Category: Stock Market

Investors may be wondering why a number of popular ASX 200 shares have fallen today despite no news coming from the companies.

The conclusion of the August earnings season has led to a vast majority of ASX shares trading ex-dividend in September.

The ex-dividend date is when investors must have purchased a company’s shares to be eligible for the upcoming dividend. If an investor buys the shares on or after this date, the dividend will go to the seller.

Below, we take a look at the list of shares that are trading ex-dividend today.

IGO Ltd (ASX: IGO)

IGO provided its full-year results to the market at the end of August, highlighting growth in key metrics.

Revenue rose 12% on the prior corresponding period to $671.7 million. This led profit from continuing operations to be up 35% to $116.8 million.

The board declared a fully franked final dividend of 10 cents per share, payable on 23 September 2021.

The IGO share price has accelerated more than 118% over the past 12 months with year-to-date gains above 51%.

BlueScope Steel Ltd (ASX: BSL)

BlueScope Steel released its full-year result in mid-August, delivering triple-digit increases across the board.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) surged 207% to a record $1.72 billion. An even better percentage came from the company’s reported net profit after tax, rocketing 1,222% to $1.19 billion.

BlueScope Steel advised of an unfranked final dividend of 25 cents per share. In addition, a special dividend of 19 cents apiece will also be paid. The company is set to distribute its rewards to shareholders on 13 October 2021.

The BlueScope Steel share price has travelled almost 80% higher since this time last year and is up 32% in 2021.

Origin Energy Ltd (ASX: ORG)

Origin revealed its full-year results on 19 August, recording a disappointing finish for the 2021 financial year.

Total group revenue slumped 8% to $1.2 billion which impacted the company’s bottom line, down 69% to $318 million.

The board decided to reduce its final unfranked dividend to 7.5 cents per share, landing in shareholder accounts on 1 October 2021.

The Origin share price has lost 13% in the past 12 months and is treading 6% lower this year alone.

Sonic Healthcare Ltd (ASX: SHL)

Sonic Healthcare issued its full-year results on 23 August, registering a positive performance for the financial year’s end.

Revenue lifted by 28% on the prior comparable period to $8.8 billion. The bumper earnings translated to a 149% surge in net profit to $1.3 billion.

Management noted that the progressive dividend will be maintained, announcing a 65% franked final dividend of 55 cents.

The funds are scheduled to be paid to eligible shareholders on 22 September 2021.

The Sonic Healthcare share price has jumped 33% higher in the past year, with these gains coming in 2021.

The post These ASX 200 shares are trading ex-dividend today appeared first on The Motley Fool Australia.

More reading

• Why the IGO (ASX:IGO) share price is slipping today
• Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping
• 5 things to watch on the ASX 200 on Tuesday
• 2 highly-rated ASX dividend shares named as buys
• Top brokers name 3 ASX shares to sell 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 recommended Sonic Healthcare 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 Aristocrat Leisure Limited (ASX: ALL) share price has bolted to a record high in today’s session.

Shares in the gaming technology giant have shrugged off COVID-19 induced lockdowns and restrictions.  

Since the start of the year, shares in Aristocrat have surged more than 54% higher.

In comparison, the broader S&P/ASX200 (ASX: XJO) Index has only managed to gain 12.5% in 2021.

So, what’s been propelling the Aristocrat share price higher?

Digital gaming fuelling Aristocrat share price

Despite the COVID-19 pandemic weighing heavily on traditional gaming machines, the Aristocrat share price has continued to soar.

Shares in the gaming machine giant have been buoyed by growth in its digital gaming business.

Earlier this year, Aristocrat reported its half-year report for FY21.

For the 6 months ending 31 March 2021, operating revenues fell 1% to $2.23 billion and gross profit decreased 3.5% to $1.13 billion.

However, the company declared an 18.4% increase in net profit after tax (NPAT) of $362.2 million.

Aristocrat attributed the increase in profits to substantial growth in its digital segment.

For the first half, 54% of group revenue was generated from the company’s digital gaming arm.

Overall, revenue for Aristocrat’s digital segment surged more than 28% for the period.

On a booking basis, the company highlighted that it ranks in the top 5 mobile game players across Tier 1 western markets.

The outlook for Aristocrat

Aristocrat’s management noted plans for strong growth over the full year to 30 September 2021.

Despite no dollar figure guidance, the company expects to enhance its market-leading position in casino gaming operations and drive further growth in its digital games business.

The gaming giant expects further growth in digital bookings. As a result, Aristocrat expects user acquisition investment to be modestly above the historic range of 25% and 28% of overall digital revenues.  

Aristocrat’s growth outlook has also been supported by numerous brokers and analysts.

Recently, leading broker Citi released a bullish outlook on the company, initiating a buy rating of a $46 share price target.

Analysts noted that Aristocrat’s digital business and traditional gaming segments are pulling together.

At the time of writing, shares in Aristocrat are up more than 2% for the day at a record high of $47.75.

The post How is the Aristocrat (ASX:ALL) share price hitting record highs during lockdowns? appeared first on The Motley Fool Australia.

More reading

• 3 fantastic ASX shares to buy in September
• 10 ASX shares we’re overweight in right now: fund
• Revealed: The biggest shocker from results season

Motley Fool contributor Nikhil Gangaram 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 Reedy Lagoon Corporation Ltd (ASX: RLC) share price has soared firmly into the green in afternoon trade on Tuesday.

Reedy Lagoon shares are on the move after the company released an update on its lithium project in Nevada, USA.

Let’s investigate further.

First, a bit more on Reedy Lagoon

Reedy Lagoon is in the business of minerals exploration and development.

It has a number of projects dotted throughout Australia and the US, and has recently embarked on the quest to discover and sell lithium directly to battery manufacturers.

At the time of writing, Reedy Lagoon has a market capitalisation of $9.4 million.

What did Reedy Lagoon announce?

In a positive for the Reedy Lagoon share price, the company announced it had “successfully staked an additional 186 placer claims” in Nevada. These claims adjoin Reedy’s Akali Lake North Project.

As a result, Reedy said the project area “now covers the full extent” of a lithium brine target that was previously identified by the company in that region.

That is to say, the additional staked ground covers “1,554 hectares”, and now combines with “existing claims (of) 1,042 hectares” at Akali Lake North.

Now Reedy Lagoon has “fully secured the prospective area” and intends to conduct “further geophysical surveys” at the site.

The purpose of these studies is to “better define lithium-brine targets” at Akali and also the company’s Clayton Valley site.

Reedy Lagoon also just completed a $1.1 million capital raise from a placement made on 2 September. In the announcement today, Reedy confirmed these funds will be used to finance the development of its lithium-brine projects.

Investors have bought on the news and have sent the Reedy Lagoon share price flying in afternoon trade today.

At one point Reedy Lagoon shares were exchanging hands at 3.9 cents a share, a 95% gain from the open. Since then, however, the Reedy Lagoon share price has retreated to currently trade at 3 cents per share, still a 50% gain on the day.

Reedy Lagoon share price snapshot

The Reedy Lagoon share price has climbed 100% this year to date. It is also up 115% over the past 12 months.

These results have far outpaced the S&P/ASX 200 Index (ASX: XJO)’s return over the past year.

The post Reedy Lagoon (ASX:RLC) share price rockets 95% on lithium update appeared first on The Motley Fool Australia.

More reading

• The CBA share price has struggled in the last month. Here’s why
• COVID-19 saw these 5 international tech shares boom…now what?
• Here’s why the Imugene (ASX:IMU) share price is up 6% so far this week
• Why the Rio Tinto (ASX:RIO) share price is in the red on Tuesday
• Leading brokers name 3 ASX shares to sell 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 S&P/ASX 200 Index (ASX: XJO) has not enjoyed a great month over the past four weeks. As it stands on today’s market moves, the ASX 200 has slipped by around 0.51% compared to this time in August.

But one major ASX 200 constituent has fared worse than the ASX 200 over the past month. That would be the ASX 200’s largest bank (and presently largest company), Commonwealth Bank of Australia (ASX: CBA).

The Commonwealth Bank share price has underperformed the ASX 200 over the past month. While the ASX 200 has gone backwards by around 0.51%, CBA shares have gone from just under $105 a share a month ago to today’s share price (at the time of writing) of $101.83 a share. That’s a slide of around 3%.

So why this struggle for the CBA share price?

Why has the CBA share price underperformed the ASX 200 over the past month?

Well, it’s important to note that ASX bank shares have been a hard-hit sector during the widespread lockdowns of the past few months. As my Fool colleague Kerry discussed last week, the ASX banks may be struggling with slowing housing and credit growth, as well as the potential of customers and businesses struggling to service loans in these difficult times.

After the initial excitement following CBA’s earnings results last month, this could well be a factor in the recent poor run for the CBA share price.

But that brings us to a second possible catalyst for CBA’s poor performance: its recent dividend and share buyback program.

During its FY21 earnings report, CBA announced a well-received final, fully franked dividend of $2 per share, alongside a $6 billion share buyback program. This payout went ex-dividend on 17 August which resulted in a 3% share price drop that day

New owners of CBA at and after this date are not eligible to receive this dividend, so it makes sense that its value leaves Commonwealth Bank’s market capitalisation. CBA closed access to its share buyback offer the day before, on 16 August.

Both of these actions evidently resulted in investors adjusting the CBA share price accordingly. As such, these events are likely a major reason why CBA shares have gone backwards over the past month.

At the current CBA share price, this ASX bank has a market capitalisation of $180 billion, a price-to-earnings (P/E) ratio of 21.67 and a dividend yield of 3.43%.

The post The CBA share price has struggled in the last month. Here’s why appeared first on The Motley Fool Australia.

More reading

• The Macquarie (ASX:MQG) share price is outperforming the ASX big 4 in the past month
• Why the BHP (ASX:BHP) share price is slumping 1% today
• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• Transurban (ASX:TCL) share price could get boost from WestConnex rumour
• 5 things to watch on the ASX 200 on Tuesday

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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COVID-19 ushered in a lot of changes at a record pace.

According to some estimates, developed nations embraced more than 3 years’ worth of technological advances in the latter half of 2020 alone.

One of COVID-19’s biggest impacts was the mass closure of shared office space. This saw millions of workers eschew their former daily commutes and set up shop from home.

The work from home trend, in fact, grew so quickly and prevalent that it gained its own acronym, ‘WFH’.

For investors, this rapid sea change in the way people worked (along with shopped and socialised) presented a unique opportunity to pick up technology shares that could help people through the transition.

We look at 5 of those shares, and their potential outlook, below.

Three tech shares connecting workers during COVID-19 restrictions

Employees of all levels accustomed to chatting face to face and signing documents in person found those basic activities banned following COVID-19 office closures.

To keep their businesses running and staff productive, management had little choice but to turn to technology. While many tech shares have done well since the onset of the pandemic, some have done better than others.

Josh Gilbert, market analyst at global online investment platform eToro, told The Motley Fool that, “Companies that have been able to help businesses run smoothly from home have benefited as they’ve seen their customer bases swell.”

He points to Atlassian Corporation PLC (NASDAQ: TEAM), Zoom Video Communications Inc (NASDAQ: ZM), and Docusign Inc (NASDAQ: DOCU) as three companies “which have explicitly benefited from the work from home (WFH) lifestyle”.

Gilbert said, “Zoom’s share price grew by around 400% last year, as most companies around the world moved to remote working and turned to online video conferencing to solve their communication issues”.

Then there’s Australian software company Atlassian, “that builds collaboration and remote working tools to help teams connect and increase productivity”. Atlassian’s share price is up 127% in the last year.

Docusign’s software, among other things, enables organisations to manage electronic agreements in the Cloud with eSignatures. Docusign’s share price gained around 200% in 2020.

Two tech shares protecting WFH data

The WFH shift driven by COVID-19 didn’t just require better ways to communicate and exchange documents remotely. It also meant helping secure data that was now held on servers outside the head office.

As Gilbert told The Motley Fool, “An area most investors have overlooked is cybersecurity. With more staff than ever working outside of the office, internal cybersecurity procedures are being prioritised.”

He said Crowdstrike Holdings Inc (NASDAQ: CRWD) “the popular cybersecurity firm, set a record number of new customers in Q2 2021 at 1,660, with 81% growth year-over-year. Shares are also up 120% in the last year.”

Then there’s newly listed cybersecurity share SentinelOne Inc (NYSE: S), which went public in June.

According to Gilbert:

SentinelOne has already seen its share price jump around 60% in just a few months. In April 2021, Sentinel announced it had 4,700 customers, which grew by 74% from a year earlier. These numbers show a clear indication that businesses are spending more cash to protect their systems internally.

What’s next for these COVID-19 outperformers?

With COVID-19 having helped drive these tech stocks’ huge share price gains, forward looking investors are wondering how they’ll fare once the impacts of the pandemic begin to fade.

Gilbert acknowledges that, “The stocks that have benefited the most, such as Zoom, will see a natural slow down when businesses begin to return to offices.”

But he doesn’t anticipate workers will simply revert to the way things were in 2019:

It’s anticipated that the WFH lifestyle isn’t likely to completely disappear. Businesses have learnt that employees can work successfully at home, so they are less likely to be sending staff on worldwide or national trips, unless completely necessary.

Gilbert adds, “Fundamentally, stocks such as Zoom and DocuSign have built great bases, and we can expect M&A activity from both businesses and further innovation from their product lines moving forward.”

The post COVID-19 saw these 5 international tech shares boom…now what? appeared first on The Motley Fool Australia.

More reading

• Two exciting international shares to consider as superfunds hit record global investments
• Facebook (NASDAQ:FB) share price in focus as it reveals its answer to Zoom
• Aussie tech could grow to $250b. What does this mean for ASX tech shares?
• Afterpay (ASX: APT) and Atlassian team up in Aussie tech push

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Atlassian, CrowdStrike Holdings, Inc., DocuSign, and Zoom Video Communications. The Motley Fool Australia has recommended Zoom Video Communications. 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 Imugene Limited (ASX: IMU) share price has jumped out of the starting blocks from the opening of trade this week.

Whereas the S&P/ASX 200 index (ASX: XJO) has fallen 0.12% today, Imugene shares are 5% in the green. They have now climbed 6% in two days.

Let’s investigate further.

What’s happening with Imugene this week?

The Imugene share price has benefitted from several tailwinds over the last few days.

Firstly, the company’s ticker was added to the S&P/ASX 300 index by Standard and Poor’s Dow Jones Indices (S&P DJI) on 3 September.

Imugene’s inclusion came on the back of index rebalancing that takes place each quarter.

The decision to place a ticker into the index is based on several criteria, such as market capitalisation and liquidity. Obviously, Imugene shares fit the bill in that regard.

In addition, Imugene recently advised it had achieved positive results in its Phase 2 HER-Vaxx clinical trial.

The trial investigated the safety and efficacy profile of the company’s immunotherapy candidate HER-Vaxx in a particular type of gastric cancer.

As a result of the positive data, Imugene now “plans two further company sponsored Phase 2 studies and one investigator sponsored study” investigating HER-vaxx’s use as an intervention in HER-2 gastric cancer.

Finally, in further news that could be affecting the Imugene share price, the company announced today it had passed all resolutions at its “extraordinary general meeting of shareholders”.

The resolutions were originally set out on 6 August. They pertained to shares that were supposed to be issued to Imugene’s executive chair, Paul Hopper.

Hopper was due to receive these shares if the company reached a clinical milestone that resulted from Imugene’s acquisition of Vaxina Pty Ltd, of which Hopper was the majority shareholder.

Specifically, the milestone was the US Food and Drug Administration (FDA) granting Imugene rights to a phase 1 clinical trial using Vaxina’s CF33 oncology technology.

Due to a discrepancy in time zones and other unforeseeable factors, these shares were not transferred to Hopper. As such, the decision was left to shareholders to vote on the same.

Shareholders subsequently voted in favour of the exchange.

Imugene share price snapshot

The Imugene share price has climbed 315% this year to date, and 730% over the past 12 months.

Both of these results have far outpaced the broad index’s return of around 25% over the past year.

The post Here’s why the Imugene (ASX:IMU) share price is up 6% so far this week appeared first on The Motley Fool Australia.

More reading

• Which ASX 300 shares are making the biggest moves on Tuesday?
• Why the Imugene (ASX:IMU) share price is tumbling 7%
• Imugene (ASX:IMU) share price surges 7% as R&D efforts increase

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 Rio Tinto Ltd (ASX: RIO) share price is another struggling miner on Tuesday, down 1.55% to $108.975.

The S&P/ASX Materials (INDEXASX: XMJ) has been under heavy selling pressure as of late, down 10% in the past month.

What’s driving the Rio Tinto share price on Tuesday?

Iron ore prices plunge to 10 month lows

Tumbling iron ore prices continue to send shock waves across the materials industry, with the Fortescue Metals Group Ltd (ASX: FMG), BHP Group Ltd (ASX: BHP) and Rio Tinto share prices extending losses on Tuesday.

Benchmark iron ore prices fell another US$12.33/t or 8.8% to US$132.38/t on Monday, according to Fastmarkets MB.

The share prices of iron ore miners are now rapidly winding back as iron ore prices begin to retreat.

The sudden plunge in spot prices has witnessed declines between 14% to 21% in the past month for the three iron ore giants.

Military coup sparks development concerns

Meantime, special forces in the African nation of Guinea seized power on Sunday, closing both land and air borders and arresting the president.

The political instability in the region could impact mining companies, more specifically, Rio Tinto’s Simandou joint venture (45% ownership).

The Australian quotes Commonwealth Bank of Australia (ASX: CBA) mining and energy commodities analyst Vivek Dhar who said the outlook for Simandou looks cloudy after the coup.

“Funding was already challenging given the weak economic rationale to build the project. However, funding will prove even more challenging in the face of political instability,” said Mr Dhar.

The project is expected to produce 150 million tonnes per annum of iron ore at full capacity.

To add some perspective, Rio Tinto shipped 154.1 million tonnes in 1H21.

Rio Tinto share price snapshot

Rio Tinto’s recent underperformance has dragged its shares into negative year-to-date territory, down 4.57%.

At its highest point in the calendar year, the mining giant’s share price was up as much as 16% on 4 August.

The post Why the Rio Tinto (ASX:RIO) share price is in the red on Tuesday appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to sell today
• Fortescue (ASX:FMG) share price craters to 10-month low as iron ore prices plunge
• Why the BHP (ASX:BHP) share price is slumping 1% today
• Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping
• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher

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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On Monday 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 that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:

A2 Milk Company Ltd (ASX: A2M)

According to a note out of Credit Suisse, its analysts have retained their underperform rating and $5.50 price target on this infant formula company’s shares. Although the broker notes that infant formula prices have stabilised in August and inventory levels look to be going in the right direction, it isn’t enough for a change of rating. Credit Suisse has concerns over slowing Chinese birth rates and the impact this may have on the company’s sales. The A2 Milk share price is fetching $5.66 on Tuesday.

Alumina Limited (ASX: AWC)

A note out of Macquarie reveals that its analysts have retained their underperform rating and $1.30 price target on this alumina company’s shares. Macquarie notes that alumina prices are rallying strongly and could rise further given the volatile political situation in Guinea. While this would give its earnings and dividend boost, the broker isn’t getting excited just yet and holds firm with its rating. The Alumina share price is trading at $2.03 on Tuesday afternoon.

Rio Tinto Limited (ASX: RIO)

Analysts at UBS have retained their sell rating and $102.00 price target on this mining giant’s shares. According to the note, the broker suspects that Rio Tinto will fall short of its iron ore production guidance for the calendar year. In addition to this, UBS notes that the global supply of iron ore is rising at a time that demand is weakening. This may not bode well for prices. The Rio Tinto share price is fetching $109.25 on Tuesday.

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

More reading

• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• Alumina (ASX:AWC) share price flat despite potential tailwinds for bauxite
• Why BHP, Fortescue, & Rio Tinto shares could tumble today
• Here’s why the A2 Milk (ASX:A2M) share price is down 6% in a month
• Here are the 3 most traded ASX 200 shares this Monday

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 recommended A2 Milk. 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 Syrah Resources Ltd (ASX: SYR) share price is sliding today after the company released its earnings for the first half of 2021.

Right now, the Syrah share price is $1.34, 2.19% lower than its previous close.

Syrah share price slips on half-year earnings

Here’s how Syrah Resources performed for the 6 months ended 30 June 2021:

• After-tax loss of US$24.9 million, an improvement on that of the first half of 2020 which saw a loss of US$28.7 million;
• US$8.9 million of revenue;
• Depreciation and amortisation expense relating to Balama of US$4.9 million, offset by US$7.1 million worth of changes to inventory.

The company ended the period with US$85.3 million in cash. Over the period, it has received cash from a share purchase plan and its issuance of convertible notes.

What happened in the first half of 2021 for Syrah?

The 6 months ended 30 June was a busy period for Syrah and its share price.

The company restarted production at its Balama Graphite Operation in March 2021. It was shut down in March 2020 due to the impacts of COVID-19.

For the months it was operational, it produced approximately 33,500 tonnes of natural graphite. It also sold and shipped approximately 17,000 tonnes of its products.

However, global shipping disruptions impacted shipments and sales volumes towards the end of the half-year. The disruptions also impacted production volumes due to warehouse capacity issues.

Syrah also worked towards becoming a large-scale vertically integrated producer of natural graphite active anode material (AAM) at its US-based Vidalia facility.

It achieved first fully integrated production of battery specification AAM from the carbonisation furnace at Vidalia, using natural graphite from Balama.

The company is now to make an investment decision for the construction of a facility capable of creating 10,000 tonnes of AAM per annum at Vidalia.

Additionally, Syrah stated market conditions are still supportive of its decision to restart production at Balama.

Syrah share price snapshot

Despite today’s fall, the Syrah share price has been performing well on the ASX lately.

It has gained 36% year to date. It is also 243% higher than it was this time last year.

The post Syrah Resources (ASX:SYR) share price slumps on US$24.9 million loss appeared first on The Motley Fool Australia.

More reading

• Why is the Eastern Iron (ASX:EFE) share price in recess
• The Macquarie (ASX:MQG) share price is outperforming the ASX big 4 in the past month
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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 Eastern Iron Limited (ASX: EFE) share price rocketed again today before being temporarily paused by the ASX.

The iron ore exploration company’s shares pounced 20.69% higher to 3.5 cents apiece. It’s worth noting that yesterday, its shares registered a mammoth 123% gain following a positive release to the market.

In comparison, the All Ordinaires Index (ASX: XAO) has lost 0.17% this week alone.

Why are Eastern Iron shares paused?

The details surrounding the temporary pause is sketchy with the company only stating that a release is pending.

With no information in regards to what this could be, we take a look back at yesterday’s announcement. This could provide some clarity on what to expect in the near future from Eastern Iron.

A non-binding Memorandum of Understanding (MOU) was executed with Ya Hua International Investment and Development Co. Ltd to form a strategic partnership. The Chinese companies are wholly-owned subsidiaries of Sichuan Yahua Industrial Group Co. Ltd (Yahua Group).

The collaboration between Eastern Iron and Yahua Group will lead to a joint venture in acquiring and developing lithium projects.

Furthermore, the parties will work together in bringing the Trigg Hill Lithium Tantalum Project online. However, this will come after the completion of Eastern Iron’s acquisition of Trigg Hill and an initial exploration target.

The company entered into a binding Heads of Agreement with Amery Holdings for an option to acquire a 100% interest in the Trigg Hill Project.

Under the terms, Yahua Group has first right of refusal for product offtake from any projects with Eastern Iron.

About the Eastern Iron share price

The past 12 months has been nothing special for Eastern Iron shares when not factoring in this week’s gain. Investors will be licking their lips with the company’s shares zooming close to 150% over the last 2 days.

On valuation metrics, Eastern Iron has doubled in value to $26.4 million, whilst maintaining approximately 745 million shares on issue.

The post Why is the Eastern Iron (ASX:EFE) share price in recess appeared first on The Motley Fool Australia.

More reading

• Why the Eastern Iron (ASX:EFE) share price is rocketing 107% 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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