Category: Stock Market

The Magnum Mining and Exploration Ltd. (ASX: MGU) share price is having a day out today. This comes after the mineral mining company announced it is planning to complete a Definitive Feasibility Study (DFS).

At the time of writing, Magnum shares are up 8.33% to 19.5 cents, just shy of its all-time record of 21 cents.

Magnum powers ahead

Investors are driving Mangum shares higher following the company’s significant progress for its Buena Vista iron ore project.

Situated in Nevada, United States, the Buena Vista mine is an advanced magnetite iron ore project purchased by Magnum in October 2020. The wholly-owned project has had $34 million spent on it during the past decade undertaking feasibility studies and licences for long-term production.

According to its release, Magnum advised it has signed an agreement with engineering, procurement, and construction management company, Samuel Engineering.

The deal will see Samuel Engineering complete a DFS and basic plant design for phase 2 production at Buena Vista. This includes producing high-grade iron ore wet concentrate of 68%.

Magnum is targeting the final design to be concluded by September this year, with all necessary permits already obtained.

It is expected the premium 68% iron ore concentrate could be ready for shipment as early as Q3 2022.

The DFS will look into detail at the engineering design and financial model of the iron ore concentrate wet beneficiation plant. The report will be used as a basis for investment discussions and strengthening project finance opportunities.

Previously, Samuel Engineering conducted a pre-feasibility study of the iron ore concentrate plant for Buena Vista in 2013.

Magnum share price summary

It’s been a great run for shareholders with Magnum shares accelerating more than 450% over the 12 months. The company’s share price has not looked back in 2021, up an astonishing 260% in 6 months.

At today’s prices, Magnum presides a market capitalisation of roughly $93 million and has about 478 million shares on issue.

The post Magnum (ASX:MGU) share price soars 8%, nears all-time high appeared first on The Motley Fool Australia.

More reading

• Why the Magnum (ASX:MGU) share price edged higher today

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

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If you cast your eyes over some of the ASX’s best and worst performing shares today, you might find your eyes catching the Cettire Ltd (ASX: CTT) share price. In fact, this online luxury goods seller is today the worst performing share in the All Ordinaries Index (ASX: XAO), down a nasty 21.43% to $1.98 per share.

And that’s where it will stay, at least for now. Cettire released an ASX announcement at 10:41am today, which concisely informed investors that “trading in the securities of the entity will be temporarily paused pending a further announcement”.

Today’s events will be a disappointment for investors who, until today, had enjoyed some phenomenal gains with Cettire shares.

As of Wednesday last week, the company had enjoyed a year-to-date gain of 482%, and a 470% rise since its initial public offering (IPO) back in December last year. But last week, things started to go the other way for Cettire.

On 9 June, the company was riding high, having just hit a new all-time high of $2.91 per share. But by Friday afternoon, Cettire shares were down more than 12% from those highs. And today’s 21% plunge means they are down by 31% in less than a week.

So what’s happening with the Cettire share price today?

Well, unfortunately, we don’t yet know for sure. It’s not entirely clear what caused the rapid selloff in Cettire this morning (before the company put a halt to trading).

Apart from the trading halt notice, there hadn’t been any official news about the company since 11 June. And that was just an S&P DJI announcement that Cettire would be joining the S&P/ASX All Technology Index (ASX: XTX) as of 21 June. Hardly an announcement that would give investors a reason to hit the sell button, one could argue.

We might have a clue with some reporting from the Australian Financial Review (AFR) last week though. Last Friday, the AFR reported fund managers were “cashing out” of the company amid concerns over Cettire’s “long-term prospects”, sales tactics and supply chains.

What’s been said about Cettire?

The AFR reported that many goods available on Cettire’s online marketplace were actually cheaper on the brand owners’ stores themselves. Here are some of the AFR’s examples:

Zimmermann’s cassia waterfall bikini costs $275 on Cettire, down from $344, compared with $250 at Zimmermann’s online store. Zimmermann’s cassia mini dress costs $961 on Cettire but $695 on the Zimmermann site.

The report also alleged that:

Cettire has geoblocked IP addresses originating from parts of Europe including France and Italy, preventing brand owners from seeing the products and prices it offers.

One fundie told the AFR: “I don’t understand how it does business, it just has these agreements with wholesalers that no one can tell you about.”

Another stated the following about Cettire:

It does seem to operate in this cloud of mystery… The fact they had to block their IP for their website in Italy goes to show that there are these risks. For us, it got too expensive and we sold out…

However, it’s worth noting the AFR report also points out a number of fundies are still very bullish on Cettire and the company’s future.

We shall have to wait and see what Cettire has to say about its trading halt today. But perhaps some of these concerns were what was weighing on the Cettire share price last week, and possibly this morning.

The post What on earth is going on with the Cettire (ASX:CTT) share price today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cettire Limited. The Motley Fool Australia has recommended Cettire 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 Meridian Energy Ltd (ASX: MEZ) share price is edging lower today, down 2.39% to $4.90 at the time of writing.

Below we take a look at the ASX energy company’s operating update for May.

What did Meridian report?

The Meridian Energy share price is falling today despite the company reporting an uptick in electricity demand and a small increase in its hydro storage levels in New Zealand.

According to today’s release, national hydro storage for the month through to 10 June increased by 3%, from 67% to 70% from the previous month. The South Island is in better shape, with storage increasing to 75% of average, while the North Island’s average remains unchanged at 35%.

New Zealand’s largest sustainable electricity generator reported its May monthly total inflows were 111% of the historical average.

National electricity demand also increased in May 2021, up 3% from May 2020 when much of New Zealand was still under COVID lockdown.

All up, the company reported its New Zealand retail sales volumes in May increased 23.4% year-on-year. Meridian said sales ramped up across all segments, with residential up 5.7%, small medium business up 49.2%, agricultural up 1.4%, large business up 11.1% and corporate sales gaining 33.0% compared to May 2020.

Across the financial year so far, it reported a 14.1% increase in sales volumes compared to the prior corresponding period. Sales increased across all segments, with small medium businesses driving the biggest increase, up 22.2%.

In its Australian operations, Meridian Energy reported Powershop Australia electricity customer connection numbers climbed 0.3% in May. Electricity sales volumes in May increased 6.1% year-on-year. Sales volumes are up 15.7% so far this financial year compared to the same period last year.

Meridian Energy share price snapshot

Meridian Energy shares have gained 8% over the past 12 months, trailing the 28% gains posted by the S&P/ASX 200 Index (ASX: XJO).

Year-to-date, the Meridian Energy share price remains under pressure, down 31% so far in 2021.

Meridian pays a 3.1% dividend yield, unfranked.

The post The Meridian Energy (ASX:MEZ) share price is slipping today appeared first on The Motley Fool Australia.

More reading

• Why the Meridian Energy (ASX:MEZ) share price is sliding

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. Bernd Struben 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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Shares in Fortescue Metals Group Limited (ASX: FMG) are rising today, following the company’s confirmation of reports it’s in productive talks with the Democratic Republic of Congo. The Fortescue Metals share price is currently $23.47 – 1.08% higher than its previous close.

This morning, Fortescue Metals responded to reporting by the Australian Financial Review (AFR), stating it’s in talks to develop the $103.8 billion suite of Grand Inga Dam hydroelectric projects.

Let’s take a closer look at the news on the S&P/ASX 200 Index (ASX: XJO) iron ore giant today.

Fortescue’s African green energy focus

On Sunday 13 June, the AFR reported the iron ore miner is taking the first steps in its diversification strategy, looking to invest $100 billion in hydro energy.

The AFR reported Fortescue is expected to invest in and hold a majority stake in the Grand Inga Dam projects.

The Grand Inga Dam is the world’s largest proposed hydro energy project. It could produce up to 42,000 megawatts of electricity.

Fortescue confirmed the news to the ASX this morning.

The company stated it hasn’t made a formal agreement with the central African nation. However, the Democratic Republic of Congo government has directed bodies interested in the projects to Fortescue Future Industries.

The AFR quoted Fortescue Metals’ chair Andrew Forrest as saying:

We have a number of parties highly interested in supporting our projects and Fortescue will invest on behalf of itself and its supporters over $US100 billion developing the top hydro, solar and geothermal sites in Africa.

Fortescue will take each project through to bankable feasibility approval where there are an array of international investors and lenders willing to participate in the green energy revolution.

As reported by the AFR, Forrest said Fortescue has “firm interest… in Europe” for 100 gigawatts of renewable energy the company could generate through the hydro energy projects.

Fortescue Metals share price snapshot

The Fortescue Metals share price has failed to ignite on the ASX so far in 2021.

Currently, the Fortescue share price is up by a modest 0.17% from the start of this year. However, it has gained around 64% since this time last year.

The iron ore giant has a market capitalisation of around $73 billion, with approximately 3 billion shares outstanding.

The post The Fortescue (ASX:FMG) share price is gaining today 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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ASX uranium shares are in a sea of red on Tuesday.

At the time of writing, leading ASX uranium producers and explorers such as Paladin Energy Ltd (ASX: PDN), Boss Energy Ltd (ASX: BOE) and Deep Yellow Limited (ASX: DYL) are plunging by 13.91%, 8.11% and 7.78% respectively.

What’s driving the selloff for ASX uranium shares?

ASX uranium shares are on the slide following reports the US Government is assessing a leak at a Chinese nuclear power plant.

The plant is a joint venture between state-run China General Nuclear Power Group, which owns 70%, and French power giant Electricite de France (EDF) which owns the remaining 30%.

According to the Wall Street Journal, EDF requested an extraordinary board meeting with Chinese managers to gather more information about the buildup of gases inside one of the plant’s reactors. The French company warned of an “imminent radiological threat”.

The BBC reported a slightly different narrative, saying that EDF confirmed that the built-up gases within the plant were deliberately released. The plant’s Chinese owners refute the claims of a potential leak and say that the plant is operating safely.

The International Atomic Energy Agency (IAEA) has reported that “at this stage, the agency has no indication that a radiological incident occurred”. The agency is currently in contact with its counterparts in China to assess the issue.

A hit to uranium confidence

The uranium sector has staged a bullish comeback in recent months, after hitting multi-year lows around the time of the COVID-19-induced market crash.

In the case of Paladin Energy shares, they tumbled by more than 90% from 2007 highs of around $8.50 to as low as 3.5 cents in March 2020.

The harsh selloff was driven by the significant decline in uranium prices, from 2007 peaks of ~US$135/lb to lows of about US$20/lb by 2016. This sent many producers, like Paladin Energy, into hibernation.

More recently, uranium prices have edged higher to the US$30/lb mark.

Paladin Energy believes a supply shortage in uranium is imminent, with current supply unable to meet demand. The company recently initiated a capital raising to help clear debt and restart uranium production.

The primary use case of uranium is fuel for nuclear power reactors. Paladin Energy says that nuclear is the second-largest source of global clean energy with almost zero-carbon emissions.

Despite the recent resurgence in ASX uranium shares, the potential incident at the Chinese power plant appears to be taking a toll on sentiment.

The post Why these ASX uranium shares are plunging today appeared first on The Motley Fool Australia.

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

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ASX data centre shares have been receiving more media attention as the growth in global cloud computing shows no signs of easing.

Cloud computing, if you’re unfamiliar, involves storing and processing data outside of your own computer hardware. The cloud, then, simply entails vast server networks located in data centres.

ASX data centre shares have benefited from multiple years of growth in cloud computing. And with the onset of the global pandemic, which drove a huge shift to working, socialising and shopping from home, that growth has only sped up.

According to the Australian Bureau of Statistics (ABS) Characteristics of Australian Business report, released earlier this month, 55% of Australian businesses are now leveraging paid cloud computing. Just 5 years ago, in 2015–2016, that figure was only 31%.

Now one of the world’s biggest companies, Microsoft Corporation (NASDAQ: MSFT), is aiming to take its Xbox game consoles to the clouds.

Gaming in the cloud

As reported by the Australian Financial Review, the prototype Xbox console, “which forms the basis of Microsoft’s ‘xCloud’ strategy, has no hand-held controllers, no Blu-ray drive, and doesn’t plug into your TV.”

The prototype, which operates on something known as a ‘blade’, runs in Microsoft’s own Azure data centres. It’s already been released in the United States and is currently being beta-tested Down Under.

According to Phil Spencer, executive vice-president in charge of Microsoft’s Xbox gaming business:

When I think about reaching the 3 billion people who play video games today, our ability to deliver AAA games to any screen that someone already owns has to be the place we will find the most customers… We might end up with more consoles in data centres than we do in people’s homes.

While Microsoft is deploying the xCloud prototypes in its Azure data centres, the trend highlights the growth potential for leading ASX data centre shares.

2 leading ASX data centre shares

There are 2 ASX data centre related shares listed on the S&P/ASX 200 Index (ASX: XJO).

First up we have Nextdc Ltd (ASX: NXT) with a market cap of $5.4 billion.

The Nextdc share price, up 1% in intraday trading, has gained 31% over the past 12 months. That compares to a 29% gain posted by the ASX 200. Year-to-date Nextdc shares have come under pressure, down 3%.

Next up is Megaport Ltd (ASX: MP1), a software-defined network service provider which enables enterprise customers to connect between data centres, with a market cap of $2.5 billion.

The Megaport share price is up 1% in afternoon trade and has gained 17% over the past 12 months. Megaport shares are up 15% so far in 2021.

The post How Microsoft’s new Xbox could spur ASX data centre shares appeared first on The Motley Fool Australia.

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Bernd Struben has no position in any of the stocks mentioned. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MEGAPORT FPO and Microsoft. The Motley Fool Australia has recommended 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 Austal Ltd (ASX: ASB) share price is taking a beating this morning. This comes after the global shipbuilder and defence contractor announced a negative FY21 earnings update.

At the time of writing, Austal shares are down 7.73% trading at $2.15.

Guidance downgrade

In today’s statement, Austal advised it now expects earnings before interest and tax (EBIT) to be in the range of $112 million to $118 million, with revenue of approximately $1.55 billion.

This compares to its previous guidance of $125 million EBIT and revenue of approximately $1.65 billion for FY21.

From a year-on-year perspective, in FY20, Austal delivered an EBIT of $130.4 million and revenues of $2.1 billion. This means that today’s earnings downgrade will result in a greater year-on-year decline in earnings, with EBIT falling between 9.5% and 14%, and a 26% slide in revenue.

Why earnings are sliding

Austal had previously flagged COVID-19 related issues in its 1H21 results, citing delays as a result of the pandemic had shifted revenue into FY22.

Today’s announcement has revealed a continuation of these challenges, with the company advising “delays experienced on programs and associated costs caused by COVID-19 related border closures, travel restrictions and resourcing challenges that are impacting Austal’s shipbuilding operations in Australia and the Philippines”.

Another drag on earnings was the company’s “requirement to (provide) for expected future expenses” associated with civil penalty proceedings commenced by ASIC in the Federal Court recently.

After investigating its behaviour in 2016, ASIC has started a civil case against the shipbuilder over allegations Austal was holding back information about a major earnings downgrade.

Austal share price at 2-year lows

Austal shares staged a meteoric rise in 2019, surging from ~$2.00 in January to as high as $4.99 by November.

In recent times, the Austal share price has struggled to perform, despite the S&P/ASX 200 Index (ASX: XJO) rallying to record all-time highs.

At current ~$2.20 levels, it’s almost back to square one for Austal shares.

The post Austal (ASX: ASB) share price down 8% after earnings downgrade appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Austal Limited. 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 Link Administration Holdings Ltd (ASX: LNK) share price is on the move this morning. This comes after the company provided an update on its Property Exchange Australia (PEXA) business.

After touching an intraday high of $5.00 in early morning trading, the Link share price has slipped and is now hovering around its previous closing price of $4.93. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 1% to 7,386 points.

What did Link announce?

Investors are pushing the Link share price into negative territory today after the company’s news regarding PEXA.

According to Link’s statement, PEXA has lodged a prospectus for its upcoming initial public offering (IPO).

This follows a completed cornerstone bookbuild process and signed underwriting agreement by Link at the end of last month.

The enterprise value of the IPO is around $3.3 billion, with Link’s carrying value at around $1.6 billion.

Link owns a 44.18% interest in Torrens Group Holdings Pty Ltd which is the holding company for PEXA. However, prior to any scale back from this process, Link’s shareholding in PEXA will lift to about 47%.

Link will receive a minimum of $50 million in cash proceeds as a result of the IPO, as well as any proceeds from the scale back.

The proposed listing date on the ASX for PEXA is 1 July 2021, provided all ASX admission requirements are met.

Management commentary

Link Group CEO and managing director Vivek Bhatia said:

PEXA continues to lead the transformation of digital property settlement in Australia and now processes more than 80% of property transfers nationally through its platform.

Its success in Australia supports strong cash flows as well as further growth opportunities through valuable data-driven insights for property market participants in Australia and the potential to replicate its property lodgement and settlement platform internationally, starting with the United Kingdom.

PEXA is a digital platform that enables settlement for real estate assets. Conveyancers, lawyers and financial institutions are able to complete financial transactions within minutes online, as compared to traditional methods.

The advantages of the platform are reduced time and costs in the property exchange process including funds being transferred electronically as opposed to cheques.

The Link share price has gained approximately 12% from this time last year, but is down 11% in 2021.

The post Link (ASX:LNK) share price edges lower on PEXA update 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. owns shares of and has recommended Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings 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 Payright Ltd (ASX: PYR) share price is shooting higher today after the company announced an upbeat fourth quarter trading update. At the time of writing, the Payright share price is up 5.56% to 57 cents per share.

Payright is an emerging player in the buy now, pay later (BNPL) space, providing in-store credit, point of sale and online deferred payment options. The company specialises in transactions between $1,000 and $20,000.

What did Payright announce?

In today’s statement, Payright announced it had achieved gross merchandise value (GMV) of $16.9 million for April and May, a 135% increase compared to the prior corresponding period.

In addition to its fourth quarter GMV update, the company also provided FY21 forecasts across key performance metrics.

The company forecasted a 55% increase in total customers to 52,500 by 30 June 2021, a 45% increase in gross receivables to ~68.2 million, and a 42% increase in merchant stores to 3,400.

The market appears to be pleased with Payright’s results and guidance, with sending Payright shares up by more than 5%.

Management commentary

Payright Co-CEO Piers Redward commented on the company’s fourth quarter results:

The growth in customer numbers is particularly pleasing, and reflects the success of the national, multi-channel brand building campaign we have undertaken across five state capitals in Australia. We have expanded the functionality of our platform to facilitate rapid customer onboarding and frictionless checkout. We have also introduced the first of our direct-to-customer features, Bill Smoothing, which allows consumers to spread the cost of their utilities bills, council rates, vehicle registration, and car and home insurance premiums, up to $1,000 over a three-month term.

With our innovative user experience technology now implemented, a growing number of merchants and customers on the Payright platform, and an increasing receivables book, we are very well placed to continue our strong revenue growth into FY22 and beyond.

A challenging period for the Payright share price

The Payright share price listed on the ASX on 23 December last year, closing at $1.00 despite a listing price of $1.20.

Its shares briefly rallied to a high of $1.22 on 16 February 2021, coinciding with the broader BNPL rally that took place in February.

As the BNPL sector began to sell-off between late February to May, the Payright share price tumbled from the $1.00 level to as low as 41.5 cents on 31 May.

The post Payright (ASX:PYR) share price jumps 5% on positive quarterly update appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is charging notably higher again. At the time of writing, the benchmark index is up 0.9% to 7,378.2 points.

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

iSentia Group Ltd (ASX: ISD)

The Isentia share price has surged 140% higher to 16.5 cents. Investors have been fighting to get hold of the media intelligence company’s shares after it announced the receipt of a takeover offer. According to the release, UK-based Access Intelligence has tabled a 17.5 cents per share offer, which represents a 157% premium to its last close price. Access Intelligence provides software products that address the fundamental business needs of customers in the public relations, marketing, and communications industries. The Isentia board is recommending the offer.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price has jumped 6% to $29.15. The catalyst for this appears to have been a broker note out of Macquarie this morning. According to the note, Premier Investments’ guidance for FY 2021 is ahead of the broker’s expectations. In response, Macquarie has reiterated its outperform rating and $31.00 price target on the company’s shares.

ResMed Inc. (ASX: RMD)

The ResMed share price has stormed 7% higher to $30.33. Investors have been buying the sleep treatment focused medical device company’s shares following favourable industry news. That news is that rival Philips has been forced to recall 3.5 million ventilation devices for treating sleep apnoea due to potential health risks.

Service Stream Limited (ASX: SSM)

The Service Stream share price is up 3% to 93.2 cents following the release of a business update. That update reveals that the essential network services provider continues to expect its second half operating earnings to be in line with its first half results. Investors may be relieved that there has been no further deterioration in its performance since its last update.

The post Why Isentia, Premier, ResMed, & Service Stream shares are racing higher appeared first on The Motley Fool Australia.

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James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended ResMed Inc. 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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