Category: Stock Market

The S&P/ASX 200 Index (ASX: XJO) is on form on Tuesday and on course to record a decent gain. In afternoon trade, the benchmark index is up 0.4% to 7,056.3 points.

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

AnteoTech Ltd (ASX: ADO)

The AnteoTech share price is down 7.5% to 36.5 cents. This is despite there being no news out of the biotechnology company. However, with the company’s shares up a sizeable 40% over the last 30 days (even after today’s decline), profit taking could be weighing on them today.

Domain Holdings Australia Ltd (ASX: DHG)

The Domain share price is down 3.5% to $4.90. This morning analysts at Goldman Sachs retained their hold rating and $4.04 price target on the property listings company’s shares. The broker’s research indicates that Domain is increasing prices by 4% in the Inner Sydney market, but with no other changes/inclusions to agent contracts. This is smaller than the 8% increase by rival REA Group Limited (ASX: REA).

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price has fallen 3.5% to $16.32 following the release of a third quarter update. The travel agent revealed that trading was subdued in January and February before rebounding in March. However, this won’t be enough for an improvement in its second half result. Management expects to report an underlying second half loss in line with the one recorded in the first half.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price is down 5% to $10.18. This is despite the furniture retailer releasing a trading update and revealing that its year to date revenue growth was ~44% to 30 April. Positively, more of the same is expected in the fourth quarter, which is expected to result in net profit of $78 million to $80 million in FY 2021. This will be increase of approximately 85% to 90% on the previous financial year. It appears as though some investors were expecting an even stronger performance.

More reading

• ASX 200 up 0.2%: SEEK hits record high, Flight Centre tumbles
• Nine (ASX:NEC) share price edges higher on third quarter update
• Flight Centre (ASX:FLT) share price lower following Q3 update
• Why the Nick Scali (ASX:NCK) share price will be on watch today
• 2 high quality blue chip ASX 200 shares rated as buys

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and REA Group 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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Some investors might think May is the time to “sell and go away”. However, here are the ASX 200 shares brokers think could beat the market. 

ASX 200 shares to buy in May 

Graincorp Ltd (ASX: GNC)

The typically slow-moving Graincorp share price is up a surprising 20% year-to-date. Its shares lifted into 8-year highs following a positive business update that upgraded 2023-24 earnings by an additional $25 million.

In anticipation of its first-half results on 13 May, Morgans is forecasting earnings before interest, taxes, depreciation, and amortisation (EBITDA)  growth of 29%. This is underpinned by a record east coast grain crop and further contributions from its strategic initiatives. 

Furthermore, the broker retained an add rating with a target price of $6.17. The Graincorp share price is currently fetching for $5.21. 

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price has steadily pushed lower on the back of weaker gold prices. However, the company continues to perform well operationally with a recent 8% increase in reserves to 21Moz.

Macquarie, impressed by the upgrades, believes there is considerable upside to long-term forecasts. An outperform rating was retained with a $12.20 target price.

The Northern Star share price is down 20% year-to-date and are currently trading for $10.93 at the time of writing. 

Premier Investments Limited (ASX:PMV)

Macquarie has upgraded its estimates for retail earnings by 3.2%. The broker believes underlying trading is exceeding expectations and is confident in the company’s ability to meet current consensus forecasts. 

More recently, Premier Investments announced that it will repay $15.6 million in JobKeeper benefits following strong trading performance offsetting the costs of recent lockdowns in Queensland and Western Australia. 

The broker is bullish on Premier Investments shares with an outperform rating and a $31 target price.

Its shares are currently trading at $26.13, not far off its record all-time high of $27.33. 

Seven West Media Ltd (ASX: SWM)

Seven’s third-quarter trading update highlights TV advertising revenue growth at the upper end of the guidance range of 7-10%. Its net debt guidance by the end of FY21 was also better than what Credit Suisse had expected. 

The broker believes Seven is cycling through easy FY20 comparables and forecasts 20% growth in TV advertising in the second half. An outperform rating was retained with a target price of 80 cents. This represents a significant upside compared to its current trading price of 48 cents. 

At the time of writing, Seven’s share price is trading for 47 cents. 

More reading

• Why De Grey, Infomedia, Northern Star, & SEEK shares are storming higher
• Pssst, I’m a value investor who makes money from growth shares: fundie
• 5 things to watch on the ASX 200 on Tuesday
• How the gold price is impacting these ASX gold shares
• ASX 200 flat, Westpac rises after HY21, Premier returns jobkeeper

Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited and Premier Investments 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 Coles Group Ltd (ASX: COL) share price is having a pretty happy day today. Coles shares are up 1.6% to $16.52 at the time of writing. As all good dividend investors would know, higher share prices equal lower dividend yields. And with today’s move, the trailing dividend yield investors can expect from new Coles shares is now at 3.66%.

But Coles can still be considered a great ASX dividend share. Here are 3 reasons why

3 reasons Coles is a top ASX dividend share

Dividend safety

Coles is a consumer staples company. It mostly sells products that we need, rather than want. That’s food, drinks and household essentials, as well as tobacco and alcohol. These products are highly inelastic, essentially recession-proof, and extremely resilient to any other form of economic malady. That includes inflation too. All of these factors make Coles’ revenue and earnings very stable – which in turn, makes Coles’ dividends stable. We saw this in play last year. While most ASX blue chip shares like the banks were slashing dividends, Coles managed to raise its own. And that leads us to our second point…

Coles’ dividend is growing

In the few years since finding its ASX independence from its old parent Wesfarmers Ltd (ASX: WES), Coles has proven itself to be a strong ASX dividend growth share. Its final dividend from 2019 came in at 24 cents a share. Its interim dividend in 2020 was 30 cents per share. Contrast that with its last final and interim dividends, which were 27.5 cents and 33 cents a share respectively. That’s an average growth rate of 12% per annum. There are not too many ASX dividend shares out there that have even kept their dividend steady over 2019-2021 – including Woolworths Group Ltd (ASX: WOW). Let alone grown them at that pace.

There’s still a decent yield to consider

Coles’ current trailing dividend yield of 3.66% is still pretty high by today’s ASX standards. And when you factor in Coles’ full franking, that yield rises to 5.24% grossed-up. And again, compared to Woolworths, Coles shines. Woolworths shares are only offering a dividend yield of 2.57% on current pricing.

Considering interest rates remain at near-zero levels, and look to continue that way for at least a year or two, a dividend yield that high is certainly useful. Compared to a term deposit that might yield 0.9% if you’re lucky, Coles certainly brings home the bacon in this department.

More reading

• Vicinity (ASX:VCX) sees improvements as it struggles back to COVID-normal
• 2 of the best ASX 200 blue chip shares to buy today
• ASX 200 Weekly Wrap: Shares have average week but a great month
• Top brokers name 3 ASX shares to buy next week
• 2 buy-rated ASX dividend shares to snap up in May

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET, Wesfarmers Limited, and Woolworths 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 Coronado Global Resources Inc (ASX: CRN) share price remains frozen today after the company released its equity offer presentation to investors. The coal producer is seeking $100 million in refinancing funds.

Coronado shares have been paused at $60 cents since the company entered a trading halt on 29 April, after falling more than 33% the past month. 

Coronado produces high-quality metallurgical coal, an essential element in the production of steel. The company owns a portfolio of operating mines and development projects in Queensland and also holds interests in Virginia and West Virginia in the United States.

What Coronado’s refinancing means

Coronado’s coal mining operations have been hit – along with all other coal producers – by the ramp-up in renewable energy focus in 2021 by governments across the world.

The company’s Queensland operations were also impacted by China’s ban on Australian coal exports, although as an international company, it was better suited to weather those hits. 

The company has today included a US$100 million equity transaction as part of its proposed refinancing package, which will exist as a multi-currency asset-based loan.

This is part of a broader proposed US$550 million refinancing package that the company expects, when completed, will create a capital structure that is “flexible through market cycles with… specific benefits to Coronado stakeholders”.

In the company’s words, it hopes to use the cash to create “increased financial flexibility, an extended maturity profile; diversified funding sources; and the maintenance of liquidity for the business and a reduced net debt level”.

Coronado management comments

Coronado CEO Gerry Spindler said the refinancing was good news for the embattled company.

We are very pleased with the support we have received from investors across the globe after what has been a very difficult period for producers in the metallurgical coal sector.

This refinancing package will leave Coronado very well placed to deliver value to stakeholders as the global economy continues to recover following the COVID-19 pandemic and the demand for steel-making coal continues to improve.

Coronado share price snapshot

The Coronado share price is down across every time metric, losing 6% over the past week, 33% the past month, 47% in 2021 so far and over the past 12 months, while it’s also down more than 90% against the basic materials sector.

More reading

• Why the Future First Technologies (ASX:FFT) share price is surging 5%
• Why is the Cyclopharm (ASX:CYC) share price down today?
• MLG Oz (ASX:MLG) shares rocket 36% on ASX IPO
• The MyDeal (ASX:MYD) share price is flying today. Here’s why
• Impedimed (ASX:IPD) share price bounces on ‘significant’ hospital finding

Motley Fool contributor Lucas Radbourne-Pugh 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 Future First Technologies Ltd (ASX: FFT) share price is surging today. This comes after the company announced it has been awarded a significant contract for its Software-as-a-Service (SaaS) platform.

At the time of writing, the IT professional services provider’s shares are trading at 8.5 cents, up 19.7%.

What’s driving the Future First Technologies share price?

Investors are snapping up Future First Technologies shares as the company looks set to boost revenue growth.

According to its release, Future First Technologies advised its wholly-owned subsidiary, Asset Vision has signed a multi-year contract with Ventia.

A 50% owned associate of the Cimic Group Ltd (ASX: CIM), Ventia is one of the largest infrastructure service providers in Australia and New Zealand. The company specialises in the long-term operation, maintenance, and management of critical roads and private assets.

Under the agreement, Asset Vision will supply its industry-leading intelligent SaaS platform across a number of Ventia’s roads. The software solution will play a vital role in keeping roads and transport assets safe and reliable for community use. It connects assets owners, maintainers, and contractors together to provide an integrated view of the transport infrastructure. In addition, the platform can also be combined with a dedicated mobile app for workforce management, allowing maintenance crews and inspectors to work safely.

Initially, Asset Vision will provide the SaaS platform across roads in Queensland, where the majority of upgrade works are occurring. The company’s existing footprint expands over Victoria and New South Wales, where it also supplies its SaaS platform.

The deal will run for a period of 3 years, with an attached two-year extension if agreed by both parties. Other potential Ventia road contracts may also be included depending on the success of the contract.

Furthermore, Future First Technologies expects to generate more than $2 million in revenue from the initial part of the deal.

What did management say?

Ventia group executive of transport, Peter Borden touched on the new agreement, saying:

We have worked with Asset Vision since 2020 and have been impressed with the platform and quality of their team. Asset Vision understands our core needs and is aligned in building cost-effective and innovative outcomes for Ventia and our clients.

Future First Technologies CEO, Keith Falconer continued on to add:

To be selected by an industry leader such as Ventia is a satisfying endorsement of the strategic direction of FFT and we look forward to the future with growing confidence in our technology and people.

Future First share price snapshot

Formerly known as PS&C Ltd, the company’s shares have accelerated in the past 12 months, up 180%. When looking at year-to-date performance, the Future First Technologies share price has gained around 60%.

On valuation metrics, Future First Technologies has a market capitalisation of roughly $38 million, with approximately 553.1 million shares outstanding.

More reading

• ASX 200 Weekly Wrap: Shares have average week but a great month
• These were the best performing ASX 200 shares last week
• Why the CIMIC (ASX:CIM) share price has see-sawed this morning
• Here’s why the Cimic (ASX:CIM) share price is pushing higher today

Motley Fool contributor Aaron Teboneras 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 Cyclopharm Limited (ASX: CYC) share price is dipping today after the company released its 2021 AGM Presentation.

Cyclopharm shares are down 1% to $2.82 at the time of writing, after gaining more than 10% over the past week.

Cyclopharm Ltd is an Australia-based company that engages in the manufacture and sale of medical equipment and radiopharmaceuticals, including associated research and development.

Highlights from Cyclopharm’s market update

Cyclopharm reported significant metrics in its AGM, noting record group sales revenue in 2020 of $14.7 million, up 4.2% on 2019. It recorded $2.2 million of new third‐party distribution revenue in its Technegas distribution network.

Overall, Technegas sales rebounded by 51.4% in the second half of 2020, after a pandemic-impacted first half. The company reported a $5.8 million net loss before tax. The company’s February 2021 capital raising placement was oversubscribed, raising $33 million in total.

Cyclopharm AGM Chair’s address

Cyclopharm Chair, David Heaney, expanded on the company’s rebound from COVID-19.

2020 was a pivotal year for Cyclopharm. Despite the challenges we faced from a global coronavirus pandemic, we have expanded our global footprint to  include sales into over 60 countries, and proudly, our Technegas products have now been used in over 4.3 million patient procedures globally. We also commenced operations as a distributor of third party products in Europe, leveraging our existing distribution capabilities.

Together with our existing Technegas revenues, this new income stream enabled Cyclopharm to report record revenues in 2020 of $14.7 million. Our strong underlying sales performance supported the Board’s decision to maintain our full year dividend at 1.0 cent per share.

Background on Cyclopharm’s business model

Cyclopharm operates through two segments. Its Technegas segment involves supplying diagnostic equipment and consumables used by physicians in the detection of pulmonary embolism. Meanwhile, its Molecular Imaging segment produces radiopharmaceuticals to be used by physicians in the detection of cancer, neurological disorders, and cardiac disease. The company generates maximum revenue from the Technegas segment.

Cyclopharm share price snapshot

The Cyclopharm share price has had a good run recently, up 10% in the past week, 11% the past month, 14% in 2021 so far and 146% over the past 12 months. 

More reading

• MLG Oz (ASX:MLG) shares rocket 36% on ASX IPO
• The MyDeal (ASX:MYD) share price is flying today. Here’s why
• Impedimed (ASX:IPD) share price bounces on ‘significant’ hospital finding
• Why De Grey, Infomedia, Northern Star, & SEEK shares are storming higher
• Telstra (ASX:TLS) share price edges higher despite record $1.5 million fine

Motley Fool contributor Lucas Radbourne-Pugh 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.

The post Why is the Cyclopharm (ASX:CYC) share price down today? appeared first on The Motley Fool Australia.

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The MLG Oz Limited (ASX: MLG) share price has made a dramatic ASX debut this morning. MLG shares had their initial public offering (IPO) this morning with a listing price of $1 per share. But in early trading, this brand new ASX share has rocketed 36% to $1.36 at the time of writing after reaching levels as high as $1.40 earlier in the day.

Not a bad way to make an entrance on the ASX as the new kid on the block!

So what is this new ASX share?

Even though it’s only gracing the ASX for the first time today, MLG Oz has been around for almost two decades. It was founded by former truck driver Murray Leahy back in 2002, and today is one of the largest contractors of ‘supply-chain solutions’ for mining companies, particularly in the Pilbara region of Western Australia.

These ‘solutions’ range from quarry products, export logistics and bulk transport and haulage services to crushing and screening of ore. According to a report in the Australian Financial Review (AFR) today, MLG also supplies bulk materials like sand, aggregate, cement and lime from a series of quarries the company owns. It also has a fleet of 925 heavy vehicles.

MLG Oz hits the ASX brick road

MLG works with other ASX businesses like BHP Group Ltd (ASX: BHP), Northern Star Resources Ltd (ASX: NST) and Fortescue Metals Group Limited (ASX: FMG).

According to the AFR, Mr Leahy will retain approximately half of the shares on issue for MLG and will stay at the helm of the business as it transitions into a public company. The report also tells us that MLG has forecast revenues of $241 million for 2020-21,  as well as pro forma earnings before interest, tax, depreciation and amortisation (EBITDA) of $41 million.

Around 82% of the company’s revenues come from the gold mining sector, with another 14% from iron ore industries and the rest from various other base metals.

MLG has also received interest from some high-profile investors. Chris Ellison, of Mineral Resources Limited (ASX: MIN), has reportedly secured a 0.69% stake in the company. Bill Beament of Northern Star also has a position.

At a listing price of $1 per share, MLG Oz had an approximate market capitalisation of $146 million. Going off of the share price the company has climbed to upon debut, however, I estimate its market cap is now sitting at around $196 million.

More reading

• Why is the Cyclopharm (ASX:CYC) share price down today?
• The MyDeal (ASX:MYD) share price is flying today. Here’s why
• Impedimed (ASX:IPD) share price bounces on ‘significant’ hospital finding
• Why De Grey, Infomedia, Northern Star, & SEEK shares are storming higher
• Telstra (ASX:TLS) share price edges higher despite record $1.5 million fine

Motley Fool contributor Sebastian Bowen 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 MyDeal.com.au Ltd (ASX: MYD) share price is soaring after the company announced the launch of its native mobile apps for iOS and Android.

At the time of writing, the MyDeal share price is trading at 71 cents, up 4.4%. The online retail marketplace has a lot of work to do after sliding almost 60% since its ASX debut on 22 October. 

MyDeal ticks off another growth initiative 

Back in the first half of FY21, the launch of native apps was a key growth initiative to improve the mobile shopping experience, reduce marketing and increase customer retention. Mobile apps represent a significant growth opportunity with approximately 75% of website visits coming from mobile or tablet devices, according to Google Analytics. 

The MyDeal native apps will enable its current 833,000 active customers a seamlessly shop from its range of 6 million home and lifestyle products.

The app provides users with additional mobile-specific features and offerings including app-specific discount coupons, notifications for offers, shop-by-room navigation, product cross-sharing to social media apps and seamless checkout management. 

Management commentary

MyDeal founder and CEO Sean Senvirtne commented on the app launch, saying: 

Operating a leading online retail marketplace for home and lifestyle products, we understand that providing a seamless customer experience is vital, no matter how users choose to access our platform.

The native apps are a key part of our growth strategy of improving conversion and retention rates by continually refining the customer experience and optimising the site, harnessing the data from different channel usage across our platform and more effectively personalising our interactions and offers for customers.

Why the MyDeal share price is struggling 

Its been a challenging market for initial public offerings (IPOs), where shares more often than not go downhill after the first day of listing. Some recent examples include the likes of Youfoodz Holdings Ltd (ASX: YFZ), Payright Ltd (ASX: PYR) and Zebit Inc (ASX: ZBT). 

Furthermore, ASX e-commerce shares across the board have struggled amidst a period of tough comparisons against supercharged COVID-19 sales from last year. E-commerce shares including Kogan.com Ltd (ASX: KGN) and Redbubble Ltd (ASX: RBL) have fallen a respective 41% and 32% this year as growth moderates. 

More reading

• The Credit Clear (ASX:CCR) share price lower on third quarter update
• The MyDeal (ASX:MYD) share price is on watch. Here’s why
• Why retailers are stepping up as top performing ASX shares this week
• 3 under the radar ASX small cap shares to watch closely
• Looking for the next Afterpay and Zip? Try these small cap ASX shares

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 Kogan.com ltd. The Motley Fool Australia has recommended Kogan.com 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 Impedimed Limited (ASX: IPD) share price is bouncing this morning after the company announced positive progress in its SOZO technology for heart patients. 

The Impedimed share price has been seesawing between the opening price of 12 cents and its current price of 12.5 cents per share, up 4.1%.

Founded and headquartered in Brisbane with US and European operations, Impedimed is a medical technology company that uses bioimpedance spectroscopy (BIS) technology, specifically its SOZO test, to help predict potential heart failure and prevent edemas and hospital readmission.

Impedimed is marketing its SOZO technology to US hospitals as a way of diagnosing the potential risk of future fluid overload in heart failure patients before they’re released.

What did Impedimed announce?

Impedimed advised today The American College of Cardiology (ACC) journal reported finding there was a strong clinical correlation between a heart failure patient’s HF-Dex level exceeding 51% at the time of release from hospital, and subsequent hospital readmission.

Impedimed’s SOZO technology tests the HF-Dex level (extracellular fluid to body water ratio) of a patient and the company believes this finding will eventually help promote the use of its SOZO tests in hospitals across the world. This is especially the case in the US, where hospitals must cover the cost of patient readmission if it occurs within the first 30 days of their release.

The conclusion from the abstract states that HF-Dex measurements near the time of hospital discharge may help identify individuals at higher risk for readmission and may benefit from closer follow-up to reduce the likelihood of readmission.

ACC journal author Annie Burns expanded on the risk of fluid overload in heart failure patients.

After a heart failure related hospital stay, patients may experience improvement in symptoms even though fluid overload persists. This analysis shows that SOZO with HF-Dex has the potential to identify patients with fluid overload, who are at higher risk of readmission at the time of hospital discharge and would benefit from closer follow-up.

Impedimed called this “a significant finding, as the cost of hospital readmissions is enormous, costing the US healthcare system an estimated $31 billion annually”.

More background on SOZO technology

SOZO is used in around 700 locations globally, as a point-of-care assessment tool to guide clinical decision-making and “maximise patient health”.

Using ImpediMed’s bioimpedance spectroscopy (BIS) technology, SOZO measures and tracks information about the human body to aid clinicians. According to the company, results from the 30-second test are available immediately on the device and online.

Impedimed share price snapshot

The Impedimed share price is up more than 200% over the past 12 months but has declined by nearly four cents since 2021 began.

More reading

• The Impedimed (ASX:IPD) share price rocketed 13% today. Here’s why

Motley Fool contributor Lucas Radbourne-Pugh 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 on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,058.1 points.

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

De Grey Mining Limited (ASX: DEG)

The De Grey share price has jumped a sizeable 10% to $1.53. Investors have been buying the gold explorer’s shares following the release of drill results from the Diucon-Eagle mining sites in the Hemi prospect. Management notes that these results confirm the presence of a large mineralised system in the west of Hemi, representing another step change to the gold endowment at Hemi.

Infomedia Limited (ASX: IFM)

The Infomedia share price is up 5.5% to $1.66. This morning the automotive software company announced the acquisition of automotive ecommerce platform SimplePart. It designs and manages ecommerce programs for some of the world’s leading car manufacturers, enabling them to sell directly to consumers. Infomedia has agreed to pay an upfront consideration of US$24.5 million (A$31.4 million), plus an earn-out of up to US$20.5 million over three years.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price has climbed 4.5% to $10.94. This follows a rise in the gold price overnight and the release of a positive broker note out of Ord Minnett. According to the note, the broker has retained its buy rating and lifted its price target to $13.50. The broker made the move after upgrading its earnings estimates to reflect stronger gold prices.

SEEK Limited (ASX: SEK)

The SEEK share price is up 3.5% to $31.76. This follows the announcement of a special dividend of 20 cents per share following the completion of its Zhaopin selldown. In addition, the job listings giant has upgraded its guidance for FY 2021 to reflect its stronger than expected performance in the SEEK Australia and Asia businesses.

More reading

• ASX 200 up 0.2%: SEEK hits record high, Flight Centre tumbles
• De Grey (ASX:DEG) share price rockets 11% on latest update
• Why the Infomedia (ASX:IFM) share price is on the rise today
• SEEK (ASX:SEK) share price jumps 7% to record high on trading update
• 5 things to watch on the ASX 200 on Tuesday

James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Infomedia. The Motley Fool Australia has recommended Infomedia and SEEK 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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