In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.6% to 7,489.1 points.

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

Block Inc (ASX: SQ2)

The Block share price is down 1.5% to $168.22. This follows a poor night of trade for the payments giant’s NYSE listed shares. In addition, the tech sector is underperforming today, with the S&P/ASX All Technology Index trading only a fraction higher.

IGO Ltd (ASX: IGO)

The IGO share price is down 2% to $13.63. Investors have been selling this battery metals miner’s shares in response to a bearish broker note out of UBS. This morning the broker initiated coverage on IGO with a sell rating and $12.65 price target. It believes its shares are overvalued at the current level and fears that current sky high lithium and nickel prices are unsustainable.

Navigator Global Investments Ltd (ASX: NGI)

The Navigator Global share price is down over 6.5% to $1.63. This morning the investment company announced the completion of a $47 million placement. Navigator raised the funds at $1.55 per new share, which represents an 11.4% discount to its last close price. The company will now seek to raise a further $10 million through a share purchase plan.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price has crashed 15% to $1.90. This follows the release of the fund manager’s latest funds under management (FUM) update. According to the release, Platinum’s FUM fell 7.9% or $1.7 billion in March to $19.442 billion. This was despite only recording net outflows of $222 million and the ASX 200 rising over 6% during the month.

The post Why Block, IGO, Navigator Global, and Platinum shares are dropping appeared first on The Motley Fool Australia.

More reading

• ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal
• Top brokers name 3 ASX shares to sell today
• Why are ASX 200 tech shares having such a dire day?
• ASX 200 midday update: Magellan jumps, tech shares tumble
• March was a lousy month for ASX BNPL shares. Here’s why

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 Block, Inc. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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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.

What happened

Investors don’t expect electric vehicle (EV) start-ups to be profitable for several years after commercial production begins.

One key to profitability is manufacturing at volumes that will cover fixed costs. So when EV maker Rivian Automotive (NASDAQ: RIVN) told investors in its March report for fourth-quarter 2021 results that it was reducing production guidance, investors fled. Over the full month of March, Rivian stock dropped 25.6%, according to data provided by S&P Global Market Intelligence.

That plunge has continued so far in April, with Rivian shares now down more than 40% since the beginning of March. 

So what

Though the company said it has capacity to produce as many as 50,000 of its electric vehicles this year, it said in its shareholder letter on March 10 that it only expects to make 25,000 due mainly to supply chain issues. 

More recently, in a Securities and Exchange Commission (SEC) filing dated March 31, 2022, the company added additional risks, including the conflict in Ukraine as well as fuel and energy prices, as potentially impacting its progress. The company specifically noted it has experienced impacts in “facility construction to equipment installation to vehicle component supply”.

Now what

Investors already were aware that Rivian was trying to navigate how inflation was affecting its raw material costs. On March 1, the company said it was raising prices on both its pickup trucks and SUVs, including for those that had already been ordered. After facing immediate backlash from customers who had made those reservations at a lower price, the company reversed its decision.

Rivian CEO RJ Scaringe acknowledged the mistake, stating in a letter to shareholders, “We didn’t give you enough insight into what was driving these decisions…In speaking with many of you over the last two days, I fully realize and acknowledge how upset many of you felt.”

The takeaway for investors is that the company will have to shoulder those rising costs internally for the more than 80,000 vehicles that were ordered prior to March 1. Rising costs combined with Rivian’s lower pace of production pushed many investors to sell the stock in March. 

In the first week of April, Rivian announced it produced 2,553 vehicles in the first quarter. It added that it believes it remains “well positioned” to achieve the lowered guidance of 25,000 vehicles it provided just a month prior.

That didn’t give investors any additional incentive to buy the stock, however. But with the share price down more than 60% so far in 2022, it may be close to a level that long-term investors find makes for a good time to buy. 

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

The post Why Rivian stock dropped over 25% last month appeared first on The Motley Fool Australia.

More reading

• Rivian stock soared today — is it a buy?
• Why Rivian tanked ahead of earnings after the bell

Author Howard Smith 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.

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

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The Okapi Resources Ltd (ASX: OKR) share price is shooting the lights out after releasing some exciting news. The ASX mining share has gained 43.33% in value since the market open yesterday. The Okapi share price is currently up 16% at 42 cents after touching a high of 43.5 cents in early trade.

ASX investors responded big-time to Okapi’s announcement yesterday about a transformative acquisition in the United States that will make it “a significant player” in the US uranium market.

The company also updated ASX investors on Monday regarding approval for a separate drilling program.

All this amid news the uranium price reached its highest point in more than a decade overnight.

In short, it’s been a pretty major week for the nano-cap miner. Let’s look at the detail.

How this ASX mining share’s big week began

The first bit of news out of Okapi this week was an announcement on Monday that it has received approval from authorities in Moab, Utah, in the United States to commence an exploration drilling program at the high-grade Rattler Uranium Project.

Okapi will drill 100 shallow holes to test the extent and nature of mineralisation confirmed by recent rock sample results. The project comprises 98 unpatented federal mining claims. It includes the historical Rattlesnake open-pit mine, which operated from 1948 to 1954.

The project is located about 85km from the only operating conventional uranium mill in the US. That’s the White Mesa Uranium/Vanadium mill owned by Energy Fuels Inc (NYSEAMERICAN: UUUU).

Okapi has an option to acquire 100% of the Rattler Project. The company describes it as “a near term, low-capital development opportunity”. Drilling is expected to start in Q3 this year.

The ASX mining share’s price was virtually unmoved by the news. This is possibly because investors had already responded strongly on 10 March when Okapi released rock sample results from the site. That news sent the Okapi share price 17% higher in one day.

On Tuesday, Okapi announced a trading halt before the market open, pending an announcement.

What happened next for Okapi?

The ASX mining share resumed trading on Thursday after revealing a major acquisition in Colorado. In a statement, Okapi said the deal would turn it “into a significant player in the USA uranium market”.

Okapi announced a binding agreement to buy an option over a 51% stake in the shallow, high-grade Hansen Uranium Deposit. It’s situated in one of the most prolific uranium districts in the US – the Tallahassee Creek Uranium District.

The deal lifts Okapi’s JORC Resource at the Tallahassee Project by 81% to 49.8 million pounds of U3O8. It also increases the grade by 10% to 540ppm U3O8.

In its statement, Okapi said it was “highly accretive” for shareholders with 22.2 million pounds U3O8 at 610ppm U3O8 “for the modest upfront cost of US$500,000 which is fully funded by existing cash reserves”. Okapi also released an investor presentation on the deal.

The news thrilled ASX investors, who bid up the ASX mining share from 30 cents to 36 cents — or 20% yesterday. And it looks like the market enthusiasm is continuing today.

About Okapi Resources

Okapi has a portfolio of advanced, high-grade uranium assets in the US and Canada. Its Canadian assets are located in the world’s premier uranium district, the Athabasca Basin. The basin is home to the world’s largest and highest-grade uranium mines.

Okapi says its “clear strategy is to become a new leader in North American carbon-free nuclear energy”.

The ASX mining share has a market capitalisation of $42.15 million.

The post This ASX mining share is soaring 43% in just 2 days. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why is the Northern Star share price having such a positive end to the week?
• Who owns ANZ shares? Take a look. You might be surprised
• Jackpot! Citi tips Aristocrat share price to surge 30% higher
• Why are ASX uranium shares having such a stellar end to the week?
• If you’d bought $10,000 of BHP shares 5 years ago, here’s what you’d have now

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 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.

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The Northern Star Resources Ltd (ASX: NST) share price is outperforming the benchmark today in a strong finish to a rather wobbly week.

Northern Star shares closed yesterday at $10.15 and are currently trading for $10.30, up 1.48%.

By comparison the S&P/ASX 200 Index (ASX: XJO) is up 0.6% today.

Why is the Northern Star share price outperforming?

It’s not just Northern Star shares posting strong gains today.

Fellow ASX 200 gold share Evolution Mining Ltd (ASX: EVN) is up 1.54% today, while Newcrest Mining Ltd (ASX: NCM) shares have gained 1.7%.

All up, the S&P/ASX All Ordinaries Gold Index (ASX: XGD), which contains ASX gold shares outside of the ASX 200, is up 1.64% at the time of writing.

Among other factors, Northern Star shares look to be getting a boost from an uptick in gold prices. An ounce of gold is currently trading for US$1,934 per troy ounce. That’s up from US$1,925 yesterday, according to data from Bloomberg.

Its shares could also be getting a lift from a positive assessment from broker Morgan Stanley.

As the Motley Fool reported yesterday, Morgan Stanley has a bullish outlook for the price of gold, and Northern Star ranks among its top two picks among ASX gold shares.

According to Morgan Stanley:

NST has the highest FCF [free cash flow] generation of our coverage and offers the most sensitivity to upside gold prices, with lowest downside due to well-priced hedges. NST also has a near-term catalyst with its brownfield expansion at KCGM.

How has Northern Star been tracking?

With gold prices on the upswing, the Northern Star share price has gained almost 10% since the opening bell of 4 January, compared to a year-to-date loss of 1.3% posted by the ASX 200.

The post Why is the Northern Star share price having such a positive end to the week? appeared first on The Motley Fool Australia.

More reading

• Yield curve inversion is bad news for ASX shares except for this sector
• 5 things to watch on the ASX 200 on Wednesday
• Why has the Northern Star (ASX:NST) share price gained 23% in 2 months?
• 5 things to watch on the ASX 200 on Monday
• Top ASX shares to buy in April 2022

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.

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We’ve been inundated with search queries trying to figure out just who are the owners of Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares.

Obviously, being a public company, it is owned by the ‘public’ via the shareholders on its register. This we know. However, just who among that group are the specific owners, and where do they come from?

We’ve done some digging from available sources and come up with the answers. Let’s take a look.

Who owns ANZ shares?

Let’s break this down by separating as much of the information into various categories as possible to get a clear picture of the ownership summary.

First, the institutions. According to Bloomberg data, as of 3 April 2022, institutional investors own 20.05% of ANZ’s shares and 19.79% of its float.

That’s made up of 521 institutions, which, curiously, has 167 sellers on its list. Some of these include The Vanguard Group Inc, which owns 4.98% of ANZ’s shares, Norges Bank Investment Management with a 1.8% stake, and Colonial First State Superannuation Corporation which has a 0.67% stake.

Most of these entities also have substantial and diversified holdings in most if not all of the other banking majors as well.

The remaining float, or roughly 80.2% of shares, is owned by the general public, otherwise known as retail investors.

So on that basis, ANZ is majority-owned by ‘the public’, as it were. There isn’t much insider activity – ‘insiders’ such as executives and the like only hold 0.03% of the company’s float.

Geographically, most of the ownership is concentrated in the US, Bloomberg data shows, with 42.37% of owners living there, distantly followed by Australia at 24.87%.

Investors from Ireland, Japan, the UK, and Luxembourg each collectively have 4.6%, 4.4%, 4.3%, and 3.1% ownership stakes, respectively.

What about the type of owner?

Hedge funds? Pensions Funds? Individual investor? Turns out the major category of owner is investment advisor, with 84.2% of shares owned by some entity or individual with the title.

Following this are sovereign wealth funds with a 12.7% stake, while other banks have 1.15% ownership of ANZ. And yes, pension funds own 0.17%.

Here’s some other fun yet curious information. Out of all the funds that own ANZ shares, most are a part of a multi-strategy product – almost 11%.

ANZ is also 1.87% owned by value-oriented funds and 1.5% by growth-type funds. In a similar paradox, while most of the geographic ownership is in the US, most of the fund ownership is centred here in Australia.

There’s the ownership breakdown of ANZ and who owns what of its equity. Keep in mind that, while shareholders are considered the equity holders or true owners of a company, ANZ also has an entire debt summary as to who owns its issued bonds.

That’s important because bondholders and creditors are considered primary claimants of the company, meaning that in the event of insolvency or liquidation, they have first dibs on the company’s assets – shareholders get paid last.

With respect to ANZ’s issued debt, BlackRock Inc. is the major holder, followed by Vanguard Group, with UBS and Credit Suisse following closely behind.

The ANZ share price is edging higher today, up 0.51% to $27.48 at the time of writing, However, it is down more than 4% for the last 12 months and finds itself in the red this year to date as well.

The post Who owns ANZ shares? Take a look. You might be surprised appeared first on The Motley Fool Australia.

More reading

• What to expect from the ANZ half year result
• 5 things to watch on the ASX 200 on Monday
• Here’s how the ANZ share price performed in March
• How did ASX 200 bank shares perform today?
• What’s the outlook for the ANZ share price 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 Bruce Jackson.

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The Aristocrat Leisure Limited (ASX: ALL) share price is edging lower on Friday.

In afternoon trade, the gaming technology company’s shares are down slightly to $33.40.

This means the Aristocrat share price is down almost 27% in 2022.

Is the Aristocrat share price good value now?

One leading broker that believes the weakness in the Aristocrat share price this year is a buying opportunity is Citi.

According to a note out of the investment bank this morning, its analysts have initiated coverage on the company’s shares with a buy rating and $44.00 price target.

Based on the current Aristocrat share price, this implies potential upside of just under 32% for investors over the next 12 months.

Why is Citi bullish on Aristocrat?

The note reveals that Citi believes Aristocrat would be a great long term option for investors thanks to its mobile game business and new market opportunities. The latter includes real money gaming, which the company attempted to enter with the failed acquisition of Playtech.

Citi commented:

“Aristocrat represents a compelling long-term growth story, with exposure to ongoing growth in mobile game penetration and potential to grow into new markets. The Gaming business offers annuity like earnings through its Class III gaming operations.

In Digital, we believe the market is implying at least three new hit titles across the RPG, Action, Strategy, and Social Casual genres by FY24e, putting pressure on recent releases to be successful. In contrast, expectations appear reasonable for the higher margin Social Casino genre where Aristocrat is a market leader.

Despite the Playtech acquisition not proceeding, the immense opportunity in Real Money Gaming remains. We initiate with a Buy rating and a $44.00 target price.”

All in all, this could make Aristocrat one to consider right now.

The post Jackpot! Citi tips Aristocrat share price to surge 30% higher appeared first on The Motley Fool Australia.

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Citigroup is an advertising partner of The Ascent, a Motley Fool company. 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 Bruce Jackson.

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ASX uranium shares are launching higher in Friday’s session following a similar surge in the energy commodity’s price overnight.

The S&P/ASX Energy Index (ASX: XEJ) is Friday’s best performing sector. That’s likely also helping push the share prices of ASX uranium producers higher.  

Let’s take a closer look at what’s going on with the energy commodity producers on Friday.

ASX uranium shares take off on Friday

ASX uranium shares are in the green today amid reports the commodity’s price has hit a new multi-year high.

At the time of writing, the Paladin Energy Ltd (ASX: PDN) share price is leading the S&P/ASX 200 Index (ASX: XJO), gaining 10.62%.

Meanwhile, the share prices of Deep Yellow Limited (ASX: DYL), Boss Energy Ltd (ASX: BOE), Peninsula Energy Ltd (ASX: PEN), and Bannerman Energy Ltd (ASX: BMN) are all taking off.

They’ve gained 9.7%, 9.4%, 14.89%, and 15.74% respectively.

For context, the ASX 200 is currently up 0.5%, as is the All Ordinaries Index (ASX: XAO). The ASX energy sector is also recording a 1.1% gain right now.

The Boss Energy share price is likely also rising on news of the early completion of the company’s share purchase plan.

The capital raise – which aimed to raise up to $5 million by issuing new shares for $2.15 apiece – received applications totalling $17.6 million. As a result, the company has scaled back the offer.

What’s going on with uranium prices?

ASX uranium shares are gaining amid news the price of uranium reached its highest point in more than a decade overnight.

Uranium futures reached US$61.60 per pound in Thursday’s session overseas, according to data from Trading Economics.

It comes as the United States Congress passed legislation to remove Russia’s preferential trade status and to ban Russian oil and gas imports, according to reporting by the New York Times.

It’s yet another move to financially punish the former-soviet nation for its invasion of Ukraine.

While the legislation still needs the approval of US President Joe Biden, the publication said it was expected to be instigated.

The United States relies on nuclear energy for a significant chunk of its electricity. It also imports much of its uranium from Russia and its allies.

Thus, a potentially changed trade relationship – and resulting tariffs – could impact the supply of the nuclear fuel, boosting its value.

Additionally, the United Kingdom recently announced it’s planning to build up to eight nuclear reactors as part of its energy security strategy.

The plan will help the nation phase out its use of Russian oil and coal this year. It’s also aiming to ditch Russian gas as soon as possible.

The post Why are ASX uranium shares having such a stellar end to the week? appeared first on The Motley Fool Australia.

More reading

• ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal
• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why Andromeda Metals, Block, Paladin Energy, and Zip shares are dropping
• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m
• Here’s why the Paladin Energy share price is sliding today

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 Bruce Jackson.

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The BHP Group Ltd (ASX: BHP) share price has registered strong gains over the past few years. This comes despite the world’s largest miner suffering a few hiccups along the way, such as the COVID-19 pandemic.

Nonetheless, BHP shares have created wealth for investors who bought and held their shares over the long term.

Below, we calculate how much you would have made If you bought $10,000 worth of BHP shares 5 years ago.

What’s happening with BHP in 2022?

Since the start of the year, the BHP share price has posted a return of almost 25%.

The accent of iron ore prices is providing a strong support base for the company’s margins. Regarded as a key commodity in BHP’s portfolio, this is particularly important given a majority of its revenues come from the steelmaking ingredient.

Currently, the price of iron ore is fetching for US$151.50 a tonne, up 30.64% in the past 4 months.

It’s worth noting that in the financial year ending 31 December 2021, iron ore accounted for more than half of the total group revenue from BHP.

So, how much would you have if you invested $10,000 from 5 years ago?

If you invested $10,000 into BHP shares in 2017, you would have picked them up for approximately $25.73 a piece. This equates to about 388 shares without topping up along the way during the down periods.

Fast-forward to today, the current BHP share price is $51.45. This means those 388 shares would be worth $19,962.60.

Not a bad effort for almost doubling your initial investment in one of the ASX’s most safe and reliable companies. 

When looking at percentage terms, this implies an average yearly return of 14.83%. In comparison, the S&P/ASX 200 Index (ASX: XJO) has given back roughly 4.89% over the same timeframe.

What about the dividends?

Over the course of the last five years, BHP has made a total of 12 dividend payments from March 2017 to March 2022.

Adding those 12 dividends payments gives us an amount of $13.8421 per share. Calculating the number of shares owned against the total dividend payment gives us a figure of $5,370.73.

When putting both the initial investment gains and dividend distribution, an investor would have $25,333.33 worth of BHP shares.

In comparison, investing the same amount in the ASX 200 would have netted you a total figure of $12,649.63.

BHP share price summary

Over the past 12 months, BHP shares have stormed 10% higher following a rollercoaster ride for investors.

The company’s shares were heavily sold off in August 2021 after reaching an all-time high of $54.55. Since then, its shares hit a 52-week low of $35.56, before surging back up again near its record high.

Based on today’s price, BHP presides a market capitalisation of roughly $261.62 billion and has approximately 5.06 billion shares outstanding.

The post If you’d bought $10,000 of BHP shares 5 years ago, here’s what you’d have now appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• 3 more of the ‘best’ ASX 200 shares to buy this month: Morgans
• Why Macquarie says the BHP share price can gain another 19%
• 2 buy-rated ASX 200 dividend shares analysts are recommending
• What sent ASX mining shares flaming higher in March?

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.

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The 88 Energy Ltd (ASX: 88E) share price is on fire today, up 14.3% at the time of writing.

88 Energy shares closed yesterday at 1.4 cents and are currently trading at 1.6 cents.

That gives the ASX oil and gas company a market cap north of $238 million.

So, what’s driving investor interest today?

What resource update was announced?

The 88 Energy share price is charging higher after the company updated the market on the ongoing assessment of its Project Icewine acreage.

Project Icewine, located on the central North Slope of Alaska, covers some 195,000 acres of highly prospective oil and gas territory.

The ASX energy share said that preliminary third-party mapping of 88 Energy’s Shelf Margin Delta (SMD) play “indicates extension of the SMD play fairway”, onto its Project Icewine leases. The company noted that Pantheon Resources has had “significant success” on its neighbouring lease over the past few months.

According to the release:

The source rocks (GRZ/HRZ) for the Brookian plays within the Project Icewine area are modelled to be within the oil mature window, with historical wells reporting abundant oil shows and interpreted oil saturations from electric log data.

88 Energy also noted that testing undertaken by Pantheon in a well drilled only 2.8 miles (4.5km) north of the Project Icewine “confirmed reservoir deliverability of light, sweet oil”.

Also potentially spurring ASX investor interest today, and helping send up the 88 Energy share price, was the report that mapping of the company’s Seabee Lower Basin Floor Fan and Slope Fan System are close to complete.

Shareholders awaiting the independent resource update for Project Icewine were informed this is expected to be done in Q2.

88 Energy share price snapshot

Despite today’s big boost, the 88 Energy share price remains down 47% in 2022. By comparison, the All Ordinaries Index (ASX: XAO) is down 2% year-to-date.

The post Here’s why the 88 Energy share price is rocketing 14% today appeared first on The Motley Fool Australia.

More reading

• Guess which 2 ASX shares were the best and worst All Ordinaries performers in March
• Why 88 Energy, Gold Road, Sigma, and Star shares are dropping
• This ASX energy share just plunged 52%. Here’s why

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.

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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to snap its losing streak and end the week on a positive note. The benchmark index is up 0.6% to 7,489.1 points.

Here’s what is happening on the ASX 200 today:

GrainCorp upgrades guidance

The GrainCorp Ltd (ASX: GNC) share price hit a record high this morning following an earnings guidance update. The release notes that the company has been benefiting from significant ongoing global demand for Australian grain and oilseeds. It also notes that planting conditions for the upcoming east coast Australian winter crop are favourable. All in all, this has led to management upgrading its earnings guidance for FY 2022.

Pro Medicus signs major contract

The Pro Medicus Limited (ASX: PME) share price is rising today. This has been driven by news that the health imaging technology company has won a major new contract. According to the release, the company’s US business, Visage Imaging, has signed a $32 million, eight-year contract with Inova Health System.

Ampol update

The Ampol Ltd (ASX: ALD) share price is pushing higher on Friday. This follows news that the New Zealand Commerce Commission has approved the sale of its Gull NZ business to Allegro. This paves the way for Ampol to complete the acquisition of Z Energy Ltd (ASX: ZEL).

Best and worst ASX 200 performers

The best performer on the ASX 200 has been the Paladin Energy Ltd (ASX: PDN) share price with a 10% gain. Paladin and other uranium shares are charging higher today. Going the other way, the worst performer on the ASX 200 has been the IGO Ltd (ASX: IGO) share price with a 2.5% decline. This morning UBS initiated coverage on IGO with a sell rating and $12.65 price target.

The post ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• Ampol share price nears a new 52-week high following milestone approval
• Pro Medicus share price jumps on $32m contract news
• GrainCorp share price jumps 9% to record high on guidance upgrade amid ‘significant’ demand
• Worried about current ASX share market uncertainty? Read this

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 Pro Medicus Ltd. The Motley Fool Australia owns and has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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