In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record the smallest of gains. At the time of writing, the benchmark index is up slightly to 7,114 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is up 10% to $1.66. Investors have been buying this footwear retailer’s shares following the release of its full year results. Although Accent posted a sizeable 59.2% decline in net profit after tax to $31.5 million, this was largely expected. As a result, investors appear to be focusing on its very strong start to FY 2023 instead.

Cochlear Limited (ASX: COH)

The Cochlear share price is up 2.5% to $219.75. This morning this hearing solutions company released its FY 2022 results and revealed record sales revenue of $1.6 billion and an 18% increase in underlying profit to $277 million. Looking ahead, management expects its underlying profit to grow to between $290 million and $305 million in FY 2023.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is up 4% to $19.39. This follows the release of FY 2022 results that were ahead of the market’s expectations. The gold miner delivered a full year net profit after tax of US$872 million. While this was down 25% year over year, it was ahead of consensus estimate of US$843.5 million.

Santos Ltd (ASX: STO)

The Santos share price is up 6% to $7.48. Investors have been buying this energy producer’s shares after oil prices charged higher overnight. Traders were buying oil after data showed that US crude stockpiles fell significantly more than expected last week. The S&P/ASX 200 Energy index is up almost 4% today.

The post Why Accent, Cochlear, Newcrest, and Santos shares are charging higher today appeared first on The Motley Fool Australia.

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More reading

• Why is the Santos share price soaring 6% on Friday?
• Cochlear share price takes off despite guidance miss
• Accent share price jumps despite 59% profit drop
• Everything you need to know about the latest Newcrest dividend
• Newcrest share price lifts despite profit falling 25%

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 Cochlear Ltd. The Motley Fool Australia has recommended Accent Group and Cochlear 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 Sayona Mining Ltd (ASX: SYA) share price is powering upward today amid further government commentary on the need for an increased uptake of electric vehicles (EVs) in Australia.

At the time of writing, the Sayona share price is 27 cents, up 8%.

What’s been said about electric vehicles today?

Speaking at the National Electric Vehicle Summit in Canberra, Energy and Climate Change Minister Chris Bowen pledged that the government would provide “policy leadership” on EVs.

According to reporting in The Australian, Bowen said:

We believe now is the time to have a sensible discussion about whether fuel efficiency standards could help improve the supply of electric vehicles into our market …

Apart from Russia, Australia is the only OECD country not to have or be in the process of developing fuel efficiency standards.

Other government ministers have also given their support for increasing EV uptake in Australia.

NSW Energy Minister and Treasurer Matt Kean said he was working with political peers on both sides of the aisle “who are continuing to push reform to support the uptake of EVs”, according to The Guardian.

Kean said EVs were “absolutely essential to our emission reduction goals”.

What’s this doing for the Sayona share price?

Well, the discussion at the summit simply provides further momentum for the shift to EVs in Australia. And that’s great news for lithium miners like Sayona, given lithium is a crucial element in the batteries that make EVs run.

Other ASX lithium shares are also trading higher today. Allkem Ltd (ASX: AKE) shares are up 1.32% at the time of writing, and Pilbara Minerals Ltd (ASX: PLS) shares are 0.16% higher. Lake Resources NL (ASX: LKE) shares are up by 1.68%.

Perhaps Sayona is getting a bigger benefit today after some exciting announcements this month.

These include restarting its North American Lithium operation and bolstering its financial base by increasing its at-market subscription agreement (ATM) with existing shareholder Acuity Capital.

What’s next for EVs in Australia?

A draft of Australia’s first National Electric Vehicle Strategy will be released in September.

This was among a range of promises made by the Labor Party during the election campaign to boost EVs in Australia. Another commitment was to introduce an electric car discount.

This would exempt EVs below the luxury car tax threshold ($77,565 in FY21) from import tariffs and fringe benefits taxes.

What’s next for the Sayona share price?

As my Fool colleague Raymond pointed out this week, the Sayona share price has been volatile of late.

But overall, it’s a lush green picture. In the year to date, Sayona shares are up 93%. Over the past month, they have risen more than 80%.

ASX lithium shares received a new tailwind this week when the United States Congress passed a $US430 billion bill “that is seen as the biggest climate package in the country’s history”, as abc.net.au reported.

The post Why is the Sayona Mining share price surging 8% on Friday? appeared first on The Motley Fool Australia.

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More reading

• Why is the Sayona Mining share price so volatile?
• Why are ASX lithium shares having such a cracking start to the week?
• Why is the Lake Resources share price up so much more than other ASX lithium shares today?
• Why has the Sayona Mining share price rocketed almost 100% in a month?
• Why is the Sayona Mining share price surging 15% on Monday?

Motley Fool contributor Bronwyn Allen has positions in Allkem 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 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 broader market is struggling to make ground today but there is one ASX healthcare share that is zooming ahead this afternoon.

This is the Invex Therapeutics Ltd (ASX: IXC) share price, which is currently surging 17.86% to 66 cents. If it closes at this level, it will mark a more than three-month high for the share.

In contrast, the All Ordinaries Index (ASX: XAO) is trading flat as falls in ASX big banks offset gains by ASX resource shares.

Why this ASX healthcare share is exciting the market today

Invex got the attention of investors today when it announced that its Investigational New Drug (IND) application had been approved by the US Food and Drug Administration (FDA).

The approval is for its Presendin drug, and it comes as the ASX healthcare company commences its phase III clinical trial, called IIH EVOLVE, in the United States.

The trial is for patients with idiopathic intracranial hypertension (IIH). This is a condition where pressure inside the skull increases for no obvious reason.

The condition can cause vision changes and headaches – symptoms that are similar to a brain tumour (but with no tumour present).

Why is the FDA’s IND approval so important?

Securing the IND is essential to the phase III trial in the US. A clinical study sponsor has to obtain this before it can administer an investigational drug to humans.

According to the US FDA’s website, the IND must be secured prior to interstate shipment and administration of any new drug or biological product that is not the subject of an approved New Drug Application or Biologics Product License Application.

The chief scientific officer and executive director of Invex, Professor Alex Sinclair, said:

We are excited to have received the IND for Presendin and IIH EVOLVE from the US FDA, based on the study protocol where we have already secured regulatory clearances in the UK and Australia.

We anticipate that a positive efficacy outcome of the study will facilitate further discussions with the FDA on the future registration requirements of Presendin for IIH patients in the US.

High hopes for this ASX healthcare company

Invex claims there are no existing regulatory approved drug therapies for IIH. This leaves invasive neurosurgical and ophthalmic surgeries as options for those with a severe case of the condition.

The microcap ASX healthcare share intends to open several clinical sites across the US to support the IIH EVOLVE trial. Invex will now complete the necessary institutional contracts and human ethics committee approvals.

Clinical trial details

The IIH EVOLVE study is a randomised, placebo-controlled, double-blind trial that will randomise 240 patients.

These patients are newly diagnosed with IIH and the trial will help determine the efficacy and safety of Presendin versus placebo.

The drug/placebo will be administered once a week over 24 weeks. The primary endpoint of the trial is the change in intracranial pressure from baseline, with key secondary endpoints related to vision and headache outcome measures. Invex intends to open up to 40 clinical sites globally.

Invex annual report

The company also released its annual report for FY22 today.

Invex recorded a net loss after tax of $3.950 million, an increase of 73% on the prior corresponding period. This was attributed largely to higher research and development costs of $2.642 million (compared to $1.139 million in FY21), reflecting the expenditure required to commence the IIH EVOLVE study.

The company reported an overall cash burn from operations of $3.377 million (up from $1.678 million in FY21).

Invex said it remained “in a strong financial position” with cash and cash equivalents of $29.339 million at 30 June 2022 (down from $32.777 million in FY21).

Invex share price snapshot

The Invex share price is almost 1% in the green over the past year, thanks to today’s big rally. This is better than many other ASX healthcare shares and biotech shares.

These include the Mesoblast Limited (ASX: MSB) share price and Starpharma Holdings Limited (ASX: SPL) share price. These shares are both down around 40% over the past 12 months.

The post This ASX healthcare company just got FDA approval, and its share price is soaring 18% appeared first on The Motley Fool Australia.

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More reading

• Why is the Sayona Mining share price surging 8% on Friday?
• Investors are leaning away from ESG investing, but here’s why you shouldn’t follow the crowd
• 3 ASX All Ordinaries shares cracking new highs on Friday
• The Aussie-born crypto platform taking on Ethereum
• Could Porsche’s new test run threaten the outlook for ASX lithium shares?

Motley Fool contributor Brendon Lau 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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings 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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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.

Traditionally, the main thing investors would use to determine whether to invest in a company is how much money it made. That’s still one of the most important factors, but investors have increasingly begun to look past a company’s financials and into its role in greater society. This has been evident with the increased popularity of ESG investing (environmental, social, and corporate governance).

The environmental part focuses on how a company’s current operations impact the environment, as well as its commitment to operating in a more eco-friendly way and fighting climate change. This is particularly relevant to companies dealing with high energy use and fossil fuels. Socially, companies are graded on how they interact with employees, customers, and the greater community. Whether it’s work culture, diversity, customer data privacy, or philanthropy, this aspect of ESG lets investors know where a company stands. Governance mainly focuses on a company’s compliance, transparency, and truthfulness.

Investors are pumping the brakes a bit

Over the past few years, the popularity of ESG funds has skyrocketed. At the end of 2019, there was $1 trillion in ESG funds. At the end of 2020, there was $1.8 trillion in ESG funds. By the end of 2021, the money held in ESG funds had increased 53% to $2.7 trillion, with $596 billion being new money.

However, recently this momentum has slowed down. In the first quarter of 2022, $87 billion of new money went into ESG funds. In the second quarter, only $32.6 billion went into ESG funds, a roughly 62% decline. According to Morningstar’s Global Sustainable Fund Flow report, this largely has to do with inflation and recession fears. While both are very real issues we’re currently facing, now’s not the time to abandon ESG investing if you have the financial means.

ESG funds are far from perfect

Although ESG investing is good in its intent, investors may be rightfully concerned with the ironic holdings of some ESG funds. A fund’s objective may say one thing, while some of its holdings seemingly go against that. For example, it’s not farfetched to see supposedly earth-friendly ESG funds that contain big oil companies. It’s sort of a catch-22 for some investors: Big oil undoubtedly plays a huge role in pollution, but those companies are also making some of the largest investments in green innovations.

Investors are often right in their criticism, but that shouldn’t be cause to abandon ESG investing altogether.

Now’s not the time to pull back from investing

As an investor, the one thing you don’t want to do during down periods in the market is stop investing. If anything, these can be times to double down and get some of your favorite stocks at a discount. There’s a lot of uncertainty in the market, but the one thing you can be certain about is volatility. The quicker long-term investors realize that market cycles are inevitable, the sooner they can begin to view these as opportunities.

If you’re investing in well-diversified ESG funds containing blue chip stocks, keep your eyes on the prize and trust that they’ll weather the storm. But maybe more importantly, ESG investing allows investors to put their money into companies whose operations align with their personal values. And that doesn’t have to go against your financial goals. 

A company aiming to uphold ESG standards doesn’t mean it’s not concerned with creating shareholder value. In fact, much of what ESG investing is about is identifying future risks that can harm a business. An oil company can be affected by legislation; data leaks could lead to loss of customers’ trust; and inaccurate financial reporting can leave investors unknowingly on a sinking ship (read: Enron).

ESG investing can be a way for investors to kill two birds with one stone.

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

The post Investors are leaning away from ESG investing, but here’s why you shouldn’t follow the crowd appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares cracking new highs on Friday
• The Aussie-born crypto platform taking on Ethereum
• Could Porsche’s new test run threaten the outlook for ASX lithium shares?
• Why is the Whitehaven Coal share price leaping 7% to a record high?
• Why is the Santos share price soaring 6% on Friday?

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 All Ordinaries Index (ASX: XAO) is having a fairly muted day of gains so far this Friday. At the time of writing, the All Ords has put on a rather measly 0.02% to just under 7,360 points.

But it’s been a far better day for some All Ords shares. So let’s dig into three that have just hit new 52-week highs this Friday.

3 All Ords shares hit new highs on Friday

Omni Bridgeway Ltd (ASX: OBL)

On the surface, it doesn’t look like an ultra-exciting day for the Omni Bridgeway share price. This All Ords financial share has gained 0.03% at the time of writing at $4.625 a share. But earlier today, the company rose as high as $4.65 – a new 52-week high for Omni Bridgeway.

It’s the highest share price the company has enjoyed since mid-2020. Omni Bridgeway shares have been climbing ever since the litigation funder announced some pleasing annual commitment numbers last month.

Tassal Group Limited (ASX: TGR)

Next up is the All Ordinaries fish-farming company Tassal Group. Like Omni Bridgeway, Tassal shares haven’t lit the world on fire with gains today. The company currently sits flat at $5.15 a share, up 0.1% for the day.

However, this gain is sitting on the shoulders of the stellar week the aquaculture company has enjoyed.

$5.16 is a new 52-week high for Tassal. Investors have been flooding into the share ever since Tassal announced that it had accepted a $1.1 billion ($5.23 per share) takeover offer on Monday from Canadian seafood company Cooke Inc.

Maca Ltd (ASX: MLD)

Mining services company Maca is our final All Ords share to check out this Friday. Maca shares have actually had a decent day of gains today, rising 4.46% to $1.055 a share. That comes after the company hit $1.06 this morning, which is… you guessed it, Maca’s new 52-week high.

This move comes after news yesterday that NRW Holdings Limited (ASX: NWH) had launched a takeover offer for Maca. Investors were offered $1.085 per share, but the company disclosed yesterday that it had told NRW ‘thanks, but no thanks’. Investors seem encouraged today, all the same.

The post 3 ASX All Ordinaries shares cracking new highs on Friday appeared first on The Motley Fool Australia.

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• Guess which ASX copper share has exploded 182% this week?
• Results and trading halts: What went down for the NRW share price on Thursday?
• 50% off: Why I think this ASX All Ords share could be a sparkling buy
• This ASX lithium share is surging 45% today. What’s going on?
• Why BHP, Life360, Tassal, and Temple & Webster shares are charging higher

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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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It’s been a rough year so far for investors in crypocurrency. The Ethereum (CRYPTO: ETH) price has lost just over 40% of its value, while the Bitcoin (CRYPTO: BTC) price is down almost 50%.

But bear markets and a worsening sentiment haven’t deterred some entrepreneurs from innovating this year — defiant in the face of the mass lay-offs occurring in the industry.

One Australian entrepreneur, Robbie Ferguson, is doing just that. He’s pumping the gas on hiring for Immutable X, a non-fungible token (NFT) trading platform for digital assets.

As reported by the Australian Financial Review, the platform, then known as simply Immutable, was founded in the depths of one of crypto’s most severe meltdowns that occurred in 2017.

Video games Etherbots and Gods Unchained were developed, and the company’s foray into the trade of digital assets began. Players could buy and sell in-game items, and Immutable forged this concept into an enduring business model.

Today Ferguson is busy developing Immutable X, funded by a $280 million capital raise it secured in March.

Immutable X builds on its original premise of gamers trading non-fungible items in a frictionless environment. Unlike other NFT platforms like Open Sea or Super Rare, traders pay zero gas fees to mint, transfer, and trade their virtual assets.

Its website states it is the world’s best platform for NFT trades. It boasts Marvel, Disney, and Guild of Guardians as some of its clients.

And Ferguson’s personal conviction certainly matches the corporate messaging.

Speaking with the AFR, Ferguson described his ambitious vision for the future of NFTs, projecting that they will be used to tokenise assets that range from music tracks to treasury bills, recorded forever on the blockchain.

But the Ethereum price will still play a part

However, some analysts don’t share Ferguson’s brass-necked optimism, or at least for the immediate future, with the main culprit being the sell-off in the Ethereum price.

The correlation between the Ethereum price and NFT sales is not fully understood, with some studies showing the correlation as being either a little, some, a lot, or none at all.

Some experts take the broader view and think the crypto market in general is still speculative, and, therefore, risky. This includes Miller Tabak & Co’s chief market strategist Matt Maley.

One can interpret this as meaning different things. Still, it’s hard to imagine NFTs flying out the door if people believe they will lose money in the long run, with the Ethereum price acting as a barometer of investors’ fear and greed at the minimum.

The post The Aussie-born crypto platform taking on Ethereum appeared first on The Motley Fool Australia.

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More reading

• 2 cryptos that could lead the market recovery
• Why Bitcoin, Ethereum, and Dogecoin are slumping today
• This is why Ethereum has been outpacing the Bitcoin price gains. Will it last?
• Why Ethereum and Solana were trading wildly today
• 3 reasons I’m buying this crypto hand over fist

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 positions in and has recommended Bitcoin and Ethereum. 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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ASX lithium shares have offered investors some choice returns over the past year.

Taking a look at three leading ASX lithium stocks, Core Lithium Ltd (ASX: CXO) has gained 324% over the past 12 months; Allkem Ltd (ASX: AKE) shares are up 34%; and the Lake Resources N.L. (ASX: LKE) share price has gained 119%.

Those impressive results are even better in light of the 5% full-year loss posted by the All Ordinaries Index (ASX: XAO).

ASX lithium shares have benefited from soaring lithium prices, up more than 400% over the past year. This comes amid rapid growth in the EV markets, with China posting record EV sales of 571,000 vehicles in June alone.

Lithium, as you’re likely aware, is a core element in the batteries that make EVs go.

And with the world moving to decarbonise, governments, car manufacturers and investors alike have been placing big bets on the fact that EVs will continue to replace combustion engine vehicles over the coming decade.

This thesis sees growing demand for lithium over the coming decade, which will continue to support ASX lithium shares.

But what if they’re betting on the wrong horse?

Porsche tests hydrogen-combustion car

While the EV market isn’t likely to be upended overnight, car makers including Porsche are pouring money into researching clean alternative combustion energy sources.

Namely hydrogen.

As Motor1 reports, Porsche recently completed a virtual test of a hydrogen-powered car.

Note that this is a combustion motor, and not the same thing as a hydrogen fuel cell vehicle, which uses the chemical energy of hydrogen to produce electricity.

The simulated Porsche used the company’s 4.4 litre V8 combustion engine as the building block for the tests, in which the car topped out at 261 kilometres per hour, producing an impressive 590 horsepower.

Porsche stated its simulation demonstrated the engine could meet the Euro 7 emissions standards.

ASX lithium shares won’t be feeling the impact of its hydrogen-powered cars soon, as Porsche said it wasn’t going to produce the motor in “its current form”. But Porsche added it had gained “valuable insights” from the tests.

And Porsche isn’t alone.

According to Motor1,  Ford has filed a patent for a hydrogen-combustion engine, while Toyota is also studying the potential.

How have these ASX lithium shares performed longer-term?

We looked at the one-year return for three of the leading ASX lithium shares above.

So, how have they performed over the past five years?

If you’d bought Allkem shares five years ago you’d be sitting on a gain today of 274%. Lake Resources shares have gained 2,320% over that period, while the Core Lithium share price has rocketed 4,567%.

Take that, hydrogen!

The post Could Porsche’s new test run threaten the outlook for ASX lithium shares? appeared first on The Motley Fool Australia.

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More reading

• Why did the Lake Resources share price pop and then stop on Friday?
• Why Blackmores, Codan, Lake Resources, and Xero shares are falling today
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Down 16% in 3 days: Why is the Lake Resources share price still sliding?
• Top brokers name 3 ASX shares to buy today

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 Whitehaven Coal Ltd (ASX: WHC) share price is moving into uncharted territory on Friday.

While the company hasn’t released any price-sensitive announcements since its June quarterly report last month, investors remain buoyant.

The coal producer’s shares kicked off the day’s trading at $7.13 apiece and haven’t looked back. They soared 7.6% to an all-time high of $7.46 and, at the time of writing, are still flying high, up 6.64% at $7.39.

It surpasses the company’s previous peak of $7.35 that it reached in 2011.

Let’s take a look at what’s behind this latest ascent.

Whitehaven Coal steams ahead

Investors are bidding up the company’s shares as coal prices continue to elevate, nearing its record highs attained in early March 2022.

According to Trading Economics, Newcastle coal futures are fetching at US$413 a tonne.

China recently announced it is boosting domestic coal production as it grapples with power shortages following severe heat waves. This has led investors to close on long positions for the commodity as increased supplies will hit the market.

Nonetheless, coal prices are expected to remain higher due to persistent supply disruptions caused by the Russian war in Ukraine.

Also providing support is the recent IEA report which anticipates that global coal demand will return to its all-time high this year. This is being driven by higher natural gas prices, which have intensified gas-to-coal switching in many countries.

While it has been a terrific year for coal producers, Whitehaven Coal is projecting it will achieve its strongest ever full-year result.

Earnings before interest, tax, depreciation and amortisation (EBITDA) for FY 2022 is forecast to reach $3 billion. In FY 2021, Whitehaven Coal recorded an EBITDA of $204.5 million, down 33% over the prior corresponding period (FY20).

You may want to keep an eye out on 25 August as the company is scheduled to release its results.

Whitehaven share price snapshot

As coal prices surge to near record highs, the Whitehaven share price has leapt by more than 180% in 2022.

In comparison, the S&P/ASX 200 Energy Index (ASX: XEJ) has lifted by 35% over the period.

According to ANZ Share Investing, Shaw & Partners raised its 12-month price target by 20% to $7.50 per share. Based on where Whitehaven Coal trades today, this is almost in line with the market price.

Whitehaven commands a market capitalisation of approximately $5.80 billion.

The post Why is the Whitehaven Coal share price leaping 7% to a record high? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Santos Ltd (ASX: STO) share price is surging today after oil and gas prices jumped ahead.

The Santos share price is rising 5.87% at the time of writing and is currently trading at $7.485. Meanwhile, the S&P ASX 200 Energy Index is also 3.89% in the green.

Let’s take a look at what could be impacting the Santos share price.

What’s going on?

Santos shares are rising today, but they are not alone. The Woodside Energy Group Ltd (ASX: WDS) share price is rising 4%, while Beach Energy Ltd (ASX: BPT) shares are lifting nearly 4%. The Carnarvon Energy Ltd (ASX: CVN) share price is rising 3% today.

This follows oil and gas prices lifting overnight. WTI futures jumped 2.7% to US$90.50 per barrel, while Brent Futures lifted 3.1% to US$96.59 a barrel in US markets.

Oil prices lifted amid prices strong economic data, Reuters reported.

OANDA senior market analyst Edward Moya said in comments cited by the publication:

Oil prices rallied after another round of impressive U.S. economic data boosted optimism for an improving crude demand outlook

Meanwhile, European natural gas futures also hit a record amid supply concerns, Bloomberg reported. Amid the European energy crisis, the benchmark contract lifted 6.7% to 241 euros per megawatt-hour.

Santos reported a 300% boost in underlying profit to US$1.27 billion in HY22. Statutory net profit also lifted 230%.

Meanwhile, in news today, Collins St Asset Management has become a substantial shareholder of Carnarvon Energy, with a 6.86% stake. Carnarvon is Santos’ joint venture partner for the Dorado oil and gas project in Western Australia. In half-year results this week, Santos revealed a final investment decision on the project will not be made in 2022 due to inflation pressures and supply chain challenges.

The post Why is the Santos share price soaring 6% on Friday? appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• 5 things to watch on the ASX 200 on Thursday
• Santos share price slips despite record profit and dividend boost
• Santos share price on watch after 300% first half profit growth
• 5 things to watch on the ASX 200 on Wednesday

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 Treasury Wine Estates Ltd (ASX: TWE) share price is making its sixth consecutive day of gains as it races to its highest level since early 2020.

What is probably helping today is a favourable report by Morgan Stanley following the winemaker’s full-year results, which was released yesterday.

While the broker noted that Treasury Wine’s FY22 report card was in line with market expectations, Morgan Stanley’s confidence in its outlook for the current year is improved.

Why the Treasury Wine share price is rallying to new highs

This was enough for the broker to reiterate its overweight (or buy) recommendation on the Treasury Wine share price.

Shares in the company jumped 3.3% to $13.57 during lunchtime trade when the S&P/ASX 200 Index (ASX: XJO) inched up a modest 0.1%. 

Getting high on the pleasing FY22 result

Treasury Wine posted a 3.6% decrease in net sales revenue to $2.5 billion. But its earnings before interest, tax, SGARA and material items (EBITS) was up 2.6% to $523.7 million. The EBITS was slightly ahead of consensus expectations of around $521 million.

What’s perhaps more pleasing was the company’s move to increase prices for some of its wine. The move comes as rising costs have been crimping the profit margins of many other ASX 200 companies.

The price increase will have a greater positive impact on Treasury Wine’s FY23 performance than FY22, noted Morgan Stanley.

Higher margins await the Treasury Wine share price

This is partly because costs of goods sold (COGS) is likely to be flat this financial year, before improving in FY24. Lower domestic grape prices and cost-cutting are expected to offset underlying inflation.

Morgan Stanley commented:

FY22 results were largely in line with consensus expectations. However, our confidence around the delivery of sales growth and margin expansion in FY23-24e has improved given incremental guidance on COGS and the outlook for NSR [net sales revenue] growth.

Capital return potential and valuation

Further, there is potential for Treasury Wine to consider capital management initiatives in FY23. This might be a share buyback or a special dividend.

The Treasury Wine share price has gained 8.5% over the past year. That’s better than the ASX 200, which is nursing a 4.6% loss. 

Morgan Stanley’s 12-month price target on Treasury Wine is $13.80 a share.

The post Treasury Wine share price celebrates Friday with a more than two-year high appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Why CSL, IPH, Renascor, and Treasury Wine shares are pushing higher
• Treasury Wine share price defies market slump. Could it be the dividend boost?
• Treasury Wine share price on watch after FY22 earnings beat
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Brendon Lau 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 Treasury Wine Estates 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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