The Coles Group Ltd (ASX: COL) share price is in the red despite the broader market’s zeal on Friday.

It’s also slumping amid news that retail spending on food lifted $243.1 million last month – a 1.9% increase.

At the time of writing, the Coles share price is $17.44, 0.91% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently 1.10% higher.

Let’s take a closer look at what’s going on with the ASX 200 supermarket on Friday.

What’s going on with the Coles share price today?

The Coles share price is trailing the broader market today. However, it’s joined by some of its peers on the S&P/ASX 200 Consumer Staples Index (ASX: XSJ).

The sector is one of two trading in the red on Friday. It is currently down 0.05%, with Coles coming in as its biggest weight.

Also dragging on the index are shares in A2 Milk Company Ltd (ASX: A2M) and Bega Cheese Ltd (ASX: BGA).

The supermarket’s sluggish performance comes despite the Australian Bureau of Statistics (ABS) announcing retail spending rose 0.9% last month.

Food retailing led the way, increasing 1.9% in April to reach approximately $13 billion.

ABS director of quarterly economy-wide statistics Ben James commented on the increase, saying:

The strength in retail turnover is being driven by spending across the food industries. High food prices have combined with increased household spending over the April holiday period as more people are travelling, dining out, and holding family gatherings.

Today’s dip included, the Coles share price has slumped 2.6% since the start of 2022. That means it’s outperforming the ASX 200 this year ­– the index has slipped 5.3% year to date.

The supermarket’s stock is also 5.1% higher than it was this time last year – outperforming the ASX 200 by nearly 4%.

The post Why is the Coles share price lagging the ASX 200 on Friday? appeared first on The Motley Fool Australia.

More reading

• Fundie reveals 3 ASX 200 shares with major pricing power to counter inflation
• How do ASX shares typically perform following a demerger?
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
• Here’s why the Coles share price is tumbling 5% today
• Why I think Coles is a better ASX dividend share than Woolworths

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/D5QZh9F

The S&P/ASX 200 Index (ASX: XJO) is enjoying a very pleasant end to the trading week so far this Friday. The ASX 200 is currently up by a pleasing 1.05% and is closing back in on 7,200 points at the time of writing.

So let’s delve deeper into these share market moves by having a look at the companies that are topping the ASX 200’s trading volume charts right now, according to investing.com.

The 3 most traded ASX 200 shares by volume this Friday

Santos Ltd (ASX: STO)

Oil giant Santos is our first ASX 200 share to take a look at this Friday. So far today, a hefty 10.1 million Santos shares have been bought and sold on the markets.

Like most ASX 200 energy shares, Santos has taken off today and is currently up by a healthy 1.96% at $8.31. This sharp move higher comes after some healthy appreciation on the oil markets overnight, which is obviously good news for oil producers like Santos.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara is next up this Friday. So far today, a sizeable 16.33 million Pilbara shares have found a new ASX home. There’s been no news out of Pilbara today either.

Saying that, the lithium heavyweight has been enjoying an exceptionally strong day of trading. Pilbara shares are currently up a pleasing 4.45% at $2.94 each. It’s this big jump in valuation that has probably resulted in this elevated trading volume.

Tabcorp Holdings Limited (ASX: TAH) 

Our final share of the day today is the ASX 200 gaming company Tabcorp, with a whopping 17.43 million shares traded thus far. Tabcorp has been in the news all week this week following its dramatic demerger of the now-standalone company The Lottery Corporation (ASX: TLC). We haven’t heard anything new out of Tabcorp today.

However, Tabcorp shares are rebounding enthusiastically, currently up by 3.11% to $1 a share after spending most of their early post-split life falling in value. This is probably the reason for Tabcorp’s gold medal on this list today.

The post Here are the 3 most traded ASX 200 shares on Friday appeared first on The Motley Fool Australia.

More reading

• Why Infomedia, Pilbara Minerals, PointsBet, and Talga shares are racing higher
• TGIF: Here’s why ASX 200 energy shares are outperforming today
• ASX 200 midday update: Appen crashes, lithum shares jump
• 5 things to watch on the ASX 200 on Friday
• Here are the top 10 ASX shares today

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.

from The Motley Fool Australia https://ift.tt/qm4Yaby

The Core Lithium Ltd (ASX: CXO) share price has been on form on Friday.

In afternoon trade, the lithium developer’s shares are up 4% to $1.33.

Why is the Core Lithium share price rising?

The Core Lithium share price is pushing higher today despite there being no news out of the company.

However, it is worth noting that it isn’t the only lithium share on the rise today.

For example, the Liontown Resources Limited (ASX: LTR) share price is up 4%, the Pilbara Minerals Ltd (ASX: PLS) share price is up 4%, and Vulcan Energy Resources Ltd (ASX: VUL) share price is up almost 5%.

This follows even stronger gains from lithium giant’s Albermarle, Livent, and SQM on Wall Street overnight after risk sentiment improved greatly.

In addition, concerns that lithium supply won’t be able to keep up with demand has sparked hopes that lithium prices will remain higher for longer.

According to BloombergNEF, the world needs lithium supply to increase fivefold by the end of the decade to meet demand as the electric vehicle revolution gets into full swing.

This bodes well for Core Lithium, which is aiming to commence production at the Finniss Lithium Project by the end of the year.

The post Here’s why the Core Lithium share price is storming higher appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Lighting up the market: ASX lithium stocks surge again on Tuesday
• Here’s why the Core Lithium share price is racing higher today
• Do any ASX lithium stocks pay dividends?
• Why Brambles, Core Lithium, Infomedia, and Qube shares are charging higher

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.

from The Motley Fool Australia https://ift.tt/UQO0WB1

It’s a good day to be an S&P/ASX 200 Index (ASX: XJO) retail share after the Australian Bureau of Statistics (ABS) dropped its latest retail trade data.

Australian retail turnover rose 0.9% in April – the fourth month in a row the measure has risen. In fact, Aussies spent a whopping $33.9 billion online and in stores last month amid inflationary pressures.

The news has likely helped bolster the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) today. It’s currently 1.9% higher, driven by some of its most renowned retail shares.

Meanwhile, the ASX 200 is currently up 1.09%.

Let’s take a closer look at what’s going on with ASX 200 retail shares on Friday.

ASX 200 retail shares take off on Friday

ASX 200 retailers are among the market’s leaders today amid news Australia’s retail turnover has increased 9.6% over the 12 months ended April 2022.

Clothing and footwear retailers recorded one of the biggest increases last month, lifting 3.1%.

That’s likely good news for ASX 200 shares City Chic Collective Ltd (ASX: CCX) and Premier Investments Limited (ASX: PMV). Indeed, their share prices have gained 6.42% and 1.83% on Friday.

Meanwhile, the retailing category — into which a lot of Super Retail Group Ltd (ASX: SUL)’s business falls – lifted 0.5% last month. The company’s stock is currently enjoying a 1.3% gain.

It wasn’t such a pretty picture for companies selling household goods, however.

Sales for goods sold by the likes of JB Hi-Fi Limited (ASX: JBH) and Harvey Norman Holdings Limited (ASX: HVN) slumped 2.7% in April but the company’s share prices, thankfully, haven’t received the memo. They’ve gained a respective 3.44% and 1.39% at the time of writing.

Conglomerate Wesfarmers Ltd (ASX: WES) – the company behind retail giants Bunnings, Officeworks, and Kmart – is also in the green today. Its stock has gained 1.65% right now.

The biggest increase in spending exhibited by Aussies last month was on food. Spending on food retailing and cafes, restaurants, and takeaway food services rose 1.9% and 3.3% respectively.

“The strength in retail turnover is being driven by spending across the food industries,” ABS director of quarterly economy-wide statistics Ben James said.

“High food prices have combined with increased household spending over the April holiday period as more people are travelling, dining out, and holding family gatherings.”

The post Why are ASX 200 retail shares climbing on Friday? appeared first on The Motley Fool Australia.

More reading

• ‘We’re close to the bottom’: Expert flags share market sectors to buy before the rally
• Are these 3 ASX 200 shares trading around 52-week lows a buying opportunity?
• Experts name 2 ASX 200 shares with high quality management teams to buy
• What’s the outlook for ASX 300 retail shares in June?
• How do ASX shares typically perform following a demerger?

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 Harvey Norman Holdings Ltd. and Super Retail Group Limited. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd., Super Retail Group Limited, and Wesfarmers Limited. The Motley Fool Australia has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/VcFOfPd

The Rio Tinto Limited (ASX: RIO) share price is set to finish the week in the green.

Since Monday, the iron ore mining outfit’s shares have risen more than 4% following an uptick in positive sentiment.

At the time of writing, Rio Tinto shares are currently edging 2.56% higher to $113.61.

For context, the S&P/ASX 200 Index (ASX: XJO) is also in the green, up 1.10% to trade at 7,183.8 points.

Let’s take a closer look at what’s driving the miner’s shares upwards lately.

Iron ore prices rebound

After hitting a near 3-month low of around US$123 last week, iron ore prices have staged a mini rebound.

According to Trading Economics, the steel making ingredient is currently fetching at US$130 per metric tonne. While there’s been no movement today, this represents a gain of approximately 5.6% over the week.

What’s causing iron ore prices to push higher?

The iron ore price has rallied due to global supply concerns from major producers, Australia and Brazil.

In addition, India lifted export duties for iron ore and steel intermediates to curb inflationary costs.

This has led to optimistic sentiment among investors for the steel making ingredient.

However, if global economic growth slows down, iron ore demand could wane leading to a retrace in prices.

Recently, the Chinese government cut borrowing rates in an effort to spur economic activity.

The country’s strict COVID-19 zero policy and property slump caused demand to slump in the construction sector.

As such, iron ore stockpiles at major Chinese ports fell for the eighth consecutive week.

Rio Tinto share price snapshot

It’s been a rollercoaster ride for Rio Tinto shares, having moved unpredictably over the past 12 months.

Its shares are down 5% since this time last year.

Based on valuation metrics, Rio Tinto presides a market capitalisation of approximately $42.17 billion.

The post Why is the Rio Tinto share price having such a strong end to the week? appeared first on The Motley Fool Australia.

More reading

• What’s the outlook for ASX 200 dividend shares in the second half of 2022?
• Are ASX 200 mining shares good options for dividends?
• Can Rio Tinto shares deliver 20% growth AND a juicy dividend yield in the coming year?
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
• Analysts rate these ASX 200 dividend shares as buys

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.

from The Motley Fool Australia https://ift.tt/Wc6eXYD

Shares in Cobalt Blue Holdings Ltd (ASX: COB) are tracking 1.2% higher on Friday and now trade at 81.5 cents apiece.

Despite the gain, Cobalt Blue shares have crept almost 2% into the red this past month of trade, and have slipped from a former high of $1.03 cents in April.

In broader ASX market moves, the S&P/ASX 200 Materials Index (ASX: XMJ) has spiked 160 basis points today while the S&P/ASX 300 Metals & Mining Index (ASX: XMM) is up 177 basis points.

Is the party nearly over?

That’s a big call, particularly as the company has clipped a 64% gain this year to date while a plethora of ASX stocks has taken an absolute beating in the same time.

Not only that, but the price of cobalt remains buoyant and is still hovering around multi-year highs, despite cooling off in recent weeks.

Cobalt currently trades at US$75,000 per tonne, down from US$82,000/tonne earlier this month.

Demand has remained high for the metal that’s integral to the development of batteries for electric vehicles.

As noted in Trading Economics, cobalt futures were “hovering above the US$80,000 per tonne level in May, their highest since June 2018 and up 16% this year and around amid continued strong demand from the electric vehicle sector”.

Research from the website also suggests that cobalt was “expected to trade at US$76,117.50 per tonne by the end of this quarter”, according to Trading Economics global macro models and analyst expectations.

Despite a cooling off in the Cobalt Blue share price, it doesn’t appear as if the party’s ending for the specialist miner, as there just isn’t the evidence to support the fact right now.

If it were, then we’d have to question the status of the benchmark S&P/ASX 200 Index (ASX: XJO). It has barely managed to prevent a 350 basis point slide so far in 2022, even with a small relief rally from May.

A bit more on Cobalt Blue shares

Cobalt Blue shares have surged more than 136% into the green these past 12 months. They reached a 52-week closing high of $1.03 per share on 4 April.

They’ve since levelled off but are still up 64% this year to date.

The company’s share price movement over the past 12 months is plotted on the chart below.

The post Is the party drawing to a close for the Cobalt Blue shares? appeared first on The Motley Fool Australia.

More reading

• Why did the Cobalt Blue share price leap 5% this morning?
• 3 critical minerals you might not have heard of (and the ASX shares that have surged because of them)
• Why did the Cobalt Blue share price come off the boil in April?

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.

from The Motley Fool Australia https://ift.tt/UVrBnbC

It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

BHP Group Ltd (ASX: BHP)

According to a note out of Morgans, its analysts have retained their add rating but cut their price target on this mining giant’s shares to $48.30. The broker has reduced its valuation to reflect the demerger of its petroleum assets. And while it notes that BHP’s earnings are now more concentrated because of the demerger, it feels the move has boosted its ESG credentials. This could make BHP more attractive to global investors. The BHP share price is trading at $43.71 today.

Macquarie Group Ltd (ASX: MQG)

A note out of Ord Minnett reveals that its analysts have upgraded this investment bank’s shares to a buy rating with a $218.00 price target. Ord Minnett made the move largely on valuation grounds following recent share price weakness. It also notes that the banking sector looks set to benefit from rising rates. The Macquarie share price is fetching $183.19 today.

South32 Ltd (ASX: S32)

Analysts at Citi have retained their buy rating and $5.50 price target on this mining giant’s shares. This follows South32’s strategy update this week, which Citi came away from continuing to feel very bullish. Particularly given how South32 has production growth, trades at a discount to its price target and on low valuation multiples. And while the broker concedes that the near term commodity demand in China is a concern, it believes the medium term outlook for key South32 metals is robust. The South32 share price is trading at $4.72 on Friday.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• The ANZ share price is ‘trading at its largest discount to its peers in 15 years’: Is this justified?
• ‘We’re close to the bottom’: Expert flags share market sectors to buy before the rally
• Here are 2 ASX 200 dividend shares rated as buys by brokers
• Top broker gives its verdict on the BHP share price post-demerger
• What’s the outlook for ASX 200 dividend shares in the second half of 2022?

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 Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/tUsJxRp

Shares of RPMGlobal Holdings Ltd (ASX: RUL) are lifting more than 2% higher on Friday and now rest at $1.66 apiece.

Investors might be bidding up the RPMGlobal (RPMG) share price today after announcing its intention to undertake an on market share buyback.

The company simultaneously provided a market update on Total Contracted Value (TCV) in the same release.

RPMGlobal to undertake share buyback

The board of RPMG has made the call to buy back the company’s own shares from the market. It considers this to “be a sound use of available capital”.

“The RPM Board has resolved to undertake the Buy-back as part of RPM’s ongoing capital management
strategy,” the company said.

[T]aking into account the current and historical share price of the company and RPM’s $36.9 million in available cash in the bank…[t]he RPM Board considers a buyback in these circumstances to be a sound use of available capital.

Under the planned repurchase RPMG will acquire up to 5% of the company’s current shares on issue, which is now approximately 11,450,000 shares.

However, there’s no guarantee it will commit to this figure, and the entire program will depend on a multivariate of factors including the current share price, market conditions and the costs involved.

If it were to acquire all 11,450,000 shares, this would cost the company roughly $18.6 million, it says.

But, as mentioned, “there is no guarantee as to the number of shares that RPM will acquire under the buyback”.

RPMG also reserves the right to suspend or terminate the buyback at any time, per the release.

RPMGlobal share price snapshot

In the last 12 months, the RPMGlobal share price has clipped a 13% gain. However, it has struggled this year to date, having slipped 22% into the red in this time.

The post RPMGlobal share price climbs on share buyback news appeared first on The Motley Fool Australia.

More reading

• Are these small 2 ASX growth shares now at compelling value?

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 RPMGlobal Holdings. The Motley Fool Australia has recommended RPMGlobal Holdings. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/KgE3Cwz

The Oklo Resources Ltd (ASX: OKU) share price is soaring to its highest level this year on the back of a takeover bid.

The junior gold explorer announced after the market closed yesterday that B2Gold Corp. (TSE: BTO) made a circa $90 million offer for the ASX minnow.

Big takeover premium for Oklo shares

The Canadian miner is offering to pay 5.25 cents and swap 0.0206 B2Gold shares for every Oklo share.

This implies a total offer price of 17.25 cents per Oklo share based on today’s exchange rate.

The Oklo share price surged 87% to 14 cents during lunchtime trade. In contrast, the S&P/ASX All Ordinaries Index (ASX: XAO) gained 0.8%.

It isn’t surprising to see the Okla share price trade under the offer price. The target’s shareholders have to wear the risk when it comes to the exchange rate and B2Gold’s share price until the deal is locked in.

Oklo’s board backing the acquisition

The target’s board is backing the takeover in the absence of a better offer and is encouraging shareholders to accept the deal. The ASX miner pointed out that B2Gold is paying a large premium for the West African gold junior.

The offer price is a 127% premium to the last traded price on 25 May and 103% above the 30-day volume weighted average price.

Jewel in the crown

What the bidder gains is optionality over Oklo’s high grade Dandoko Project in Mali. Dandoko is located east of the prolific Senegal-Mali Shear Zone. It’s close in proximity to numerous world-class gold operations.

Oklo reported that an initial Measured, Indicated and Inferred JORC 2012 compliant resource of 11.3Mt at 1.83g/t gold for 668.5kOz contained gold encompassing the Seko, Koko, Disse and Diabarou deposits. These deposits remain open and are expected to grow with ongoing drilling either along strike or at depth.

More about the $90 million takeover bid

The offer from B2Gold implies a $135 per ounce of gold acquisition price. Oklo’s board has also reminded shareholders they can still participate in the upside as they will own some of B2Gold’s Toronto-listed shares.

Oklo’s managing director, Simon Taylor, commented:

The B2Gold proposal was welcomed by the Oklo Directors and comes at an opportune time for Oklo shareholders to crystalise value and de-risk their investment in the Company.

Whilst the Oklo team continues to see significant potential in the Dandoko Project and the region generally, Dandoko is at an inflection point and this transaction removes the risks associated with project development, future capital raisings and other risks faced by a junior gold explorer in a foreign jurisdiction.

The takeover will be done via a scheme of arrangement and is subject to Oklo shareholders’ approval. The scheme is also subject to other customary conditions.

While the Oklo share price has surged today, the explorer has only gained 1.4% in value over the past year.

The post Why this little-known ASX mining share is soaring 87% today appeared first on The Motley Fool Australia.

More reading

• 3 ASX mining shares soaring by more than 30% on Friday

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 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.

from The Motley Fool Australia https://ift.tt/L2umQ3T

The commodity trade appears to have hardly exhausted itself with ASX miners posting solid gains today.

The S&P/ASX 300 Metals & Mining Index (ASX: XMM) has climbed 188 basis points at the time of writing on Friday, outpacing the benchmark S&P/ASX 200 Index (ASX: XJO)’s 38 basis point rise.

Here are three standouts among ASX mining shares that have surged more than 30% on Friday.

Galileo Mining Ltd (ASX: GAL)

Shares of Galileo Mining raced north in early trade today, quickly heading to an intraday high of $1.95 apiece before settling back down to $1.75 on last check.

The miner has seen its share price explode in 2022 amid a number of positive updates, ranging from positive drill assays to billionaire mining prospectors upping their equity stake.

Today the company reported assays from a drill hole at its Callisto project in Western Australia had intersected rhodium, the corrosion-resistant metal used in vehicle pollution controls.

Assays at Callisto returned rhodium values up to 0.094 grams per tonne with average values across the 33-metre interval of 0.05 grams per tonne, according to the company’s release.

In the last 12 months, the Galileo Mining share price has surged more than 500% and has spiked almost 700% this year to date.

Ragusa Minerals Ltd (ASX: RAS)

Shares of Ragusa Minerals are currently moving 22% in the green after first nudging to an intraday high of 20 cents apiece in early trade.

The company announced earlier in the week that it has pivoted towards lithium, a step away from its traditional gold roots.

Ragusa has invested in a farm-in agreement that sees it lay claim over an initial 90% interest across five lithium tenements up in the Northern Territory.

Within the agreement is the option to increase that interest to full 100% ownership in the future.

Investors have rallied the Ragusa share price after the news such that the stock has climbed 118% this week, at the time of writing.

In the last 12 months, it has gained 113%, well ahead of most small-cap names in the sector.

Oklo Resources Ltd (ASX: OKU)

Oklo Resources has also seen its share price explode on Friday, currently trading 93% higher at 15 cents.

Investors have been rushing to secure a seat in the company after it announced yesterday that New York listed B2Gold Corporation is to “acquire 100% of the shares in Oklo by way of a board-recommended
scheme of arrangement.”

Under the arrangement, Oklo shareholders will receive a combined scrip and cash consideration with an implied value of 17.25 cents per Oklo share.

This is comprised of 0.0206 B2Gold shares per Oklo share and a cash consideration of 5.25 cents cash per Oklo share, the company said.

The move would therefore see shareholders realise a premium of around 19% at the time of writing, but the spread of this premium is closing at pace.

The post 3 ASX mining shares soaring by more than 30% on Friday appeared first on The Motley Fool Australia.

More reading

• Why this little-known ASX mining share is soaring 87% today
• Up 700% in 2022, why the Galileo Mining share price is leaping another 36% today
• 3 ASX mining shares going gangbusters on Thursday
• Galileo Mining share price surges another 25% on ‘very important’ drill results
• The Galileo Mining share price has been on a tear, but now it’s halted. What’s happening?

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.

from The Motley Fool Australia https://ift.tt/QDCKIiF