The Nearmap Ltd (ASX: NEA) share price is surging into the green today.

At the time of writing, the share is trading more than 9% higher at $1.26 apiece on no news.

In broad market moves, the S&P/ASX All Technology index (ASX: XTX) is also lifting around 4% into the green on Wednesday.

What’s up with the Nearmap share price?

ASX tech shares have caught a bid today as yields on long-dated US Treasuries nudge back underneath 3%.

The yield on the US 10-year Treasury note is at 2.90% at the time of writing, 20 basis points down from the previous high of 3.1% on 8 July.

The pricing of the ASX tech basket is inversely related to these yields. An increase in the US 10yr yield will cause tech shares to de-rate, and vice versa.

This relationship can be seen on the chart below, noting the cross between growth and yields in March/April.

This backdrop is important to understand when analysing the Nearmap share price and its pathway to date.

Nearmap is highly correlated to the tech sector, as seen below. It therefore displays the same inverse characteristics to the US 10-year yield as the ASX tech benchmark.

Moreover, portfolio managers often talk in terms of ‘beta’ regarding a stock’s returns.

In this case, the term beta refers to the tightness between the price returns of a share and a benchmark (eg. the XTX) move together.

Nearmap has a 2-year equity beta of 1.89 to the tech index according to Refinitiv Eikon data. A score above 1 is considered high.

In fact, this relationship is observed on the chart above, with both instruments tracking each other in striking similarity.

With that in mind, it’s unsurprising to see Nearmap rallying to 9% higher on no news today. This tends to be the case in high beta stocks, they benefit – and suffer – greatly from movements in the wider sector.

In the last 12 months, the Nearmap share price has slipped 40% into the red, whereas the ASX tech sector is down 29%.

The post Why is the Nearmap share price gliding 9% higher today? appeared first on The Motley Fool Australia.

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More reading

• Why did the Nearmap share price tumble 17% in June?
• Own Nearmap shares? Here’s how much cash the company has up its sleeves
• This is what I’d do with these 3 battered ASX shares: fund manager

Motley Fool contributor Zach Bristow 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 Nearmap Ltd. The Motley Fool Australia has positions in and has recommended Nearmap 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 ResMed Inc (ASX: RMD) share price has been a solid gainer this past month of trade, up almost 14% in that time.

The company’s shares have travelled from a low of $27.63 apiece on 25 May to their current price of $32.34 a share.

Meanwhile, healthcare shares are rebounding in June-July, with the S&P/ASX 200 Health Care Index (ASX: XHJ) up 13% in a month as well. The year-to-date performances of both Resmed and the index are charted below:

Has the Resmed share price got more?

The broker Morgans is bullish on the Resmed share price and has a price target of $37.95.

In a recent note, the broker said its long-term view on the healthcare player is positive, despite market volatility.

It made note of Resmed’s digital platform that addresses kinks along the “healthcare value chain” in its assessment.

Meanwhile, 64% of brokers rate Resmed as a buy right now, according to Refinitiv Eikon data. The remainder say it’s a hold, with no sell ratings on the share.

The consensus price target from this list is $33.93, a fraction above its current share price.

Sector-wise, healthcare shares could catch further bids in FY23 if recent trends prevail.

Researchers at Deloitte recently noted a number of catalysts are pushing the “clinical, financial, and operational transformation” of health care – COVID-19 potentially being one of these.

Moreover, the sector is projected to deliver an average earnings per share (EPS) growth of 30% in the second half of CY2022, according to Bloomberg data.

In the past 12 months, the Resmed share price is down 5.7%, falling just over 9% this year to date.

The post Up 14% in a month, is the Resmed share price just getting started? appeared first on The Motley Fool Australia.

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More reading

• 3 blue chip ASX 200 shares experts say are buys
• Here are the top 10 ASX shares today
• 3 ASX shares to buy in a sector suddenly soaring this month: expert
• Experts name 2 ASX growth shares for investors to buy now
• Broker names 2 more blue chip ASX 200 shares to buy in July

Motley Fool contributor Zach Bristow 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 ResMed Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended ResMed. The Motley Fool Australia has positions in and has recommended ResMed Inc. 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) is having a very strong day on Wednesday. In afternoon trade, the benchmark index is up 1.5% to 6,751 points.

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

Allegiance Coal Ltd (ASX: AHQ)

The Allegiance Coal share price has continued its decline and is down a further 22% to 14 cents. Investors have been selling off this coal miner’s shares this week following the release of a very disappointing update. As Allegiance Coal has been unable to successfully ramp up production to previous expectations, it has been left in a difficult position financially. In order to keep operating, the company has established a $5 million equity facility.

LiveHire Ltd (ASX: LVH)

The LiveHire share price is down 5% to 38 cents. This morning this talent technology company released its quarterly update and reported a 10% increase in annual recurring revenue to $5.7 million. This was offset by a 22% increase in quarterly cash burn to ~$2 million. This leaves LiveHire with a precariously low cash balance of just $7.3 million, down 49% year on year.

NIB Holdings Limited (ASX: NHF)

The NIB share price is down almost 3% to $7.31. This is despite there being no news out of the private health insurer. However, it is possible that it has been impacted by some investors rotating out of lower risk defensive shares and back into higher risk options today.

Pendal Group Ltd (ASX: PDL)

The Pendal share price is down over 2% to $4.33. This may have been driven by profit taking after some strong gains in recent days. This has been driven by speculation and then confirmation that the company has received another takeover proposal from Perpetual Limited (ASX: PPT). Talks are ongoing and no deal has been reached.

The post Why Allegiance Coal, LiveHire, NIB, and Pendal shares are dropping appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Megaport rockets, Allkem’s update, tech shares rally
• Pendal share price slides amid ‘potential transaction’
• Here are the top 10 ASX shares today
• Why Allegiance Coal, Hub24, Suncorp, and WiseTech shares are dropping
• Why are Pendal shares in a trading halt?

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 NIB 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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The All Ordinaries Index (ASX: XAO) is leaping 1.6% higher on Wednesday, and plenty of shares are making the most of it. In fact, two have taken off to trade at their highest points in years.

Let’s take a closer look at what’s driving these ASX All Ords shares to long-forgotten heights today.

2 ASX All Ords shares smashing multi-year highs

Silex Systems Ltd (ASX: SLX)

The share price of Aussie tech company Silex Systems hit a nine-year high on Wednesday, leaping to $3.36 in intraday trade.

That represents a 12% gain and came on the back of news of a milestone for the company’s Zero-Spin Silicon project.

A stage 3 demonstration plant has been constructed to verify the commercial production capability for the quantum computing material.

The production technology for the silicon is based on a variant of the company’s Silex laser isotope separation platform technology.

Silex Solutions expects to begin selling small amounts of Zero-Spin Silicon next year.

Whitehaven Coal Ltd (ASX: WHC)

Meanwhile, fellow ASX All Ords share Whitehaven Coal has surged to yet another multi-year high. The stock was swapping hands for $6.46 in intraday trade today – its highest point since 2011.

It might not come as any surprise, then, that coal prices lifted once more overnight. Thermal coal futures rose 0.9% to reach US$399.65 in Tuesday trade.

The Whitehaven Coal share price has been on a tear in 2022, gaining 130% year to date. Meanwhile, the black rock’s value has surged amid sanctions on Russian commodities resulting from the nation’s invasion of Ukraine.

The ASX All Ords coal producer announced earlier this week it expects to report $3 billion of earnings for financial year 2022. For comparison, the company brought in $200 million in earnings last financial year.

The post Rocks and lasers: 2 ASX All Ords shares securing new multi-year highs on Wednesday appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX shares today
• These ASX 200 coal shares are smashing 10-year highs on Tuesday
• Why Ansell, EML, Suncorp, and Whitehaven Coal shares are charging higher
• Could ASX coal shares be set for a boost?
• 11-year high: Whitehaven share price surges 8% on record $3b profit

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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The Dogecoin (CRYPTO: DOGE) price is up another 4% over the past 24 hours.

One Dogecoin is currently worth 6.9 US cents.

That brings the weekly gains for the meme token, which has a Shibu Inu as its mascot, to 14%. And it lifts the market cap of the world’s number 10 token to US$9.2 billion.

The Bitcoin (CRYPTO: BTC) price has also been trending steadily higher.

The world’s top and original crypto is up 6% since this time yesterday.

One Bitcoin is currently worth US$23,324. That puts Bitcoin up 20% over the past week.

So, what’s driving the Bitcoin and Dogecoin prices higher?

Bitcoin and Dogecoin price join risk asset rally

Part of the strength for the two cryptos, and indeed most altcoins over the past week, has been driven by a broader recovery in investors’ risk appetite.

The tech-heavy NASDAQ, for example, gained 3% yesterday (overnight Aussie time). The NASDAQ is now up 5% over the past week.

In 2022’s new era of high inflation and rising interest rates, the Bitcoin and Dogecoin prices have tended to be closely aligned with other risk assets.

Eyeing the eventual end to the US Federal Reserve’s current tightening cycle and the impact on cryptos, CEO of One River Asset Management Eric Peters said (courtesy of Bloomberg):

We’ll have a powerful up move after that. So we’re in that zone; this is the accumulation zone. You’re in that period of time where you’re not supposed to be selling, you’re supposed to be buying.

Dogecoin investors using the Robinhood trading platform appear to have gotten that accumulation message.

According to U.Today – citing data from crypto tracking service DogeWhaleAlert – 3.2 billion Dogecoin, worth some US$220 million at the current price, was moved by Robinhood to cold storage.

Investors tend to move their digital tokens to cold storage when they’re planning on holding onto them for a longer period of time.

The post Here’s why the Bitcoin and Dogecoin prices are rocketing appeared first on The Motley Fool Australia.

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More reading

• These are the stocks making hay from the Bitcoin price upturn
• Shiba Inu, Dogecoin, Solana surge higher: Where are meme coins headed from here?
• Why Bitcoin, Ethereum, and Cardano are rocketing higher today
• Will Bitcoin hit $100,000 in 2024?
• 5 warnings from the ATO for crypto investors

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 positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. 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 Neometals Ltd (ASX: NMT) share price is pushing higher on Wednesday.

At the time of writing, the share is trading 4.17% in the green at $1.00 apiece on no market-sensitive news. Earlier in the day, the share price hit an intraday high of $1.035.

In broader market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) is also trading almost 3% higher today.

What’s up with the Neometals share price?

Two recent updates may be inflecting positively on the company’s share price lately.

Firstly, the company noted that it could become a low-cost producer of the chemical element, vanadium.

Following a feasibility study at its Vanadium Recovery Project, estimates found the company could produce around 19 million pounds of vanadium each year at a net cost of US$4.38 a pound.

The project is seeking to recover vanadium from slag, a by-product of the steel-making process. Neo is working to obtain a 50:50 stake in a joint venture with a Scandanavian company.

Neometals then provided a second update. The company outlined reasons for the delay in completing the engineering and cost study (ECS) of its Primobius GmbH joint venture (JV).

It says the ECS will be delivered in two parts, an individual shredding plant and a hydrometallurgical refining plant. They are due for completion in July and Q4 FY23 respectively.

Delays are understood to be from the venture’s focus on its Hilchenbach Spoke operation and fulfilling other agreements, TMF reported last week.

In the last 12 months, the Neometals share price has climbed 107% into the green.

The post Why is the Neometals share price up 5% today? appeared first on The Motley Fool Australia.

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More reading

• Neometals share price higher on lithium battery recycling update
• Neometals share price soars on ‘compelling’ vanadium recycling results

Motley Fool contributor Zach Bristow 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 Dusk Group Ltd (ASX: DSK) share is blowing away the broader ASX market today.

This comes after the company released a trading update for the FY22 period.

At the time of writing, the specialty retailer’s shares are up 9.35% at $2.34, after reaching a two-month high of $2.36 earlier in trade.

In contrast, the All Ordinaries Index (ASX: XAO) is 1.91% higher following a positive lead on Wall Street overnight.

Dusk shares rebound amid soft FY22 result

Investors are driving the Dusk share price higher despite the company’s weakened FY22 performance.

According to its release, Dusk delivered the results on the unaudited accounts of the 53 weeks ending 3 July 2022.

The challenging environment associated with COVID-19 led to government-mandated store closures in the first half of FY22. This saw a reduced number of store trading days by approximately 24%, or 5,483 trading days lost.

As such, Dusk expects sales figures to be at approximately $138.3 million. That compares to $148.6 million in FY21, down 6.9%.

Total like-for-like (LFL) sales is forecast to go down by 10.5%, cycling from the 32.7% surge in FY21.

However, the company projects online sales to grow by 2.9%, adding to the 27% increase in the prior comparable year.

In addition, pro forma EBIT is set to range between $26.3 million to $26.8 million against the $38.4 million achieved in FY21.

Dusk predicts net cash to be around $21.3 million at period end, with inventory of $15.4 million.

The company now has 132 stores (including an online store) after opening 10 new stores throughout the year.

Dusk CEO and managing director Peter King touched on the company’s outlook, saying:

Dusk’s vertical retail model and long-term supply partnerships has ensured our inventory levels have remained well balanced to meet demand.

As we commence FY23, we are comfortable with the quality and quantity of our inventory position. Our Christmas orders have been placed and we do not expect any material impediment to inventory inflows ahead of our key trading period.

We have completed negotiations to open a further five stores in Australia before Christmas and three stores will open in New Zealand during September and October.

Dusk share price snapshot

After hitting a 52-week low of $1.55 on 15 June, the Dusk share price has rebounded strongly by about 50%.

However, when looking at year to date, the company’s shares are down 26%.

Dusk commands a market capitalisation of roughly $133.25 million.

The post Dusk share price storms higher following FY22 trading update appeared first on The Motley Fool Australia.

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More reading

• Top ASX dividend shares to buy in July 2022
• Why did investors go dark on the Dusk share price in FY22?
• Why did the Dusk share price flame out 16% in June?
• Sniffing out an opportunity: Why I think the Dusk share price could be a buy

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 recommended Dusk Group 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1.8% to 6,762.7 points.

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

Iluka Resources Limited (ASX: ILU)

The Iluka share price is up 8% to $9.30. Investors have been buying this minerals sands producer’s shares following the release of its second quarter update and first half update. For the first half of FY 2022, the company sold 421,000 tonnes of zircon, rutile, and synthetic rutile. While this was lower than the second half of FY 2021, stronger prices meant that revenue still jumped 29% half on half.

JB Hi-Fi Limited (ASX: JBH)

The JB Hi-Fi share price is up 4% to $43.52. This appears to have been driven partly by a bullish broker note out of Citi this morning. According to the note, the broker has upgraded JB Hi-Fi’s shares to a buy rating with a $47.00 price target. This follows the release of a fourth quarter update on Tuesday that was well ahead of the broker’s expectations.

Megaport Ltd (ASX: MP1)

The Megaport share price has jumped 20% to $7.77. Investors have been buying this network-as-a-service provider’s shares following the release of a strong quarterly update. According to the release, Megaport reported a 13% increase in monthly recurring revenue (MRR) to $10.7 million and its first quarterly operating profit of $1 million.

Zip Co Ltd (ASX: ZIP)

The Zip share price has surged 10% higher to 65 cents. This is despite there being no news out of the buy now pay later (BNPL) provider. However, it is worth noting that the tech sector is booming on Wednesday following a strong night of trade on Wall Street’s NASDAQ index. This saw rival BNPL provider Affirm jump 9% during overnight trade.

The post Why Iluka, JB Hi-Fi, Megaport, and Zip shares are racing higher appeared first on The Motley Fool Australia.

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More reading

• 3 ASX tech shares rocketing by over 15% today
• Zip share price jumps 14% ahead of tomorrow’s update
• ASX 200 midday update: Megaport rockets, Allkem’s update, tech shares rally
• Iluka share price leaps 6% on increased mineral sands production
• Megaport share price explodes 38% on June quarter profit

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 MEGAPORT FPO and ZIPCOLTD FPO. The Motley Fool Australia has recommended MEGAPORT 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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The S&P/ASX All Technology Index (ASX: XTX) is up 3.64% so far today, but these three ASX tech shares are soaring far higher.

Megaport Ltd (ASX: MP1), Vection Technologies Ltd (ASX: VR1), and SmartPay Holdings Ltd (ASX: SMP) shares are have all risen by more than 15%.

Let’s take a look at why these ASX tech shares are leaping ahead on Wednesday.

Megaport

Megaport shares are up 20% at the time of writing. However, in earlier trade, the company’s share price lifted 38%. Investors bid up the company’s shares following Megaport reporting an EBITDA profit for the first time. Monthly Recurring Revenue jumped 13% on the previous quarter to $10.7 million. This was underpinned by an increase in multi-cloud connections, strong port sales, a rise in customers, and the company’s launch in Mexico. Commenting on the results, CEO Vincent English said:

The underlying Megaport network and business model has strong operating leverage to further increase profit and generate cash as revenue grows.

Vection Technologies

The Vection share price also leapt 20% earlier today despite no news out of the company. At the time of writing, Vection shares are fetching 8.8 cents each, after reaching a high of 9.5 cents a share this morning. It seems the overall strong performance of the technology sector could be boosting the company’s shares today. ASX tech shares are rising today following a strong day on the NASDAQ in the US. The technology-heavy index surged 3.1% in America on Tuesday. Other Australian tech shares surging higher include Life360 Inc (ASX: 360), up 5%, and BrainChip Holdings Ltd (ASX: BRN), lifting 13.64%. Vection helps businesses connect to the digital world via 3D technology, virtual reality, augmented reality, and IoT. In FY22, Vection boosted its total contract value to $19 million, according to a release on 30 June. The company is expecting to report revenue of $17 to $19 million for the financial year.

SmartPay Holdings

Finally, SmartPay Holdings shares are nearly 16% higher today. This follows the company providing a quarterly trading update. Australian total transaction value lifted a mammoth 71% year on year, while consolidated revenue leapt 48%. Smartpay said customer acquisition results are essentially back to the levels seen prior to COVID-19. Commenting further on the result, SmartPay said:

Increasing the investment in marketing and sales has resulted in record months for lead generation and has delivered accelerated customer acquisition in the first quarter of FY23 with over 1,200 new transacting terminals added through to the end of June ‘22.

The post 3 ASX tech shares rocketing by over 15% today appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Megaport rockets, Allkem’s update, tech shares rally
• Megaport share price explodes 38% on June quarter profit
• What’s in store for the Megaport share price this earnings season?
• 2 ASX shares we just bought that everyone’s underestimating: fund
• ASX 200 midday update: ANZ to buy Suncorp Bank for $5bn, Whitehaven Coal’s update

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 positions in and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT 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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The Bannerman Energy Ltd (ASX: BMN) share price will be on watch when it resumes trading tomorrow.

Following the results of a general meeting on 18 July, shareholders and the company’s board each agreed to a 10-to-1 reverse stock split.

Whilst this won’t have any material impact on shareholder equity, it could have a material impact on the Bannerman share price.

Bannerman share price 10-to-1 consolidation

The company announced the reverse split – also known as a stock consolidation – on Monday after shareholders voted in 98% majority in favour of the move.

A reverse split is an action taken by executives to effectively merge the number of shares outstanding into a proportionally smaller number.

Contrast this to a conventional stock split, whereby the number of shares outstanding is diluted, but for the same desired outcome.

Further, whereas share buybacks only apply to certain shareholders, reverse splits apply equally to all shareholders.

Also with a reverse split, there’s no impact on shareholder equity – they still own the same percentage stake – however, it is likely to increase the share price on market.

Companies do this because they feel the market is under-reflecting the ‘true value’ of their equity. Hence, the reverse split is done to better reflect perceived intrinsic value.

Bannerman affirmed the same in its language around the move, in its proposal last week.

“Bannerman shareholders are believed to hold a positive view towards reducing the Company’s share count,” it noted.

The Consolidation is proposed to reduce Bannerman’s capital structure (share count) to a level that better reflects the advanced stage of its Etango Uranium Project and potentially makes the Company’s shares more attractive to certain investors, including institutional and retail investors in North America.

Filings made to the ASX show that it reduced its share count from 1,487,682,104 before the reverse split, to roughly 148,768,210 shares on issue afterwards. This represents a 90% decrease.

Bannerman also made similar reductions to various stock options and performance rights on issue.

In the last 12 months, the Bannerman share price has held a 38% gain.

The post The Bannerman share price just completed a 10-for-1 reverse stock split. What’s next? appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow 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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