There are several ASX lithium shares that brokers like at the moment.

Lithium prices have been charging higher amid strong demand for the battery material.

And it seems demand may not slow down for a while.

Rio Tinto Limited (ASX: RIO) recently completed the acquisition of the Rincon lithium project in Argentina for $825 million. Rio Tinto said:

The market fundamentals for battery-grade lithium carbonate are strong, with lithium demand forecast to grow 25% to 35% per annum over the next decade with a significant supply-demand deficit expected from the second half of this decade.

With that backdrop in mind, which ASX lithium shares do brokers think are opportunities?

Pilbara Minerals Ltd (ASX: PLS)

Pilbara Minerals is rated as a buy by the broker Macquarie, with a price target of $4.30. That implies a possible upside of around 15%.

The broker thinks that continuing strength of the lithium price will help Pilbara’s earnings.

The first half of FY22 already showed a significant increase in the profitability of the company, with earnings before interest, tax, depreciation and amortisation (EBITDA) lifting from $3.2 million to $151.1 million.

The above result was achieved with an average selling price of around US$1,250 per dry metric tonne. However, on 23 February 2022, the miner said that since the end of the half-year, the pricing had continued to increase. Price reporting agencies indicate spot spodumene concentrate prices were in the range of between US$3,750 per dry metric tonne to around US$4,500 per dry metric tonne.

The broker also thinks that Pilbara Minerals can benefit from more of the value-added processes for lithium, not just digging it out of the ground.

The ASX lithium share recently updated the market to say that a scoping study supports the potential for the value-added path beyond spodumene concentrate at Pilgangoora in Western Australia.

Mineral Resources Limited (ASX: MIN)

Mineral Resources is another of the lithium miners that Macquarie likes.

Macquarie rates Mineral Resources as a buy, with a price target of $77. That implies a potential upside of more than 30% for the company.

The company says that its two hard rock lithium mines in WA make it one of the world’s largest owners of hard rock lithium units.

It boasts that it is rapidly growing from a junior to medium-sized commodity producer “with a vast pipeline of high-quality lithium development projects and exploration targets across Western Australia”.

Lithium operations are based out of Mt Marion, located in the Goldfields, and Wodgina, in the Pilbara region.

The ASX lithium share says that the Mt Marion mine was initially designed to produce 206,000 tonnes of spodumene concentrate per annum. A current upgrade project is underway to increase production to 450,000 tonnes per annum.

Not only is the company benefiting from the high lithium prices, but the iron ore prices have been climbing in recent weeks as well. According to Commsec, the iron ore price went up another 1.3% to US$162 per tonne over the last day.

The post 2 lithium ASX shares to buy in April 2022: experts appeared first on The Motley Fool Australia.

More reading

• 3 ASX shares to buy in the hottest sector right now: experts
• The Pilbara (ASX:PLS) share price soared 18% in March. Here’s why
• Here are the 3 most heavily traded ASX 200 shares on Monday
• ASX lithium shares set to deliver next positive surprise to investors
• These were the best performers on the ASX 200 last week

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 Macquarie Group Limited. 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 Fortescue Metals Group Ltd (ASX: FMG) share price isn’t flying higher alongside the rising iron price.

Iron ore jumped another 1% overnight to reach US$160 per tonne.

However, the Fortescue share price is down 0.1% at time of writing even as the S&P/ASX 200 Index (ASX: XJO) charges 0.6% higher.

Fortescue shares closed yesterday at $21.70 and are currently trading for $21.69.

What’s happening in the markets?

Iron ore is still a fair way off its July 2021 highs of US$218 per tonne. But the industrial metal has charged higher from the US$120 per tonne it was trading for on 1 January this year.

Part of the price rise is due to the increasing likelihood that China, the world’s biggest importer of iron ore, looks set to get a boost from government spending meant to stimulate the Chinese economy.

Russia’s invasion of Ukraine has also put pressure on iron ore and steel markets. Russia and Ukraine together are responsible for some 4% of the world’s annual iron ore production.

Why isn’t the Fortescue share price responding today?

So, with iron ore prices rising again, why isn’t the Fortescue share price responding today?

Part of that answer lies in the 26% gains Fortescue shares have posted since 15 March, when iron ore was trading for US$145 per tonne.

The other reason the Fortescue share price is lagging today lies with the risk-on moves in the global and local markets that’s seeing investors snapping up high-growth tech shares.

Yesterday, overnight Aussie time, the tech-heavy Nasdaq gained 1.9%.

Down under today, materials are the worst performing sector, with the S&P/ASX 200 Materials Index (ASX: XMJ) down 0.28%. As for ASX tech shares, the S&P/ASX All Technology Index (ASX: XTX) is up 2.7% at time of writing.

Long-term investors shouldn’t be fretting about the slight dip in the Fortescue share price today though. If you’d bought shares five years ago, you’d be sitting on gains of 255%.

The post Iron ore just passed US$160 per tonne. So why is the Fortescue share price slipping? appeared first on The Motley Fool Australia.

More reading

• What’s the outlook for the Fortescue (ASX:FMG) share price in April?
• The Fortescue share price doubled the return of the ASX 200 in March
• The ASX 200 just had its longest winning streak since 2017. What’s doing?
• Fortescue share price jumps 4% higher
• Are these ASX 200 mining shares in trouble?

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 Macquarie Group Ltd (ASX: MQG) share price is in the green today despite ASIC commencing legal proceedings against the company.

Macquarie shares are trading at $207.355 today, a 0.61% gain. For perspective, the S&P/ASX 200 Financials Index (ASX: XFJ) is also up 0.72% at the time of writing.

So why is ASIC taking action against Macquarie?

What is ASIC alleging?

Macquarie is facing a legal challenge from ASIC in the Federal Court. ASIC is alleging “limited monitoring” by Macquarie of transactions made via its bulk transaction system using a fee authority.

The regulator claims the transactions did not pass through a fraud monitoring system or undergo manual checks to confirm the transactions were for fees.

ASIC alleges $2.9 million in unauthorised withdrawals by former financial adviser Ross Andrew Hopkins impacted Macquarie customers. Hopkins has now been convicted. ASIC deputy chair Sarah Court added:

ASIC’s case is not focused on Mr Hopkins’ conduct but rather on alleged multiple failures by Macquarie to take proper steps to monitor, detect and prevent unauthorised transactions.

Macquarie has remediated the clients of Mr Hopkins about $3.5 million on an ex-gratia basis since engagement with ASIC.

In a statement, Macquarie said it notes the Federal Court proceedings filed by ASIC. The company said:

Macquarie has cooperated with ASIC’s investigation into this matter. Macquarie treats the security of its clients’ accounts with the utmost seriousness, and has continued to introduce new controls and processes to respond to the evolving external fraud environment.

ASIC’s court filing notes that this issue arose in relation to 13 clients of an independent financial adviser between 2016 and 2019, who has since pleaded guilty to fraud. Following the independent adviser’s failure to compensate his clients for their losses, Macquarie fully reimbursed the 13 clients. 

In other news, Wavestone Capital principal and portfolio manager Raaz Bhuyan recently predicted Macquarie Group will have a “cracker result” due to gas prices in Europe and the US. He also commended the company’s management team.

Macquarie recently modified its portfolio of ASX shares in response to the Ukraine crisis.

Macquarie share price snapshot

The Macquarie share price has soared 36% in the past year while it is up 0.91% year to date.

In contrast, the S&P/ASX 200 Index (ASX: XJO) has returned about 10% in the past year.

Macquarie Group has a market capitalisation of about $79 billion based on its current share price

The post Macquarie share price lifts despite ASIC legal action appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: IGO dealt blow, Block’s data breach, Xero jumps
• ASX 200 banks bounce bank in March. Here are the April forecasts from analysts
• Considering Macquarie shares? Here’s why this expert is predicting a ‘cracker result’
• These were the best performing ASX 200 shares in March
• 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 recommended Macquarie Group Limited. 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 Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is storming higher. The benchmark index is currently up 0.7% to 7,568 points.

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

IGO’s Western Areas acquisition blow

The IGO Ltd (ASX: IGO) share price is falling today after the planned acquisition of Western Areas Ltd (ASX: WSA) was dealt a major blow. IGO advised that it understands that the independent expert has concluded that the takeover offer is not in the best interests of Western Areas’ shareholders. In light of this, IGO is expecting the Western Areas board to terminate the scheme implementation deed.

Block share price higher despite data breach

The Block Inc (ASX: SQ2) share price is charging higher with the rest of the tech sector on Tuesday. This is despite the payments giant revealing that a former employee downloaded customer data after their employment had ended. The data that was downloaded relates to the Cash App Investing business in the US. No other customer data, such as Afterpay data, was impacted.

Macquarie hit with ASIC proceedings

The Macquarie Group Ltd (ASX: MQG) share price is edging higher today despite ASIC commencing legal proceedings against the investment bank. ASIC alleges “limited monitoring” by Macquarie of transactions made via its bulk transaction system using a fee authority. This allowed former financial adviser Ross Andrew Hopkins to allegedly make $2.9 million in unauthorised withdrawals.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Xero Limited (ASX: XRO) share price with a 4.5% gain. This follows a strong rise by tech stocks and news of a key new appointment by the cloud-based accounting company. Going the other way, the worst performer has been the Lynas Rare Earths Ltd (ASX: LYC) share price with a 5% decline. Investors may have concerns over the impact of a new rare earths facility which has been approved by a rival.

The post ASX 200 (ASX:XJO) midday update: IGO dealt blow, Block’s data breach, Xero jumps appeared first on The Motley Fool Australia.

More reading

• Macquarie share price lifts despite ASIC legal action
• Why is the IGO (ASX:IGO) share price slipping today?
• Why are ASX tech shares having such a stellar day?
• ASX 200 banks bounce bank in March. Here are the April forecasts from analysts
• Xero share price leaps amid new growth push

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. and Xero. The Motley Fool Australia owns and has recommended Block, Inc. and Xero. 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 Bruce Jackson.

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Shares in Cobalt Blue Holdings Ltd (ASX: COB) are tumbling today and have fallen more than 5% in the red at the time of writing.

Whilst there’s been nothing sensitive out of the company’s camp today, Cobalt Blue shares have thrust 97% higher in 2022 and are up 79% in the last month alone.

What’s up with the Cobalt Blue share price?

Cobalt Blue shares popped last month after the company released an operations update that detailed its progress at its mining assets.

It mentioned starting works at the Broken Hill Cobalt Project (BHCP) and Pyrite Hill after completing first blasts there.

As reported by The Motley Fool’s Aaron Teboneras at the time, “the underground development will mine between 3,500 to 4,000 tonnes of ore to support 20 weeks of continuous operation of the Demonstration Plant.”

The company’s share price initially took a hit in the days following the announcement, sliding from a high of 87 cents and cooling off to 77 cents.

A sharp spike in the price of cobalt in early March appears to have also inflected positively on the company’s share price. The industrial metal lunged from US$74,000 per tonne to hit US$82,00 a tonne in just two days on 2–4 March, where it has stayed since.

Analysts at Canaccord Genuity are constructive on the stock and rate it as a speculative buy in a note from February.

The firm values Cobalt Blue at 65 cents per share, suggesting it might have to make some revisions, or that Cobalt Blue is overvalued relative to Canaccord’s valuation.

Cobalt Blue share price snapshot

In the last 12 months, the Cobalt Blue share price has soared more than 156% and has outpaced all major benchmarks in that time.

During the past month, it is up 79% after a further 26% gain in the previous week of trade. Today’s selling pressure is at the same volume as the company’s 4-week trading average.

The post Why has the Cobalt Blue (ASX:COB) share price surged 79% in a month? appeared first on The Motley Fool Australia.

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• The US is backing Aussie critical minerals projects, and these ASX mining shares could be set to reap the rewards
• ‘Coming together nicely’: Why the Cobalt Blue (ASX:COB) share price is surging 14%
• Why did the Cobalt Blue (ASX:COB) share price rocket 30% in a week?
• Why is everyone talking about ASX cobalt shares this week?

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 Bank of Queensland Limited (ASX: BOQ) share price is nudging 0.85% higher on Tuesday and is now resting at $8.30.

The BOQ share price is catching bids today on the back of an announcement from the bank before the market opened.

In the last month, shares have spiked around 6% but are down for the last year of trade.

What did BOQ announce?

The company has made several changes in its accounting treatment of various line-items on its financial statements. Alterations have been made amid changes to reporting standards.

Following the ME Bank acquisition, several accounting adjustments must be made to account for the new source of earnings and embedded costs for BOQ’s income statement.

To help shareholders get a clearer picture of the group’s ‘true’ financial performance, “and to
facilitate meaningful comparison with prior periods”, the bank has reconciled its financial statements in a pro forma statement.

The period is for the half-year ended 31 August 2021 (H2 FY21) and the half-year ended 28 February 2021 (H1 FY21).

“[The pro forma statement] has been prepared to reflect the business as it is now structured and as though it was in effect for the full comparative periods,” the company said.

The bank’s accounting treatment of the acquisition itself must also be reviewed, it said.

Accounting changes to impact earnings

In the set of reconciled pro-forma statements, BOQ recognises $429 million in pre-tax earnings, $296 million in cash earnings after tax, and a final $241 million in H2 FY21 statutory net profit after tax (NPAT).

It also recognises $782 million in net interest income in its pro forma result for H2 FY21, after making the accounting adjustments outlined above.

The bank was also made to revise accounting treatment of software-as-a-service (SaaS) items. Previously, Bank of Queensland could capitalise costs on SaaS arrangements by recording these as intangible assets on the balance sheet.

However, recent International Financial Reporting Standards changes have recommended the group revise this policy.

Consequently there’s been an asset shift on the balance sheet, resulting in a write-down of $47 million to intangibles, but a mark-up on prepaid and deferred tax assets of $11 million each respectively.

“This results in a $25m decrease to retained earnings as at 1 September 2021,” the group said in relation to the above.

But the accounting revisions don’t stop there. It still has to revise how it recognises revenue and earnings from the ME Bank acquisition, due to updates on acquisition accounting. The company said:

In the 2021 Annual Report, ME Bank’s net assets were recognised on a provisional assessment of their Fair Value, while BOQ continues to finalise various matters impacting the acquisition accounting entries. As a result of updates to the acquisition accounting for the combination of these businesses, FY21 intangible assets have been reduced by circa $18 million due to the SaaS policy change and other smaller updates. The restated software intangibles balance for FY21 is $382 million.

It remains to be seen the full effect of the accounting changes, and further details will be included in the bank’s H1 FY22 financial results ‘materials’, it said today.

The bank advised it is scheduled to release its 1H22 financial results on Thursday, 14 April.

BOQ share price snapshot

The BOQ share price has struggled this year to date and is up just 2% in that time. In the last 12 months, it has slipped around 4.5% into the red.

The post Why is the Bank of Queensland share price climbing today? appeared first on The Motley Fool Australia.

More reading

• Why is the Bank of Queensland (ASX:BOQ) share price slipping today?
• Why Air NZ, Bank of Queensland, Domain, and Perpetual shares are dropping
• ASX 200 (ASX:XJO): Perpetual makes Pendal offer, Iluka hits record high
• Why Bank of Queensland, Block, Premier Investments, and REA shares are dropping
• How did ASX 200 bank shares perform today?

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 IGO Ltd (ASX: IGO) share price is heading south on Tuesday following an announcement from the company.

After reaching a record high of $15.04 yesterday, it appears the battery metals producer’s shares are cooling off today.

At the time of writing, IGO shares are swapping hands for $14.50, down 3.33%.

It’s worth noting that the S&P/ASX 200 Materials Index (ASX: XMJ) also touched an all-time high on Monday of 19,276.7 points.

Nonetheless, the sector is reversing the gains made to trade at 19,063.2, down 0.52%. This is the worst-performing sector for the day so far.

Let’s take a look at what the company updated the market with earlier today.

IGO acquisition hits roadblock

Investors are digesting the company’s latest news today, sending the IGO share price into negative territory.

In an announcement, IGO provided an update regarding the proposed acquisition of Australia-based nickel producer Western Areas Ltd (ASX: WSA).

Proposed in mid-December 2021, the scheme of arrangement would see IGO acquire 100% of Western Areas for $3.36 per share.

The consideration implies a total value of around $1,096 million for the company, subject to certain customary conditions.

However, IGO noted Western Areas’ trading halt request on the ASX today.

IGO believes an independent expert engaged by Western Areas has finalised the draft Independent Expert’s Report (IER).

IGO’s understanding is that the document concluded that the scheme is neither fair nor reasonable to Western Areas shareholders.

As such, the board of Western Areas intends to terminate the scheme of implementation deed with IGO. This is contrary to the board previously recommending its shareholders vote in favour of the scheme.

IGO stated it will look at its options once the draft IER is received and reviewed. Although it did point out that there is no guarantee that the scheme will proceed.

In addition, IGO management stated that its long-term view on the nickel price has not materially changed. This is regardless of the recent volatility in nickel on commodity markets, which saw its price soar in early March.

About the IGO share price

The IGO share price has accelerated more than 130% since this time last year on the back of surging commodities prices.

When looking at year to date, the company’s shares are almost 30% in the green.

IGO has a price-to-earnings (P/E) ratio of 17.40 and commands a market capitalisation of roughly $11.4 billion.

The post Why is the IGO (ASX:IGO) share price slipping today? appeared first on The Motley Fool Australia.

More reading

• 5 ASX mining shares rocking all-time highs on Friday
• Top brokers name 3 ASX shares to sell today
• 5 ASX lithium and green metals shares hitting new 52-week highs today
• These were the best performing ASX 200 shares last week
• The IGO (ASX:IGO) share price hit a new all-time high today. Could this be why?

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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Cryptocurrencies are fast entering mainstream acceptance and daily use.

Elon Musk led the charge – or at least garnered the most headlines – last year when he announced Tesla Inc (NASDAQ: TSLA) would accept Bitcoin (CRYPTO: BTC) as payment for its EVs. It was a move he temporarily suspended amid concerns over the massive carbon footprint from mining the world’s biggest crypto by market cap.

Since then, Musk has been joined by a growing list of major companies eager to welcome customers looking to pay with digital tokens.

Petrol, tobacco and lunch for your cryptos

As reported by The Australian, OTR petrol stations and convenience stores will accept cryptos for payment beginning in July.

OTR, a subsidiary of Peregrine Corporation, has more than 160 outlets across South Australia and Victoria. Peregrine Corporation also will begin accepting digital assets for payment at its C Coffee, Subway, Oporto, Wokinabox, Smokemart, and Giftbox stores.

How it all works

Crypto.com and DataMesh are working with Peregrine to install point of sale terminals able to process payment in cryptos across the company’s network. The terminals will convert the digital asset payments into Aussie dollars at the time of sale. That will eliminate much of the volatility risk inherent with the likes of Bitcoin.

Commenting on the decision, Peregrine’s executive chairman Yasser Shahin said (as quoted by The Australian):

The growth and mainstream acceptance of cryptocurrency adoption in Australia and the rest of the world has been phenomenal, and has offered us a clear opportunity to tap into the momentum of this fast-growing space for the benefit of our customers.

Crypto.com’s local general manager Karl Mohan added that other Aussie retailers are also interested in rolling out the option of digital asset payments to their customers. “This is mainstream now, no longer in the fringes,” Mohan said.

Indeed, a survey published by Crypto.com in February indicated that 60% of merchants are interested in accepting cryptos as payment over the coming year, while only 4% currently have that capacity.

As for customers, 40% of respondents said they’re already using cryptos for transactions with 60% planning to do so over the next year.

The post Why cryptos like Bitcoin are ‘no longer in the fringes’ appeared first on The Motley Fool Australia.

More reading

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Bitcoin and Tesla. The Motley Fool Australia owns and has recommended Bitcoin. 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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Owners of these ASX hydrogen shares, get ready to celebrate. You’re invested in some of the best performers of the March quarter.

Last quarter was a rough one for many ASX shares, with the broader market tracking relatively flat over the period.

In fact, the S&P/ASX 200 Index (ASX: XJO) and All Ordinaries Index (ASX: XAO) gained just 0.7% and 0.1% respectively over the 3 months ended 31 March.

Luckily, these 5 ASX shares – each somehow involved in hydrogen – bucked the trend.

Let’s take a look at the 5 top performing ASX hydrogen stocks of the quarter just been.

Last quarter’s best performing ASX hydrogen shares

A quick note before we start: This list doesn’t include ASX hydrogen shares with market capitalisations of less than $50 million.

Frontier Energy Ltd (ASX: FHE) – up 96%

This dark horse swooped in at the last minute to take out the crown of the top performing ASX hydrogen share of the March quarter.

Frontier Energy, formerly known as Superior Lake Resources, relisted on the ASX in early March with a new focus – the Bristol Springs Solar Project.

Recently, the company announced a study into producing green hydrogen at the project.

On 11 August, the Superior Lakes share price closed trading at 13 cents. Additionally, the company raised $8 million through a prospectus earlier this year, wherein it offered shares in the company for 13 cents apiece.

The rebranded Frontier Energy was instated to the ASX on 3 March. Its share price surged to 16.5 cents at its first close.

As of the final close of March, it was trading at 25.5 cents.

That represents a 96% gain on its final close of 2021 and its prospectus’ offer price. It’s also 54% higher than the company’s first close of 2022.  

Woodside Petroleum Limited (ASX: WPL) – up 46%

While the ASX petroleum giant might not be the first stock that comes to mind when discussing hydrogen shares, Woodside is wrapped up in a $1 billion Western Australian hydrogen project.

The company is working with the state’s government to build H2Perth – a “world-scale” hydrogen and ammonia production facility that could produce 1,500 tonnes of hydrogen each day.

Construction on the project is estimated to begin in 2024.

Additionally, Woodside entered an agreement to look into shipping hydrogen from the project to Singapore and Japan in late 2021

It’s also working towards building a liquid hydrogen production facility in the United States. It’s hoping production at the facility will begin in 2025.

The Woodside share price closed the final session of the March quarter at $31.20.

AGL Energy Limited (ASX: AGL) – up 25%

AGL is another traditional energy giant tangled up in hydrogen.

The company entered the Hydrogen Energy Supply Chain project way back in 2018. The project aims to produce hydrogen at AGL’s Loy Yang coal-fired power plant and transport it to Japan.

AGL also entered an agreement with Fortescue Metals Group Limited (ASX: FMG)’s green energy leg, Fortescue Future Industries late last year. The pair are looking into developing a green hydrogen facility at AGL’s envisioned ‘Hunter Energy Hub’.

The hub is currently home to the energy producer and retailer’s Liddell and Bayswater power stations.

The AGL share price gained 25% over the March quarter, ending it trading at $7.72.

Origin Energy Ltd (ASX: ORG) – up 19%

Another strong performance from a big name ASX energy share with activities in the hydrogen sphere – the Origin share price is the fourth best performing hydrogen stock of the March quarter.

Origin has a number of hydrogen initiatives.

In 2020 it announced a feasibility study into producing hydrogen and ammonia for export in Tasmania.

Last year, it partnered with major shipping company Mitsui O.S.K. Lines to explore the transportation of the energy commodity.

It also announced that it’s exploring a potential export-scale liquid hydrogen project in Townsville and a green hydrogen hub in Newcastle.

The Origin share price ended the March quarter trading at $6.23 – up from $5.24 at the final close of 2021. That represents an 18.89% gain.

Incitec Pivot Ltd (ASX: IPL) – up 17%

Finally, Incitec Pivot has come in as the fifth best performing ASX hydrogen share of the March quarter.

The explosives, industrial chemicals, fertiliser producer and exporter has a few interests in hydrogen.

Mainly, its partnership with Fortescue Future Industries. The pair announced their collaboration –exploring green ammonia production at Incitec Pivot’s Gibson Island fertiliser facility – in 2021.

The entities believe the site could produce around 50,000 tonnes of renewable hydrogen each year, which would be converted to green ammonia and sold to markets.

The company is also involved in a partnership investigating green ammonia supply from hydrogen hubs in Queensland and NSW.

The ammonia could be used as a direct fuel for electricity. Or, it could be repurposed to produce green hydrogen to be used as a fuel feedstock.

The Incitec Pivot share price grew 16.98% last quarter, ending the period trading at $3.78.

The post These were the 5 best performing ASX hydrogen shares of the March quarter appeared first on The Motley Fool Australia.

More reading

• What sent ASX mining shares flaming higher in March?
• Gas is in hot demand. This is the ASX share I’d buy: expert
• What’s on the cards for the Woodside share price in April?
• How did the AGL share price perform in March?
• 5 things to watch on the ASX 200 on Monday

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 S&P/ASX 200 Index (ASX: XJO) is having another great start to this day’s trading thus far. At the time of writing, the ASX 200 is up a healthy 0.41% at just under 7,550 points. Although many ASX shares are in the green today, it seems ASX tech shares are leading the charge.

For one, the S&P/ASX 200 Information Technology Index (ASX: XIJ) has recorded the highest gain of any ASX sector so far today. It’s currently up a pleasing 3.22%. But we are also seeing this flow into the share prices of many ASX tech shares. Take Altium Limited (ASX: ALU) and Appen Ltd (ASX: APX). These ASX tech stalwarts are up 4.17% and 2.6% respectively so far today. Xero Limited (ASX: XRO) is up 4.35%. And leading the tech sector’s gains is Block Inc (ASX: SQ2), up a whopping 6.42% so far today to $191.80 a share.

So why are ASX tech shares powering ahead so enthusiastically?

ASX tech shares rising? Thank Elon Musk…

Well, we can’t be certain. But these ASX tech share moves likely have at least something to do with the blockbuster announcement last night (our time) that Tesla Inc (NASDAQ: TSLA) CEO Elon Musk made.

Musk, the world’s richest person, has long been known for his, er, market antics. Musk dropped a bombshell announcement last night, revealing he has just purchased a US$3.68 billion stake in the social media company Twitter Inc (NYSE: TWTR). As my Fool colleague Mitchell covered this morning, Musk now owns a 9.2% stake in Twitter, making him the company’s single largest shareholder. He now owns more than four times as many Twitter shares as the company’s founder, Jack Dorsey. Dorsey is also a founder of Block, as it turns out.

So this move saw the Twitter stock price jump a massive 27% by the close of the US markets. Tesla stock was up more than 5% as well, with many other US tech shares also finishing higher.

It’s likely these events and market moves are at least partially responsible for the subsequent enthusiasm we see with ASX tech shares today. Especially with the ASX-listed Block shares. Never a dull moment with Elon Musk.

The post Why are ASX tech shares having such a stellar day? appeared first on The Motley Fool Australia.

More reading

• Block (ASX:SQ2) share price jumps 6% despite reporting a data breach
• Birds are singing as the Twitter share price soars 27% on Elon Musk’s investment
• Should you buy fractional shares of Tesla before the potential stock split?
• These were the best and worst performing ASX sectors in March
• Should investors worry about Tesla’s Q1 deliveries miss?

Motley Fool contributor Sebastian Bowen owns Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Altium, Appen Ltd, Block, Inc., Tesla, Twitter, and Xero. The Motley Fool Australia owns and has recommended Block, Inc. and Xero. 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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