In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is off its intraday lows but still deep in the red. At the time of writing, the benchmark index is down 0.9% to 7,086.4 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price has continued its slide and is down over 3% to $15.46. This decline means the fund manager’s shares have now fallen to another multi-year low. This has been caused by broad market weakness and concerns over its depleting funds under management (FUM). Its next FUM update is likely to be released on Monday morning and some investors don’t appear willing to stick around to find out what the damage is.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price has tumbled 6% to $11.68. A good portion of this decline is attributable to the furniture retailer’s shares trading ex-dividend this morning. Last month the company released its half year results and declared a fully franked interim dividend of 35 cents per share. Eligible shareholders can now look forward to receiving this payment later this month on 28 March.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is down 3% to $4.95. A number of travel shares have come under significant selling pressure today. This appears to have been caused by concerns that the Russia-Ukraine crisis could have an impact on the travel market.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 11% to $1.67. Investors have been selling this buy now pay later provider’s shares amid weakness in the tech sector. In addition, yesterday UBS downgraded the company’s shares to a sell rating and cut the price target on them by 80% to a lowly $1.00.

The post Why Magellan, Nick Scali, Qantas, and Zip shares are tumbling today appeared first on The Motley Fool Australia.

More reading

• 5 ASX 200 shares slumping to 52-week lows on Friday
• Qantas (ASX:QAN) share price dives 4% amid escalating Ukraine fears
• ASX 200 (ASX:XJO) midday update: Block, Zip tumble, QBE’s asset sale
• The 14% discount offered on the Zip (ASX:Z1P) share purchase plan has now vanished. What now for investors?
• Why is the Nick Scali (ASX:NCK) share price sliding 6% 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. owns and has recommended ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/7ncfisN

Shares in Tyro Payments Ltd (ASX: TYR) are trading 5.02% down on Friday and now fetch for $1.60 apiece, despite no market-sensitive information out of the company’s camp.

Tyro shares have been gliding downwards these past 3 months, having tumbled off a high of $2.92 both in January and then before in December.

This year to date, shares are down more than 44%, meaning they need to almost double to return to that previous level.

Why’s the Tyro share price plunging today?

Whilst there’s been no market-sensitive information today, the ASX tech basket has taken a hit on Friday, amid a wider selloff in ASX shares.

The S&P/ASX All Technology Index (ASX: XTX) is also down 3.04% today, whereas the benchmark S&P/ASX 200 Index (ASX: XJO) is just 0.81% in the red.

Hence the tech sector is trailing the broader market today, undoubtedly adding into the selling pressure on Tyro shares.

Not even a positive update announcing a 44% increase in transaction value to $2.5 billion from last month was enough to get investors on board.

But the macro-economic climate has been fought with a risk-off attitude lately, and this has been reflected in the flow of funds into and out of equities in 2022.

Much of this is spurred on by the inflation narrative and the increasing yields on long-date government bonds that hurt stock valuations. There tends to be an inverse relationship between tech stocks and the yields on these bonds, as shown below.

Now with the geopolitical conflict in Europe, ASX shares continue to face challenges today and high-beta tech shares will feel the brunt of that pressure.

Alas, the stage is set for Tyro to continue its downward spiral today, seeing as the negative momentum has been in place for a number of months, and the macro-economic climate has seen high-growth tech shares take a beating in 2022.

Tyro was also one of the most shorted shares last week with a total of 8.4% of its float open to short interest, placing it in the top 10.

Suffice to say, the sentiment isn’t the best on the Tyro investment debate as of right now – much to the delight of those contrarian investors out there.

Tyro share price snapshot

In the last 12 months, the Tyro share price has collapsed over 50% and is down 44% this year to date.

During the past month of trading, shares have collapsed another 25%, meaning Tyro is trailing the broad indexes this year across all time frames.

The post Tyro (ASX:TYR) share price continues its tumble, down 5% today appeared first on The Motley Fool Australia.

More reading

• Why Betmakers, Fortescue, Suncorp, and Tyro shares are falling
• These are the 10 most shorted ASX shares
• Back on the horse! ASX tech shares stage stunning comeback following sell-off
• These 3 ASX 200 shares are topping the volume charts this Monday
• Why Altium, PointsBet, Tyro, and Zip shares are sinking 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. owns and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

The S&P/ASX 200 Index (ASX: XJO) is having a rather dreary finish to the week so far this Friday. At the time of writing, the ASX 200 has lost 0.82% and is back under 7,100 points.

With a move of this nature, it’s perhaps no surprise that many ASX 200 shares are feeling the burn and hitting new 52-week lows today. We take a look at five here.

5 ASX 200 shares touching new 52-week lows today

Australia and New Zealand Banking Group Ltd (ASX: ANZ)

ANZ is an ASX 200 share well known to most Australians. But its shares are not having a great time of it today. ANZ is currently down by 0.98% at the time of writing. It hit a low of $25.09 around midday today. That is the company’s new 52-week low. In some good news, this has pushed the ANZ dividend yield up to 5.6% for any new investors today.

Magellan Financial Group Limited (ASX: MFG)

ASX 200 fund manager Magellan has had a pretty awful 12 months, no way around it. From its star stock picker Hamish Douglass taking a leave of absence, to record fund outflows, the bad news just seems to keep coming.

Today is unfortunately no different, with Magellan hitting a new low point of $15.18 a share after lunch today. Magellan is currently asking $15.47 a share at the time of writing. Again, this has resulted in the company’s trailing dividend yield exploding to more than 14.5%.

Super Retail Group Ltd (ASX: SUL)

Super Retail Group, the ASX 200 company behind Rebel, Super Cheap Auto, and BCF, is next up. This company has not escaped the market’s woes today and is currently down by 1.85% to $10.61 a share. The stock hit a new low of $10.46 earlier in the trading session. This retailer has now lost 16% so far in 2022.

Pendal Group Ltd (ASX: PDL)

Another fund manager, Pendal Group, is next. This ASX 200 share has also had a painful day, losing more than 2% so far. The company is currently at $4.33 a share but descended as low as $4.29 just after midday. Market volatility is seldom good news for a fundie like Pendal. It has now lost 25% since the start of the year.

Zip Co Ltd (ASX: Z1P)

Our final ASX 200 share is none other than Zip Co. Zip is now the ASX’s largest buy now, pay later (BNPL) company after its rival Afterpay was absorbed by Block Inc (ASX: SQ2) earlier this year. But this is cold comfort to investors.

Zip has lost a depressing 11% so far this Friday and has plumbed new depths at $1.64 a share. This is the company’s new 52-week low. That puts Zip’s 12-month performance at a dismal 83.5%. Some investors have not taken kindly to Zip’s plans to acquire fellow BNPL share Sezzle Inc (ASX: SZL).

The post 5 ASX 200 shares slumping to 52-week lows on Friday appeared first on The Motley Fool Australia.

More reading

• Why Magellan, Nick Scali, Qantas, and Zip shares are tumbling today
• ASX 200 (ASX:XJO) midday update: Block, Zip tumble, QBE’s asset sale
• Why is the ANZ (ASX:ANZ) share price getting battered more than the other banks this week?
• The CSL (ASX:CSL) share price is falling today, but here’s what investors can look forward to next week
• The 14% discount offered on the Zip (ASX:Z1P) share purchase plan has now vanished. What now for investors?

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Super Retail Group Limited and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Super Retail Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

A message from our CIO, Scott Phillips:

“G’day Fools. If you’re like us, you’re dismayed by the events taking place in Ukraine. It is an unnecessary humanitarian tragedy. Times like these remind us that money is important, but other things are far more valuable. And yet the financial markets remain open, shares are trading, and our readers and members are looking to us for guidance. So we’ll do our best to continue to serve you, while also hoping for a swift and peaceful end to war in Ukraine.”

————–

The Qantas Airways Limited (ASX: QAN) share price is tumbling on Friday amid escalating tensions in Ukraine.

The airline’s stock is among many S&P/ASX 200 Index (ASX: XJO) constituents falling as the index plunges to a 4-day low.

At the time of writing, the Qantas share price is $4.935, 3.42% lower than its previous close.

For context, the ASX 200 Index is currently 0.74% lower while the All Ordinaries Index (ASX: XAO) has slumped 0.85%.

Let’s take a closer look at what could be driving the flying kangaroo’s stock downwards.

Qantas share price tumbles on Friday

The Qantas share price is plunging lower as Russia’s invasion of Ukraine intensifies.

Conflict has now reached the Zaporizhzhia nuclear power plant – the largest of its kind in Europe ­– with fire having broken out at the site.

Posting to Twitter Inc (NYSE: TWTR), Ukraine minister for foreign affairs, Dmytro Kuleba, has called for an urgent ceasefire, saying if the plant “blows up” it will be 10 times larger than the 1986 Chernobyl disaster.  

Russian army is firing from all sides upon Zaporizhzhia NPP, the largest nuclear power plant in Europe. Fire has already broke out. If it blows up, it will be 10 times larger than Chornobyl! Russians must IMMEDIATELY cease the fire, allow firefighters, establish a security zone!

— Dmytro Kuleba (@DmytroKuleba) March 4, 2022

https://platform.twitter.com/widgets.js

It follows overnight ceasefire talks between Russia and Ukraine that once again failed to achieve an outcome, according to reporting by ABC.

Today’s fall puts the Qantas share price 4% lower than it was at the start of 2022.

Though, it’s not the only ASX 200 travel stock to be suffering on Friday.

The share prices of Flight Centre Travel Group Ltd (ASX: FLT), Webjet Limited (ASX: WEB), and Corporate Travel Management Ltd (ASX: CTD) are currently down 2.6%, 3.4%, and 2.9% respectively.

The post Qantas (ASX:QAN) share price dives 4% amid escalating Ukraine fears appeared first on The Motley Fool Australia.

More reading

• Qantas (ASX:QAN) share price enjoying green start to the week as Joyce says ‘we’re seeing huge demand’
• Why is the Webjet (ASX:WEB) share price having such a lousy start to the week?
• Russia invades Ukraine and the ASX tanks. Scott Phillips on Nine’s Late News
• The oil price has just hit an 8-year high. What might this mean for ASX shares?
• ASX wipes out $73 billion as Russia invades Ukraine

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Twitter. The Motley Fool Australia has recommended Corporate Travel Management Limited, Flight Centre Travel Group Limited, and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

A message from our CIO, Scott Phillips:

“G’day Fools. If you’re like us, you’re dismayed by the events taking place in Ukraine. It is an unnecessary humanitarian tragedy. Times like these remind us that money is important, but other things are far more valuable. And yet the financial markets remain open, shares are trading, and our readers and members are looking to us for guidance. So we’ll do our best to continue to serve you, while also hoping for a swift and peaceful end to war in Ukraine.”

——–

The Origin Energy Ltd (ASX: ORG) share price has been wobbling this week as the company faces renewed pressure to cut indirect ties with a Russian oligarch.

It comes as previous moves to limit Russian interests in Origin’s Beetaloo Basin joint venture are criticised for not going far enough.

Earlier this week, Origin stated it is “appalled” by Russia’s invasion of Ukraine. In response, Origin pressured its joint venture partner, Falcon Oil & Gas Ltd. (TSX-V: FO.V) to have non-executive director Maxim Mayorets step down.

Mayorets represented Russian oligarch Viktor Vekselberg, who reportedly owns 16% of Falcon through his company, Lamesa Group Holdings. Mayorets resigned on 1 March.

But investor group, Australasian Centre for Corporate Responsibility (ACCR) is calling for Origin to suspend the venture.

At the time of writing, the Origin share price is $5.79, down 0.86% for the day.

Let’s take a closer look at the pressure facing the energy producer.

Origin share price wobbles amid pressure to suspend venture

Its been a rollercoaster of a week for Origin shares. They plunged 3.6% on Tuesday before surging 4.9% over Wednesday and Thursday.

Amid the craziness, the company has been facing calls to suspend its operations in the Beetaloo Basin.

Origin’s 77.5%-owned joint venture with Falcon is exploring the basin, which is a “key element” of the Australian Government’s gas-fired recovery plan.

Vekselberg’s Renova Group is currently sanctioned by the US Treasury Department.

In response to questions regarding Lamesa’s involvement with Falcon, Origin said it had put pressure on its JV partner. That pressure resulted in Mayorets’ resignation. But ACCR is advocating for more severe action. ACCR is asking Origin to pause the venture until Vekselberg’s interests are resolved.

ACCR director of climate and environment, Dan Gocher said Mayorets’ resignation is “simply window dressing”.

Gocher said:

Origin Energy may be hoping that the resignation of Maxim Mayorets from the board of Falcon Oil & Gas removes an undue influence on its joint venture in the Beetaloo Basin … [But] Vekselberg stands to personally benefit from any successful exploration that Origin is conducting in the Beetaloo Basin.

Origin has little choice but to suspend its joint venture with Falcon Oil & Gas until such time as Viktor Vekselberg’s interests in the company are resolved.

Origin has stated it has no direct contact with Lamesa. It also clarified Lamesa has no influence over the Beetaloo Basin operations.

Right now, Falcon doesn’t pay for exploration activities at Beetaloo. Additionally, there hasn’t been any production or earnings from the venture.  

International energy giants back out of Russia

Last week, BP plc (NYSE: BP) announced it will exit its near-20% holding in Russia’s state-owned enterprise Rosneft.

Rosneft was previously touted as the “first and the most important focus area of BP’s business in Russia”.

Shell PLC (NYSE: SHEL) followed BP’s lead, announcing on Monday that it is backing out of its joint ventures with Russian energy corporation Gazprom.

As of the end of 2021, Shell had around US$3 billion of non-current assets in these ventures in Russia. It expects the process of exiting said assets will result in impairments.

Shell also plans to end its involvement in the Nord Stream 2 pipeline project.

Shell CEO Ben van Beurden commented on the decision, saying: “We cannot – and we will not – stand by.”

Finally, on Tuesday, Exxon Mobil Corp (NYSE: XOM) announced it is stepping away from the Sakhalin-1 venture, which it operates.

It also vowed to not invest in any more developments in Russia under the current circumstances.

The post Own Origin (ASX:ORG) shares? The company is facing pressure over Russian interests in its projects appeared first on The Motley Fool Australia.

More reading

• All eyes on energy: Origin (ASX:ORG) share price surges 4%
• Why did AGL (ASX:AGL) shares smash Origin in February?
• Why is the Origin (ASX:ORG) share price edging lower today?
• Origin (ASX:ORG) share price lifts amid green hydrogen news
• Origin (ASX:ORG) share price slides 7% but UBS is still bullish. Here’s why

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.

from The Motley Fool Australia https://ift.tt/hL9WTqd

The Santos Ltd (ASX: STO) share price is sinking today, along with a number of other ASX energy shares.

Many ASX energy share prices have seen substantial increases in recent weeks, due to soaring gas and oil prices as a result of Russia’s invasion of Ukraine. However, now many are seeing prices readjust as oil prices soften.

One of which is the Santos share price, which is down 1.34% to $7.735 at the time of writing. Also in the red is rival oil and gas company Woodside Petroleum Limited (ASX: WPL), which is falling 0.67% to $31.13.

In fact, all S&P/ASX 200 Energy Index (ASX: XEJ) shares are falling today. After a month of being the best performing sector on the ASX, it is the second-worst performing today, down 1.57% at the time of writing,

So, what’s going on with Santos today?

Dorado project update

Just yesterday, Santos shares hit a 52-week high of $8.11, alongside climbing oil prices. However, the price of oil eased overnight, which could be contributing to the drop in the Santos share price today.

Additionally, the company today provided an update on its Dorado project in Western Australia.

It has begun a financing process for the project and expects front-end engineering and design (FEED) to be “ready by mid-calendar 2022”.

Santos initially announced the Dorado project at the end of June last year, describing it as “an integrated oil and gas project“.

It is to be developed in two stages. “Detailed design and engineering work for the production facilities for the Dorado phase 1 liquids development continues to progress as expected,” Santos said.

The company added:

The Dorado liquids are an extra light, sweet product with externally provided market analysis indicating sales are likely to achieve a premium to Brent.

Final capital cost definition is being undertaken as part of the FEED process and will be finalised ahead of a Final Investment Decision (FID). Given the Dorado Project is in shallow water, near existing infrastructure and is an infantry-standard design, initial operating cost estimates have confirmed that this project will be a low unit cost operation.

In addition, Carnarvon Energy Limited (ASX: CVN) is starting to find ways to “fund its share” of the project, in which it holds a 20% stake. Santos holds the majority share of the project.

Carnarvon managing director and CEO Adrian Cook said:

Various sources of capital are being pursued to optimise the Company’s balance sheet and extract the most value from this high-quality asset. I look forward to sharing further progress updates in the coming months.

How has the Santos share price been performing?

Since the beginning of this year, the Santos share price has increased by around 23%. It is up 4.6% over the past 12 months, 5% over the past month, and more than 9% over the past week.

The company has a market capitalisation of $26.55 billion, a last reported revenue of $4.8 billion, and a price-to-earnings ratio (P/E) of 18.

The post Here’s why the Santos (ASX:STO) share price is struggling today appeared first on The Motley Fool Australia.

More reading

• 3 ASX shares to cash in from the energy crisis: expert
• 5 things to watch on the ASX 200 on Friday
• Santos (ASX:STO) share price rockets to a new 52-week high. Here’s why
• Looking for ASX shares in these uncertain times? Top broker says these sectors are now ripe for the picking
• 5 things to watch on the ASX 200 on Thursday

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

from The Motley Fool Australia https://ift.tt/BUN0Rnr

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to end the week deep in the red. At the time of writing, the benchmark index is down 0.9% to 7,089.2 points.

Four ASX shares that have managed to avoid the selloff are listed below. Here’s why they are rising:

Infomedia Limited (ASX: IFM)

The Infomedia share price is up 4% to $1.50. This morning the software solutions provider to the automotive industry revealed that it has appointed its new Chief Executive Officer. According to the release, the company has named Jens Monsees as its new leader. Mr Monsees is an experienced, global executive known for driving digital transformation, innovation, and strategy across a range of industries including automotive and technology.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is up 1.5% to $25.74. This gain appears to have been driven by the release of an updated mineral resource and ore reserve statement for the Havieron project by Greatland Gold. However, it is worth noting that Newcrest advised that it has not reviewed or verified the analysis conducted by Greatland.

Piedmont Lithium Inc (ASX: PLL)

The Piedmont Lithium share price is up 6% to 79.7 cents. Investors have been buying this lithium miner’s shares after it reminded the market that it will benefit from the doubling of the mineral resource of the North American Lithium and Authier Lithium Projects in Québec in Canada. Yesterday Sayona Mining Ltd (ASX: SYA) announced the mineral resource upgrade, with Piedmont Lithium pointing out that it owns a 25% stake in the projects this morning.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is up 1.5% to $34.65. This is despite there being no news out of the retail giant. However, due to its defensive qualities, some investors may have been buying its shares amid the heightened market volatility.

The post Why Infomedia, Newcrest, Piedmont Lithium, and Woolworths shares are rising today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Piedmont Lithium (ASX:PLL) share price is surging 5% today
• 5 things to watch on the ASX 200 on Friday
• The miner’s ore reserves are climbing, so how is the Newcrest (ASX:NCM) share price responding?
• Here’s why the Woolworths (ASX:WOW) share price is sliding today
• 5 things to watch on the ASX 200 on Thursday

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

from The Motley Fool Australia https://ift.tt/Bl9DFt6

The Pilbara Minerals Ltd (ASX: PLS) share price looks like an attractive buy according to the experts at Macquarie.

Pilbara Minerals is one of the largest lithium miners on the ASX.

The lithium opportunity

Lithium is seeing global demand rapidly increase. The commodity is a key commodity for electric vehicles. Lithium is needed for the battery to be capable enough for travelling long distances.

In the fourth quarter of 2021, Tesla alone produced 305,000 vehicles. For the whole 2021 year it delivered 936,000 vehicles.

According to reporting by the Wall Street Journal, analysts expect that Tesla will be able to deliver around 1.5 million vehicles to customers in 2022. This would be reportedly consistent with the company’s target of growing deliveries by around 50% each year over the next few years.

The mining giant Rio Tinto Limited (ASX: RIO) has recognised that lithium is an attractive commodity. That’s why the business has expanded into lithium with the Rincon lithium project in South America. At this stage, its European Jadar project has been blocked.

Rio Tinto says that the market fundamentals for battery grade lithium carbonate are strong, with lithium demand forecast to grow by 25% to 35% per annum over the next decade with a significant supply demand deficit expected from the second half of this decade. This could help the Pilbara Minerals share price in the coming years.

How does Pilbara fit into the lithium picture?

This ASX lithium share owns the Pilgangoora Project in Western Australia’s resource-rich Pilbara region. The Pilgangoora ore body is one of the largest hard rock lithium deposits in the world according to the company.

It has two processing plants, which produce a spodumene concentrate and the the Pilgan Plant also produces a tantalite concentrate.

Having two processing plants provides Pilbara Minerals with ‘speed to market’ by enabling it to rapidly increase production to satisfy rising lithium market demand and flexibility by being able to blend products to meet customer needs, according to the company.

The Pilbara Minerals share price is rated as a buy by Macquarie, with a price target of $3.50 because of the strong lithium prices that the company is currently benefiting from.

In the company’s FY22 half-year result it generated record sales revenue of $291.7 million, making a statutory profit after tax of $114 million.

During the half-year, it shipped 170,228 dry metric tonnes (dmt). It achieved an average selling price of US$1,250 per dmt. Since the end of the half-year, pricing has continued to increase, with price reporting agencies currently indicating spot spodumene concentrate prices in the range of US$3,750 to US$4,500 per dmt.

Expansion and diversification plans

The company says that the Pilgangoora project provides a significant opportunity for the company to expand operations and production with market demand.

It’s doing a number of improvement works to increase production. Pilbara says the proposed Stage 2 expansion would increase processing capacity to 5Mt per year, to produce 800,000t to 850,000t per year of 6% spodumene concentrate, and 800,000 pounds per annum of tantalite concentrate.

The company is also thinking about diversifying by manufacturing high-value battery-grade lithium products through downstream processing, which has the potential to deliver “significant additional value” for Pilbara Minerals.

Pilbara Minerals share price valuation

Macquarie’s earnings estimate puts the Pilbara share price at 12x FY23’s estimated earnings.

The post Why the Pilbara (ASX:PLS) share price is a buy right now: expert appeared first on The Motley Fool Australia.

More reading

• Is the ASX set to welcome yet another BNPL share? Macquarie-backed company gears up for IPO
• Here are the 3 most heavily traded ASX 200 shares this Thursday
• How did ASX lithium shares perform in February?
• Is Macquarie (ASX:MQG) gearing up to ink its next big deal?
• These 3 ASX 200 shares are topping the volume charts this Tuesday

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.

from The Motley Fool Australia https://ift.tt/FIoDbq5

The Piedmont Lithium Inc (ASX: PLL) share price is reaching for the skies today after providing a resource estimate update.

At the time of writing, the lithium producer’s shares are up 5.3% to 79 cents. However, optimism among investors was higher earlier in the session — hitting an intraday high of 85 cents apiece.

Why is the Piedmont Lithium share price lifting?

The United States-based lithium company informed the market that its Quebec lithium resource estimates had doubled. Though, the increased lithium prospects are not directly a consequence of Piedmont’s operations.

On Friday, Piedmont shareholders were reminded that the company made a strategic investment in fellow ASX-listed lithium explorer, Sayona Mining Ltd (ASX: SYA). The deal carried out in January last year means Piedmont owns a 25% interest in Sayona’s North American Lithium (NAL) and Authier projects in Quebec.

As we covered earlier in the week, Sayona believes its lithium resource is now double its previous estimates. The revised estimate takes the mineral explorer to a 119.1 million tonne resource base at 1.05% lithium oxide. This evidently bodes well for the Piedmont Lithium share price.

Commenting on the development, Piedmont chief operating officer, Patrick Brindle said:

We are happy and excited for our partners. Sayona Quebec is one of the largest and best-located spodumene businesses in Canada and, as a past producer with the bulk of plant and equipment in place, we believe is also the most advanced at this time.

We look forward to Sayona’s upcoming release of a new technical studies for both Authier and North American Lithium as we advance our plans to jointly restart spodumene concentrate production at North American Lithium in 2023 as the world’s demand for electric vehicles and lithium hydroxide continues to accelerate.

The Sayona share price closed 11.1% higher on Tuesday following the news.

Despite the recent resurgence, the Piedmont Lithium share price is down 12.4% over the past 12 months.

The post Here’s why the Piedmont Lithium (ASX:PLL) share price is surging 5% today appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• This junior ASX mining share just leapt 50%. Here’s why
• Here’s why the Starpharma (ASX:SPL) share price is tumbling 8% today
• The NAB (ASX:NAB) share price has only gained $3 in 12 years. Have the dividends been worth it?
• Mission possible: Why this ASX mining share is surging 17% today

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

from The Motley Fool Australia https://ift.tt/C8WTgQ4

It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that you might want to know more about are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Allkem Ltd (ASX: AKE)

According to a note out of UBS, its analysts have upgraded this lithium miner’s shares to a buy rating with an improved price target of $12.40. UBS was pleased with Allkem’s performance during the first half, noting that its result was ahead of its forecasts. And with lithium prices continuing to increase, the broker has lifted its earnings estimates and valuation accordingly. The Allkem share price is trading at $9.85 on Friday.

Corporate Travel Management Ltd (ASX: CTD)

Another note out of UBS reveals that its analysts have retained their buy rating and $28.20 price target on this corporate travel specialist’s shares. This follows news that the ACCC will not oppose its acquisition of the ANZ corporate travel segment of Helloworld Travel Ltd (ASX: HLO). UBS believes the acquisition will allow the company to win a greater share of the market. It also highlights that trading conditions have been improving meaningfully, though acknowledges that the Russia-Ukraine crisis is a risk. The Corporate Travel Management share price is fetching $21.25 today.

NextDC Ltd (ASX: NXT)

Analysts at Citi have retained their buy rating but trimmed their price target on this data centre operator’s shares slightly to $14.55. While the broker has reduced its estimates a touch to reflect the slower conversion of its sales pipeline, it remains very positive on the company’s outlook. Particularly with its third-generation centres opening in Melbourne and Sydney soon. The NextDC share price is trading at $10.69 on Friday afternoon.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Why Morgans rates this ASX lithium share and this retail share as buys
• ASX 200 (ASX:XJO) midday update: Corp Travel Management’s ACCC boost, Zip downgraded
• Corporate Travel Management (ASX:CTD) share price higher on ACCC Helloworld update
• Top broker tips another 28% upside for the Allkem (ASX: AKE) share price
• How did ASX lithium shares perform in February?

Motley Fool contributor James Mickleboro owns NEXTDC Limited and Orocobre 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 recommended Corporate Travel Management Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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