If you’re looking to boost your income portfolio, then you may want to look at the dividend shares listed below.

Here’s why these ASX dividend shares have been tipped as buys by analysts at Morgans:

HomeCo Daily Needs REIT(ASX: HDN)

The first ASX dividend share that Morgans rates highly is HomeCo Daily Needs.

It is a property company that invests in neighbourhood retail properties, retail parks, and healthcare properties.

Morgans currently has an add rating and $1.56 price target on its shares. It commented:

HDN offers investors an attractive distribution yield which is underpinned by contracted rental income. Sites are also in strategic locations with strong population growth. The portfolio has exposure to ‘last mile’ logistics, as well as a significant land bank with future development potential (38% site coverage with a ~$500m development pipeline). 

In respect to dividends, the broker expects dividends per share of 8.3 cents in FY 2023 and 8.7 cents in FY 2024. Based on the latest HomeCo Daily Needs share price of $1.31, this will mean yields of 6.3% and 6.6%, respectively.

QBE Insurance Group Ltd (ASX: QBE)

Another ASX dividend share that Morgans rates as a buy is insurance giant QBE.

Its analysts are bullish on the company due to the positive outlook for policy rate increases, improving investment yields, and its cost cutting. It expects this to lead to QBE’s earnings profile improving strongly in the coming years.

As a result, the broker has an add rating and $14.89 price target on its shares. It commented:

We believe tailwinds such as rising bond yields, premium rate increases and cost out will drive an improved earnings profile for QBE over the next few years. The stock also remains inexpensive trading on ~10x FY23F earnings.

In respect to dividends, its analysts are expecting a ~42 cents per share dividend in FY 2022 and then a ~77 cents per share dividend in FY 2023. Based on the latest QBE share price of $12.95, this equates to yields of 3.2% and 5.95%, respectively

The post Morgans names the top ASX dividend shares to buy before it’s too late appeared first on The Motley Fool Australia.

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More reading

• Buy these cheap ASX dividend shares now: analysts
• Experts name the ASX dividend shares for income investors to buy now
• Buy these ASX shares for their dividends: analysts
• Top brokers name 3 ASX shares to buy next week
• Brokers name 2 ASX dividend shares to buy 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 recommended Baby Bunting 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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Are you looking for exchange traded funds (ETFs) to buy in December?

If you are, then you may want to look at the two exciting ETFs that are listed below.

Here’s why they could be worth getting better acquainted with:

BetaShares Asia Technology Tigers ETF (ASX: ASIA)

The first exciting ETF for investors look at this month is the BetaShares Asia Technology Tigers ETF.

This popular ETF gives investors easy access to ~50 of the largest technology companies that have their main area of business in Asia.

Among the tigers that you’ll be owning are well-known tech companies such as Alibaba, Baidu, Infosys, JD.com, Samsung, and Tencent Holdings.

There are also a number of high quality companies that are lesser known outside Asia such as Kuaishou Technology, Meituan Dianping, and Pinduoduo in the fund. The latter is an ecommerce platform that connects distributors with consumers directly through an interactive shopping experience. At the last count, it had an active customer base of approximately 750 million. This makes Kogan.com Ltd (ASX: KGN) and its 3.6 million active customers look like tiny.

Though, one thing to remember with this ETF is that its significant exposure to China means there are regulatory risks to consider. So, this makes it a higher risk option for investors.

BetaShares Global Cybersecurity ETF (ASX: HACK)

Another exciting ETF for ASX investors to consider is the BetaShares Global Cybersecurity ETF.

The recent hacks of Medibank Private Ltd (ASX: MPL) and Optus demonstrate just how important cybersecurity has become for businesses. In light of this, it is no wonder the industry is tipped to grow materially in the future.

This bodes well for the companies included in the HACK ETF, which look well-placed to benefit from increasing investment on cybersecurity.

Among the ETF’s holdings are leading cybersecurity players including Accenture, Cisco, Cloudflare, Crowdstrike, Fortinet, Okta, and Splunk.

The post Don’t miss these very exciting ASX ETFs in December appeared first on The Motley Fool Australia.

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• Is the BetaShares Asia Technology Tigers ETF (ASIA) an ASX buy for China’s reopening?
• Want to know what the 3 top performing ASX ETFs in November have been?
• 3 fantastic ETFs for ASX investors to buy in December
• Here’s how I’d invest $20,000 in ASX shares today to double my money
• 3 top ETFs for ASX investors to buy and hold for a decade

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 BetaShares Global Cybersecurity ETF and Kogan.com. The Motley Fool Australia has positions in and has recommended BetaShares Global Cybersecurity ETF and Kogan.com. The Motley Fool Australia has recommended Betashares Capital – Asia Technology Tigers Etf. 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 Lake Resources NL (ASX: LKE) share price had a tough run in the month of November.

Lake Resources shares fell 5.66% from $1.06 at market close on 31 October to $1.00 at close on 30 November.

Let’s take a look at how the Lake Resources share price fared during the month.

What happened with Lake Resources?

Lake Resources was not the only ASX lithium share to fall during November. Allkem Ltd (ASX: AKE) shares shed more than 5%, while Core Lithium Ltd (ASX: CXO) shares descended 2%.

Lake shares climbed 11% between market close on 31 October and 14 November before retreating in the second half of the month.

News from the Kachi lithium processing plant on 2 November appeared to provide the Lake Resources share price with the boost. The company’s share price leapt more than 5% on this day. Lake advised initial test work had delivered “at spec” product from the plant.

Commenting on this news, Lake CEO David Dickson said:

We look forward to seeing the test work move into steady state and then for the process to be validated by Hatch so that work on the DFS can be completed.

However, on 8 November, Lake Resources shares fell 2.2% amid short pressure from J Capital. The firm had concerns Lake’s DLE technology won’t work as planned and will “still use large amounts of water and produce toxic waste”.

On 21 November, Lake provided another update from the Kachi project. Lake informed the market it has sorted out a dispute with Lilac Solutions. Lilac provides extraction technology at the project, in Argentina. Dickson said:

We are fortunate to be working with Lilac as our partner, who is equally interested in doing things differently so we can efficiently deliver the large volumes of high-quality lithium chemicals needed by battery makers.

Meanwhile, on 23 November, my Foolish colleague James reported the team at Bell Potter retained a buy rating on the company’s share price with a $2.52 price target. This is more than double the current share price.

On 29 November, Lake held its AGM. Chair Stuart Crown shared optimism about the company’s future. He said:

I look to the coming year with great anticipation and pride as a founding shareholder as your company strives to become one of the world’s significant suppliers of high purity lithium products.

Lake Resources share price snapshot

The Lake Resources share price has surged 18% in the past year, but it has slid 4% in the last week.

For perspective, the ASX 200 has returned 1.64% in the past year.

Lake has a market capitalisation of about $1.4 billion based on its current share price.

The post Why did the Lake Resources share price sink in November? appeared first on The Motley Fool Australia.

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• Here are the top 10 ASX 200 shares today
• Why is the Lake Resources share price heading down stream today?
• Why is the Core Lithium share price in the red today?
• Why are ASX lithium shares getting slammed again on Monday?
• Here are the 10 most shorted ASX shares

Motley Fool contributor Monica O’Shea 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 BHP Group Ltd (ASX: BHP) share price has gone on a strong run, rising by around 18% over the last month. The ASX dividend share has done well for shareholders.

It might be a mistake to think that a particular ASX share isn’t worth looking at just because it has risen. Plenty of businesses have gone up and then kept rising in the coming years.

Names like Altium Limited (ASX: ALU) and Pro Medicus Limited (ASX: PME) have seen very strong long-term share price growth, but it would have been a mistake to avoid them five years ago simply because they have risen.

Of course, not every investment is going to turn out as well as those two.

It’s a particularly tricky question for ASX resource shares because of how volatile commodity prices can be.

What’s going on with the BHP share price?

The BHP share price closed on Thursday at $46.48. This is the highest it has been in FY23 to date.

There has been a welcome rise in the iron ore price, which is an important source of profit generation for the ASX dividend share, particularly in the boom times.

During the COVID-19-affected financial years, iron ore generated big money for the company. But, China’s ongoing focus on substantially controlling the spread of COVID-19 infections has meant lockdowns and other restrictions. This has led to a reduction in economic activity and less demand for iron ore.

But, with COVID-zero now seeming to be a very difficult task, there are some investors now thinking that China is getting closer to pivoting away from the strictest policies.

Fewer restrictions could mean more economic activity and more demand for iron ore.

That’s not the only thing that has happened recently. BHP has also offered OZ Minerals Limited (ASX: OZL) enough money for the board to indicate they’d accept the takeover offer. BHP thinks the assets owned by the company, including copper projects, offer attractive long-term synergies for the business.

Is it too late to invest?

Investors are always able to buy BHP shares if they want to — there are plenty of shares on the market.

But, in hindsight, it would have been better to invest a month ago than today. However, in terms of whether today would be a good time to invest, it’s really a question of what resource prices do from here. Higher resource prices can result in higher profit and higher shareholder payments from the ASX dividend share.

But, I think resource prices can only rise so far, meaning the BHP share price can only go up so much sustainably.

Copper could do well in the coming years as the world looks to electrify more parts of society.

Coal earnings may remain elevated for some time if the supply and demand imbalance continues.

The big question is about iron ore. I don’t know if Chinese demand in 2023 will be strong enough to result in the iron ore price being above US$100 for the majority of the year.

I like the commodity mix that BHP has, including the planned potash project in Canada.

I’d rather wait for the BHP share price to slip below $40 again before jumping on the shares. However, even at this higher valuation, the resource giant could pay a grossed-up dividend yield of 9.4% in FY23.

The post This ultra-high-yield ASX dividend share is up 18% in a month. Is it too late to buy? appeared first on The Motley Fool Australia.

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More reading

• Climate and energy: Analyst tips 2 ASX shares perfectly placed for global crises
• BHP’s bargain? Expert thinks its ASX 200 takeover target could be worth 40% more
• BHP beat you to Oz Minerals? Buy this ASX 200 copper share instead: fundie
• 5 things to watch on the ASX 200 on Thursday
• Why is the BHP share price smashing the market with a 22% gain in November?

Motley Fool contributor Tristan Harrison has positions in Altium. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Altium and Pro Medicus. The Motley Fool Australia has positions in and has recommended Pro Medicus. 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 Incannex Healthcare Ltd (ASX: IHL) share price went nowhere on Thursday after the company requested a trading halt before the market open.

The Incannex share price was 23 cents at the close yesterday.

Let’s find out what’s happening with this ASX cannabis share.

Why is the Incannex share price at a standstill?

According to a statement, Incannex intends to conduct a “strategic institutional capital raising“.

Incannex asked the ASX to halt its share trading ahead of an official announcement explaining the detail of the raising.

Incannex shares will remain on ice until the commencement of normal trading on 5 December or upon the release of its announcement.

What’s been happening at Incannex?

Incannex develops medicinal cannabinoid pharmaceutical products.

As my Fool colleague Brooke recently noted, Incannex shares had a shocker in October.

The company entered the S&P/ASX 300 Index (ASX: XKO) in September. The following month, the Incannex share price underperformed the index by 15%. And that was despite a series of seemingly positive market updates.

In November, Incannex shares dropped another 11.5%. Ouch.

Cannabis shares are a highly volatile category of the market. One of their biggest hurdles is regulatory restrictions.

Medicinal cannabis is simply not legal in many parts of the world — including numerous states in the enormous nascent United States market.

As my Fool colleague Bernd reports, US President Joe Biden wants marijuana use legalised.

In October, he announced he would pardon everyone convicted of simple possession.

ASX cannabis shares responded to that, with Incannex shares rising 11% over two days.

Incannex performance snapshot

Incannex shares are down 65% in the year to date.

Over the past five years, they are up 1,050%.

The post Why was the Incannex share price put on ice today? appeared first on The Motley Fool Australia.

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• Looking to buy ASX cannabis shares right now? You’ll want to watch this
• Why did the Incannex share price go up in smoke in October?

Motley Fool contributor Bronwyn Allen 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 S&P/ASX 200 Index (ASX: XJO) hit a near 7-month high on Thursday amid comments from United States Federal Reserve chair Jerome Powell. The index closed 0.96% higher at 7,354.4 points.

Powell indicated the United States central bank will likely ease up on rate hikes as it continues to battle soaring inflation, the Guardian reports.

Wall Street took off amid the chair’s comments overnight. The Dow Jones Industrial Average Index (DJX: .DJI) rose 2.2%, the S&P 500 Index (SP: .INX) gained 3.1%, and the Nasdaq Composite Index (NASDAQ: .IXIC) lifted 4.4%.

Back home, the S&P/ASX 200 Materials Index (ASX: XMJ) led, soaring 2.6%.

The S&P/ASX 200 Real Estate Index (ASX: XRE) and the S&P/ASX 200 Utilities Index (ASX: XUJ) also outperformed, rising 1% and 1.1% respectively.

Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) dumped 0.8% despite stronger oil prices.

The Brent crude oil price gained 2.9% to US$85.43 a barrel overnight while the US Nymex crude oil price lifted 3% to US$80.55 a barrel.

All in all, nine of the ASX 200’s 11 sectors closed higher on Wednesday. But which share recorded the biggest jump? Keep reading to find out.

Top 10 ASX 200 shares countdown

Gold company Ramelius Resources Limited (ASX: RMS) led the way on Wednesday, gaining 10.5% as gold stocks outperformed.

Today’s biggest gains were made by these shares:

ASX-listed company	Share price	Price change
Ramelius Resources Limited (ASX: RMS)	$0.945	10.53%
Block Inc (ASX: SQ2)	$99.96	7.38%
Pinnacle Investment Management Group Ltd (ASX: PNI)	$9.29	7.27%
South32 Ltd (ASX: S32)	$4.29	6.72%
Evolution Mining Ltd (ASX: EVN)	$2.86	6.32%
Xero Limited (ASX: XRO)	$74.99	6.16%
West African Resources Ltd (ASX: WAF)	$1.225	6.06%
Capricorn Metals Ltd (ASX: CMM)	$4.45	5.95%
Champion Iron Ltd (ASX: CIA)	$6.73	5.82%
Silver Lake Resources Limited (ASX: SLR)	$1.28	5.79%

Our top 10 shares countdown is a recurring end-of-day summary to let you know which companies were making big moves on the day. Check in at Fool.com.au after the weekday market closes to see which stocks make the countdown.

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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• Why Appen, Evolution Mining, Rio Tinto, and Xero shares are racing higher
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• Xero share price hurtles higher on bullish broker note
• Stock market correction: A once-in-a-lifetime chance to get rich?
• Why are ASX tech shares having such a cracking run on Thursday?

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 positions in and has recommended Block, Pinnacle Investment Management Group, and Xero. The Motley Fool Australia has positions in and has recommended Block, Pinnacle Investment Management Group, and Xero. 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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November started off brilliantly for the Insurance Australia Group Ltd (ASX: IAG) share price, but it soon took a sharp turn.

Stock in the insurance giant launched to a 52-week high on 2 November – peaking at $5.09. However, it soon handed back the gains that brought it there, falling to a low of $4.69 earlier this week.

After ending October at $4.90, the IAG share price tumbled 2.45% to finish November at $4.78.

For comparison, the S&P/ASX 200 Index (ASX: XJO) lifted 6.13% last month. Meanwhile, the company’s home sector, the S&P/ASX 200 Financials Index (ASX: XFJ), rose 1.14%.

So, what might have gone wrong for the IAG share price? Let’s take a look.

What weighed on the IAG share price in November?

Interestingly, there’s been no price-sensitive word from IAG to explain its share price’s recent underperformance. Indeed, the last time the market heard from the company was amid its annual general meeting in late October.

Though, it’s worth noting severe flooding continued in parts of New South Wales last month while South Australia and Victoria suffered extreme weather events.

The company said it received more than 4,000 claims from the events between 12 November and 22 November.

And more storms could be heading our way. The company warned Australia is entering its annual severe thunderstorm season this week, with a particular focus on the damage hail can cause.

Also interestingly, other ASX 200 insurance providers performed well over the month just been.

The QBE Insurance Group Ltd (ASX: QBE) share price lifted 5.15% last month while the Suncorp Group Ltd (ASX: SUN) share price rose 4.47%.

Still, the IAG share price is outperforming the broader market year to date despite its recent struggles. The stock has lifted 6.7% year to date and 7.7% over the last 12 months.

For comparison, the ASX 200 has slumped 3% since the start of 2022 and lifted 1% over the last 12 months.

The post Why did the IAG share price have such a lousy November? appeared first on The Motley Fool Australia.

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• Will ASX 200 shares bottom before the year is out? Here’s Macquarie’s ‘best guess’
• 2 ASX 200 shares that could be too cheap to ignore: fund manager
• The IAG share price has smashed the ASX 200 this year. Is it too late to buy?
• Why did the IAG share price just hit a new 52-week high?
• 3 ASX 200 shares hitting new heights today

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 positions in and has recommended Insurance Australia 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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November was a shocking month for the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price, despite the broader market’s recovery.

The smallest of the big four banks’ stock tumbled 2.46% last month.

After closing October at $25.56, ANZ shares plunged to finish November at $24.74.

For comparison, the S&P/ASX 200 Index (ASX: XJO) rose 6.13% over the 30 days to 30 November.

So, what weighed so heavily on the ANZ share price last month? Let’s take a look.

What went wrong for the ANZ share price in November?

Interestingly, there was no obvious news that might have dragged on the ANZ share price last month.

Though, its worst day on the market ­– 7 November – saw the stock dump around 4.6%. That was the day ANZ traded ex-dividend, meaning new investors wouldn’t receive its upcoming 74 cent final dividend.

It was also, interestingly, the same day Westpac Banking Corp (ASX: WBC) dropped its full-year earnings.

ANZ also made headlines last month on news it would contribute $42 million to settle a class action related to the sale of three consumer credit products. The bank was one of numerous parties caught up in the legal action. The settlement amount was covered by already-held provisions.

The final major news from the ASX 200 bank dropped last week when it announced it will cease its business in Myanmar, citing “increasing operation complexity”. The nation has been under military rule since early 2021.

Another factor to consider when dissecting the ANZ share price’s November struggles is its brilliant October performance. It outperformed the ASX 200, gaining 10% compared to the index’s 5% rise, that month.

Additionally, the S&P/ASX 200 Financials Index (ASX: XFJ) also underperformed in November, gaining just 1.1%.

Taking another step back, the ANZ share price has been underperforming for most of 2022. It has dumped 10% year to date and is currently 6% lower than it was this time last year.

Comparatively, the ASX 200 is down 3% year to date and has lifted 1% over the last 12 months.

The post Why did the ANZ share price tumble in November while the ASX 200 gained 6%? appeared first on The Motley Fool Australia.

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• The 3 best-performing ASX 200 bank shares in November revealed
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• Which ASX 200 bank share stands to benefit the most from ‘good borrowers’?
• If I’d invested $10,000 in ANZ shares a year ago, here’s how much I’d have now

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 recommended Westpac Banking. 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 Core Lithium Ltd (ASX: CXO) share price had a disappointing time in November.

The lithium developer’s shares fell 2.1% over the period to end the month at $1.36.

This compares unfavourably to the ASX 200 index, which rose 6.1% last month.

What happened to the Core Lithium share price last month?

Things were actually looking very positive for the Core Lithium share price for the first half of the month. In fact, its shares climbed as much as 35% to a record high of $1.88 on 14 November.

This was driven by optimism over the outlook for lithium thanks to the electric vehicle boom. And with Core Lithium on the cusp of commencing production at the Finniss Lithium Project in the Northern Territory, investors were betting on it generating bumper free cash flow in the near future.

The company also announced the transportation of its first spodumene direct shipping ore (DSO) product from the project. Core CEO Gareth Manderson labelled it a milestone for Core. He said:

The transportation of DSO today is another signification milestone for Finniss, and is a very positive step towards our objective to export from Darwin Port before the end of the year.

The decline

Unfortunately, the Core Lithium share price didn’t stay at those lofty levels for long. A day after hitting a record high, it started its downward trend and wiped out its month to date gains and some more.

This appears to have been driven by bearish notes out of Credit Suisse and Goldman Sachs warning that lithium prices were heading meaningfully lower.

In addition, analysts at Macquarie downgraded Core Lithium’s shares to a neutral rating with a $1.80 price target. Its analysts are concerned that the Finniss project could be delayed following high level management departures and bad weather. In fact, the broker suspects that production could be delayed until FY 2024.

Here’s hoping for a better showing from the Core Lithium share price in December.

The post Why did the Core Lithium share price end the month lower after being up 35%? appeared first on The Motley Fool Australia.

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More reading

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• Can you guess which 3 ASX 200 lithium shares led the charge in November?
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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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The Magnis Energy Technologies Ltd (ASX: MNS) share price leapt 8% higher today amid a media report that the company is seeking funding to expand its lithium-ion battery plant in New York.

The Magnis Energy share price reached an intraday high of 40 cents today. That’s 8.1% higher than yesterday’s closing value of 37 cents. It is now trading at 38 cents, up 2.7%.

Here’s what’s going on.

What’s the news pushing up the Magnis Energy share price?

Late last night, the Australian Financial Review published an article saying Magnis is “seeking equity investors to fuel expansion plans alongside a mooted US-government sponsored debt facility”.

Magnis Energy asked the ASX for a temporary pause in trading before the market open today to give it time to prepare an official response.

What did Magnis Energy say?

In a statement issued just after 11am, Magnis Energy confirmed it has commissioned HSBC to assist with funding requirements.

The money will go toward expanding its lithium-ion battery plant, iM3NY Plant.

That stands for Imperium3 New York, Inc, which is a joint venture project between Magnis Energy’s US subsidiary and its partner, technology company Charge CCCV LLC, otherwise known as C4V.

The goal of iM3NY is to commercialise C4V’s patented technology to produce green-credentialed lithium-ion battery cells.

Why does the company need new capital?

According to the AFR, Magnis wants to ramp up production at iM3NY by more than 30 times before the end of the 2020s.

The article said HSBC is seeking to raise $300 million to fund the plant’s expansion. This would enable it to increase production from one gigawatt per year to five gigawatts per year by 2024.

The company also want a $200 million commitment to support future expansion initiatives.

The longer-term goal is to achieve 38 gigawatts per year by 2030.

The funding could also help Magnis access US government backing. In recent times, the US has awarded grants to other ASX-listed lithium battery developers, namely Novonix Ltd (ASX: NVX) and Syrah Resources Ltd (ASX: SYR).

Magnis Energy is listed on the ASX, the Frankfurt Stock Exchange (FSE: U1P), and the OTC Markets Group (OTCQX: MNSEF).

The company said its board has not decided whether it will participate in any funding arrangements.

Magnis Energy share price snapshot

It may be a player in the white-hot lithium and battery materials sector, but Magnis has had a rough year on the market. The shares are down 33% in the year to date.

The Magnis Energy share price is also down 17% over the past five years.

The post What’s with the Magnis Energy share price on Thursday? appeared first on The Motley Fool Australia.

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More reading

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• On the back of a cracking year, these 3 ASX 200 coal shares soared again in November
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• Here are the 3 most heavily traded ASX 200 shares on Thursday

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Hsbc Plc. 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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