Category: Stock Market

The S&P/ASX 200 Index (ASX: XJO) is scaling new heights on Friday. In afternoon trade, the benchmark index is up 0.9% to a record high of 7,835 points.

Four ASX shares that are missing out on the good times today are listed below. Here’s why they are falling:

Cettire Ltd (ASX: CTT)

The Cettire share price is down 3% to $3.89. This ecommerce company’s shares have come under pressure this week amid heavy insider selling and a scathing media report. While the company refuted some of the latter’s claims, the negative shopping experiences reported by some users may concern investors.

GQG Partners Inc (ASX: GQG)

The GQG share price is down 1.5% to $2.20. This follows news that Pacific Current Group Ltd (ASX: PAC) has offloaded its stake in the company. PAC has sold almost 120 million shares at a 3.6% discount of $2.16 per share. This equates to a total consideration of $257.3 million.

Mesoblast Ltd (ASX: MSB)

The Mesoblast share price is down 5% to 32.2 cents. This is despite there being no news out of the biotechnology company today. However, with its shares rising strongly in recent weeks, it’s possible that some investors are taking profit today. Mesoblast shares remain up over 17% since this time last month despite today’s weakness.

Nine Entertainment Co Holdings Ltd (ASX: NEC)

The Nine Entertainment share price is down almost 2% to $1.63. This has been driven by the media company’s shares going ex-dividend this morning for its latest dividend. Last month, Nine Entertainment released its half-year results and declared a fully franked interim dividend of 4 cents per share. This will now be paid to eligible shareholders next month on 18 April.

The post Why Cettire, GQG, Mesoblast, and Nine Entertainment shares are falling today appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Friday
• Up 7%: This All Ords stock reported some big ASX news today
• Cash kings: 2 top ASX dividend shares that pay quarterly
• Cettire shares recover after morning meltdown: What’s happening?
• Why Accent, Cettire, Dicker Data, and Iress shares are dropping today

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 Cettire and Nine Entertainment. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Australian share market is pushing higher again on Friday, but the same cannot be said for Lake Resources N.L. (ASX: LKE) shares.

The lithium developer’s shares are out of action today after the company requested a trading halt before the market open.

Why are Lake Resources shares in a trading halt?

The trading halt is quite simply because Lake Resources needs money.

During the last quarter, Lake Resources recorded an operating cash outflow of $18 million. This left it with a cash and cash equivalents balance of $31.3 million at the end of December.

And while the company has announced cost cutting measures recently, clearly it is running out of money fast and needs a top up.

So, with its shares up over 40% since early February, management appears to believe that now is the time to rattle the tin.

The company’s trading halt request states the following:

[T]he Company provides the following information: 1. the trading halt is requested pending the release of an announcement by a Company (sic) regarding a potential capital raising (Announcement); 2. the Company requests that the trading halt remain in place until the earlier of the commencement of normal trading on 12 March 2024 or upon the release of the Announcement.

What remains unclear is how much the company is seeking to raise and if its trading halt request has a typo or whether there’s a third-party involved.

One thing that we do know is that Lake Resources will need a huge cash injection if it is ever going to get its Kachi operation off the ground.

In December, it revealed that its estimated initial capex for phase one was US$1.38 billion. And as we have covered here previously, it comes with highly questionable economics.

So, it certainly would take a brave investor to tip money into the company at this point.

Lake Resources shares are down 82% over the last 12 months.

The post Why are Lake Resources shares in a trading halt? appeared first on The Motley Fool Australia.

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More reading

• Why Cettire, Fletcher Building, Lake Resources, and Nick Scali shares are falling today
• Down 80% in a year why are Lake Resources shares tumbling again today?
• Down 7%: What’s gone so wrong for Lake Resources shares today?

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 Scott Phillips.

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A tiny ASX mining share is soaring on Friday after announcing a joint venture (JV) agreement with S&P/ASX 200 Index (ASX: XJO) mining giant Fortescue Metals Group Ltd (ASX: FMG).

The junior ASX miner closed yesterday trading for 4.5 cents. In early morning trade shares were swapping hands for 8.0 cents apiece, up 77.8%. After some likely profit taking, shares are trading for 6.9 cents at time of writing, up 53.3%.

Any guesses?

If you said Magmatic Resources Ltd (ASX: MAG), go to the head of the virtual class.

Here’s what’s happening.

Magmatic Resources share price leaps on Fortescue deal

The Magmatic Resources share price is rocketing after the ASX mining share reported it had executed a Farm-in and JV agreement with Fortescue subsidiary FMG Resources Pty Ltd.

The agreement will see Fortescue join Magmatic in exploring the Myall copper-gold project, located in New South Wales. The Myall Project consists of a contiguous 244 square kilometre tenement covering the northern extension of the Junee-Narromine Volcanic Belt.

Fortescue will spend up to $14 million under the agreement to earn up to 75% joint venture interest in the project.

Magmatic Resources will be the operator of the project during the initial Farm-in period of up to four years.

Fortescue will subscribe for 75,946,151 shares in Magmatic Resources. That will see Fortescue holding a 19.9% stake in the junior ASX mining share. Fortescue will pay 4.884 cents per share, which will raise just over $3.7 million for Magmatic Resources.

Magmatic Resources said it will deploy the funds to advance its two other projects in parallel with Myall.

Commenting on the agreement with Fortescue sending the ASX mining share rocketing today, Magmatic Resources executive chairman David Richardson said:

Myall has many of the signatures of a Tier 1 copper-gold deposit and Magmatic has recognised the need to partner with a major to further advance the project following the maiden Resource.

Fortescue’s cornerstone investment in MAG will allow the Company to simultaneously advance our other two projects at Wellington North and Parkes which are strategically located near Alkane Resources Boda-Kaiser deposits and Tomingley Gold Operations respectively.

How has the ASX mining share been tracking?

With today’s intraday gains factored in, the Magmatic Resources share price is down 20% over the past 12 months.

The ASX mining share has soared 130% since the recent 26 February lows.

The post Guess which ASX mining share is rocketing 78% on a JV agreement with Fortescue appeared first on The Motley Fool Australia.

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More reading

• Here’s the Fortescue dividend forecast through to 2026
• Investing in an ASX share portfolio for lifelong passive income!
• Insiders have been buying these ASX 200 mining shares
• Passive income watch: The ASX stocks dishing out the biggest dividend boosts this earnings season
• A 22% yield on Fortescue shares? Here’s how these passive income investors achieved it!

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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The Virgin Money UK (ASX: VUK) share price is taking off on Friday.

In morning trade, the UK-based banking stock is up 34% to $4.12.

Why is the Virgin Money share price rocketing?

Investors have been scrambling to buy the bank’s shares today after it received a takeover offer.

According to the release, the company has reached a preliminary agreement with Nationwide Building Society on a potential cash takeover.

Nationwide has tabled an offer of 220 British pence per share. This equates to A$4.26 per share based on current exchange rates and values the bank at approximately $5.7 billion.

The offer comprises a 218 British pence per share cash consideration and a 2 British pence per share dividend. The latter would be paid shortly before the completion of the potential takeover.

Eligible shareholders will also continue to receive the upcoming dividend of 2 British pence per share, which is scheduled to be paid on 20 March.

Takeover rationale

The boards of Virgin Money and Nationwide believe that the deal would combine two complementary businesses.

They highlight that it would create a combined group with total assets of approximately GBP366.3 billion pounds and total lending and advances of approximately GBP283.5 billion. This would make it the second largest provider of mortgages and savings in the UK.

The Virgin Money UK board revealed that it carefully evaluated the offer with its financial advisers and concluded that it would be willing to recommend it if a firm offer is made on the same financial terms.

Virgin Money UK’s chair, David Bennett, commented:

The Board of Virgin Money is pleased that Nationwide recognises the considerable strengths and opportunities that exist across our business, with the potential acquisition delivering attractive value for our shareholders. We are confident that a combination would support an exciting new chapter for Virgin Money to benefit from Nationwide’s scale and ambition.

This sentiment was echoed by the bank’s CEO, David Duffy. He said:

This potential transaction with Nationwide represents an exciting opportunity to build on the significant progress we have made in becoming the only new Tier 1 bank in recent history. The combined scale and strength would expand our customer offering and complete our journey in the banking sector as a national competitor.

However, the bank has warned that there’s no certainty that any firm offer will be made.

The post Virgin Money share price pops 34% on takeover bid appeared first on The Motley Fool Australia.

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More reading

• 7 ASX 200 shares with ex-dividend dates next week

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 Scott Phillips.

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The record-breaking streak for the S&P/ASX 200 Index (ASX: XJO) continues apace today.

March is proving to be a good month for resetting high water marks.

The benchmark index reached a new intraday high of 7745.6 points on Friday, 1 March. And the ASX 200 notched another new intraday high of 7769.1 points on Monday, 4 March.

In early morning trade on Friday, the index comprised of the top 200 listed Aussie companies is up 0.5% at 7,802.0 points.

Though if the past two weeks are anything to go by, that record may not stand for long!

Here’s what helping drive the record-breaking run today.

What’s sending the ASX 200 into new record territory?

A lot of stars have aligned to set up this bull run.

First, we’re seeing very solid earnings results from most of the big companies, despite the headwinds from sticky inflation and high interest rates.

Growing hopes for a so-called ‘soft landing’, both in Australia, the EU and the United States, are also helping propel the ASX 200 to new highs.

With inflation coming off the boil and continuing to show signs of moderation, US Federal Reserve chair Jerome Powell stirred investor optimism this week that rate cuts in the world’s top economy are not far off.

“We’re waiting to become more confident that inflation is moving sustainably at 2%,” Powell said. “When we do get that confidence, and we’re not far from it, it will be appropriate to begin to dial back the level of restriction.”

On 20 March the Fed will update the market on its outlook for interest rates, with three rate cuts still on the table for 2024.

And a third tailwind that looks to be pushing the ASX 200 into record territory is the increased infrastructure spending plans announced by China’s government this week.

China is the top destination for numerous Australian goods and commodities, including our top export iron ore. More stimulus from the world’s number two economy could bode well for those big exporting stocks and their shareholders.

One ASX stock to track the record-breaking run

Investors looking to mirror the performance of the ASX 200 might want to look into the BetaShares Australia 200 ETF (ASX: A200).

The exchange-traded fund (ETF) aims to track the performance of the benchmark index. And it comes with a very low annual fee of 0.04%.

Over the past four and half months, the ETF has actually outpaced the benchmark.

Since 30 October the ASX 200 has gained 14.8%, while the A200 ETF is up 15.8% over that same period.

If you prefer to pick individual blue-chip stocks with the potential to outperform the benchmark, make sure to do some thorough research first.

If you’re not comfortable with that, or feeling time-poor, then make sure to seek out some professional advice.

The post ASX 200 soars to another new all-time high on Friday! appeared first on The Motley Fool Australia.

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More reading

• 13 ASX 200 shares with ex-dividend dates next week
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX 200 shares today
• 5 things to watch on the ASX 200 on Thursday
• Would Warren Buffett buy ASX shares in a raging bull market?

Motley Fool contributor Bernd Struben 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 Scott Phillips.

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If you have room in your portfolio for some ASX 200 dividend shares, then it could be worth checking out the two named below.

They have been named as buys and tipped to provide attractive dividend yields. Here’s what you need to know:

Aurizon Holdings Ltd (ASX: AZJ)

The first ASX 200 dividend share that has been named as a buy is Aurizon. It is Australia’s largest rail freight operator.

Ord Minnett sees a lot of value in its shares at current levels. In response to its half-year results last month, the broker put an accumulate rating and $4.70 price target on its shares.

As for dividends, the broker is forecasting partially franked dividends of 17.8 cents per share in FY 2024 and then 24.3 cents per share in FY 2025. Based on the latest Aurizon share price of $3.91, this will mean yields of 4.5% and 6.2%, respectively.

Orora Ltd (ASX: ORA)

Goldman Sachs thinks that this packaging company could be an ASX 200 dividend share to buy.

The broker has a buy rating and $3.40 price target on its shares.

As well as decent upside, Goldman expects attractive yields from Orora’s shares. The broker has pencilled in dividends per share of 13 cents in FY 2024 and 14 cents in FY 2025. Based on the current Orora share price of $2.65, this will mean yields of 4.9% and 5.3%, respectively.

Stockland Corporation Ltd (ASX: SGP)

Another ASX 200 dividend share that could be a buy is Stockland.

Stockland is a leading residential developer with a focus on delivering a range of masterplanned communities and medium density housing in growth areas across the country.

Citi is positive on the company and has a buy rating and $5.00 price target on its shares.

In respect to income, Citi is expecting dividends per share of 26.2 cents in FY 2024 and 26.6 cents in FY 2025. Based on the current Stockland share price of $4.60, this will mean yields of 5.7% and 5.8% yields, respectively.

The post 3 ASX 200 dividend shares that analysts love appeared first on The Motley Fool Australia.

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More reading

• Buy Telstra and these ASX dividend shares next week
• 34 ASX 200 shares with ex-dividend dates next week
• Analysts name 2 high-yield ASX dividend shares to buy
• Invest $10,000 in these buy-rated ASX dividend shares with 5%+ yields
• 25 ASX 200 shares with ex-dividend dates next week

Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 positions in and has recommended Goldman Sachs Group. The Motley Fool Australia has recommended Aurizon and Orora. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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If you believe the worst is over for the lithium industry and you are looking for stocks to buy, then it could be worth checking out the two listed below.

These ASX lithium stocks have been named as preferred picks by analysts at Bell Potter this month. Here’s what the broker is saying about them:

Arcadium Lithium (ASX: LTM)

Arcadium Lithium is the lithium giant that was formed from the merger of Allkem and Livent Corp last year.

Bell Potter likes the company due to its diverse asset portfolio, robust balance sheet, and strong production growth outlook. It explains:

LTM provides the largest, most diversified exposure to lithium in terms of mode of upstream production, asset locations, downstream processing and customer markets. It is a key large-cap leverage to lithium prices and sentiment, which we expect to improve over the medium term. The group has a strong balance sheet and growth portfolio.

The broker has a buy rating and $10.40 price target on the ASX lithium stock. This implies potential upside of almost 40% for investors.

Mineral Resources Ltd (ASX: MIN)

Another option for investors to look at in the lithium industry is Mineral Resources.

Bell Potter likes the company due to its lithium production growth and diversified income streams. It said:

In contrast to its peers, MIN completes everything from engineering, to construction, to all aspects of operations in-house. Our Buy view is underpinned by MIN’s earnings diversification, strong insider ownership, clearly articulated strategies, expertise in contracting and internal growth options at Onslow as well as potential lithium expansions including into downstream. All up, MIN offers diversified exposure to steady income streams from the contracting business and market-driven commodity exposure coupled with earnings derived from both lithium and iron ore.

Its analysts have a buy rating and $75.00 price target on Mineral Resources’ shares. This suggests upside potential of almost 13%.

The post 2 of the best ASX lithium stocks to buy this month appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Morgans names the best ASX 200 stocks to buy in March
• Guess which ASX lithium stock just surged 94% on a deal with Mineral Resources
• 25 ASX 200 shares with ex-dividend dates next week
• Lithium and cheese: Bell Potter tips 20%+ returns from these ASX 200 stocks

Motley Fool contributor James Mickleboro owns Arcadium Lithium shares. 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 Scott Phillips.

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Nufarm Ltd (ASX: NUF) shares have been in great form in recent months.

For example, the ASX 200 stock has risen almost 35% since the start of October.

This leaves the agricultural chemicals company’s shares trading within sight of a 52-week high.

Unfortunately, one leading broker is now calling time on its rally and has downgraded its shares.

ASX 200 stock downgraded

According to a note out of Bell Potter, its analysts have downgraded the company’s shares to a hold rating with an unchanged price target of $6.35.

While this still implies potential upside of 9% for investors over the next 12 months, the broker feels there isn’t a sufficient risk/reward on offer to support a buy rating.

Though, it certainly doesn’t think that investors should be offloading the ASX 200 stock right now. It feels it would be well worth holding tight to them given its belief that FY 2025 could be a standout year for the company.

For example, Bell Potter expects Nufarm to report a 4% decline in net profit after tax to $117.6 million in FY 2024. But in FY 2025, it forecasts an impressive 32% jump in profits to $155.7 million and then another 25% increase to $195.6 million in FY 2026.

A key driver of this growth is expected to be the Beyond Yield platform from its Seed Technologies business, Nuseed. The broker commented:

NUF continues to trade at a reasonably large discount to global peers (which in the recent months have re-rated) and we continue to see FY25e as likely to be the year when the Beyond Yield platform takes over as the growth engine for NUF. However, considering the recent share price we move we moderate our rating from Buy to Hold.

The post Guess which ASX 200 stock was just downgraded by a leading broker appeared first on The Motley Fool Australia.

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• 5 things to watch on the ASX 200 on Friday

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BHP Group Ltd (ASX: BHP) stock features heavily in income portfolios across the country.

And it isn’t hard to understand why.

With the mining giant paying out billions of dollars in dividends each year, you can usually count on a generous dividend yield from its shares.

But is that the case today? Let’s find out.

Is BHP stock a buy now for ASX dividend investors?

A number of brokers see a lot of value in BHP stock at current levels.

For example, Macquarie has an outperform rating and $48.00 price target on the Big Australian’s shares at present. This suggests potential upside of almost 10% for investors over the next 12 months.

In addition, importantly for income investors, the broker is expecting above-average dividend yields from the miner in the near term.

It has pencilled in fully franked dividends per share approximately $2.13 in FY 2024 and $2.58 in FY 2025. Based on the latest BHP share price of $43.86, this would mean yields of 4.85% and 5.9%, respectively.

Is anyone else bullish?

Macquarie isn’t alone with its bullish view on BHP stock.

Goldman Sachs has a buy rating and $49.40 price target on its shares, which suggests even greater potential upside of 12.5% from current levels.

As for income, the broker has pencilled in fully franked dividends of approximately $2.19 per share in FY 2024 and then $1.93 per share in FY 2025. This will mean attractive yields of 5% and 4.4%, respectively, for income investors.

Commenting on the Big Australia, Goldman Sachs said:

We are Buy rated on: (1) Attractive valuation, but at a premium to RIO; (2) GS bullish copper and met coal; (3) Optionality with +US$20bn copper pipeline and improved production growth; (4) Robust FCF, but still below RIO. We continue to believe that BHP’s major opportunity is growing copper production in Chile at Escondida and Spence, and growing copper production and capturing synergies in South Australia between Olympic Dam and the previous OZL assets.

The post ASX dividend investors: Is BHP stock a buy now? appeared first on The Motley Fool Australia.

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More reading

• Why is the BHP share price sinking today?
• 5 things to watch on the ASX 200 on Thursday
• Insiders have been buying these ASX 200 mining shares
• 3 ASX 200 shares I think could grow to be bigger than BHP one day
• 5 things to watch on the ASX 200 on Tuesday

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 positions in and has recommended Goldman Sachs Group and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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WA1 Resources Ltd (ASX: WA1) shares have been on fire over the last 12 months.

During this time, the ASX mining stock has risen over 800%.

This has been driven by excitement over its West Arunta Niobium project.

Niobium is a critical metal with properties that make it essential as the world transitions to a low-carbon economy. It is primarily used as a micro-alloy in steelmaking, providing significant improvements in strength, corrosion resistance, and heat resistance on the alloyed steel.

Can this ASX mining stock keep rising?

The good news is that Bell Potter’s analysts still see plenty of upside for investors.

According to a note this morning, the broker has initiated coverage on the niobium explorer’s shares with a speculative buy rating and $17.65 price target.

This implies potential upside of 36% for investors over the next 12 months.

The broker believes that the Luni deposit at the West Arunta Niobium project has potential to be a globally significant tier-1 asset. It said:

We initiate on WA1 with a Speculative BUY recommendation and a $17.65/sh valuation. WA1 is advancing the West Arunta Niobium project which includes the Luni prospect, in North-Western Australia.

Luni has the potential to be a globally significant Tier-1 asset characterised by its high-grade and scale (BPe Inferred +100Mt at +1% Nb2O5). We believe a maiden Indicated Resource for Luni will support initial development studies, with further expansion looking to support a long-life (BPe ~30 year) globally significant project like Lynas Rare Earths (LYC, Buy $7.20/sh) Mt Weld deposit in the rare earths sector. WA1 are targeting the release of a Maiden Mineral Resource estimate (MRE) in 4QFY24, which we expect will be supportive of our investment thesis.

Bell Potter believes the ASX mining stock could be “generating on average A$427m in annual EBITDA” once Luni is commissioned.

The post Bell Potter just slapped a buy rating on this ASX mining stock appeared first on The Motley Fool Australia.

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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 Scott Phillips.

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