Category: Stock Market

The ResApp Health Ltd (ASX: RAP) share price is on the move again today following yesterday’s meteoric rise. The digital health company provided another positive release to the ASX today.

At the time of writing, ResApp shares are fetching for 9.3 cents apiece, up 4.49%. It’s worth noting that during early morning trade, its shares reached an intraday high of 10.2 cents.

ResApp secures rebate on COVID-19 study

Investors are pushing ResApp shares higher after the company secured a cashback for its COVID-19 research program.

According to the release, ResApp advised it has received approval from AusIndustry for its application for an Advanced and Overseas Finding. In particular, this is in relation to the expenditure associated with its COVID-19 clinical studies.

The finding covers the financial years between 2021 to 2023, meaning that ResApp will be eligible for a cash rebate. This refers to the company’s COVID-19 overseas research and development expenditure, thus receiving a 43.5% cashback from the Australian government.

As such, ResApp estimates that it will collect a rebate of around $820,000 for the financial year that ended 30 June 2021.

In the United States, the company is currently recruiting participants for its upcoming pilot study. The aim is to collect data to train an algorithm in identifying COVID-19 through cough sounds recorded on a smartphone.

The same participants will also be used in a second study to collect further cough sounds and data on disease progression. ResApp hopes to develop algorithms to remotely monitor patients with COVID-19.

ResApp CEO and managing director, Dr Tony Keating commented:

Our COVID-19 research program is looking at developing algorithms for screening for COVID-19 as well as helping healthcare systems better manage patients with COVID-19, including those with long COVID. This finding, recognising the need to collect COVID-19 cough samples internationally, provides us with a high degree of certainty in planning our programs.

We are very grateful to the Federal Government for their commitment to supporting research and development by Australian companies.

ResApp share price summary

Until recently, ResApp shares were trading at multi-year lows, before shooting up in September. The past month alone has netted investors a return of more than 115%, however year-to-date, is up marginally at 14%.

ResApp commands a market capitalisation of about $83.3 million and has 859 million shares on its books.

The post ResApp (ASX:RAP) share price adds 4% on COVID-19 study rebate appeared first on The Motley Fool Australia.

More reading

• ResApp (ASX:RAP) share price races 18% higher today, up 65% in a week

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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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is trading marginally lower. The benchmark index is down slightly to 7,419.5 points.

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

Westpac asset sale blocked

The Westpac Banking Corp (ASX: WBC) share price is trading broadly flat today after revealing that its plan to divest its Pacific businesses has been dealt a blow. According to the release, the Papua New Guinea’s Independent Consumer and Competition Commission has blocked the sale of its stake in Westpac Bank PNG to Kina Securities Limited (ASX: KSL). Westpac had signed a deal with Kina for both its PNG and Fiji businesses worth $420 million.

Brambles shares sink

The Brambles Limited (ASX: BXB) share price is sinking notably lower today following an update at its investor day. The market appears disappointed with management’s guidance for underlying profit growth of ~1% to ~2% in FY 2022. This is due to management flagging FY 2022 as an investment year for the supply chain solutions company. Citi remains positive and has put a buy rating and $13.58 price target on its shares.

Zip Retail Investor Day

The Zip Co Ltd (ASX: Z1P) share price is trading lower following the release of its Retail Investor Day presentation. That presentation revealed the buy now pay later provider’s plans for savings accounts, rewards, and cryptocurrencies. In respect to the latter, the company plans to let users buy, sell, hold, and even pay in cryptocurrencies. Investors may be disappointed that no trading update was provided with the release.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Beach Energy Ltd (ASX: BPT) share price with a 7% gain. This follows a solid rise in oil prices overnight. The worst performer has been the Brambles share price with a 10% decline following its investor day update.

The post ASX 200 (ASX:XJO) midday update: Westpac asset sale blocked, Zip crypto update appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended ZIPCOLTD FPO. 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 CSL Limited (ASX: CSL) share price has had a rather interesting few years. It was only back in 2019 that CSL shares were at their peak ‘growth reputation’. This was a blue chip ASX 200 company that seemed to give investors double-digit price rises year after year. Over the 3 years to February 2021, CSL shares delivered capital growth of approximately 185%.

Perhaps this is why CSL CEO Paul Perreault is now one of the highest-paid ASX CEOs, at least according to a recent article in the Australian Financial Review (AFR).

But the past year and a half has been a different story for CSL. And one shareholders would be pretty unfamiliar with. CSL has seemingly stopped growing.

Yes, the CSL share price has more or less gone nowhere since early 2020. On 17 January 2020, CSL shares were going for almost exactly the price they are going for at the time of writing – $300.40 a share.

The company also remains well below its all-time high of roughly $340 a share that we saw back in February 2020. It’s even got quite a bit of headroom with its current 52-week high of $320.42 a share on the current pricing.

So perhaps CSL shares are still too expensive. That might explain why the CSL share price has been stuck in the mud for months now.

Is the CSL share price too expensive?

Well, as my Fool colleague James covered earlier this month, one broker who doesn’t think CSL shares are too expensive is Morgans. Morgans put out an ‘add’ rating on CSL a week or two ago with a 12-month share price target of $324.40 a share. That implies a potential upside of close to 8% over the next year or so.

Morgans remains bullish on CSL due to its recent FY21 earnings report, with the broker impressed by “its full year sales and profits [that] were stronger than expected despite facing tough trading conditions”.

However, it does note that the more cyclical forces CSL faces, such as plasma collections and costs, may weigh on the company over the next few years.

At the current CSL share price, this healthcare giant has a market capitalisation of $136.77 billion, a price-to-earnings (P/E) ratio of 42.47 and a dividend yield of 0.98%.

The post Is the CSL (ASX:CSL) share price too expensive right now? appeared first on The Motley Fool Australia.

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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. owns shares of and has recommended CSL Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Firefinch Ltd (AXX: FFX) share price is falling this morning after the company released a potentially disappointing clarification.

Firefinch excited the market yesterday when the company announced details surrounding its inclusion in the VanEck Junior Gold Miners ETF (NYSE: GDXJ) on Twitter (NYSE: TWTR).

However, the gold miner and lithium developer has clarified that it didn’t authorise the tweet and investors shouldn’t rely on the information it contained.

Right now, the Firefinch share price is 67 cents, 1.47% lower than its previous close.

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

Firefinch share price slides following clarification of tweet

The Firefinch share price is in the red today following the company’s clarification of a since-deleted tweet.

Firefinch claims a contractor tweeted the GDXJ ETF will be spending a certain amount to buy Firefinch stock this week. The company also stated it didn’t approve the tweet.

According to reporting by Proactive Investors, which was shared by Firefinch’s LinkedIn account yesterday, the company was recently added to the ETF. However, the report said the fund is yet to purchase the shares needed to reach its allocated holding.

The Firefinch contractor is said to have put two and two together. They posted to Twitter the amount the ETF might spend to receive its allocated hold in Firefinch.

The Firefinch share price gained 9% amid the tweet’s publication yesterday.

Interestingly, while Firefinch has deleted the contentious tweet, a post on the company’s LinkedIn page still reads: “[T]he GDXJ EFT will have to purchase [$30 million] worth of [Firefinch] stock [by Friday’s close]”.

Further, the company’s clarification didn’t deny the validity of the information within the tweet. Instead, it warned investors not to rely on the information.

However, the company’s addition to the GDXJ ETF might not have caused all its gains yesterday. Firefinch also released its half-year results on Monday. The results may also have been responsible for a decent portion of the Firefinch share price increase.

The post Firefinch (ASX:FFX) share price slides following tweet clarification appeared first on The Motley Fool Australia.

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• Firefinch (ASX:FFX) share price leaps 16% on half-year results

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. owns shares of and has recommended Twitter. 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 Pointerra Ltd (ASX: 3DP) share price is rocketing in morning trade, up 21% to 44 cents per share.

Earlier today the 3D geospatial data technology company released its corporate presentation. We look at a few highlights below.

What did Pointerra present?

Investors may be bidding up the Pointerra share price after the company reported annual contract value (ACV) growth of 240%. ACV increased from $2.9 million from July 2020 to $9.8 million reported as at July 2021.

Meanwhile cash receipts from its customers reached $4.1 million for the full 2021 financial year (FY21), up from $1.8 million in FY20. The company reported cash receipts of $1.4 million in Q4 FY21 alone.

Pointerra also expanded its full-time employees from 12 to 29.

The company credited ACV growth to “customer-led engagement, focused on solving workflow problems and ‘automating the manual’”. It said its existing customers continued to increase their spending, with very low churn rate.

The United States utility sector counts among its leading customers. Pointerra is directly contracting with utilities as well as with their mapping providers. The company said:

Pointerra has combined advanced machine learning algorithms for automatically extracting valuable information from 3D data with extensive browser-based manual feature identification/editing tools.

Mining companies also are turning to Pointerra’s technology platform.

The Pointerra share price may also be getting a boost as the company reported it is collaborating with the US Department of Defense. It said it is “responding to the requirement to constantly enhance the capability of the modern war fighter through the use of technology”.

Pointerra reported the solution to modern defence needs is, “Automated analytics that fuses newly acquired and historic 3D spatial data and delivers insight in real-time to support informed decision making.”

Pointerra share price snapshot

The Pointerra share price has been under pressure in 2021, down 15% year-to-date. By comparison the All Ordinaries Index (ASX: XAO) is up 11% in that same time.

Over the past month Pointerra shares have gained 7%.

The post Pointerra (ASX:3DP) share price leaps 21% as cash receipts surge appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointerra Limited. The Motley Fool Australia has recommended Pointerra 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 Fortescue Metals Group Limited (ASX: FMG) share price is struggling to push higher this week as new steel production curbs in China continues to cripple iron ore prices.

At the time of writing, shares in the iron ore major are down 1.85% to $18.07.

Fortescue share price threatens 10-month lows

Iron ore prices tanked another 4.5% on Monday to US$123.84/t due to weak buying interest, according to Fastmarkets MB.

China’s iron ore demand is expected to weaken in the second half of the year after policymakers vowed to limit crude steel output to curb industrial pollution.

On Monday, Reuters reported further output curbs on various commodities including aluminium, steel and cement.

“As of August, Yunnan aluminium smelters had already shut down nearly 1 million tonnes of annual capacity due to power curbs, state-backed research house Antaike said earlier this month. “

The Yunnan province, which is home to around 2.3% of China’s total crude steel output was also asked to curtail production.

“The local government asked Yunnan steel mills to adjust production schedules while ensuring that its 2021 crude steel output falls, according to the document.”

“Part of the planned September crude steel production would be postponed to the last two months of the year,” it added.

More broadly speaking, Reuters said that “Beijing has warned two-thirds of China’s provinces and territories for missing their [energy] intensity targets in the first half of the year.”

What does this mean for Fortescue?

According to Fortescue’s annual report, the Platts 62% iron ore price averaged US$154/dry metric tonne (dmt) in FY21.

Fortescue’s lower grade iron ore managed to achieve a realised price of US$135/dmt, increasing by 72% over the prior year.

With current spot prices well below Platt’s FY21 average, this could spell a cloudy outlook for Fortescue.

Fortescue share price tumbles in 2021

The Fortescue share price has cratered amidst the sharp decline in iron ore prices, down 27% year-to-date.

The post Fortescue (ASX:FMG) share price struggles amid new production curbs in China appeared first on The Motley Fool Australia.

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

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The Telstra Corporation Ltd (ASX: TLS) share price certainly has been on form this year.

The telco giant’s shares have risen an impressive 31% year to date to $3.95.

Where next for the Telstra share price?

The good news is that one leading broker is tipping the Telstra share price to keep rising.

According to a note out of Goldman Sachs, its analysts have retained their buy rating and lifted their price target on the telco giant’s shares to $4.40.

Based on the current Telstra share price, this implies potential upside of 11% over the next 12 months before dividends.

And if you throw in the 16 cents per share fully franked dividend Goldman expects in FY 2022, the potential return increases to over 15%.

What did the broker say?

Goldman Sachs remains positive on the Telstra share price due to its belief that its key mobile business and cost reductions will underpin solid growth in the coming years.

The broker expects this to lead to earnings per share of 15 cents in FY 2022, 18 cents in FY 2023, and then 20 cents in FY 2024. The latter is expected to allow the company to lift its dividend for the first time in over a decade.

Goldman is forecasting dividends of 16 cents per share through to FY 2023 before an increase to 18 cents per share in FY 2024. Based on the current Telstra share price, this will mean yields of 4% and then 4.6%.

Anything else?

The broker also highlights that Telstra will be holding its Strategy for the Future Investor Day event this week. This strategy is expected to provide investors with an idea of its plans beyond its highly successful T22 strategy.

It commented: “Ahead of the much anticipated ‘Strategy for the Future’ investor day on Sept 16, we outline our expectations. Strategically we expect a continuation of the current strategy (simplicity and customer focus, network leadership and improved efficiency) but with a tilt towards growth (such as Energy, Health, FWA, Enterprise 5G).”

Goldman also expects updates on earnings targets, dividend plans, InfraCo, and CEO succession planning. The broker notes that “CEO Andrew Penn in his 7th year as CEO of Telstra, we believe commentary around the company’s leadership post T22 could be provided.”

A good update this week could potentially be a catalyst for driving its shares higher. So investors may want to watch that event closely.

The post Why this broker sees 11% upside in the Telstra (ASX:TLS) share price 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 owns shares of and has recommended Telstra Corporation 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 Creso Pharma Ltd (ASX: CPH) share price is on the move today, reversing yesterday’s losses. This comes as the cannabis and psychedelics company released a positive update to the ASX on Monday.

During morning trade, Creso shares are swapping hands for 12.5 cents apiece, up 4.17%.

What did Creso announce?

According to its announcement, Creso advised it secured two new purchase orders from Swiss-based health products distributor MHG GmbH (MHG).

The purchase orders consist of Creso’s cannaQIX hemp seed oil lozenges and cannaQIX 50mg lozenges. The human health products are designed to support patients suffering from chronic pain as well as other conditions.

The lozenges dissolve rapidly in the mouth and are absorbed directly into patients’ bloodstreams. This allows the active ingredients to work faster than traditional capsules or tablets.

The value of the shipment is worth around $337,500 and is expected to be delivered as soon as possible.

Creso noted that the new purchase orders represent an important milestone in strengthening its export business. The products are to be sold through MHG sales channels into countries such as Macedonia, Albania, Serbia, and Croatia.

Both companies are collaborating further, discussing additional purchase orders for Creso’s animal health products.

Creso Swiss International Operations CEO Jorge Wernli commented:

We are very pleased to have secured these POs from MHG and it is a clear sign that our export business for human health products is beginning to scale up again. The POs will add to the Company’s growing revenue line, as well as allow Creso Pharma to expand into new countries.

This is a key milestone on our journey and commitment to strengthening Creso Pharma’s export business and geographic expansion, which we anticipate will unlock value for shareholders.

About the Creso share price

It’s been a tough 2021 for Creso shareholders, watching the company’s value fall by more than 30%. However, when looking at the course of the last 12 months, its shares are up 257%.

Based on today’s price, Creso presides a market capitalisation of roughly $150 million, with approximately 1.2 billion shares outstanding.

The post Creso (ASX:CPH) share price edges 4% higher following export deal 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 Cirralto Ltd (ASX: CRO) share price has jumped straight out of the starting blocks on Tuesday morning. This follows the announcement of Cirralto entering an agreement to acquire eCommerce software company, Greenshoots Technology.

At the time of writing, the Cirralto share price is exchanging hands for 6.6 cents a share, up 3.13%. Despite the gain today, shares in the company have slumped 12.3% over the past month.

Let’s run through the details of the Greenshoots acquisition.

eCommerce offering bolstered with Greenshoots

Investors are bidding up the Cirralto share price in early trade after its latest announcement. Already, after only one hour of trade, more than twice the daily average volume has been traded.

According to the release, the company has executed a binding share sale agreement to acquire Greenshoots Technology. The acquiree is a software house that specialises in online retailing technology, providing a white-labelled e-Commerce platform to small and medium-sized businesses.

In the announcement, Cirralto explained that Greenshoots’ intellectual property completes its retail solutions capabilities. After integrating its offerings, the company can focus on eCommerce payments and consumer pay-later services. This is in a bid to capture a greater portion of the estimated $50 billion Australian eCommerce opportunity.

Furthermore, once integrated into Cirralto’s Spenda ecosystem, Greenshoots will be rebranded as Spenda eCommerce — offering Spenda payment services to its customers natively. If the Cirralto share price is anything to go by, investors appear optimistic for this development.

The transaction is on a 100% all-scrip basis, with Cirralto paying an upfront consideration of $1.5 million. Additionally, a further $3.6 million will be contingent on product delivery and revenue milestones being achieved.

Importantly, the acquisition will add a plethora of eCommerce functionality. This includes multi-channel sales and fulfilment management; integration services and workflows with freight providers and 3PLs; and access to global markets.

CEO commentary

Commenting on the acquisition, Cirralto CEO Mr Adrian Floate stated:

The acquisition of Greenshoots into the Cirralto product portfolio will enable us to immediately service businesses looking for an integrated, powerful eCommerce solution.

Unlike other eCommerce providers, the integration behind the Greenshoots solution means we can essentially ‘plugin and play’ the service with our existing Spenda solution. The benefit to customers is huge, not only are they able to sell online, take payment and transact smoothly, but the capabilities of Greenshoots IP mean we are able to push out our inside sales feature and delivery partnership channels at an accelerated pace.

Cirralto share price snapshot

The past 12 months have been a rollercoaster ride for shareholders. The Cirralto share price has been as low as 2.9 cents a share and as high as 21 cents a share.

Fortunately, shareholders have enjoyed a 78% gain over the past year. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) returned 25.4% during the same period.

The post Cirralto (ASX:CRO) share price lifts on Greenshoots acquisition appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler 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 Crown Resorts Ltd (ASX: CWN) share price is wobbling today. It comes after reports the company is looking at implementing a mandatory COVID vaccination policy for all its staff and visitors to its sites.

At the time of writing, shares in the casino operator are trading for $9.59 — down 0.31%. However, they have been as high as $9.72 in morning trade. The S&P/ASX 200 Index (ASX: XJO), meanwhile, is 0.25% lower.

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

Jab for a job

Crown Resorts has announced a “more proactive stance” on jabs and is now mandating it rather than encouraging it among their employees. This news has received a mixed reception from investors – at least, by looking at the Crown share price alone.

According to reports, the group’s CEO, Steve McCann, is in talks with his workforce and government departments to create a plan for a vaccine rollout at the company’s three locations in Sydney, Melbourne, and Perth. While the company has not said it will mandate inoculation for patrons, it has not ruled it out either.

In a statement, Crown said it will begin to “urgently consult its stakeholders and employees regarding mandatory vaccination which could apply to all its staff and members of the public who plan to visit or stay at any of its resorts around Australia”.

A recent survey conduct by Crown management reportedly shows 60% of its employees were already either fully or partially vaccinated.

Management commentary

McCann said of today’s announcement:

At Crown, we care about creating a safe environment for our people and our customers. As such a significant hospitality employer in Australia with resorts that hosted over 30 million visits a year pre-Covid, we need to take measures to help keep people safe. That starts with our employees but also extends to our guests and the broader community.

Covid-19 has devastated the hospitality industry, and that has been felt acutely by our people. Supporting the vaccination target rates set by governments is going to help our industry reopen, stay open and recover faster so we will play our part to help our industry get there. We will continue to explore ways to make it faster and easier for our people to come back to work.

Crown share price snapshot

The Crown share price has had a difficult time recently. All the gains the company saw when first approached about a potential takeover have been wiped out as controversy and uncertainty continue to surround the business.

The Victorian Royal Commission into Crown’s gaming licence is due to hand down its findings next month. One option being considered is revoking said licence.

The Crown share price is down 3% year to date but has gained almost 5% over the past 12 months.

Crown Resorts has a market capitalisation of $6.5 billion.

The post Crown (ASX:CWN) share price seesaws amid mandatory vaccination policy appeared first on The Motley Fool Australia.

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Motley Fool contributor Marc Sidarous 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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