Although the National Australia Bank Ltd (ASX: NAB) share price is trading lower today, that couldn’t stop it from hitting a new 52-week high of $31.84 on Friday in early trade.

When the NAB share price reached that level, it meant it was up an impressive 23% over the last 12 months.

Can the NAB share price keep rising?

The good news for shareholders is that one leading broker believes the NAB share price still has decent upside potential.

According to a note out of Bell Potter, its analysts have retained their buy rating and lifted their price target on the bank’s shares to $34.50.

This implies potential upside of almost 9% for investors over the next 12 months. And if you include the 4.3% fully franked dividend yield Bell Potter is forecasting in FY 2022, the total return on offer stretches to over 13%.

What did the broker say?

Bell Potter notes that NAB has completed its $2.5 billion on-market share buy-back and announced a further buy-back of up to $2.5 billion.

Combined with its forecast for higher net interest income, this has led to the broker increasing its earnings per share forecasts from FY 2023. The broker explained:

“NAB’s cash earnings are increased by 3% from FY25e, mainly due to higher net interest income (up to 1% from FY25e) and even higher other banking income (3-12% in FY23e through to FY25e from reversion back to normalcy especially in business/private and corporate/institutional banking).

These are offset to some extent by higher credit impairment charges (by up to 15bp – previously 12bp – in FY25e). In addition to lower dividend valuation yield of 3.75% (discount rate is maintained), the price target is therefore increased by $2.00 to $34.50. NAB’s Buy rating is retained.”

All in all, this could make the NAB share price one to consider if you’re looking for exposure to the banking sector.

The post Top broker gives its verdict on the NAB share price appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• Why are ASX 200 bank shares underperforming on Thursday?
• NAB share price lower despite new $2.5bn buyback
• NAB, ANZ and CBA shares in focus as top broker tips extra $5b share buyback
• Banking gains! NAB share price hits yet another 52-week high

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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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

Today, large-cap cryptocurrencies Ethereum (CRYPTO: ETH), Solana (CRYPTO: SOL), and Dogecoin (CRYPTO: DOGE) are each seeing very positive price action in the market. These three tokens have appreciated 2.7%, 6.3%, and 8.8% over the past 24 hours, as of 12:10 p.m. ET.

Each of these top tokens has its own individual catalysts today, besides overall positive sentiment building in the crypto market.

For Ethereum, investors continue to place bullish bets on the upcoming proof-of-stake merge of the Ethereum network. Expectations are that staking rewards could be in the 10%-15% range, a factor that should boost the attractiveness of the ETH token substantially.

Solana’s continued rise higher appears to be at least somewhat attributed to a new Grayscale fund focusing on smart contracts. Solana is the largest position in this fund, with an allocation of 24%.

Dogecoin investors appear to be enticed by this network’s continued use case growth. Today, Bitcoin of America announced it was adding Dogecoin to its crypto ATMs.

So what

All of these individual catalysts are big for these respective tokens. For Ethereum, its migration to a true proof-of-stake network is a move many investors are excited about. The potential to earn meaningful passive income while holding ETH for the long term is of interest to many. Accordingly, expectations are that investors could be in addition mode prior to this merge, which could take place as early as May/June of this year.

The addition of altcoins like Solana to various funds and added ATM functionality for meme tokens such as Dogecoin are both broadly positive catalysts. Right now, investors appear to be taking the view that any positive catalyst is a reason to add to this sector, with risk-on sentiment prevailing at the moment.

Now what

So long as crypto investors remain intent on buying the dip on popular cryptocurrencies, these three tokens are likely to continue to see positive momentum in the near term. However, over the medium to long term, the market seems to be undecided on which direction it intends on moving.

Right now, there is a range of macro uncertainties that ought to provide investors with pause. Those taking the long view on this sector may want to look for specific opportunities in this environment. Right now, Ethereum, Solana, and Dogecoin are tokens that are gaining significant attention in this regard.

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

The post Why Ethereum, Solana, and Dogecoin are surging higher today appeared first on The Motley Fool Australia.

More reading

• Investing in cryptos? Here’s what you need to know come tax time: expert
• Can Ethereum reach $4,000?
• Why Bitcoin, Ethereum, and crypto stocks are soaring
• Why this expert says the Ethereum price will triple in 2022
• Is Shiba Inu ready for a bull run?

Chris MacDonald owns Ethereum and Solana. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Ethereum. 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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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

Tesla (NASDAQ: TSLA) stock has the pedal to the metal. For the eighth day in a row, shares of the electric car superstar roared higher — up 2% as of 11:45 a.m. ET on Thursday.  

A couple of positive news items today may explain why Tesla shares continue to zoom higher. 

So what

News item No. 1: You probably heard last year when rental car kingpin Hertz said it was ordering 100,000 pricey new Teslas to add to its rental car fleet, right? At first, those were going to be largely Model 3 sedans, Tesla’s cheapest electric car (if still not exactly cheap at $47,000). Well, last night, Reuters reported that Hertz will also be buying some Model Y crossovers from Tesla as well — and those electro-buggies don’t roll off the car lot for less than $63,000.  

Long story short, for every single Model Y Hertz buys from Tesla, instead of a Model 3, Tesla investors can expect to see 34% more revenue for their Tesla stock.

Now what

Selling electric cars is good business for Tesla, accounting for about 95% of Tesla’s $53.8 billion in revenue last year, according to data from S&P Global Market Intelligence. But electric cars don’t go very far without batteries to operate them — which brings us to news item No. 2:

As Reuters also reported last night, one of Tesla’s battery suppliers, LG Energy Solution, has announced that it will spend $1.4 billion to build a battery factory in Arizona. LG says the factory will supply both “prominent start-ups” and other car companies in North America, presumably referring to LG customers Lucid Group and also to Tesla.

Reuters reports that the new LG factory won’t reach “mass production” levels before 2024, but construction will begin in Q2 2022 — which begins just eight days from today, and promises a relatively quick influx of new battery supplies for Tesla. Considering that Tesla CEO Elon Musk has highlighted battery supply as “the limiting factor” (emphasis added) in Tesla being able to ramp up car production over the next few years, LG’s entry into Arizona can only be good news for Tesla stock.

And that’s exactly how Tesla investors are treating it today. 

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

The post Why Tesla stock zoomed higher again appeared first on The Motley Fool Australia.

More reading

• Why Tesla stock went up again
• Full charge ahead: The Pilbara Minerals (ASX:PLS) share price lifts another 4% today
• Elon Musk wants Tesla to be much, much bigger
• Why Tesla shares are up ahead of ‘Delivery day’
• Why Tesla stock keeps driving higher

Rich Smith has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Tesla. 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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Until recently, it was the ASX’s largest company. Its shares traded for as much as $110.19 at its all-time high in November 2021 and it still boasts a market capitalisation of more than $180 billion. But the Commonwealth Bank of Australia (ASX: CBA) share price wasn’t always sky high.

In fact, when it first listed, Australians could buy a share in CBA for around the cost of a large cup of coffee today.  

At the time of writing, the CBA share price is $107.63, having gained 0.26% this morning.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.43% today.

However, for simplicity’s sake, this exercise will refer to CBA’s previous closing price – $107.35.

Let’s take a look at how much CBA’s shares have grown over the years.

1991: CBA stock offered for today’s pocket change

Hold onto your hats! For many market watchers, it might be mind-boggling to learn that the first public shares in CBA were sold for just $5.40 apiece.

That’s right – CBA’s stock has gained a whopping 1887.96% since its initial public offering (IPO). And that value-add doesn’t include the dividends investors have received from the iconic bank over the years.

Also worth noting, all dividends ever paid by CBA have been fully franked. Thus, they may have provided value to CBA shareholders beyond their cash worth.

Interested readers can find a breakdown of all dividends ever paid out by the bank here.

CBA’s IPO came on 12 September 1991 – 80 years after it was established as a government-owned retail bank.

It saw investors purchasing 30% of the bank’s stock. The sale of the shares, offered in parcels of at least 400, raised $1.3 billion.

Upon floating, the CBA share price’s first close was $6.46 – a 19.62% gain on the bank’s IPO price.

In 1993, a second share offer, this time of 178 million shares, reduced the government’s holding in CBA to 50.4%.

Finally, in 1996, the bank became the fully public monolith the ASX knows and loves in a third share offering.

CBA share price snapshot

The CBA share price’s historic gains have continued recently.

Over the last 12 months, it has gained 24%. It is also up year to date, having gained almost 5% through 2022 so far.

The post How much were CBA shares when they first floated? appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
• Why are ASX 200 bank shares underperforming on Thursday?
• Why did the CBA share price just close at a new 2022 high?
• NAB, ANZ and CBA shares in focus as top broker tips extra $5b share buyback
• Leading brokers name 3 ASX shares to sell 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 boss of the International Monetary Fund (IMF) this week let slip that it would downgrade its global economic growth forecast next month.

Rising energy prices, other supply shortages, and inflation arising due to the Russia-Ukraine conflict is starting to bite, especially in Europe.

“What we were striving for is for growth to go up and the inflation that has become a problem to go down,” IMF managing director Kristalina Georgieva told an online forum. 

“Instead, we have the exact opposite. Growth is going down, inflation is going up.”

This warning causes DeVere Group chief Nigel Green to worry about the possibility of a global recession.

“Developed economies are having to accept that they are facing the increasing likelihood of a recession in 2022 because of these ongoing supply chain disruptions and red-hot inflation not seen since the 1970s,” he said.

“In addition, developing countries can be expected to be hit hard by the fallout of higher energy and food prices, combined with tighter financial conditions triggered by advanced countries raising interest rates in a bid to control inflation.”

The trouble is, inflation was already running hot from supply issues and post-pandemic economic recovery, even before Vladimir Putin’s troops marched into Ukraine.

And now the invasion is just fanning the flames.

So, what do ASX shares investors do with their portfolios now?

How to protect your investments against a global recession

Geopolitical events often have investors fleeing to ‘safe haven’ assets like gold or cash.

But, according to Green, we’re still in a zero-interest era, so running to those assets while inflation is high doesn’t make sense.

“Cash is often considered a ‘safe haven’ during periods of volatility but it’s going to be negatively impacted by soaring inflation,” he said.

“Rampant inflation means excess cash in your bank accounts will lead to losses in real value. Hardly a safe haven then for those wanting to build long-term wealth.”

For Green, there is only one “clear” strategy for ASX shares investors during these incredibly uncertain times: diversification.

“An unwelcome combination of supply-side issues, soaring prices, climbing business and consumer uncertainty, slower growth and employment mean global recession risks are rising,” he said.

“A considered mix of asset classes, sectors, regions, and currencies offers protection from market shocks.”

He urged investors to seek professional help to guide them through any international economic disturbance.

“Investors would do well to review their portfolios now to ensure they are best-positioned.”

The post A global recession could be coming. Here’s what to do with your ASX shares appeared first on The Motley Fool Australia.

More reading

• Here’s why the Firefinch (ASX:FFX) share price is blazing 8% higher today
• These strong ASX 200 dividend shares just gave shareholders a pay rise
• The ASX share price has slumped 13% this year. Is it still overpriced?
• 2 cheap ASX shares that value investors could love: Experts
• Core Lithium (ASX:CXO) share price falls on shock CEO exit

Motley Fool contributor Tony Yoo 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 Firefinch Ltd (ASX: FFX) share price is having a strong finish to the week.

In morning trade, the lithium and gold explorer’s shares are up 8% to a 52-week high of 97 cents.

Why is the Firefinch share price jumping?

The catalyst for the rise in the Firefinch share price on Friday has been the release of a positive announcement relating to its gold operations.

According to the release, recent drilling activities have led to a substantial resource increase for the Viper and N’Tiola Satellite deposits at the Morila Gold Project in Mali.

The release explains that the Viper mineral resource estimate has increased by 128% to 3.27 million tonnes at 1.15g/t gold for 119,000 ounces of contained gold. Whereas the N’Tiola mineral resource estimate has increased by 18% to 2.90 million tonnes at 1.03g/t gold for 96,000 ounces of contained gold.

All in all, the mineral resource for the Morila Gold Project now stands at 2.5 million ounces of gold.

Firefinch’s managing director, Dr Michael Anderson, was pleased with the news. He said:

“We set out to develop the satellite pits into a solid and confident source of ore to bridge between the tailings treatment operation that we inherited to full production form the Morila Super Pit.”

This investment in drilling has delivered that with now over 200,000 ounces of resource in these two deposits alone and we expect a solid increase in Reserves at these pits to follow. We are already delivering ore from Viper as we start to ramp up to full production from Morila.”

But it may not stop there. Firefinch revealed that further drilling is planned at the Morila Gold Project during the course of 2022.

Following today’s gain, the Firefinch share price is now up 360% since this time last year.

The post Here’s why the Firefinch (ASX:FFX) share price is blazing 8% higher today appeared first on The Motley Fool Australia.

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• Could the Firefinch (ASX:FFX) share price have 130% upside? Broker weighs in
• Is this boosting the Firefinch (ASX:FFX) share price higher today?
• Get ready! The ASX shares set for a decade-long tailwind: expert

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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Some of the leading ASX dividend shares just implemented more dividend increases for shareholders.

Inflation is picking up, so there may be some investors looking for investments capable of growing their payouts at an inflation-beating rate.

Here are those two ASX dividend shares that just gave shareholders a payrise:

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL)

Soul Pattinson is an investment conglomerate that owns a diversified portfolio across a range of asset classes across different sectors, including private equity, private credit and property.

The company points to its unconstrained, flexible investment mandate that allows it to invest in and support companies from an early stage and grow with them over the long-term.

It has built a portfolio of assets that generate reliable cash flow through market cycles, providing protection during market declines.

The ASX dividend share just reported its half-year result, which included a 114% increase of net cash flow from investments to $182.6 million. Cash flow per share increased 42% year on year.

It increased its FY22 interim dividend by 11.5% to 29 cents per share. That was the 24^th consecutive increase of the interim dividend. At the current Soul Pattinson share price, that means the grossed-up dividend yield is now 3.4%.

Brickworks Limited (ASX: BKW)

Brickworks is a diversified business. It owns 26.1% of Soul Pattinson, a 50% share of an industrial property trust and building products manufacturers in both Australia and the US.

The company just announced a 5% increase to its interim dividend to 22 cents per share. Brickworks’ normal dividend has been maintained or increased every year since 1976. It is the ninth year in a row that it has increased dividends.

In the Brickworks half-year result, it announced that underlying net profit after tax (NPAT) was up by 269% to $330 million and statutory profit increased 720% to $581 million.

The contribution from the ASX dividend share’s property division was a “standout”, with strong demand for the prime industrial land driving a significant increase in the portfolio’s value. The property trust value increased by $349 million. Net trust income increased 7% to $17 million, reflecting rent reviews and additional developments.

The state-of-the-art Amazon facility reached practical completion at the end of December 2021.

Brickworks also announced the intention to launch a new operational property trust to realise value from its Australian building products operational land. An initial portfolio of 15 properties with a gross asset value of around $415 million could go through a sale and leaseback process.

The Australian building products division managed to achieve higher profit margins thanks to improved production efficiencies and higher prices across most business units. This led to the earnings before interest and tax (EBIT) rising by 66% to $27 million.

At the current Brickworks share price, it now has a grossed-up dividend yield of 3.9%.

The post These strong ASX 200 dividend shares just gave shareholders a pay rise appeared first on The Motley Fool Australia.

More reading

• Why Brickworks, JB Hi-Fi, Mesoblast, and Sayona shares are charging higher
• ASX 200 (ASX:XJO) midday update: Brickworks impresses, Uniti confirms takeover approach
• Soul Pattinson (ASX:SOL) share price on watch after 281% surge in net profit
• Brickworks (ASX:BKW) share price on watch amid 269% first half profit jump
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Tristan Harrison owns Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns and has recommended Brickworks and Washington H. Soul Pattinson and Company 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 ASX Ltd (ASX: ASX) share price is up 0.5% in early morning trade at $81.05.

That still leaves the listed exchange group down 13% since the closing bell on 31 December.

So, at the current ASX share price, is it a bargain or still overpriced?

For some insight into that question, we defer to Andrei Stadnik, vice president at Morgan Stanley.

More cost pressure flagged

According to Stadnik – as reported by The Australian – at today’s ASX share price the company is still “too expensive“.

That’s because it trades on a forward price-to-earnings (P/E) ratio of 30 times its forecast FY23 earnings compared to a forward P/E ratio of 21 times for its global competitors.

At the current price, it trades at a trailing P/E ratio of 32 times.

Stadnik expects recently strong listing volume to slow over the year, with additional headwinds from weaker interest rate futures.

Despite forecasting growth from energy derivatives, he expects earnings per share (EPS) growth for the ASX to be in the “low single percentage” range.

Regulators will also be keeping a sharp eye on the company following recent (and several historic) trading glitches as the company moves forward with replacing its CHESS platform with a blockchain-based clearing and settlement system.

All of which could throw up more headwinds for the ASX share price.

According to Stadnik (quoted by The Australian):

We think this, coupled with a tight labour market, especially in tech, will lead to further cost pressure and now expect operating expenses to rise by about 11.5% in FY22E and 11% in FY23.

Stadnik did increase his earnings estimated for FY23-24 by 2%. But that doesn’t change his mind about ASX being pricey at current levels.

“Despite the recent de-rating across financials, ASX’s valuation is still stretched,” he said.

ASX share price snapshot

Over the past 12 months, the ASX share price has gained 13%, outpacing the 9% gains posted by the S&P/ASX 200 Index (ASX: XJO) over that same time.

At the current price, ASX shares pay a 2.8% dividend yield, fully franked.

The post The ASX share price has slumped 13% this year. Is it still overpriced? appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell today
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• Leading brokers name 3 ASX shares to sell today

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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Analysts are always looking for cheap ASX shares that could make smart buys. There are a few that value investors may really like.

Businesses that are valued at a low multiple of their projected earnings could turn out to be undervalued. If those supposedly cheap businesses pay a dividend, they could also be attractive options for a flow of dividend income.

With that in mind, here are two cheap ASX shares with low price-to-earnings (P/E) ratios.

Shaver Shop Group Ltd (ASX: SSG)

Shaver Shop describes itself as a specialty retailer of male and female personal grooming products and aspires to be the market leader in “all things related to hair removal”. It has around 120 owned and franchised stores across Australia and New Zealand. The company is also looking to grow its oral care sales.

The FY22 half-year dividend was increased by 40.6% to 4.5 cents per share. The significant increase in the dividend payout ratio reflects the desire of the ASX share’s board to continue to maximise returns to shareholders while maintaining balance sheet strength and flexibility during this period of variable trading conditions.

After store closures in the first half of FY22, the company is experiencing stronger sales growth in the second half. In the second half of FY22 to 17 February 2022, total sales were up 6.2%, including 23.8% online sales growth.

The online store is reportedly going from “strength to strength”, with increasing site visitation, elevated conversion, and high average transaction values. Active online customers increased almost 50% to 650,000 in the 12 months to 31 December 2021. Management said this presented an exciting opportunity to turn these into loyal, repeat customers in the future.

The cheap ASX share is currently rated as a buy by Ord Minnett, with a price target of $1.30. At the current Shaver Shop share price, it is valued at under 9x FY23’s estimated earnings with a projected FY23 grossed-up dividend yield of 12.4%.

Inghams Group Ltd (ASX: ING)

Inghams describes itself as the largest integrated poultry producer across Australia and New Zealand. To put a number on how much poultry that company produces, Inghams produced 237.1kt of core poultry volume in the first half of FY22 (which was 5.6% higher than the prior corresponding period).

The business is currently rated as a buy by the broker Credit Suisse with a price target of $4.05. That implies a possible upside of more than 30% over the next year. Credit Suisse’s estimates put the current Inghams share price at 11x FY23’s projected earnings.

Credit Suisse has also pencilled in a dividend estimate which equates to a grossed-up dividend yield of almost 9% for FY23 for the cheap ASX share.

As mentioned, Inghams is seeing long-term growth of its poultry volumes, which is helping grow revenue and profit. The FY22 half-year result saw underlying net profit after tax (NPAT) increase by 5.9% to $39.7 million.

The company is working on a number of operational efficiency programs to improve the operations and profitability of the business.

The post 2 cheap ASX shares that value investors could love: Experts appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• Top brokers name 3 ASX shares to sell today
• 2 cheap ASX shares for value investors to buy in March 2022: experts
• 2 buy-rated ASX dividend shares for income: experts

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 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 Core Lithium Ltd (ASX: CXO) share price is under pressure on Friday.

In morning trade, the lithium developer’s shares are down 2.5% to $1.21.

Why is the Core Lithium share price falling today?

Investors have been selling down the Core Lithium share price today following the release of a shock announcement.

According to the release, the company’s founding Managing Director and CEO, Stephen Biggins, has revealed that he is resigning and will step down from the role by the end of the year. The release notes that Mr Biggins is resigning from the company for personal reasons.

The outgoing Managing Director believes he is leaving the company in a strong position to achieve its goals.

He commented: “After nearly 12 years with Core, I am proud of the contribution I have made to the discovery and development of the Finniss Lithium Project and growing the Company to become Australia’s next lithium producer.”

“Core is in perfect position to reach its next stage of growth as a lithium producer, and I feel it is the right time to step down as Managing Director and pass the torch on to the right person to lead Core in this next stage.”

“Our transformation from explorer to producer is progressing to plan, the financial performance is strong, and at the Finniss Lithium Project, we have built a platform for sustainable growth for many years to come,” he added.

What now?

The release notes that the Core Board has appointed Korn Ferry to commence a thorough and competitive executive search for a new CEO.

Until then, the company’s Chair, Greg English, believes it will be business as usual.

He commented: “Stephen was a foundation director of Core and has put the Company on a pathway for a stronger future. With the development of the Finniss Lithium Project, he has led the biggest transformation in the Company’s history and has set Core up for strong earnings growth.”

The post Core Lithium (ASX:CXO) share price falls on shock CEO exit appeared first on The Motley Fool Australia.

More reading

• 5 ASX mining shares smashing 52-week highs today
• The Core Lithium (ASX:CXO) share price just keeps climbing. What’s the deal?
• Why Block, Core Lithium, Liontown, and Qube shares are rising
• These are the top performing ASX lithium stocks so far in 2022
• Up 414% in a year, why is the Core Lithium (ASX:CXO) share price leaping 11% today?

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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