Category: Stock Market

The Thomson Resources Ltd (ASX: TMZ) share price began a meteoric rise higher right as most Aussie were sitting down to lunch today.

At 12:34pm AEDT, the Thomson Resources share price was flat for the day, at 11 cents per share. At time of writing shares for the ASX resource explorer are trading for 12 cents. That’s up 10% since lunchtime, after earlier posting gains of more than 14%.

Below we take a look at the company’s ASX market announcement, released at 1:00 pm, that appears to be driving investor interest.

What did Thomson Resources report?

The Thomson Resources share price is surging after the company reported on the first Mineral Resource estimate in accordance with JORC 2012 for its Conrad silver polymetallic deposit, located in New South Wales.

The promising results build on a 2008 Mineral Resource estimate delivered by a previous resource company at the site which was reported in accordance with JORC 2004.

According to the release, the results – which include assays from 6 drill holes completed since the 2008 resource estimate, reported silver, lead, zinc, copper and tin metals.

Conrad’s total Mineral Resource estimate contains 3.33 Mt at 86 g/t Ag, 1.22% Pb, 0.62% Zn, 0.11% Cu, and 0.17% Sn.

Commenting on the progress, Thomson Resources’ executive chairman, David Williams said:

We are very pleased to deliver this strong outcome for the Conrad project with a 20.72 million ounce AgEq [silver equivalent calculations] Mineral Resource Estimate within an Optimised Pit and underground mining configuration, and a significant upgrade of the resource confidence, with 51% in the higher confidence indicated category.

Thomson is now firmly focused on delivering metallurgical results and new MRE’s reported in accordance with the 2012 JORC Code for the Texas, Silver Spur and Webbs projects, as the next milestones toward our objective of aggregating 100 million ounces silver equivalent resource available to the New England Fold Belt Hub and Spoke central processing strategy.

The company said higher grade mineralisation remains open at depth beneath 5 of the 6 known shoots at Conrad and “open along strike to the NW adjacent to the Moore and Mystery shoots”.

This indicates the potential for step out and down plunge drilling in these areas to expand the Conrad underground resource.

Thomson Resources share price snapshot

Over the past 12 months Thomson Resources’ share price is up 188%, far surpassing the 25% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date the Thomson Resources share price is down 4%.

The post Why the Thomson Resources (ASX:TMZ) share price rocketed 14% higher at lunchtime appeared first on The Motley Fool Australia.

More reading

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• Why the Bank of Queensland (ASX:BOQ) share price hit its 52-week high
• Why the NAB (ASX:NAB) share price is closing in on a 52-week high
• CBA (ASX:CBA) share buyback ahead of forecast: broker
• WAM Leaders (ASX:WLE) share price returns to trading after capital raise

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 late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a gain. At the time of writing, the benchmark index is up 0.2% to 7,577.6 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are tumbling lower:

Accent Group Ltd (ASX: AX1)

The Accent share price is down almost 7% to $2.61. This decline has been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the footwear retailer’s shares to a sell rating and cut the price target on them by 19% to $2.50. Citi has a number of concerns such as lockdowns and potential supply chain issues. It notes that Adidas’ production has been impacted by lockdowns in Vietnam.

Bluebet Holdings Ltd (ASX: BBT)

The Bluebet share price is down 3% to $2.00 despite there being no news out of the sports betting company. However, with its shares shooting higher this week following a positive US development, this decline could be due to profit taking.

Insurance Australia Group Ltd (ASX: IAG)

The Insurance share price has fallen 2.5% to $5.14. Investors have been selling the insurance giant’s shares following the release of a mixed full year result. IAG reported a 3.8% increase in gross written premium to $12,135 million but a net loss after tax of $427 million. The latter was driven by a range of one-offs. Excluding these one-offs, its cash earnings rose 170% to $747 million.

Megaport Ltd (ASX: MP1)

The Megaport share price has sunk 7% to $16.68. This decline is likely to have been driven by a broker note out of Ord Minnett. According to the note, the broker has downgraded the network as a service provider’s shares to a sell rating and cut the price target on them to $15.00. The broker made the move on the belief that Megaport may need to continue to invest for longer than previously expected to drive its growth.

The post Why Accent, Bluebet, IAG, & Megaport shares are tumbling lower appeared first on The Motley Fool Australia.

More reading

• Which shares are the biggest movers on the ASX 300 this Wednesday?
• The Megaport (ASX:MP1) share price slides 5% on Wednesday
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• IAG (ASX: IAG) share price falls after earnings despite dividend boost
• IAG (ASX:IAG) share price on watch after 170% jump in cash earnings

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MEGAPORT FPO. The Motley Fool Australia owns shares of and has recommended Insurance Australia Group Limited. The Motley Fool Australia has recommended Accent Group and MEGAPORT 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 Bank of Queensland Limited (ASX: BOQ) share price is enjoying fresh new 52-week highs today. This comes despite no news being released from the regional bank since its board appointment in late July.

At the time of writing, Bank of Queensland shares are up 1.8% to $9.62 apiece.

What’s driving Bank of Queensland shares higher?

You would be forgiven for thinking that with half of Australia currently in lockdown, the Bank of Queensland share price would suffer.

However, the company’s shares have rallied higher to reach pre-COVID levels, reflecting optimism among investors.

The Bank of Queensland completed its acquisition of ME Bank in July, achieving a critical milestone in its multi-brand strategy. It aims to compete with the big banks offering portfolio diversification and a common digital retail bank technology platform.

In addition, the company moved to strengthen its board, with the inclusion of ME Bank director Deborah Kiers.

Bank of Queensland also provided its quarterly capital update for the period ending May. It noted that it expanded the common equity tier 1 (CET1) to 14.1% compared to 10% at the end of February.

The total capital ratio increased to 18%, up from 13.8% from the prior period.

What do the brokers think?

Following the APRA Basel III Pillar 3 in late July, two brokers rated the company with varying price points.

First up, investment bank JPMorgan raised its 12-month price target for Bank of Queensland shares by 2.1% to $9.80.

Credit Suisse rated the company’s shares with a more bullish outlook, adding 15% to $11.50. Based on the current share price, this implies an upside of approximately 19.5%.

Bank of Queensland share price summary

The last 12 months have seen Bank of Queensland shares continue their upward growth trajectory, up over 60%. Year-to-date has also lifted, gaining close to 28% for shareholders.

Bank of Queensland commands a market capitalisation of roughly $6.1 billion, making it the 88th largest company on the ASX.

The post Why the Bank of Queensland (ASX:BOQ) share price hit its 52-week high 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 National Australia Bank Ltd (ASX: NAB) share price is on form again on Wednesday.

In afternoon trade, the banking giant’s shares are up over 1% to $27.30.

This means the NAB share price is now trading within a whisker of its 52-week high of $27.84.

Why is the NAB share price pushing higher?

Today’s gain by the NAB share price appears to have been driven by the release of a strong full year result by rival Commonwealth Bank of Australia (ASX: CBA) this morning, which has given investor sentiment in the banking sector a boost.

In case you missed it, Australia’s largest bank reported cash earnings growth of 19.8% to $8,653 million. This was stronger than expected, with the analyst consensus estimate at $8,464 million.

Also catching the eye of investors was Commonwealth Bank’s decision to return $6 billion to shareholders via a share buyback. This was significantly higher than what the market was expecting.

What else has been driving its shares higher?

Also giving the NAB share price a boost this week was an announcement on Monday.

That announcement reveals that the bank has signed an agreement to purchase Citigroup’s Australian consumer business.

The proposed acquisition includes a home lending portfolio, unsecured lending business, retail deposits business, and private wealth management business. The deal will add deposits of $9 billion and lending assets of approximately $12.2 billion. The latter comprises residential mortgages of approximately $7.9 billion and unsecured lending of approximately $4.3 billion.

Goldman Sachs was positive on the deal. In response, the broker held firm with its conviction buy rating and $30.34 price target on its shares. Based on the current NAB share price, this implies potential upside of 9% before dividends.

Goldman said: “We see strategic merit in the transaction, which would contribute to an improvement in the returns drag NAB has suffered vs. peers from being underweight Consumer Banking and having a Consumer Bank that relatively under-earns, given a lower exposure to unsecured lending. We calculate that the transaction would result in a c. 1.5% better EPS outcome than if the equivalent capital was bought back on-market.”

The post Why the NAB (ASX:NAB) share price is closing in on a 52-week high appeared first on The Motley Fool Australia.

More reading

• Westpac (ASX:WBC) share price lags the big banks’ after NZ ‘formal warning’
• Is now a good time to buy Bendigo and Adelaide Bank (ASX:BEN) shares?
• Is the NAB (ASX:NAB) share price in the buy zone after its Citi acquisition?
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 flat, Suncorp surges, NAB makes Citi acquisition

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

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The Commonwealth Bank of Australia (ASX: CBA) share price is climbing higher on Wednesday after Australia’s biggest bank delivered its highly anticipated full-year results.

At the time of writing, shares in CBA are commanding a $108 price, up 1.39%. Today’s rally puts the bank’s gain over the past 12 months at more than 43%.

A major contributing factor to CBA’s strength today might lay in the monstrous $6 billion share buyback it announced.

Exceeding Citi’s expectations

It has been a joyous day for CBA shareholders following the release of the bank’s full-year results. To briefly summarise, Australia’s largest bank reported a net profit after tax of $8,843 million, representing a 19.7% increase year over year.

The significant jump in earnings was helped along by a large reduction in loan impairment expenses and provisions. According to the release, loan impairments were down 78% to $554 million.

All in all, these figures were reportedly in line with leading broker Citi. However, one metric that the broker wasn’t expecting was the massive $6 billion buyback program. Instead, analysts had been expecting in the ballpark of $5 billion. A beat that is likely pushing CBA higher on the ASX today.

Commenting on the large off-market buyback, Citi analysts said:

It appears CBA’s rationale for $6 billion revolves around the $6.2 billion of excess capital generated by divestments. Post buyback, CBA retains ~$5 billion of organically generated excess capital.

However, not everything was rosy in the eyes of the broker.

What’s baked into CBA on the ASX?

While the share buyback will likely drive an increase in return on equity and dividends per share, Citi seems apprehensive about the forward tailwinds for the big bank.

More to the point, analysts relayed that CBA’s revenue momentum was secluded to Australian mortgages and a strong New Zealand print. Meanwhile, contraction took place in its business banking revenue, despite growth in its lending amount.

On top of that, trading revenue dropped by roughly 40% as share market volatility subsided.

However, despite an overall in-line result, the revenue outlook appears more challenged than our expectations. Consequently, investors will be asking the question of at which point is excess capital and provisions in the share price?

Citi analysts

Based on the CBA share price at the time of writing, the bank is trading on a price-to-earnings (P/E) ratio of 21.7 times.

The post CBA (ASX:CBA) share buyback ahead of forecast: broker appeared first on The Motley Fool Australia.

More reading

• What you need to know about the CBA (ASX:CBA) dividend dates in 2021
• CBA, James Hardie and Challenger profit in the spotlight. Scott Phillips on Nine’s Late News
• Westpac (ASX:WBC) share price lags the big banks’ after NZ ‘formal warning’
• Everything you need to know about the CBA (ASX:CBA) $6bn share buyback
• Will the CBA (ASX:CBA) share price be pressured by lower loan profitability in FY22?

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

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The WAM Leaders Ltd (ASX: WLE) share price has just returned to ASX trading after a trading halt lifted on the Listed Investment Company (LIC).

WAM Leaders first announced the halt yesterday pending a capital raising announcement. It stated that its shares will return to the ASX boards “following the announcement of the proposed outcome of the capital raising”.

Well, today we got the news that said capital raising had been completed.

The company will raise $277.2 million from the program. This will result in the issuing of 25 million additional shares to the market. It initially allowed existing retail shareholders to apply for new shares on a a pro-rata basis. This consisted of a 1-for-5 entitlement offer at a price of $1.44 a share.

Today, WAM Leaders announced that the offer closed fully subscribed. More than 80% of the funds raised came from WAM Leaders shareholders. The LIC allowed the shortfall to be made up by “eligible professional and sophisticated investors”.

WAM raises $277 million in new funds

WAM Leaders tells us that these developments will allow the LIC to grow to having “more than $1.5 billion” in assets under management. As such, this makes the company “one of the largest Listed Investment Companies on the ASX”.

Here’s some of what WAM founder chair Geoff Wilson had to say on the news:

We greatly appreciate the trust, loyalty and support we have received from WAM Leaders shareholders. More than 80% of the funds in the Entitlement Offer were taken up by existing WAM Leaders shareholders, raising more than $193.6 million…

We are pleased to provide shareholders with a stream of fully franked dividends. In particular those shareholders who have committed additional capital to the Company through the Entitlement Offer.

In the latter remarks, Mr Wilson was referring to the offer’s attached carrot. This incentive is that the new shares will receive the FY2022 interim dividend of 4 cents per share that the company will pay out later this year.

The company tells us that this dividend will be worth an annualised yield of 5.6% (or 8% grossed-up with full franking) at the entitlement price of $1.44 per share.

Lead portfolio manager Matthew Haupt added this:

The WAM Leaders Investment team is excited and honoured to be entrusted with the additional capital raised from shareholders. We stand ready to capitalise on the many opportunities we have identified.

About the WAM Leaders share price

At the time of writing, the WAM Leaders share price has successfully returned to trading. It is down 2% so far this afternoon to $1.50 a share. This LIC is one of the growing stable of WAM Listed Investment Companies that the venerated investor now runs.

In this LIC’s case, it concentrates on the larger companies in the ASX 200. Management attempts to identify “large-cap companies with compelling fundamentals, a robust macroeconomic thematic and a catalyst”. Since its inception in May 2016, WAM Leaders has returned an average performance of 14.9% per annum (not including fees and taxes).

The post WAM Leaders (ASX:WLE) share price returns to trading after capital raise 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. 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 European Lithium Ltd (ASX: EUR) share price has soared into the green during this afternoon’s session.

Today’s gain comes after an update from the European lithium exploration company regarding its Austrian drilling program.

Let’s investigate further.

What did European Lithium release?

Firstly, European Lithium delivered the update to its Wolfsberg Lithium Project via an investor presentation.

The release detailed results from the company’s recently completed pre-feasibility study (PFS), amid other progress points.

European Lithium explained it had several positive findings from the PFS. For instance, the project now has a net present value (NPV) of US$339.4 million, “based on JORC compliant resource” at almost 11 million tonnes.

Moreover, as a “key investment highlight” from the report, European seeks to be “the first local lithium supplier into an integrated European battery supply chain”.

In addition, production is “anticipated to commence (in) 2023”, potentially leading the company to be “the first battery-grade lithium producer in Europe”, as per the release.

Regarding its sustainability and clean energy obligations, European stated:

(European Lithium is) Setting the highest standards to fuel a sustainable future of European electromobility and storage systems, committed to use of cutting-edge technology, for clean production.

Investors are buying the company’s shares in droves following the announcement, pushing the European Lithium share price well into the green.

To illustrate, European Lithium shares are not exchanging hands at 8.4 cents apiece, up 29.23% gain on the day.

European Lithium share price snapshot

The European Lithium share price has posted a year to date return of 80%, extending the previous 12 month’s climb of 72%.

As a result, these results have outpaced the S&P/ASX 200 Index (ASX: XJO)’s return of around 25% over the past year.

The post European Lithium (ASX:EUR) share price soars 30% following presentation appeared first on The Motley Fool Australia.

More reading

• What you need to know about the CBA (ASX:CBA) dividend dates in 2021
• CBA, James Hardie and Challenger profit in the spotlight. Scott Phillips on Nine’s Late News
• Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher
• ASX investors can’t get enough! ETF inflows hit new record high
• Galileo (ASX:GAL) share price lifts on drill results, up 30% in a month

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 Commonwealth Bank of Australia (ASX: CBA) dividend is always a hot topic among investors who hold CBA shares. And that’s particularly true this time of year.

Excitingly, the bank released its full-year results this morning, and within them is all the information shareholders need to know about the incoming dividend.

We’ve laid it all out for you below.

What you need to know about CBA’s dividend dates

Commonwealth Bank released the details of its final dividend today. The dividend will see the bank handing its shareholders $2 for every CBA security they hold. CBA can now boast a dividend yield of 3.24%. It also means Commonwealth Bank will soon have given out $3.50 worth of dividends for the 2020 financial year.

Here are the important dates CBA shareholders need to know:

• The ex-dividend date will be 17 August 2021.

That’s when investors must have finalised their purchase of CBA shares or miss out on the dividend.

• The record date for CBA’s final dividend is 18 August 2021.

That’s the date by which shareholders have to be on the company’s books to receive their dividend payout.

• The payment date for the Commonwealth Bank dividend will be 29 November 2021.

That’s when investors will see $2 deposited in their bank account for each CBA share they hold.

It probably won’t surprise CBA shareholders, but the bank’s upcoming dividend is fully franked at 30%. Meaning it might help reduce the amount of income tax shareholders need to pay.

Commonwealth Bank share price snapshot

Today saw the Commonwealth Bank share price hit a record high of $109.03 in intraday trade.

It has since dropped back to $107.95, 1.3% higher than its previous close.

That sees the bank’s shares trading for 31% more than they were at the start of 2021. They’ve also gained 44% since this time last year.

The post What you need to know about the CBA (ASX:CBA) dividend dates in 2021 appeared first on The Motley Fool Australia.

More reading

• CBA, James Hardie and Challenger profit in the spotlight. Scott Phillips on Nine’s Late News
• Westpac (ASX:WBC) share price lags the big banks’ after NZ ‘formal warning’
• Everything you need to know about the CBA (ASX:CBA) $6bn share buyback
• Will the CBA (ASX:CBA) share price be pressured by lower loan profitability in FY22?
• ASX 200 midday update: CBA results and $6bn buyback, IAG falls

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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Motley Fool Australia Chief Investment Officer Scott Phillips joined Nine’s Late News on Tuesday night to discuss the stunning earnings growth of James Hardie Industries (ASX: JHX), Challenger Ltd (ASX: CGF)’s bounceback, and looks ahead to Wednesday’s CBA earnings report.

The post CBA, James Hardie and Challenger profit in the spotlight. Scott Phillips on Nine’s Late News appeared first on The Motley Fool Australia.

More reading

• Westpac (ASX:WBC) share price lags the big banks’ after NZ ‘formal warning’
• Everything you need to know about the CBA (ASX:CBA) $6bn share buyback
• Will the CBA (ASX:CBA) share price be pressured by lower loan profitability in FY22?
• ASX 200 midday update: CBA results and $6bn buyback, IAG falls
• Commonwealth Bank (ASX:CBA) share price record high after dividend boost

Motley Fool contributor Scott Phillips 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 Challenger 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,590.8 points.

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

Core Lithium Ltd (ASX: CXO)

The Core Lithium share price is up over 8% to 39 cents. Investors have been buying the lithium developer’s shares after it raised $91 million through an institutional placement and announced an offtake agreement. The former was undertaken at a 13.9% discount of 31 cents per share. In respect to the latter, Core Lithium revealed that it has executed a binding offtake agreement with leading Chinese lithium supplier, Ganfeng Lithium. Ganfeng has also invested $34 million into the company.

IRESS Ltd (ASX: IRE)

The IRESS share price is up 5% to $15.11. The catalyst for this solid gain was the financial technology company receiving an improved takeover proposal. According to the release, IRESS has received a further confidential, non-binding, and indicative proposal from EQT to acquire all of IRESS’ shares at a revised implied value of $15.91 cash per share before franking credits. This compares to its previous offer of $15.30 to $15.50 per share. Due diligence has been granted and a board recommendation could be forthcoming if the offer becomes binding.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price has jumped 9.5% to 63 cents. This morning the lithium explorer revealed that UK Export Finance has provided a strong expression of interest to support approximately 70% of the total finance required for the Kachi Lithium Project. Management believes this is a watershed moment for the company.

Rhinomed Ltd (ASX: RNO)

The Rhinomed share price has surged 55% higher to 31 cents. Investors have been buying the medical device company’s shares after it announced a major order for its Rhinoswabs from NSW Health Pathology. The company will initially supply one million Rhinoswabs as part of NSW Health Pathology’s program to support COVID testing capability.

The post Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: CBA results and $6bn buyback, IAG falls
• Why the Rhinomed (ASX:RNO) share price is rocketing 90% higher today
• Core Lithium (ASX:CXO) share price rockets 20% on capital raising efforts
• Why the Lake Resources (ASX:LKE) share price is jumping 11% today
• IRESS (ASX:IRE) share price shoots higher after new takeover proposal

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

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