ$8.00 (A$7.59) price target. UBS expects Fletcher Building to benefit from the reopening of the ANZ economy.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is up 5% to $33.78. On Thursday, analysts at Macquarie upgraded this fund manager’s shares to an outperform rating with a $38.00 price target. Macquarie made the move on valuation grounds following a significant de-rating. It feels Magellan’s shares are too cheap to ignore, especially given the potential for a dividend yield of ~7% in FY 2022.

Sezzle Inc (ASX: SZL)

The Sezzle share price is up a further 5% to $5.92. Investors have been buying the buy now, pay later (BNPL) provider’s shares this week after US retailer Target launched Sezzle’s BNPL service across its network. Consumers shopping with the retail giant ahead of the holiday season will now be able to pay for their purchases in instalments through Sezzle or rival Affirm.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price is up 2% to $1.22. This morning the dendrimer products developer announced a sales and distribution agreement for Viraleze with Admenta Italia Group. It is a leading pharmaceutical retail and wholesale distribution company in Italy. Viraleze is a broad-spectrum antiviral nasal spray which is applied in the nose to provide a physical barrier between viruses and the nasal mucous membrane. The product traps and irreversibly inactivates virus, including SARS-CoV-2.

The post Why Fletcher Building, Magellan, Sezzle, & Starpharma are racing higher appeared first on The Motley Fool Australia.

More reading

• Here’s why these top brokers reckon the Magellan (ASX:MFG) share price is cheap
• The Sezzle (ASX:SZL) share price has leapt 19% in 2 days. Here’s why
• How did ASX fintech shares perform in the FY22 first quarter?
• Here’s why the Starpharma (ASX:SPL) share price is charging 4% higher today
• Why A2 Milk, Magellan, Santos, & Whitehaven Coal shares are falling

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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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