The Medibank Private Ltd (ASX: MPL) share price is making little headway today. It is currently flat at $3.21 having earlier jumped to $3.25.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 1.15% at the time of writing.

However, there is an interesting piece of news out of Medibank today. The private health insurance company has announced a new multi-million investment in a health technology company.

Let’s take a look.

Virtual health investment

Medibank has invested $10 million in the health technology company Medinet. The aim is to support the increasing role of virtual health in Australia.

Medinet is a digital platform providing patients with access to doctors online via video, audio, and chat. The platform was launched in 2019 and is being used in some GP clinics in Australia. The app is within the top five healthcare apps downloaded in the country.

Commenting on the investment, Medibank Group Executive – CEO Health Services Dr Andrew Wilson said:

People are looking for the same level of choice and convenience in their healthcare that they get in other parts of their lives. The COVID pandemic has accelerated the use and acceptance of technology-enabled healthcare, with recent research showing that 70% of Australians are willing to use virtual healthcare services.

Medinet’s platform supports this by giving patients the ability to make an appointment and connect with a GP virtually, to access scripts and referrals generated during the consult, and to have their medication delivered straight to their home.

Credit Suisse has recently rated the Medibank share price as a “buy” with a $3.50 price target. Medibank increased operating profit by 12.3% in the first half of FY22, while net profit after tax (NPAT) descended 2.7%. Policyholder numbers climbed 1.5% in the half while jumping 3.3% in 12 months.

On March 24, Medibank will pay a dividend of 6.1 cents per share.

Medibank share price recap

The Medibank share price has climbed 10% in the past 12 months, but it has fallen 4% year to date.

For perspective, the benchmark ASX 200 index has leapt 7% in the past 52 weeks.

In the past month, Medibank shares are in the red by 0.3% but they have jumped by 5% in the past week.

Medibank has a market capitalisation of about $8.9 billion based on its current share price.

The post Own Medibank (ASX:MPL) shares? Now you own a piece of this tech start-up appeared first on The Motley Fool Australia.

More reading

• Healthy upside: Expert rates Medibank (ASX:MPL) share price as a good buy
• Leading brokers name 3 ASX shares to buy today
• Own Medibank (ASX:MPL) shares? Here’s all you need to know about the latest dividend
• Medibank (ASX:MPL) share price backtracks as profit slips
• ASX 200 (ASX:XJO) midday update: Block rockets, Blackmores sinks

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 Thursday, the S&P/ASX 200 Index (ASX: XJO) is on track to record another strong gain. The benchmark index is currently up 1.3% to 7,266.5 points.

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

US Fed rate increase well-received by investors

The ASX 200 index is charging higher today after investors responded positively to the US Federal Reserve increasing interest rates for the first time in more than three years. The central bank has made a 0.25% rate increase in an effort to address rising inflation without stunting economic growth. Rather than panicking about rates rising, investors appear to be interpreting the hike as a sign that the central bank has confidence in the US economy.

Tech shares rally

One of the best performing areas of the market today has been the tech sector. This follows a strong night of trade for the tech-focused Nasdaq index, which rose 3.8%. Among the best performers in the sector have been payments giant Block Inc CDI (ASX: SQ2) and location technology company Life360 Inc (ASX: 360). They have helped drive the S&P ASX All Technology index up a sizeable 3.8%, matching the Nasdaq’s gains.

Ampol acquisition plans given a boost

The Ampol Ltd (ASX: ALD) share price is rising today after its proposed acquisition of Z Energy Ltd (ASX: ZEL) was given a boost. According to the release, the New Zealand Commerce Commission has provided clearance for the acquisition on the proviso that Ampol fully divests its Gull business in New Zealand within nine months of completing the transaction.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Zip Co Ltd (ASX: Z1P) share price with a 12% gain following the tech rally. Going the other way, the worst performer has been the Graincorp Ltd (ASX: GNC) share price with a 4.5% decline. This is despite there being no news out of the grain exporter.

The post ASX 200 (ASX:XJO) midday update: Block and Zip shoot higher, Ampol’s acquisition boost appeared first on The Motley Fool Australia.

More reading

• The Block (ASX:SQ2) share price is soaring 11% today. Here’s why
• Is the party over for ASX 200 gold shares?
• ASX 200 shares open with a bang following US interest rate rise
• The Woolworths (ASX:WOW) share price has only added $4 in 8 years. Have the dividends been worth it?
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor James Mickleboro owns Life360, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc., Life360, Inc., and ZIPCOLTD FPO. 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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Shares in Bank of Queensland Limited (ASX: BOQ) are inching higher on Thursday and currently trade 1% in the green at $8.36.

Whilst there’s been nothing remarkable out of the banks’ corner today, its share price has spiked hard in the past week.

In fact, ASX financials have strengthened in the past week as a sector, after being stuck in a 3-month long sideways channel where prices bounced off the $7.55–$7.60 mark three times until testing the $8.40 level once more.

Are BOQ shares cheap right now?

Firstly let’s clearly define cheap. We aren’t talking price here – we’re talking good old fashioned fundamentals, in other words, how the share price is trading relative to its ‘intrinsic’ valuation.

So depending on how one looks at it, they could be viewed as cheap. For example, analysts at the various investment firms covering BOQ are heavily bullish on the stock.

According to Bloomberg data, more than 73% of analysts covering the bank have it as a buy and the consensus price target is $9.90.

Analysts typically won’t advocate for their clients to buy a stock if it is overvalued’; in other words, if its market price is trading above their calculated valuation.

Obviously, shares can be valued in numerous ways, including discounted cash flow, merger & acquisition activity, earnings multiples and relative valuation to peers just to name a few.

In any sense, the brokers come up with an ‘intrinsic’ or ‘fair’ valuation, sometimes even based on a blend of these factors. Then, if the stock is trading below this figure – and a number of other fundamentals stack up as well – it is considered to be ‘undervalued’.

Remember – price is what you pay, value is what you get.

Keep in mind however that just because a stock is trading below its fair value doesn’t mean it’s undervalued. It could be poor value, as well. That’s why a holistic approach is used.

Nevertheless, if 73% of the analysts covering BOQ rate it as a buy, this has at least something to do with valuation and the dislocation between share price and intrinsic or relative value.

For example, JP Morgan, in a recent note on Commonwealth Bank of Australia (ASX: CBA) said it sees the bank underperforming “given…a very stretched relative valuation vs peers”.

The broker also made similar remarks in its assessment of BOQ, stating that, “given the large valuation discount vs peers”, the market might be overlooking key moving parts in the bank’s growth engine.

Morgans also said that it sees “exceptional value in BOQ stock” in a recent note, further hammering in that nail.

In addition to this information, BOQ is also currently trading below the consensus price target, at a 17% discount.

BOQ share price snapshot

Even after the recent surge, in the last 12 months the BOQ share price is down 3% and is underperforming the benchmark. However, this year to date shares have climbed 4% into the green as ASX financials regain strength.

Over the previous 5 days of trading, it has surged another 9%.

The post Are BOQ (ASX:BOQ) shares cheap right now? Read what analysts say appeared first on The Motley Fool Australia.

More reading

• 2 dividend shares analysts rate as buys with big yields and even bigger upside
• Top brokers name 3 ASX shares to buy today
• Bargain buy? Broker tips Bank of Queensland (ASX:BOQ) share price to rise 37%
• The Bank of Queensland (ASX:BOQ) share price has lost half its value in 15 years. How is the bank’s turnaround strategy going?
• Is the Westpac (ASX:WBC) share price the cheapest bank to buy right now?

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 Block Inc CDI (ASX: SQ2) share price is going gangbusters today. At the time of writing, it’s up 10.87% at $158.45.

It has been two weeks since the fintech’s shares were last (briefly) at this level.

What’s going on with the Block share price?

Block shares are rising along with most of the S&P/ASX 200 Index (ASX: XJO). The ASX 200 is currently up by 1.19%.

Several ASX 200 financial and technology shares are currently surging higher including Pinnacle Investment Management Group Ltd (ASX: PNI), Zip Co Ltd (ASX: Z1P), Magellan Financial Group Ltd (ASX: MFG), and WiseTech Global Ltd (ASX: WTC). They are up 8.23%, 11.19%, 6.39%, and 5.53% respectively.

The US Federal Reserve has increased its interest rate by 25 basis points, the first increase in a few years.

Overnight, the US tech shares rallied after what some analysts called a “dovish” increase, according to reporting by the Australian Financial Review, rather than a 50 basis point increase which was being considered before the Russian invasion of Ukraine.

The US-listed Block Inc shares jumped by 12.6% overnight, so the ASX-listed Block shares are seeing a similar increase.

What’s next?

The Block share price has gone up 6.8% over the past month despite all the volatility.

But broker Macquarie thinks that Block shares can rise a lot more. The Block share price target is $230, which is a potential rise of around 45% in the next year.

The broker thinks that Block can grow its average revenue per user (ARPU) as users utilise more of Block’s overall offering.

The post The Block (ASX:SQ2) share price is soaring 11% today. Here’s why appeared first on The Motley Fool Australia.

More reading

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• ASX 200 (ASX:XJO) midday update: Block falls, Nickel Mines jumps
• 5 things to watch on the ASX 200 on Friday
• Why is the Block (ASX:SQ2) share price soaring 8% today?

Motley Fool contributor Tristan Harrison owns Magellan Financial Group. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Block, Inc., PINNACLE FPO, and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, Inc. and PINNACLE FPO. 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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Is it possible that the South32 Ltd (ASX: S32) share price could go above $6 in 2022? One expert thinks so.

This company has operations spread across the world in Australia, Southern Africa and South America. It produces several different commodities including bauxite, alumina, aluminium, metallurgical coal, manganese, nickel, silver, lead and zinc.

South32 shares have had a volatile start to the year, going as low as $3.74 and reaching as high as $5.36 earlier in March. At the time of writing, the South32 share price is down 0.63%, trading at $4.74.

What could happen next?

The brokers at Macquarie think that the ASX mining share has plenty of potential for growth over the next 12 months.

Macquarie believes that the commodity outlook is looking stronger for many of South32’s commodities including nickel, copper, coal and aluminium. That’s why the broker increased its profit expectations for South32 for FY22 and FY23.

The South32 share price target from Macquarie is $7. That implies a potential rise of more than 40% over the next year, if the broker ends up being right.

This ASX mining share is also expected to see strong free cash flow over the next couple of financial years. This could lead to South32 deciding to distribute elevated shareholder payouts.

Potential dividends

Bigger profits can lead to larger dividends for investors. How big could the dividend be this year and next year?

At the current South32 share price, Macquarie estimates that the FY22 grossed-up dividend yield will be 11.8% in FY22 and 12.6% in FY23.

Recent earnings wrap

A month ago, the ASX mining share announced its half-year result for the six months to December 2021, showing some of the growth that Macquarie is expecting for FY22.

In HY22, South32 revealed underlying revenue rose 32% to US$4.6 billion. The underlying earnings before interest, tax, depreciation and amortisation (EBITDA) increased 138% to US$1.87 billion. Underlying earnings before interest and tax (EBIT) rose by 288% to US$1.51 billion. Underlying earnings per share (EPS) surged 671% higher to US21.6 cents.

Confidence on long-term commodity prices

The company says that its portfolio is well-positioned for a rapid global transition to a low carbon economy. Demand for most of its commodities is expected to grow “significantly” with the uptake of low carbon technologies.

South32 said that long-term aluminium prices are expected to be supported by higher inducement cost projects, excluding China, powered by green energy. Alumina prices are expected to be supported by Chinese domestic bauxite depletion and environmental policy, together with higher raw material costs.

Copper prices are expected to be supported because the commodity is going to play a key role in the global decarbonisation and energy transition.

Zinc supply is expected to fall by 3.5% per annum to 2030, requiring investment in new mine supply.

The metallurgical coal price will be underpinned by strong demand from India and other emerging Asian markets.

South32 share price valuation

Based on Macquarie’s FY22 profit estimate for South32, the ASX mining share is valued at under 6x FY22’s projected earnings.

The post Can the South32 (ASX:S32) share price crack $6 this year? appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are topping the volume charts on Wednesday
• Brokers name 3 ASX mining shares to buy today
• Why are ASX 200 mining shares having such a dire day?
• Why Goldman says to buy these ASX coal shares right now
• Here’s why the South32 (ASX:S32) share price is sliding today

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 Poseidon Nickel Ltd (ASX: POS) share price has returned from its trading halt and is racing higher on Thursday.

In morning trade, the nickel developer’s shares jumped almost 13% to 98 cents.

The Poseidon Nickel share price has since pulled back a touch but remains up 9% to 9.5 cents at the time of writing.

Why is the Poseidon Nickel share price shooting higher?

Investors have been bidding the Poseidon Nickel share price higher today after the company became the latest (indirect) recipient of a Modern Manufacturing Initiatives (MMI) Grant from the Australian Federal Government.

According to the release, Pure Battery Technologies (PBT), in partnership with Poseidon Nickel, has been granted a $119.6 million MMI grant to advance a proposed battery material refinery hub in Kalgoorlie, Western Australia.

The release explains that the battery material refinery hub is targeting initial production of up to 50,000tpa of precursor Cathode Active Material (pCAM), with potential for further production expansion in time.

“Wonderful news”

Poseidon Nickel’s Managing Director and CEO, Peter Harold, was very pleased with the news.

He commented: “This grant is wonderful news for Poseidon and PBT and a major vote of confidence by the Federal Government supporting PBT’s plans for the Kalgoorlie pCAM Hub. This project will add significant value to the battery minerals it processes, and Poseidon is well placed to be a major beneficiary given it has the potential to be a significant supplier of feed to PBT’s proposed PCAM Hub from our existing 400,000 tonne nickel resource base and nickel concentrators at Black Swan and Lake Johnston.”

“Given the nature of the processing route, being direct to pCAM, and the proximal location of the proposed pCAM Hub to our mines, there is an opportunity to enhance the margins on our concentrates,” he added.

What now?

At present, PBT and Poseidon Nickel only have a memorandum of understanding (MoU) in place. This means that the two parties will now need to execute a definitive supply agreement to take things forward.

The company explained: “The MoU noted that obligations of the parties were not binding or enforceable unless and until a Definitive Agreement has been entered into. The receipt of the grant is a major milestone for the pCAM Hub project and will be a key driver for the parties to formalise their collaboration through the proposed Definitive Agreement.”

The post Poseidon Nickel (ASX:POS) share price surges 13% higher on ‘wonderful news’ appeared first on The Motley Fool Australia.

More reading

• Here’s why the Poseidon Nickel (ASX:POS) share price is on ice today
• GameStop 2.0? What you need to know about the nickel short squeeze and how it’s impacting ASX shares
• What’s up with the Poseidon Nickel (ASX:POS) share price on Friday?
• I personally only own 2 ASX shares: fund manager

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 200 gold shares have risen recently on the back of the shock invasion of Ukraine and rampant inflation. But the shine may be starting to come off. A leading broker forecasts a circa 10% drop in the gold price by year-end.

Citigroup is a medium-term bear when it comes to this precious metal. It believes the safe-haven asset will drop to US$1,750 an ounce in the December quarter, reports the Australian Financial Review.

“Our conversations with investors suggest spot price expectations are mixed on a [six to 12 month] view, understandably given the moving parts,” the AFR quoted Citi.

“The caveat to our view is should the Russia-Ukraine conflict manifest into a macroeconomic shock, this could provide a more sustained bid for gold.”

Have ASX 200 gold shares hit their peak?

If this prediction comes to pass, it may impact the share prices of gold mining companies such as Newcrest Mining Ltd (ASX: NCM), Evolution Mining Ltd (ASX: EVN), and Northern Star Resources Ltd (ASX: NST).

After all, these ASX 200 gold shares have rallied strongly in the past several weeks, along with the gold price.

Geopolitical tailwinds for gold

But the gold price could stay well supported in the near-term, concedes Citi. This is because the Russian central bank may be forced to buy gold on the open market due to international sanctions.

The country has been cut off from the international banking system and its currency has collapsed. The use of physical gold is one way for Russia to keep trading.

Russia turning to gold

The gold reserves accumulated by Russia are estimated to be worth about US$135 billion. Most of it is held in Russian-controlled territory. It makes Russia the fifth-largest holder of bullion amongst global central banks.

Importantly, Russia is a large gold-producing nation. It was ranked second in the world last year, behind China. Russia’s central bank has said it will buy gold directly from Russian refiners.

Are ASX 200 gold shares worth buying?

There are two issues. First, Russia still doesn’t have enough gold. This is because Russia is effectively cut off from all major currencies, including the euro. Plus, most of its overseas assets are frozen.

This means Russia’s useable reserves may be as low as US$210 billion if only its gold and Chinese yuan reserves are counted, notes Citi.

The other issue is liquidity. It may not be as easy for Russia to trade using gold given it is cast out from international markets.

“Russia being excluded from the London physical gold market (and presumably from the Suisse refining centres) as well as the benchmark Comex bourse, might tighten availability of bullion stocks,” says Citi.

The broker has a largely neutral outlook on ASX 200 gold shares. However, it does rate Evolution Mining and Northern Star as buys.

The post Is the party over for ASX 200 gold shares? appeared first on The Motley Fool Australia.

More reading

• ASX 200 shares open with a bang following US interest rate rise
• The Woolworths (ASX:WOW) share price has only added $4 in 8 years. Have the dividends been worth it?
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Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor Brendon Lau owns Newcrest Mining Limited. 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.

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

What happened

It’s Wednesday, and Tesla (NASDAQ: TSLA) stock is moving higher in late morning trading — up 4.5% as of 11:30 a.m. ET.

The question is… why?

So what

As Reuters reported late last night, the sudden surge in COVID-19 infections in China has prompted that country’s government to impose quarantines in Shanghai, the location of Tesla’s Chinese Megafactory.

Acceding to the restrictions, Tesla announced it is shutting down production for at least two days — and the closure could last as long as two weeks if Shanghai officials need longer than that to conduct their contact tracing. That sounds like bad news for Tesla’s production numbers. But business magazine Barron’s argues today that “there is good news too” that is offsetting the bad, and helping to keep Tesla’s stock price moving higher.    

There’s just one problem with that: I don’t actually see any good news for Tesla today.

To the contrary, on top of the shutdown, today we’re hearing:  

• Higher raw material costs are necessitating price increases on Tesla vehicles, which could dampen consumer demand.
• Tesla just fired an employee for posting on YouTube a video of his Tesla running on Full Self Driving Beta — and getting into an accident.
• S&P Global just warned that the conflict in Ukraine could depress global car sales by as many as 1 million units this year, while continuing supply chain constraints could subtract a further 1.6 million units from global automobile production.

Now what

For that matter, even Barron’s seems to contradict itself on the good news front, highlighting falling oil prices that could lower the cost of gasoline, and remove an incentive pushing car buyers to switch to electric cars.

Granted, Barron’s also highlights recent moves by the Chinese government to shore up its stock market, and the potential for peace talks to end the Ukrainian conflict at some point in the future, calling those two news items good news. Combined with falling oil prices, these factors could explain why investors in general are feeling a bit more optimistic today than they were last week, for example.

None of that sounds like “good news too” for Tesla in particular, however. If investors were thinking rationally today, I kind of suspect that Tesla stock would be going down, not up. 

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

The post Why did Tesla stock pop today? appeared first on The Motley Fool Australia.

More reading

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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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The Rio Tinto Limited (ASX: RIO) share price is climbing from the open today and is currently up 2.26% at $109.33.

Rio has been in the headlines lately regarding its proposed acquisition of Turquoise Hill. This would bring its stake in a Mongolian copper operation to 66%.

Unfortunately, the acquisition has had a mixed reaction from stakeholders, with some analysts and shareholders questioning the move, while others praised the outcome.

Now the deal has another hurdle to overcome with reports a key Turquoise Hill shareholder has scathed the proposal as being too cheap. Let’s take a look.

Too cheap, shareholder says

One of Turquoise Hill’s major investors, SailingStone Capital Partners, has voiced its concerns over the proposed deal, saying it is “highly opportunistic”, according to reporting from The Australian.

The firm owns a 2.4% stake in Turquoise, and is reportedly unsatisfied with the deal’s particulars, believing Rio has valued the company too low.

“An additional premium to compensate minority shareholders for losing access to an asset of this quality seems eminently reasonable,” SailingStone reportedly said in an open letter to the company’s management.

SailingStone reckons the mining giant can cough up way more than what it is offering – a C$32 per share deal to buy the remaining 49% it does not already own – due to its performance lately.

“This bid appears to be highly opportunistic, coming in the midst of an equity overhang caused by Rio’s mismanagement of both the project and the partnership and just ahead of mine completion with the accompanying free cash flow that will benefit all stakeholders for decades into the future,” SailingStone said.

“Furthermore, the commodity backdrop is as attractive as it has ever been, placing a premium on any long-lived, low-cost reserve base,” it added.

Analysts at Barrenjoey Markets made note of Rio’s potential discount in buying the asset, stating that “this seems like a good deal” on face value.

Morgan Stanley was also constructive and said the project has been de-risked after agreements with the Mongolian government, valuing Rio at $122.5 per share in the process.

Macquarie also reckons the deal should be a net positive for the Rio share price and rate it a buy alongside Credit Suisse and Goldman Sachs at valuations of $140, $130, and $131.50 per share respectively.

It remains to be seen what the next moves will be from either side. However, SailingStone has certainly made its points heard to the public.

Rio Tinto share price summary

In the last 12 months, the Rio Tinto share price has fallen more than 2% into the red. However, this year to date, it has regained strengths and is around 8% in the green.

As commodity prices start to soften Rio shares have also weakened lately and now trade 8% in the red over the past month.

The post ‘Highly opportunistic’: Rio Tinto (ASX:RIO) share price higher amid Turquoise takeover setback appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to buy today
• Is the Rio Tinto (ASX:RIO) share price a buy following the miner’s latest acquisition news?
• Brokers name 3 ASX mining shares to buy today
• Leading brokers name 3 ASX shares to sell today
• Why are ASX 200 mining shares having such a dire day?

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 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 Jindalee Resources Limited (ASX: JRL) are surging well into the green today and now trade 14% higher at $3.01 apiece.

Investors have pounced on the Jindalee share price today following a company announcement regarding its 100% owned McDermitt Lithium Project in the US.

Why is the Jindalee share price charging higher?

The company today announced assay results from 6 diamond core drill holes that were completed late in 2021 at McDermitt.

All assays from the 2021 drill program have been received, and according to Jindalee, these latest results include some of the “thickest intercepts of lithium mineralisation” reported at the project to date.

Drilling intercepted mineralisation in each hole, including 73.5m at 1554 parts per million (ppm) lithium (Li) and 60m at 1880ppm, the company said.

As the diamond drill holes intersected a number of higher-grade mineralised zones with greater than 3,000ppm lithium, the scalability of the project is reinforced, the company says.

Jindalee says the new drill data will be used to update the mineral resource estimate due for completion early in the June quarter, per the release.

The release notes that planning for the next phase of drilling this year is well underway and all drill permits are on hand to commence.

“The remainder of the drilling will focus on investigating the untested mineral potential across the western tenure and look for opportunities for higher grade material”, it remarked.

Not only that, but Jindalee is also advancing the project through its application for an exploration plan of operations (EPO) in the US.

At present, it is currently nurturing discussions with the Bureau of Land Management (BLM) and the Oregon Department of Geology and Mineral Industries (DOGAMI).

Jindalee share price summary

In the last 12 months, after a wild ride, the Jindalee share price has still managed to climb more than 73% and is up 37% this year to date.

As such, Jindalee is actually in the green across all major timeframes and is leading the benchmark S&P/ASX 200 index (ASX: XJO)’s return so far in 2022.

The post Jindalee (ASX:JRL) share price rockets 18% on ‘huge lithium’ find appeared first on The Motley Fool Australia.

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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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