Today, the S&P/ASX 200 Index (ASX: XJO) put a swift end to its five-day green streak with its worst performance in two months. At the end of the session, the benchmark index finished 1.57% lower at 7,473.3 points.

Ending what was an eventful short week of trade, Aussie equities retreated as the reality of rate rises in the near future weighed on the market. Westpac Banking Corp (ASX: WBC) highlighted the high probability of a near-term rate increase sharing its expectations today of a 40 basis point rise in June. In response, miners and tech shares took a sharp turn to the downside.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Endeavour Group Ltd (ASX: EDV) was the biggest gainer today. Shares in the hospitality and liquor group inched 1.71% in an otherwise tough market as investors flocked to staples. Find out more about Endeavour Group here.

Hot on the heels of Endeavour was Ramsay Health Care Ltd (ASX: RHC), still basking in the excitement surrounding its potential takeover. The private hospital operator lifted 1.66% leading the best performing sector higher today. Uncover the latest Ramsay Health Care details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Endeavour Group Ltd (ASX: EDV)	$7.74	1.71%
Ramsay Health Care Ltd (ASX: RHC)	$84.37	1.66%
CSL Limited (ASX: CSL)	$270.86	1.45%
Domain Holdings Australia Ltd (ASX: DHG)	$3.56	1.43%
Shopping Centres Australasia Property Group (ASX: SCP)	$3.10	1.31%
JB Hi-Fi Ltd (ASX: JBH)	$51.83	1.15%
Goodman Group (ASX: GMG)	$23.62	1.07%
Charter Hall Retail REIT (ASX: CQR)	$4.41	0.92%
Magellan Global Fund (ASX: MGOC)	$2.47	0.82%
Coles Group Ltd (ASX: COL)	$18.83	0.80%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

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

More reading

• Here are the 3 most traded ASX 200 shares on Friday
• Despite today’s sell-off, these 3 ASX 300 shares are topping all-time highs
• How much were Fortescue shares when they first listed on the ASX?
• Brokers name 3 ASX shares to buy today
• Why Bellevue Gold, CSL, Endeavour, and Serko shares are pushing higher today

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended CSL Ltd. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET and Shopping Centres Australasia Property Group. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/u6chEZC

The Challenger Ltd (ASX: CGF) share price finished Friday’s session in the red, down 5.2% to $7.11.

This comes after a significant share price gain on Thursday following the release of the company’s latest quarterly results. ASX investors appeared very enthused by the numbers and bid the Challenger share price up by 9.49% to $7.50.

But today, broker UBS said it found the share market’s reaction “surprising”.

Challenger reported a 10% increase in life insurance sales, worth $2.7 billion, for the third quarter of FY22. As well, it reported life book growth of $500 million, up 2.8% for the quarter.

The financial services company also reiterated its FY22 guidance of normalised net profit before tax towards the upper end of the $430 million to $480 million range.

In response to the quarterly report, UBS raised its price target for Challenger shares from $6.40 to $7.30. However, it noted that analyst consensus was already at the upper end of the range at $470 million — so maybe investors got a little carried away on Thursday?

What did UBS say?

According to reporting in The Australian, UBS sent its clients a note saying: “While the tightening profit range ‘de-risks’ FY22 earnings into the August result and ‘removes perceived risk of a management reset’ under new chief executive Nick Hamilton, consensus net profit was already at the upper-end of the range ($470m). So we find the strong stock price reaction surprising.”

UBS said net outflows of $1.7 billion, excluding the impact of the Whitehelm sale, were well behind its forecast and “represents sequential quarter-on-quarter decline even after adjusting for lumpy mandates”.

Further, UBS reportedly said: “We expect fixed income outflows will persist, with global equities flows likely to perform better than domestic equities going forward.”

Yesterday, Hamilton commented on the quarterly results: “As we look to the future, we are well placed to continue our growth trajectory, meet the needs of more customers, and deliver on our purpose to provide financial security for a better retirement.”

The post Challenger share price slides as top broker calls Thursday’s gains ‘surprising’ appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Why Betmakers, Brambles, Challenger, and Stockland shares are charging higher
• 3 ASX 200 stocks smashing 52-week highs today
• ASX 200 midday update: BHP, Megaport, and Zip release Q3 updates
• ‘Exciting opportunity’: Why the Challenger share price just leapt 8%

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Challenger Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

The Sayona Mining Ltd (ASX: SYA) share price charged ahead on Friday afternoon to finish in the green.

At today’s close, the emerging lithium producer’s shares were swapping hands at 36 cents apiece, up 2.86%.

In contrast, the S&P/ASX 200 Index (ASX: XJO) closed down 1.57% to 7,473.3 points.

What’s powering Sayona today?

Investors rallied up the Sayona share price following an announcement by fellow mining company, Morella Corporation Ltd (ASX: 1MC).

The latter owns a 51% interest in Sayona’s lithium development portfolio in Western Australia via an earn-in agreement.

In its release, Morella provided an update on exploration activities being undertaken in the Pilbara region of Western Australia.

Management advised that the reverse circulation (RC) drill contractor mobilised in the second week of April. After completion of site and safety protocols, drilling commenced at the Mallina Lithium Project on 18 April.

The drilling program consists of three collars, around 150 metres each, in preparation for diamond core tails to 470 metres. This is expected to be completed within the next week.

In addition, a second drilling contractor arrived on site and began inductions in preparation for the commencement of diamond core drilling. The core program consists of 1,020 metres of drilling and is expected to be completed in four to five weeks.

Commenting on the update that appears to be boosting the Sayona share price today, Morella CEO Alex Cheeseman said:

…Given the current environment for labour and exploration resources, the fact that we have two rigs on site and progressing through our program is testament to the Company’s drive and focus to advance our projects.

Furthermore, Morella also began early-stage exploration and fieldwork at the Mt Edon Lithium Project in Western Australia.

During late March, the company undertook field investigations to map and sample pegmatite outcrops within the project area 

Currently, the team is waiting for the final report and results from the fieldwork program.

However, it was noted that the “observed pegmatites were deeply weathered with decomposed feldspar leading to friable surface outcrop”.

Management believes the heavy weathering may result in depleted grades for lithium at surface.

About the Sayona share price

Since this time last year, the Sayona share price has gained more than 740% in value.

In 2022, the company’s shares have continued their impressive trajectory, up 170%.

Based on valuation grounds, Sayona Mining has a market capitalisation of roughly $2.54 billion.

The post Here’s why the Sayona share price outperformed today appeared first on The Motley Fool Australia.

More reading

• 3 ASX All Ordinaries shares defying today’s falls to surge higher
• What are the 10 biggest ASX shares in the lithium space
• Why is the Sayona share price leaping 9% on Wednesday?
• How is the Sayona share price still soaring, even on a down day for the ASX?
• Why A2 Milk, IGO, Lynas, and Sayona shares are dropping

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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/uBRb94D

If you’re a fan of growth shares, then you may want to look closely at the two shares listed below.

Here’s why these could be growth shares to buy:

Altium Limited (ASX: ALU)

The first growth share for investors to look at is Altium. It is the electronic design software provider behind the Altium 365 and Altium Designer platforms.

Altium also owns the complementary Nexus collaboration platform and the Octopart search engine for electronic parts. The latter has been performing particularly positively given supply chain disruptions, which have made parts hard to source.

All of Altium’s businesses have exposure to the printed circuit board (PCB) market. This is a market that is growing strongly thanks to favourable industry trends such as Internet of Things (IoT) and artificial intelligence which are underpinning an enormous increase in electronic devices globally.

The team at Bell Potter is bullish on Altium and is forecasting strong growth in the coming years. It currently has a buy rating and $41.25 price target on the company’s shares.

Breville Group Ltd (ASX: BRG)

Another ASX growth share that could be in the buy zone is Breville. It is a leading Australian appliance manufacturer with global aspirations.

Although the company is best known for its eponymous Breville brand, it is also responsible for brands such as Baratza, Kambrook, and Sage.

Thanks to the company’s ongoing investment in product development, these brands have been resonating well with consumers for years and are now found in kitchens all over the world.

But management isn’t resting on its laurels. It continues to both invest in R&D and expand the company’s global footprint.

This has the team at Morgans forecasting double-digit sales growth over the next few years.

In light of this, Morgans is bullish on the company and has an add rating and $32.00 price target on its shares.

The post Here are 2 fantastic ASX growth shares analysts rate as buys appeared first on The Motley Fool Australia.

More reading

• Altium share price: Is it an ASX buy or a falling knife?
• 5 things to watch on the ASX 200 on Tuesday
• 2 stellar ASX growth shares brokers say have huge upside potential
• Why are ASX 200 tech shares having such a dire day?
• ASX 200 midday update: Magellan jumps, tech shares tumble

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. owns and has recommended Altium. 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 Bruce Jackson.

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

The Commonwealth Bank of Australia (ASX: CBA) share price is down more than 2.5%. It’s actually the worst performer out of the big four S&P/ASX 200 Index (ASX: XJO) banks.

Looking at the performance of the others in the major banking sector, the National Australia Bank Ltd. (ASX: NAB) share price is down 1.4%, the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is down 1% and the Westpac Banking Corp (ASX: WBC) share price is down 1.4%.

The ASX 200 is also down, showing a decline of 1.6%. Therefore, CBA has fallen more than the ASX 200 as well.

What’s going on with the CBA share price?

The bank hasn’t released a profitability update for a couple of months. It was the FY22 half-year result that investors last saw, which was during reporting season in February 2022.

The last operational market sensitive announcement from the ASX’s biggest bank was the announcement of the sale of its 10% shareholding in the Bank of Hangzhou. Total gross proceeds expected to be received are approximately $1.8 billion.

However, one thing that may be catching investor attention today for the CBA share price was what the US Federal Reserve Chair Jerome Powell said overnight regarding inflation and interest rates.

According to CNBC reporting, Mr Powell said:

It is appropriate in my view to be moving a little more quickly. I also think there is something to be said for front-end loading any accommodation one thinks is appropriate…I would say 50 basis points will be on the table for the May meeting.

It’s absolutely essential to restore price stability. Economies don’t work without price stability.

It may be that the actual [inflation] peak was in March, but we don’t know that, so we’re not going to count on it.

We’re really going to be raising rates and getting expeditiously to levels that are more neutral and then that are actually tight…if that turns out to be appropriate once we get there.

While CBA may be able to raise the interest rate for borrowers, the funding for its loans comes with a cost as well. CBA said in its HY22 presentation that it expects higher wholesale funding costs in the medium-term to be a negative for its overall net interest margin (NIM). Investors may be keeping this in mind when thinking about the CBA share price.

Interest rate impact on asset prices

A rising interest rate can also have an impact on asset prices. How? Famous investor Warren Buffett once said at a Berkshire Hathaway meeting:

The value of every business, the value of a farm, the value of an apartment house, the value of any economic asset, is 100% sensitive to interest rates because all you are doing in investing is transferring some money to somebody now in exchange for what you expect the stream of money to be, to come in over a period of time, and the higher interest rates are the less that present value is going to be. So every business by its nature…its intrinsic valuation is 100% sensitive to interest rates.

The post CBA share price slumps, racking up greatest losses of the ASX 200 banks appeared first on The Motley Fool Australia.

More reading

• Analysts name 3 ASX 200 shares to buy now
• Why is the CBA dividend so low compared to the other ASX 200 banks?
• Westpac share price lifts despite $12 million ASIC fine
• 2 ASX 200 dividend giants named as buys by brokers
• Does Westpac have a dividend reinvestment plan?

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

The S&P/ASX 200 Index (ASX: XJO) looks set to end the week on a sour note after pushing towards its all-time high yesterday. At the time of writing, the ASX 200 has gone backwards, losing a nasty 1.51% so far today and falling to just under 7,480 points. 

But rather than letting that ruin our long weekend, let’s instead have a look at the companies currently topping the ASX 200’s share volume charts, according to investing.com.

The 3 most-traded ASX 200 shares by volume this Friday

South32 Ltd (ASX: S32)

ASX resources shares seem to be leading the ASX 200’s losses today, and South32 is emblematic of this. So far this Friday, a sizeable 18.48 million South32 shares have been bought and sold. This is almost certainly a result of the depressing share price selloff we are currently witnessing with this miner, seeing as there are no official developments out of the company itself. As it currently stands, the South32 share price is down by 4.72% at $4.86 a share.

Alumina Limited (ASX: AWC)

ASX 200 aluminium producer Alumina is next up today. This resources company is another one that has witnessed a nasty share price fall. In this case, Alumina shares are down by 5.1% at $1.77 each. Again, there is no other news or announcements out from the company today, so we can conclude that the notable 23.8 million Alumina shares that have already traded on the ASX today are a result of this steep share price drop.

Paladin Energy Ltd (ASX: PDN)

Our final and most traded ASX company of the day goes to ASX 200 uranium share Paladin Energy. So far this Friday, a whopping 41.39 million Paladin shares have found a new home. Most unfortunately for investors, the pattern holds with this company too. With no news or announcements out, we can assume that this high trading volume is the direct result of the substantial 8.33% drop Paladin shares have endured so far today. The company is now asking 83 cents per share at the time of writing. 

 

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

More reading

• How much were Fortescue shares when they first listed on the ASX?
• The future looks bright: Here’s why this investment firm is doubling down on ASX shares in April
• Why is the Wesfarmers share price having such a rough trot in April?
• 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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/5RGSnxv

The Megaport Ltd (ASX: MP1) share price has been thrown from pillar to post over the past week. For shareholders, it means this year’s pain has worsened as investors try to recalibrate their valuation of the company.

On a second day of bitter losses, shares in the cloud interconnectivity company are down 9.79% to $9.03. Although, the Megaport share price traded as low as $8.58 apiece earlier today. Yesterday, its shares fell by more than 21%.

The sustained rough patch means the company’s shares are now down 53% since the beginning of the year.

Is the Megaport share price a steal or steer clear?

Firstly, before we dive into whether analysts are bullish or bearish on Megaport, let’s recap Thursday’s quarterly update. The announced figures, while demonstrating growth, were below what many experts had been expecting.

• Quarterly revenue up 42.5% from the prior corresponding period to $27.9 million
• Customers increased 20% to 2,541 year on year
• Average revenue per port up 9.4% to $1,049
• Cash position fell 37% to $88.8 million at the end of March 2022 compared to previous year

At face value, these numbers suggest strong growth in the top line. However, ASX-listed Megaport has some large shoes to fill with its market capitalisation of $1.43 billion even after its recent reduction. Evidently, this has plagued the minds of shareholders over the last couple of days.

Despite the high level of pessimism surrounding the Megaport share price, analysts over at UBS are adamant there’s still long-term potential.

In a note to clients, UBS analysts stated:

We remain positive on the medium to long-term opportunity for MP1. That said, it is hard to disagree that some of the accelerators to growth are taking longer than anticipated to come through, which in our view pushes out the earnings potential (rather than reducing it).

Likewise, a note from Citi indicates the equity team remains bullish on the Megaport share price in the longer term. Though, the disappointing quarterly update triggered a cut in their price target to $16.60.

The post The Megaport share price just tumbled another 10%. Is it now a super bargain? appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• Why BHP, Megaport, OZ Minerals, and Zip shares are dropping
• Why Australian Ethical, BHP, Endeavour, and Megaport shares are tumbling today
• ASX 200 midday update: BHP, Megaport, and Zip release Q3 updates
• Here’s why the Megaport share price is tumbling 18% today

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns 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 Bruce Jackson.

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

ASX shares have shifted lower on Friday with the All Ordinaries Index (ASX: XAO) tracking 159 basis points lower to 7,762 at the time of writing.

Even with the selling pressures today, these 3 All Ordinaries shares have outpaced the rest and are surging higher in afternoon trade.

Genworth Mortgage Insurance Australia Ltd (ASX: GMA)

Shares of Genworth Mortgage have rallied in the past two months and now trade at $3.11 apiece.

In today’s session, investors have bid shares around 3% higher, despite no market-sensitive news.

However, back in February, the company printed healthy FY21 earnings. That involved a 19% gain in net earned premium (NEP) and an 8% gain on cash and investments to $3.7 billion.

It also authorised a 12 cents per share ordinary dividend and 12 cents special dividend, with full franking credits for investors to enjoy come tax time.

Genworth shares rallied to 52-week highs soon after its earnings release before consolidating back down somewhat. Since then, they have trudged north at a gradual pace toward that level again.

Bellevue Gold Ltd (ASX: BGL)

Shares of Bellevue Gold have spiked in today’s session and now trade at around $1 per share. Earlier, the metals miner released its quarterly activities and cash flow update.

In its report, Bellevue noted it awarded a mining contract to Develop Global Ltd (ASX: DVP) to begin development and production activities at its flagship project.

It also spent $14 million on exploration and evaluation expenses, whilst advancing in preparations for the next phase of its mine developments.

Bellevue Managing director said that “everything is going according to plan” with the site, and that successful drilling “has set [Bellevue] up for a reserve update this quarter”.

The company has now surged 19% since trading resumed in January, reversing a deep loss attained earlier in the year.

Sayona Mining Ltd (ASX: SYA)

Shares in Sayona Mining have clawed back gains in 2022 and surged more than 104% in the past month of trade.

Investors have rallied the Sayona Mining share price this past month or so after it affirmed a resource upgrade at its Quebec mining operations in Canada.

As Mitch Lawller of TMF reported at the time, “the upgrade represents a doubling from the company’s previous estimates.”

“Unsurprisingly, investors are attempting to snap up shares in Sayona as the share price roars ahead,” he added.

Since then, it has continued to surge higher, helped by ever-growing demand for lithium and electric vehicles.

It’s now set a new decade-long high for the company, after its share price collapsed back from a high of $1.50 back in December 2007.

The post 3 ASX All Ordinaries shares defying today’s falls to surge higher appeared first on The Motley Fool Australia.

More reading

• ‘Pivotal quarter’: Here’s why the Bellevue Gold share price is outperforming today
• Why Bellevue Gold, CSL, Endeavour, and Serko shares are pushing higher today
• What are the 10 biggest ASX shares in the lithium space
• Why is the Sayona share price leaping 9% on Wednesday?
• Could these ASX shares be the new FAANG stocks on the block?

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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/47zshtT

The Transurban Group (ASX: TCL) share price is in the green today, and it’s a lucky – and lonely ­– spot to be in.

Most of the toll road operator’s S&P/ASX 200 Index (ASX: XJO) peers are suffering on Friday, with the index tumbling 1.58% at the time of writing.

At the same time, the Transurban share price is trading at $14.09, 0.97% higher than its previous close.

Let’s take a closer look at what’s going on with the market on Friday.

Transurban shares afloat in a sea of red

The ASX 200 is plunging from yesterday’s eight-month high – and near all-time high – amid news the United States Federal Reserve could be considering a rate hike next month.

The chair of the nation’s central bank, Jerome Powell, signalled talk of a 0.5% increase to rates on Thursday (Friday, AEDT), reports the Wall Street Journal.

Seemingly in response to the international rates talk, the ASX 200 is recording its worst day since February’s 2.99% tumble.

At the time of writing, only 34 of the ASX’s top 200 companies are gaining. That leaves 83% of the ASX 200 in the red.

Leading the index on Thursday is the United Malt Group Ltd (ASX: UMG) share price. It’s currently up 1.79%.

The share prices of CSL Limited (ASX: CSL), JB Hi-Fi Limited (ASX: JBH), Coles Group Ltd (ASX: COL), and Ramsay Health Care Limited (ASX: RHC) are also in the green.

They’ve joined the Transurban share price in avoiding today’s carnage. There’s no news from the toll road operator to explain why its stock is moving higher on Friday.

Additionally, 10 of the ASX 200’s 11 sectors are trading lower right now.

Only the S&P/ASX 200 Health Care Index (ASX: XHJ) is up. It’s recording a 0.49% gain.

Meanwhile, the S&P/ASX 200 Resources Index (ASX: XJR) is the worst performing sector, tumbling 3.31%.

The post Transurban shares are one of only a handful of ASX 200 stocks gaining today. What’s happening? appeared first on The Motley Fool Australia.

More reading

• Could this ASX 200 share be one of the best monopoly plays there is?
• Why is the Transurban share price revving up on Thursday?
• Why did the Transurban share price have such a good run in March?
• Broker names 3 more of best ASX 200 shares to buy in April
• 5 things to watch on the ASX 200 on Wednesday

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. owns and has recommended CSL Ltd. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Ramsay Health Care Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/Ifd7QwE

The Neometals Ltd (ASX: NMT) share price is seesawing today despite the company providing a positive update to the ASX.

During the early hours of trade, the advanced materials company’s shares were fetching as low as $1.705.

However, they have since picked up to swap hands at $1.775, up 0.28%.

Primobius secures lithium battery recycling permit

Investors are unfazed with the company’s latest update, sending the Neometals share price into mixed territory.

In the release, Neometals advised its joint venture company, Primobius has received an operating permit for its commercial shredding plant in Hilchenbach, Germany.

Primobius is 50% owned by Neometals, with the remaining interest held by plant construction and mechanical engineering services company, SMS group.

The receipt of the federal operating permit enables commercial operations to commence at its lithium-ion battery recycling facility. This will see up to 10 tonnes per day of battery-grade metal sulphate chemicals safely recycled into new battery production.

Neometals noted that Primobius is receiving and storing EV battery modules from its disposal service customer before beginning operations in mid-May.

In addition, Primobius is delivering its first intermediate active material product to a German metal recycler next week.

Management plans to deliver a number of bulk samples to multiple parties for evaluation of larger and longer-term offtake arrangements.

The shredding plant is expected to generate near-term revenue as well as prove the efficacy of the shredding circuit.

Neometals said that 50 tonnes per day of recycling operations are currently the subject of engineering cost studies. This is scheduled to be completed by 30 June 2022.

Neometals share price snapshot

Over the past 12 months, the Neometals share price rocketed by more than 270% for investors.

The company’s shares hit an all-time high of $1.97 at the start of this month, before slightly retracing.

Based on today’s price, Neometals presides a market capitalisation of roughly $967.88 million.

The post Neometals shares seesaw despite positive update appeared first on The Motley Fool Australia.

More reading

• 2 ASX All Ords shares helping the planet and the back pocket
• 3 ASX All Ords commodities shares smashing new highs today
• Neometals (ASX:NMT) share price shoots to new 52-week high
• The US is backing Aussie critical minerals projects, and these ASX mining shares could be set to reap the rewards
• What exactly is vanadium and which ASX shares have exposure?

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 Bruce Jackson.

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