This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

“Space is hard” goes the old saw among space investors. But here’s a new truism you might want to memorize: Space is hard — and it can also be weird.

Investors got their latest lesson in just how strange space investing can get late last month, when NASA revealed that it’s planning a new mission to send a volunteer space mission into orbit to adjust the orbit of the Hubble Space Telescope — and potentially extend the telescope’s lifespan by another 15 to 20 years.  

Cue Elon Musk

It should surprise exactly no one to learn Elon Musk is at the center of this latest “weird space news” story. As NASA explains, the space agency has signed an agreement with SpaceX to study potentially sending a “Polaris Program” mission Crew Dragon spacecraft to Hubble, where it will dock with the telescope and use the engines on the Crew Dragon to lift Hubble to a higher orbit.  

For those not familiar with Polaris, this is the private space initiative set up by pilot, billionaire, and Shift4 Payments (NYSE: FOUR) CEO Jared Isaacman last year. Polaris was initially founded to run the Inspiration4 mission that sent four private astronauts (Isaacman captained the crew) to space for a three-day orbit of the Earth in September 2021.

It has since evolved into a multi-mission project that will launch at least three more times — all aboard SpaceX spaceships — and attempt to set records for the highest Earth orbit crewed mission ever flown, the first private spacewalk, and the first test of SpaceX Starlink laser-based communications from space, to space.  

Which brings us back to NASA — and Hubble.

As NASA advised late last month, Polaris and SpaceX have proposed running a mission “at no cost to the government,” aiming to potentially keep the 32-year-old Hubble Space Telescope in operation into the 2050s. Although there may be some risk in allowing private contractors to take control of the NASA satellite, the alternative is to allow Hubble’s orbit to decay naturally — in which case the spacecraft might fall back to Earth as early as 2030.  

And of course, the fact that the mission would be performed gratis for NASA just adds to the attraction.

Space volunteers

The volunteer nature of this mission, however, does raise some questions for space investors going forward. Chief among them: How are for-profit companies like Northrop Grumman, Boeing, and Lockheed Martin supposed to compete with a company like SpaceX if it’s — even only occasionally — going to run off and do volunteer work for NASA for free?

In this particular case of the Hubble mission, of course, it wouldn’t really be SpaceX volunteering its services. Rather, billionaire Isaacman — who is hiring the SpaceX Falcon 9 rocket ship for his flight anyway — will be picking up the tab.

But in future years, as the cost of spaceflight plummets (in and of itself a problem for space launch companies like the Boeing-Lockheed joint venture United Launch Alliance), the chance that SpaceX might do further missions for free, in order to ingratiate itself to its biggest customer, could rise.

After all, according to SpaceX, once it gets its Starship mega-rocket up and running, the cost of each launch could theoretically fall as low as $2 million — a relative rounding error that could prompt SpaceX to do some missions for free.

And SpaceX isn’t the only space company that’s begun performing science missions for free. Upstart small rocket company Rocket Lab (NASDAQ: RKLB), for example, is promising to send a space probe to Venus sometime next year. With funding provided by philanthropists, MIT, and Rocket Lab’s own cash, the mission could cost as little as $10 million — or about 2% of what NASA pays private contractors to conduct similar missions.  

What it means for investors

Suffice it to say: This is not how for-profit companies ordinarily operate.

And, yes, as a space fan myself — and as a taxpayer — I applaud the idea of private businesses using their own capital, and supplementing it with help from philanthropists, to advance the cause of space exploration. As an investor, however, I do wonder what this might mean for for-profit aerospace companies like Boeing, Lockheed, and Northrop.

The good news is that, according to data from S&P Global Market Intelligence, these three companies in total still enjoy annual “space” revenues in excess of $30 billion, largely paid for by NASA and other big space customers. For the time being at least, there seems to be more than enough paying work to go around.

As the cost of access to space falls, however, and new rivals become unpredictably — and illogically! — willing to do formerly paid-for space work for free, the economics of space investing could become increasingly uncertain.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Space investing just got weirder appeared first on The Motley Fool Australia.

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Rich Smith has positions in Rocket Lab USA, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lockheed Martin and Shift4 Payments, Inc. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Sayona Mining Ltd (ASX: SYA) share price is up 2.13% this afternoon amid positive price movements for ASX lithium shares on Monday.

At the time of writing, shares in the lithium explorer are trading at 24 cents each.

Lithium shares are keeping the S&P/ASX 200 Materials Index (ASX: XMJ) in the green in afternoon trade. The index is up 0.31% but is one of the worst-performing sectors so far today.

Fellow lithium companies Pilbara Minerals Ltd (ASX: PLS) is up 3.7%, Core Lithium Ltd (ASX: CXO) is trading 3.88% higher, and Liontown Resources Ltd (ASX: LTR) is up 3.49%.

So why are ASX lithium shares defying the market sell-off in materials on Monday? Let’s investigate.

What’s going on with the Sayona Mining share price?

Something that could have lifted Sayona Mining’s share price to a modest gain is that many lithium companies released their quarterly reports today.

IGO Ltd (ASX: IGO) released its quarterly report this morning, which showed its profits have more than doubled for Q1 23.

My Fool colleague James notes that its success can be chalked up to record spodumene and nickel production.

The quarterlies of Core Lithium Ltd (ASX: CXO), Liontown Resources Limited (ASX: LTR), and Lake Resources NL (ASX: LKE) were also well received by the market today.

This positive sentiment could be helping to keep lithium shares in the green, with the knowledge that demand for spodumene remains high.

Certainly, IGO wasn’t the only share involved in the production of components used for electric vehicles to report a positive outlook for the future.

Arafura Resources Limited (ASX: ARU) said its neodymium-praseodymium oxide (NdPr) output is likely to remain strong. It said Chinese aggression towards Taiwan could also lead manufacturers to value producers outside of China, such as in Australia.

Sayona Mining share price snapshot

The Sayona Mining share price is up 85% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is suffering from an 8% loss over the same period.

The company’s market capitalisation is around $1.99 billion.

The post Could this news be helping the Sayona share price light up today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Matthew Farley 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 share price of All Ordinaries Index (ASX: XAO) lithium and sustainable metals developer Neometals Ltd (ASX: NMT) is outperforming on Monday.

Its gain follows the release of the company’s quarterly report, showing it burned through around $9.4 million in cash over the three months ended 30 September.

But the market’s seemingly more focused on the positive progress made by the developer of technology to produce sustainable battery metals.

Right now, the Neometals share price is up 2.8%, trading at $1.10.

Let’s take a closer look at today’s news from the All Ords lithium share.

This ASX All Ords lithium share is taking off today

The Neometals share price is joining many of its fellow ASX All Ords lithium shares in the green on Monday as a host of stocks post quarterly updates.

Here are the key takeaways from Neometals’ financial activities in its most recent quarter:

• Used $6 million in operating activities
• Spent $3.3 million in investing activities
• Used $16,000 in financing activities
• Ended the period with $50.8 million in cash and no debts

What else happened during the quarter?

Neometals’ 50%-owned Primobius booked its maiden recycling revenue last quarter.

Meanwhile, the company continued work at its core battery materials business units: its Lithium-ion Battery Recycling Operation, its Vanadium Recovery Project, and its Lithium Chemicals Project.

Additionally, results from trials using products from the company’s Barrambie Titanium and Vanadium Project are expected to be released next month.

Looking beyond that, the project’s pre-feasibility study is on track to be completed in December.

Neometals share price snapshot

The Neometals share price is gaining alongside many of its ASX All Ords lithium peers amid several quarterly updates.

Core Lithium Ltd (ASX: CXO), Liontown Resources Limited (ASX: LTR), and Lake Resources NL (ASX: LKE) also dropped quarterlies today. They’re gaining 3.88%, 2.96%, and 3.76% respectively right now.

But unlike many of its ASX lithium peers, the Neometals share price has tumbled in 2022.

It’s dumped 33% year to date. Though, it has gained 10% over the last 12 months.

The post Guess which ASX All Ords lithium share is getting a boost today despite burning through nearly $10m appeared first on The Motley Fool Australia.

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• 3 ASX All Ords shares starting the week on fire
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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 Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) remains on course to record a decent gain. At the time of writing, the benchmark index is up 0.75% to 6,836.2 points.

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

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down a further 2% to 65.5 cents. This semiconductor company’s shares have been absolutely smashed over the last two trading sessions following the release of a terrible quarterly update. That update revealed paltry cash receipts of $118,000, a difficult operating environment, and further cash burn. Surprisingly, Brainchip still has a market capitalisation over $1 billion despite these declines.

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is down over 10% to 39 cents. This follows the release of a disappointing quarterly update from the junior infant formula company. Although Bubs recorded solid quarter sales growth thanks largely to currency tailwinds and supply shortages in the United States, it continues to operate at a loss. In addition, management warned that there is an oversupply of infant formula in the China market, making trading conditions particularly tough.

EML Payments Ltd (ASX: EML)

The EML share price has crashed 30% to 44 cents. This morning the embattled payments company revealed that it will temporarily cease onboarding new customers, agents, and distributors to its UK subsidiary, Prepaid Financial Services. This follows concerns raised by the UK Regulator, the Financial Conduct Authority (FCA).

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down 1.5% to $14.55. Investors have been selling the iron ore giant’s shares on Monday after the price of the steel making ingredient tumbled again. Traders were selling down the iron ore price below US$80 a tonne amid concerns over softening demand in China and increasing supply.

The post Why Brainchip, Bubs, EML, and Fortescue shares are falling today 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 positions in and has recommended EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended BUBS AUST FPO. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Despite dropping 33% year to date, GameStop (NYSE: GME) stock is still up by a jaw-dropping 2,400% from the roughly $1.00 per share it was worth in early 2020. The company is flying high after the meme stock rally jacked up prices of heavily shorted equities.

But despite its lofty price tag, GameStop’s fundamentals still leave much to be desired. Long-term investors should stay far away. Here’s why.

A business in terminal decline?

Founded in 1984, GameStop has its roots as a brick-and-motor retail chain focused on new and used video game software. But like many companies that started in that period, its core business model became outdated with the rise of e-commerce, streaming, and digital downloads. And while GameStop has lasted much longer than other 80s babies like Blockbuster Video (which went bankrupt in 2010), the future looks bleak. 

GameStop’s revenue has fallen 37% (from $9.55 billion to $6.01 billion) between 2012 and 2021. And the company has seen its market eroded by direct-to-consumer rivals like Valve Corporation’s Steam, which allows users to download content directly from its platform. 

GameStop still has an economic moat as a place to buy and sell used games, but it is unclear if that niche will be enough to keep the company afloat. Forays into new businesses, such as non-fungible tokens (a form of digital collectibles), are yet to materially impact financial statements. And management’s cryptocurrency efforts look more like a way to maintain hype for the stock than actually turn the business around, although time will tell.  

Second-quarter earnings were not impressive

GameStop’s second-quarter earnings were lackluster. Net sales dropped 4% year over year to $1.14 billion because of a decline in software and hardware sales. And operating losses expanded from $58 million to $107.8 million in the period. That said, with $908.9 million in cash and just $32.1 million in long-term debt, the company has a healthy balance sheet.  

Instead of funding itself through cash flow and bond offerings, GameStop sells more shares of its (arguably) overpriced stock. This is the right thing to do from a business perspective, but it can harm shareholders by diluting their claim to future earnings, which lessens the fundamental value of their shares.

As of the second quarter, GameStop’s outstanding shares totaled 304 million compared to just 66 million in early 2020. Investors should expect this number to continue growing because of the company’s operational losses.

The valuation is simply too high

With a price-to-sales (P/S) ratio of 1.4, GameStop’s stock doesn’t look super overvalued compared to the S&P 500’s average of 2.3. But those numbers don’t tell the full story. The company operates in what appears to be a dying industry, with revenue eroding over the long term; plus, it isn’t profitable and funds itself through equity dilution.

GameStop’s valuation should be much lower in light of its many challenges. And investors should avoid the stock because of continued risk to the downside. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Why I wouldn’t touch GameStop stock with a 10-foot pole appeared first on The Motley Fool Australia.

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• Here’s why the Origin share price is storming higher today
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Will Ebiefung 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Origin Energy Ltd (ASX: ORG) share price is starting the week in fine form.

In afternoon trade, the energy company’s shares are up 3% to $5.58.

Why is the Origin share price pushing higher?

Investors have been buying Origin’s shares today after the company released its quarterly update.

According to the release, Australia Pacific LNG revenue for the first quarter came in at $2,768 million. This is an increase of 1% on the prior quarter and a massive 64% on the prior corresponding period.

This was driven by higher realised oil prices, which helped offset a 2% quarter on quarter decline in production to 167.5 PJ due to wet weather impacting access to wells.

Looking ahead, management notes that the outlook for the LNG trading business has improved. This is particularly the case for FY 2025, where hedging at favourable market prices has resulted in an expected LNG trading EBITDA of $350 million to $550 million. Though, this outlook remains subject to market prices on unhedged volumes, operational performance, and delivery risk of physical cargoes, shipping, and regasification costs.

Energy markets

The release also notes that electricity and gas spot prices reduced when compared with the June quarter but remain considerably higher than a year ago. This is due to higher international coal and gas prices.

Total electricity sales volumes rose 8% year on year during the first quarter. While retail sales volumes fell by 2% due to the continued increase in solar uptake and energy efficiency, business volumes gained 18% on new customer wins.

‘Market conditions have improved’

Origin’s CEO, Frank Calabria, appeared to be pleased with the quarter and the improvement in market conditions. He said:

Market conditions have improved following the incredibly challenging June quarter during which we experienced significant power supply challenges and elevated wholesale prices across the NEM. Australia Pacific LNG delivered a very solid $2,768 million in revenue for the quarter, relatively steady on the June quarter but up 64 per cent on the prior year, due to higher realised oil prices. This quarterly performance was particularly strong given the impact of wet weather and planned downstream maintenance.

In Energy Markets, net new business customer wins drove electricity sales volume growth, offsetting weaker retail sales volumes due to improvements in energy efficiency and an increase in solar uptake.

In line with our strategy, we continued to invest in renewable and cleaner energy and customer solutions during the quarter with a $163 million (£94 million) investment to maintain our 20 per cent stake in the leading UK energy and technology company, Octopus Energy, and $6 million for the acquisition of the 60 MW Yanco Solar Farm development in the NSW Riverina.

The post Here’s why the Origin share price is storming higher today 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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Well, it’s the last day of October 2022 (Happy Halloween). As such, it’s always a good time to look back at the month that (almost) was and see how some of the S&P/ASX 200 Index (ASX: XJO)’s most prominent shares fared.

So today. let’s check out the National Australia Bank Ltd (ASX: NAB) share price.

NAB shares have been a standout ASX 200 performer over 2022 thus far. This ASX big four bank is currently trading at $32.38 a share at the time of writing, up 1.17% for the day thus far. That puts NAB up a very pleasing 10.12% year to date in 2022. Not bad at all when the ASX 200 remains down by around 10% over the same period.

But how has NAB fared over this tenth month of the year?

Well, NAB shares ended September at a price of $28.81. That puts the bank at a very pleasing gain of 12.36% as it currently stands, well over the ASX 200’s present gain of 5.5% for October.

NAB shares clock a spectacular month

But even that robust gain doesn’t put NAB at the top of the ASX banking table. Commonwealth Bank of Australia (ASX: CBA) shares have outstripped even NAB’s rises. CBA shares have recorded a gain of 15.5% over October thus far. Westpac Banking Corp (ASX: WBC) shares have done even better again. This bank has recorded a pleasing 16.86% rise.

As it turns out, the only major ASX bank NAB can claim to have beaten this month is Australia and New Zealand Banking Group Ltd (ASX: ANZ). ANZ shares have lagged behind the others with a gain of ‘only’ 11.78%.

So why did NAB shares have such a strong month over October? Well, there was no major news out of the bank.

However, as is obvious from the performance of all ASX bank shares over the month, investors are currently very excited over this sector’s prospects going forward. This is arguably due to rising interest rates.

Rising rates enable banks like NAB to increase their net interest margins thanks to widening spreads between the interest they charge on loans and the interest they pay out on deposits.

We saw this codified in Bank of Queensland Ltd (ASX: BOA)’s full-year results delivered earlier this month. Upon the release of these results, which indeed showed rising net interest margins, all ASX bank shares got a major boost. This is probably the most significant reason why NAB, along with its peers, had such a strong month.

At the current NAB share price, this ASX bank share has a market capitalisation of $101.87 billion, with a dividend yield of 4.33%.

The post Here’s how the NAB share price has fared in October appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has positions in National Australia Bank Limited. 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 Corporation. 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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TPG Telecom Limited (ASX: TPG) shares are in the green today amid a strategic update.

The telecommunication company’s shares are up 1.77% at the time of writing, currently trading at $4.895 apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.69% today.

So what did TPG announce to the market today?

Bank of America to assist with strategic review

TPG has recruited Bank of America to assist with a strategic review of the company’s Vision Network business unit.

The company said its board wants to unlock value for TPG Telecom shareholders and enable Vision Network to “exploit its full potential”.

The Australian Financial Review reported Bank of America may help TPG sell its Vision Network business and will likely speak to prospective investors.

Vision Network provides fixed broadband to about 135,000 subscribers. The business is expected to generate more than $100 million of revenue in the 2023 financial year.

Commenting on today’s news, TPG CEO and managing director Inaki Berroeta said:

Vision Network’s operations are best-in-class and, following completion of the last phase of functional separation from our retail operations earlier this month, the business has compelling opportunities to fulfil its potential to become a leading wholesale residential broadband platform for multiple retail service providers.

TPG believes Vision Network has the potential to provide super-fast broadband connectivity to new building developments.

TPG said it will provide more updates to the market “in due course” and “as appropriate”.

Share price snapshot

TPG shares have shed almost 28% in the past 12 months, while they are down 17% year to date.

In comparison, the S&P/ASX 200 (ASX: XJO) has lost nearly 7% in the past year.

TPG has a market capitalisation of about $9 billion based on the current share price.

The post TPG shares lift after revealing plans of ‘unlocking’ more value appeared first on The Motley Fool Australia.

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• What sent the Imugene share price 6% higher this morning?
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• Is this ASX 200 share really offering a dividend yield above 30%?
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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 recommended TPG Telecom Limited. 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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Monday is proving to be a good day for the All Ordinaries Index (ASX: XAO) as many shares that call the index home boost it higher.

Indeed, these three are posting gains of as much as 11% right now. Meanwhile, the All Ords index is up 0.64% at the time of writing.

So, what’s driving these All Ords shares to outperform? Keep reading to find out.

3 ASX All Ords shares posting major gains on Monday

The first All Ords share taking off today is Tasmanian whiskey crafter Lark Distilling Co Ltd (ASX: LRK). The company posted its quarterly report this morning.

It brought in $4.2 million of sales over the three months ended 30 September – a 3% increase on the prior comparable period (pcp). Its gross profit margin also rose to 67.7% while its cash position remained strong at around $10 million.

The update appears to have surprised the market. It has bid the Lake Distilling share price up to $2.06 right now – marking a 10.75% gain on its previous close.

Lark Distilling is joined in the green by the share price of All Ords online furniture and homewares retailer Temple & Webster Group Ltd (ASX: TPW). It’s gained 9.47% to trade at $5.55 at the time of writing.

That’s despite no news having been released by the company.

Though, it’s worth noting Temple & Webster’s stock has dumped around 47% year to date after a rough start to 2022. Today’s rise sees it trading around 5% lower than its September high.

Finally, the share price of All Ords tech favourite Life360 Inc (ASX: 360) is taking off on Monday, gaining 6.55% to reach $6.83.

Once again, there’s been no news from the former S&P/ASX 200 Index (ASX: XJO) company. Today’s gain included, its stock has fallen around 28% year to date.

The post 3 ASX All Ords shares starting the week on fire appeared first on The Motley Fool Australia.

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More reading

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• Analysts name 2 ASX growth shares to buy next week
• Down 32% in 2022, this ASX All Ords share is a bargain-buy opportunity: WAM
• How I’d aim to find under-the-radar ASX shares that are pandemic-era bargains
• 3 ASX All Ordinaries shares leaping more than 10% on quarterly updates

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 Life360, Inc. and Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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 Nickel Industries Ltd (ASX: NIC) share price has started the week strongly.

At the time of writing, the nickel producer’s shares are up over 4% to 73 cents.

At one stage, the Nickel Industries share price was up as much as 6% to 74 cents.

Why is the Nickel Industries share price rising?

Investors have been bidding the Nickel Industries share price higher today after the company released its quarterly update.

According to the release, Nickel Industries delivered a 30.2% quarter on quarter increase in nickel production to a record of 20,275 tonnes. This includes 9,994 tonnes of nickel from the Angel Nickel operation, which commenced commissioning in late July.

Another positive was that the company recorded an average cash cost of US$13,597 per tonne, down 6.2% since the previous quarter.

Things weren’t quite as positive for its sales and earnings. Although nickel sales volumes rose 26.7% to 20,045 tonnes, a 20% decline in the realised nickel price to US$15,950 a tonne led to sales growth of just 1.2% to US$319.2 million.

It was even worse for its earnings despite its lower cash costs. The company revealed 46.6% decline in RKEF EBITDA to US$45.3 million. This represents EBITDA per tonne of US$2,261, which is down 57.9% from the June quarter.

Nevertheless, the company still generated underlying cash from operations of US$54.9 million for the quarter. This boosted its cash balance to US$513.2 million at the end of September.

The Nickel Industries share price has now trimmed its year to date decline to approximately 50% following today’s gain.

The post Why is the Nickel Industries share price leaping 6% today? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Broker names the ASX 200 mining shares to buy now

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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