Category: Stock Market

The Archer Materials Ltd (ASX: AXE) share price has bolted out of the gates in today’s session.  

Despite not releasing any news, shares in the high-tech materials company are flying more than 7% higher.

Let’s take a look at why investors may be bidding the Archer Materials share price higher today.

What’s moving shares in Archer Materials?

Archer Materials hasn’t released any price-sensitive news that could explain today’s bullish price action.

However, the company did release an update yesterday regarding the sale of its mineral exploration business to iTech Minerals Ltd.

Archer has agreed to sell its mineral exploration business to iTech, in return for 50 million iTech shares.

These shares will be distributed to Archer shareholders and are subject to iTech completing its initial public offering (IPO).

According to yesterday’s announcement, iTech has opened its IPO today and is expected to list on the ASX in late October.

As a result, the Archer Materials share price could be on the receiving end of more investor interest today.  

Other than that, the last time Archer Materials released any price-moving updates was late last month.

Patent issues plague Archer share price

Late last month, shares in Archer Materials came under pressure following media speculations regarding its patent application in Australia.

The company rejected the accusations made against its CQ quantum computer chip patent.

Despite the company refuting the claims, shares in Archer tanked more than 15% on the day.

As a result, today’s bullish price action could be investors snapping up shares in the materials company after its fall.

Snapshot of the Archer Materials share price

Archer is a technology company that operates within the semiconductor industry.

The company has a vast pipeline of semiconductor devices that are in various developmental and commercialisation stages.

Shares in Archer Materials recently rocketed to a record high of $3.08 last month, following a patent update.

Since hitting those record highs, shares in Archer have nearly halved.

Despite the sell-off, the Archer share price remains more than 232% higher since the start of 2021.

At the time of writing, shares in Archer are trading more than 4% higher for the day.

Shares in the company were up more than 7% earlier, after hitting an intra-day high of $1.76.  

The post The Archer Materials (ASX:AXE) share price is flying 7% higher today appeared first on The Motley Fool Australia.

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• Archer Materials (ASX:AXE) share price surges 30% on patent update
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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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Holders of Mesoblast Limited (ASX: MSB) shares have responded positively to assurances from the company’s CEO that the US Food and Drug Administration (FDA) has not halted the development program of its key drug.

According to reporting by the Australian Financial Review (AFR), the Mesoblast share price has been sliding this week on news the FDA is upping its scrutiny of remestemcel-L.

In Mesoblast’s report for the financial year 2021, it stated the FDA has recently stipulated the company needs to provide potency assays before commencing a newly required additional clinical study. Only then, might the FDA approve remestemcel-L for emergency use to treat acute respiratory distress syndrome (ARDS) in COVID-19 sufferers.

The AFR quoted Mesoblast CEO, Silviu Itescu:

As Mesoblast has told the market, it is planning to meet with FDA in the coming quarter to present data on the potency assay for remestemcel-L in the treatment of children with acute GVHD.

The potency assays for remestemcel-L’s trial to treat pediatric steroid refractory acute graft versus host disease (SR-aGVHD) will likely be cross-referenced in the company’s submission for emergency use authorisation to treat ARDS in COVID-19 sufferers during the pandemic.

The Mesoblast share price fell 5.7% yesterday to finish the session trading at $1.57. It also dropped 15.3% on Tuesday after it released its FY21 earnings.

However, Mesoblast shares are gaining today. Right now, the Mesoblast share price is $1.61, 2.3% higher than yesterday’s close.

Let’s take a closer look at the assurances from the biotech company’s CEO.

Mesoblast shares gain as remestemcel-L still on FDA’s cards

The company announced results from a trial of remestemcel-L’s ability to treat ARDS in April. It found remestemcel-L reduced mortality in patients placed on ventilators after contracting COVID-19.

Following the positive result, the company decided to pursue emergency use authorisation to use the drug to treat ARDS.

However, the FDA thwarted Mesoblast’s plan to fast track the authorisation process by requiring the company to complete an additional clinical study to support remestemcel-L’s emergency use authorisation.

This week, Mesoblast announced the FDA has asked it to provide potency assays before the added clinical study begins.

Mesoblast is hoping to get FDA approval to use remestemcel-L to treat SR-aGVHD in children in the future.

The drug has also been used in a controlled study for its potential to treat inflammatory bowel conditions.

FDA negotiations may not be the only weight the Mesoblast share price is battling against.

As The Motley Fool Australia reported on Tuesday, Mesoblast lost US$98.8 million in FY21 and ended the period with just US$136.9 million left in its coffers.

The post Mesoblast (ASX:MSB) shares rise as CEO reassures market on new FDA questions appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned.

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

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There’s a new kid on the block when it comes to Aussie fintech. The company is known as Refundid, and the Aussie start-up is already turning heads with its backing by the venture arm of buy now, pay later provider, Afterpay Ltd (ASX: APT).

Refundid is garnering the interest of investors as it streamlines the online shopping experience. Much like Afterpay, this startup is making an effort to remove a historical pinch point for shoppers. Today, the Sydney-based startup is in focus after raising $3 million in a funding round led by AP Ventures.

Kind of like Afterpay, but reversed

The first question that probably comes to mind — “what does Refundid do?”. Well, the fintech company gives customers the ability to receive a refund within 30 seconds. On the Refundid website, it is outlined as a simple 1, 2, 3 process. Select the items you want to return, get the money back almost instantly, and then supply a tracking number.

In a way, the value proposition to customers is very Afterpay-esque… people want what they want, and they want it now. While Afterpay delivers this by allowing customers to get the product upfront and pay for it later, Refundid reverses it by the customer getting paid and returning the product after. In essence, it’s all about putting the customer first, which is the stereotypical retail adage.

The company was started by the four co-founders, Brad Karney, Judd Katz, Joel Aaron, and Ilan Kessler. Originally, the idea was born out of frustration when one of the founders was forced to wait 6 weeks for a refund after returning an online purchase.

In an interview with The AFR, Refundid co-founder Brad Karney said:

If you mess up the refund experience, the customer is not going to return. One of the biggest uncertainties for customers shopping online in this new era of e-commerce is am I going to be able to get my refund back?

What we’re doing is providing confidence to the customer … if they see [the retailer] offers Refundid, they can see they can get that refund back instantly and that gives them the confidence to purchase more.

In short, the value to merchants would be increased sales as customers can shop and return as needed stress-free.

Refundid gets cash injection

The exciting news today is that Refundid has caught the backing of some big names for $3 million in funding. The capital raise was 3 times oversubscribed, counting AP Ventures as a strategic investor.

While Refundid might be early in its journey, it already has some big retailers onboard. These include Culture Kings, Universal Store, and General Pants Co.

Reportedly, Afterpay’s AP Ventures could play a pivotal role in future synergies and expansion. Unfortunately for retail investors, unlike Afterpay, Refundid is not listed on the ASX.

The post Refundid rides the Afterpay (ASX:APT) wave with $3m funding round appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler owns shares of AFTERPAY T FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. 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 wobbling today. After hitting an intraday high of $20.42 shortly after open, it dropped as low as $20.20 around noon but has since bounced back to $20.38. That’s a gain of 0.25% on yesterday’s closing price.

We take a look at what could be affecting shares in the iron ore producer.

Iron ore prices slide to 7-month low this week

The Fortescue share price fell 3.19% on Wednesday, broadly coinciding with the continued weakness in iron ore prices.

Spot prices plunged on Wednesday, falling $10.24/t to US$143.43/t, according to Fastmarkets MB.

Prices continued to fall “amid more expectations for crude steel production curbs for the remainder of 2021”, said Fastmarkets.

‘Cloudy outlook’ for China

China’s demand for iron ore is expected to drop off in the second half of the year as the country aims to flatline its steel output.

In an article featured on Mining.com, UBS analysts said: “We expect China’s steel curtailments to be targeted in 4Q when demand slows seasonally and air pollution is in focus (especially ahead of the Winter Olympics in Feb 22) and as a result we expect prices to stabilise in Sept/Oct before continuing to fall back below $100/tonne in 2022.”

If UBS analysts are correct about iron ore prices falling below US$100/t next year, the Fortescue share price could be in for a bumpy ride.

Additionally, China’s factory activity fell into contraction in August for the first time since April 2020.

COVID-19 containment measures, supply bottlenecks and higher raw material prices were to blame, according to Reuters.

“The slowdown in the manufacturing sector underscores the fragility of the ongoing economic recovery and the impact of strict coronavirus curbs in the country, backing expectations Beijing will roll out more support measures to revitalise growth.”

Fortescue share price in deep red

The Fortescue share price is well into negative territory year-to-date, down about 18%.

Investors might want to watch out for its shares going ex-dividend next Monday, 6 September.

The post Fortescue (ASX:FMG) share price under pressure as iron ore slides to 7-month low appeared first on The Motley Fool Australia.

More reading

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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 Caravel Mineral Ltd (ASX: CVV) share price is heading south on Thursday’s market session. This comes after the Australian miner released its infill drilling results at the Bindi Copper Deposit.

At the time of writing, the Caravel shares are down 3.33% to 43.5 cents apiece.

What were the drilling results?

According to its release, Caravel announced that assay results for 22 recently completed reverse circulation (RC) percussion holes were received. The infill drilling campaign at Bindi intersected wide zones of high-grade copper mineralisation. This included the following:

• 34 meters to 42 meters at 1.75% copper (21CARC059)
• 40 meters to 54 meters at 0.77% copper (21CARC067)
• 40 meters to 60 meters at 0.59% copper (21CARC068)
• 140 meters to 168 meters at 0.56% copper (21CARC072)
• 104 meters to 138 meters at 0.96% copper (21CARC074)

Caravel stated that the results show a good correlation with field observations of mineralisation in drill chips. This helps define higher grade zones within the Bindi East Limb indicating a copper-molybdenum (Cu-Mo) rich zone.

Assay results are pending for another 47 RC percussion holes and are expected to arrive sometime in mid-September.

The company noted that a diamond core rig remains on site to improve geological confidence in the area. The rig will drill a series of 4 deep holes below the East Limb before moving onto the southern end to drill another hole.

Diamond drilling is a more efficient way for precise sampling and analysis, whereas RC drilling is used for extracting bulk samples. When it comes to speed, RC drilling is the faster method, however, diamond drilling is employed when seeking accurate results.

Caravel share price summary

It’s been a positive 12 months for Caravel investors, with the company’s shares accelerating almost 600%. When looking at the year to date, the Caravel share price has surged around 120%.

Based on today’s price, Caravel presides a market capitalisation of roughly $164.6 million, with approximately 378 million shares on hand.

The post Caravel (ASX:CVV) share price edges lower on infill drilling results 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is trading notably lower. At the time of writing, the benchmark index is down 0.9% to 7,458.5 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are tumbling:

BHP Group Ltd (ASX: BHP)

The BHP share price is down 7% to $41.94. This decline is almost entirely attributable to the mining giant’s shares trading ex-dividend this morning. Last month BHP released its full year results and declared a record fully franked final dividend of 200 US cents or 273.6 Australian cents per share. Eligible shareholders can now look forward to receiving this dividend later this month on 21 September.

NIB Holdings Limited (ASX: NHF)

The NIB share price is down 3.5% to $6.55. This also appears to have been driven by its shares going ex-dividend this morning. The private health insurer declared a fully franked final dividend of 14 cents per share last month. NIB will be paying this dividend to eligible shareholders on 5 October.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price has fallen almost 3% to $9.63. Investors have been selling the gold miner’s shares amid broad weakness in the gold sector today. For example, the S&P/ASX All Ordinaries Gold index is down a disappointing 2% this afternoon.

Redbubble Ltd (ASX: RBL)

The Redbubble share price is down 2% to $4.10. This morning the ecommerce company revealed that its Co-Founder, former CEO, and current Chairman, Martin Hosking sold 5 million Redbubble shares on-market on Wednesday. Mr Hosking received a total consideration of $21 million for the shares. However, it is worth noting that even after this sale he remains the largest shareholder with 39.5 million shares. This is the equivalent of a 14.4% stake.

The post Why BHP, NIB, Northern Star, & Redbubble shares are tumbling lower appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Thursday

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 NIB 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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The Jervois Global Ltd (ASX: JRV) share price has jumped 5% into the green during Thursday’s session.

Shares in the company — formerly Jervois Mining — are on the move after it made an announcement earlier today. They are now exchanging hands at 51 cents apiece, a 5.15% jump on the day.

Let’s investigate further.

What did Jervois announce?

In what investors deemed a positive for the Jervois Global share price, the company announced it had completed the “US$160 million acquisition of Freeport Cobalt”. It also nabbed four “affiliated entities” as a part of the transaction.

Total transaction costs came in at US$192 million when including working capital, to reflect the “higher cobalt inventory acquired”.

The acquisition “aims to consolidate the transformation” of the company into a “global, vertically integrated cobalt and nickel company of scale”.

In addition, the acquisition could potentially turn Jervois into the “second-largest producer of refined cobalt outside of China”.

To finance the transaction, Jervois completed a month-long “accelerated non-renounceable entitlement offer” on 25 August. There it raised a total of A$313 million when combined with both retail and institutional tranches of the placement.

In addition, Mercuria, “one of the largest energy and commodity traders” as per the release, invested AU$45.7 million according to the company. Australian Super also increased its investment by AU$73.9 million.

What did the company have to say?

In the announcement, Jervois Global said:

Jervois confirms it has closed its previously announced acquisition of 100% of Freeport Cobalt by purchasing all the shares of Freeport Cobalt Oy and four affiliated entities from Koboltti Chemicals Holdings Limited. Jervois has purchased an operating global leader in the cobalt industry, with an established market platform that is diversified by product and value chain segment.

Jervois Global share price snapshot

The Jervois Global share price has gained 44% this year to date, and 84% over the past 12 months.

These results have outpaced the S&P/ASX 200 index (ASX: XJO)’s climb of around 25% over the past year.

The post Jervois Global (ASX:JRV) share price up 5% on Freeport Cobalt acquisition appeared first on The Motley Fool Australia.

More reading

• Why BHP, NIB, Northern Star, & Redbubble shares are tumbling lower
• 2 leading e-commerce ASX shares that could be buys in September 2021
• This leading broker tips Fortescue Metals (ASX:FMG) share price to rise by 42%
• The Novonix (ASX:NVX) share price surges another 5% on Thursday
• ASX 200 midday update: BHP sinks, Flight Centre expansion

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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There are several leading e-commerce ASX shares that are available for Aussie investors to consider.

Businesses in the e-commerce space are exposed to tailwinds where more shopping is being done online rather than in-store. This is being accelerated by the impacts of COVID-19.

Some businesses are looking to capitalise on those trends significantly:

Temple & Webster Group Ltd (ASX: TPW)

Temple & Webster wants to become the largest retailer (online and offline) for furniture and homewares in its home market. It’s investing heavily into the business to grow the business and its online market position.

COVID-19 may have accelerated the growth, but the company continues to grow revenue rapidly. FY21 revenue increased by 85% to $326.3 million. FY22 has seen that growth continue, with year on year revenue growth of 49% for the period of 1 July 2021 to 27 August 2021.

Part of the e-commerce ASX share’s revenue growth came from revenue per active customer increasing by 12% year on year due to customers repeat buying more often and spending more when they do. Plus, the number of active customers surged 62% to 778,000.

Temple & Webster believes it has a large total addressable market. In Australia in 2020 it thinks the total market was worth around $16 billion, with online being between $1.1 billion to $1.4 billion of that.

Management point to its negative working capital to show that growth is good for operating leverage. Around 74% of sales are drop-shipped with no inventory risk, according to Temple & Webster.

Temple & Webster plans to maintain an earnings before interest, tax, depreciation and amortisation (EBITDA) margin of between 2% to 4% whilst heavily investing to drive “above market” growth.

Kogan.com Ltd (ASX: KGN)

Kogan is an e-commerce ASX share that has both Kogan.com and Mighty Ape as strong divisions in their respective markets of Australia and New Zealand.

The business can offer customers a wide array of products on its website like TVs, cars, phones, clothes, sports goods and so on. It also offers extra services like insurance, superannuation, energy, mobile plans and home internet.

Variable demand and excessive inventory has caused big impacts on Kogan over the last nine months. FY21 gross profit went up 61% to $203.7 million, but net profit fell 86.8% because of one-off inventory, logistics and Mighty Ape acquisition costs.

However, the business is starting to see a return of growth again. The first 18 days of August 2021 showed a “strong acceleration” above July 2021’s performance, with gross sales 24.5% above July and gross profit 25% above July.

In FY22, Kogan expects to deliver strong growth in Kogan First memberships, ongoing growth in exclusive brands, further enhancement and development of Kogan marketplace and the benefits from the full integration of the Mighty Ape business.

The e-commerce ASX share is also thinking about implementing logistics projects that would not require significant capital spending and can be supported by the company’s balance sheet.

According to Commsec, the Kogan share price is valued at 26x FY23’s estimated earnings.

The post 2 leading e-commerce ASX shares that could be buys in September 2021 appeared first on The Motley Fool Australia.

More reading

• Why is the Kogan (ASX:KGN) share price 7% higher today?
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• ASX 200 rises, Altium sinks, Fortescue climbs
• Which ASX companies are starting off the week as the top movers in the ASX 300 today?

Motley Fool contributor Tristan Harrison 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 Kogan.com ltd and Temple & Webster Group Ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Fortescue Metals Group Limited (ASX: FMG) share price is wobbling today.

It jumped out of the starting blocks from the opening of trade to climb 0.44% to $20.42. However, at the time of writing, Fortescue shares are exchanging hands at $20.22 apiece, a 0.54% fall from yesterday’s closing price.

What’s been behind the Fortescue Metals share price lately?

Shares in Australia’s largest iron ore producer have been on the down lately due to a pullback in iron ore prices.

For instance, the spot iron ore price fell by 3.3% overnight on Tuesday, which resulted in broad weakness across the iron ore miners’ basket on the ASX.

Fortescue also reported a 74% year-on-year increase in revenue and grew net profit after tax (NPAT) by 115% to $10.3 billion in its FY21 results.

The company’s growth engine is backed by an uptick in global iron ore production that is forecast over the coming years.

Despite these points, the Fortescue Metals share price is down 18% over the last month, to coincide with weakening iron ore markets.

What are brokers saying?

One leading broker, JP Morgan, has reiterated its overweight rating on Fortescue shares, and believes there is still further gains imminent.

As such it has assigned a $29 per share price target for the Fortescue Metals share price. This implies an upside potential of approximately 42% from the current trading price.

Conversely, peer investment bank Goldman Sachs has a sell rating on Fortescue shares, with a $19.90 price target.

What did JP Morgan say about the Fortescue Metals share price?

JP Morgan believes the company “offers exposure to long life operations, with attractive margins and expansion optionality over the long term”.

Regarding the company’s FY21 results, the broker said “the earnings result and dividend were in line with JP Morgan and consensus. Earnings remained clean and predictable, with a strong EBITDA [earnings before interest, taxes, depreciation, and amortisation] margin of 73%, and enviable balance sheet position of $2.7 billion net cash”.

Regarding potential risks to the Fortescue Metals share price, its analysts added: “One of the key overhangs on the stock has been the announcement of a $500-$600 million spend on FFI (Fortescue Future Industries) in FY22. Unfortunately there is still a lack of detail on the breakdown. We have already captured the outflow in our model. However, it remains unclear how to generate a positive valuation on FFI at this stage. There is also no detail on the sequencing of projects on a multiyear look-ahead.”

Bringing it all together, JP Morgan’s overweight rating indicates it feels this could be a buying opportunity for investors.

Fortescue Metals share price snapshot

The Fortescue Metals share price has had a choppy year to date, posting a loss of around 13% since January 1. Despite this, Fortescue shares have climbed 12% into the green over the last year.

These results have lagged the S&P/ASX 200 index (ASX: XJO)’s return of around 25% over the past year.

The post This leading broker tips Fortescue Metals (ASX:FMG) share price to rise by 42% appeared first on The Motley Fool Australia.

More reading

• Why Blackmores, BWX, Fortescue, & Wesfarmers shares are dropping
• These were the worst performing ASX 200 shares in August
• ASX 200 miners beware as UBS warns iron ore will sink under US$100 in 2022
• Leading brokers name 3 ASX shares to sell today
• Top broker gives its verdict on the Fortescue (ASX:FMG) share price

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 Novonix Ltd (ASX: NVX) share price is continuing its upwards trajectory today despite the company’s silence.

The Novonix share price is currently $5.04, 5% higher than its previous close. However, earlier today it hit a new all-time high and – almost simultaneously – broke a milestone barrier by hitting $5.08, rising above $5 for the first time ever.

Right now, Novonix shares are trading for 23% more than they were at the start of this week.

Let’s take a look at the latest news from the battery metals and technology company.

Its a good day for Novonix shareholders

The last time the market heard from Novonix was a week ago today when the company released its earnings for financial year 2021.

While the Novonix share price initially slid 5% on the back of its earnings, it has evidently recovered.

Novonix brought in $5.2 million of revenue for FY21. Although, it reported an after-tax loss of $18 million.

The Novonix share price’s recent rallying could be a delayed reaction to its full year results.

Additionally, it could be a reflection of a strong sector and high demand for battery technology products.

As The Motley Fool Australia reported yesterday, the top performing ASX shares for the month of August all came from the lithium and battery sector.

While Novonix’s recent rallying could have been on the back of the materials sector, today’s gains are likely attributed to something else.

Right now, the S&P/ASX 200 Materials sector (ASX: XJM) is slipping 2.9%.

Novonix share price snapshot

This week’s gains are only the most recent boost the Novonix share price has experienced.

The company’s share price is currently 306% higher than it was at the start of 2021. It has also gained 209% since this time last year.

After today’s gains, Novonix has a market capitalisation of around $2 billion.

The post The Novonix (ASX:NVX) share price surges another 5% on Thursday appeared first on The Motley Fool Australia.

More reading

• These were the best ASX All Ordinaries performers in August
• Which shares on the ASX 300 are on the move today?
• Guess which sector August’s top performing ASX shares all came from
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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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