With global markets experiencing numerous bouts of volatility over the past month or two, and inflation rearing its ugly head across many advanced economies, it’s fairly safe to say many investors have spent 2022 so far reassessing their share portfolios. As inflation rises and the prospect of higher interest rates grows ever closer, tech and growth shares on the ASX, as well as on the US markets, have been suffering. Uncertainty is rarely a comfort for companies with long and uncertain growth runways. And that mostly includes growth shares, especially in the tech space. So what are investors looking to counter this weakness in growth shares with? ASX value shares have proved to be strong candidates.

Growth and value

According to the index provider S&P Global, which runs the S&P/ASX 200 Value Index, ‘value shares’ are selected using three criteria: the ratios of book value, earnings, and sales to price. Unfortunately, S&P Global only gives us the top 10 shares in its index. But let’s look at some ASX shares that could be described as value shares using the metrics listed above, that have been quietly but significantly gaining over the last 10 years.

Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) is one. Soul Patts, as it’s more easily known, is an industrial conglomerate that owns large chunks of other ASX shares for the benefit of its investors. These include Brickworks Limited (ASX: BKW), TPG Telecom Ltd (ASX: TPG) and New Hope Corporation Limited (ASX: NHC). Soul Patts has indeed been growing quietly but significantly for the past decade. Not only has it jacked up its dividend every single year, but its share price has gone from just over $13.60 ten years ago to today’s $26.21 at the time of writing. That’s a 10-year return of close to 100%. Throw in the dividends, and we have a consistent grower here.

Commonwealth Bank of Australia (ASX: CBA) is another value share, and is actually a top 10 constituent of the S&P/ASX 200 Value Index. Although a little more volatile than Soul Patts, CBA shares have also been a pretty good share to own over the past decade. Its share price has risen from just under $50 a decade ago to today’s pricing of $98.57. That’s also a gain of around 100%. And of course, CBA has been forking out generous dividends for most of that time too.

One more ASX value share for the road

Our final value share to check out is none other than Brickworks, the company Soul Patts owns a large stake of. Brickworks is a building materials supplier but also owns some valuable real estate. It has also been able to quietly but consistently grow over the past 10 years. Back in February 2012, Brickworks was worth around $10.70 a share. Today, it’s asking $22.27. That’s growth worth around 110% over those 10 years. Brickworks has also been an incredibly consistent dividend payer. It hasn’t cut its dividend for decades. Add that to those returns, and you would have some very happy long-term shareholders.

So there you have it, some quiet but consistent ASX value shares that would have enjoyed a very happy place in most investors’ portfolios. Value shares might not have the flashy gain that growth shares can offer. But you can’t fault too many of them for slow, consistent growth (not to mention income).

The post While everyone was focused on growth shares, these ASX value shares have been quietly but significantly gaining over the last 10 years appeared first on The Motley Fool Australia.

More reading

• This expert says now is the time to buy ASX dividend shares. Here’s why
• 2 ASX 200 dividend shares that these analysts love
• Own CBA (ASX:CBA) shares? Here’s the bank’s hawkish outlook for RBA rate rises
• Why are ASX 200 bank shares getting so much love today?
• These are some of the top performing ASX 200 value shares of the past year

Motley Fool contributor Sebastian Bowen 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 Australia has recommended TPG Telecom 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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This year is proving to be a volatile time for many ASX growth shares and indeed plenty of ASX dividend shares as well.

There are well-known businesses with large dividend payouts like BHP Group Ltd (ASX: BHP) and Commonwealth Bank of Australia (ASX: CBA).

But there could also be some that are being underrated by investors. They may be able to surprise with both earnings and dividends in FY23:

Accent Group Ltd (ASX: AX1)

Accent Group is a leading Australian shoe business that sells through a wide number of brands. Everyone needs shoes after all. Some of them are ones that it owns, whereas others are brands that Accent has exclusive distribution agreements.

Readers may recognise some of these names: CAT, Dr Martens, Glue Store, Hype, Merrell, Nude Lucy, Platypus, Skechers, Stylerunner, The Athlete’s Foot, Trybe, Timberland and VANS. Reebok is a recent addition.

The ASX dividend share is proud of its omnichannel business model – that means where it can sell to customers through its growing store network as well as online. Accent has a number of growth strategies including digital, new stores, vertically-owned brands, new businesses and exclusive distribution agreements.

Whilst lockdowns impacted sales in the first half of FY22, FY23 is expected to return to stronger profitability.

According to Commsec, the Accent share price is valued at 15x FY23’s estimated earnings with a projected grossed-up dividend yield of 7.7%.

Adairs Ltd (ASX: ADH)

Adairs is another business in the retail sector that struggled in the first half of FY22 with many of its stores impacted by the COVID lockdowns in NSW and Victoria. However, those lockdowns now appear to be over.

Despite those lockdowns, sales remained strong. Total sales in the first 26 weeks of FY22 were 34.1% higher than FY20, with Adairs online sales 98.3% higher and Mocka sales 77.2% higher.

The ASX dividend share recently acquired the furniture retailer Focus which has been “trading well”.

Adairs management said that it has made strides in progressing its strategic priorities by commissioning its new national distribution centre, upsizing selected stores, continuing to expand its range and adding to its omnichannel capabilities. These may all help with growth and profitability.

Looking at FY23, Commsec estimates that the Adairs share price is at 8x FY23’s projected earnings. In FY23 it’s forecast to pay a grossed-up dividend yield of 12.3% and then 13.9% in FY24.

The post 2 underrated ASX dividend shares expected to unleash big payouts in FY23 appeared first on The Motley Fool Australia.

More reading

• Analysts tip these ASX shares to offer huge fully franked dividend yields
• 2 quality ASX dividend shares to buy next week
• Why Motley Fool analyst Drew Flowers thinks now is a great time to furnish your portfolio with Adairs (ASX:ADH) shares
• Potential buys: 2 compelling ASX shares
• Analysts rate these ASX dividend shares as buys

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. owns and has recommended ADAIRS FPO. The Motley Fool Australia owns and has recommended ADAIRS FPO. The Motley Fool Australia has recommended Accent Group. 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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Crypto investors got off to a pretty rocky start in 2022.

Save for some stablecoins, which by definition aren’t intended to have much price volatility, most every digital token sold off in January.

You need look no further than the top two cryptocurrencies to see what we’re talking about.

The Bitcoin (CRYPTO: BTC) price kicked off the New Year at US$47,178. By 31 January it had fallen to US$36,918, down 22% for the month.

Ethereum (CRYPTO: ETH), the world’s number 2 token by market cap, suffered even more. The Ethereum price stood at US$3,799 on 1 January before dropping to US$2,515 by month’s end, a loss of 34%.

Both tokens have recovered some from their end of January lows. The Bitcoin price is currently US$44,020 while the Ethereum price stands at US$3,144.

And eToro’s market analyst and crypto expert Simon Peters believes they could be in for another big leg up, thanks to US tech giant Apple Inc (NASDAQ: AAPL).

Why crypto could be set for a fresh liftoff

If you use Apple Pay you may shortly be able to make payments across merchants using crypto.

According to Peters:

The soon to launch Tap to Pay feature says it will contain integration for contactless payments from ‘Apple Pay, contactless credit and debit cards and other digital wallets’. This directly opens the door to potential crypto asset wallet payments, assuming Apple doesn’t deliberately prevent such an option.

Explaining why this could see Bitcoin, Ethereum and other leading digital tokens lift off, Peters said:

The integration has enormous potential implications for crypto. When PayPal added crypto integrations into its infrastructure it sent the market soaring. Apple’s infrastructure is no less influential and could put booster rockets under crypto asset prices.

All-time highs

The Bitcoin price and the Ethereum price both notched fresh record highs in November last year.

On 10 November Bitcoin hit US$68,790.

Six days later, on 16 November, Ethereum peaked out at US$4,892.

If Peters is right about Apple, the world’s number 1 and number 2 crypto assets could be set for some fresh tailwinds.

The post How this tech giant could ‘put booster rockets’ under crypto: expert appeared first on The Motley Fool Australia.

More reading

• How this key metric bodes well for the Bitcoin price
• Why is the BetaShares Crypto Innovators ETF (ASX:CRYP) leaping 5% today?
• Ethereum and Bitcoin price in focus as world’s biggest asset manager eyes cryptos
• How a war in Ukraine could send the Bitcoin price skyrocketing
• Here’s why these deep-pocketed investors are eyeing green Bitcoin

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and recommends Bitcoin and Ethereum. The Motley Fool Australia owns and recommends Bitcoin and Ethereum. The Motley Fool Australia has recommended Apple. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.85% to 7,267.6 points.

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

BHP Group Ltd (ASX: BHP)

The BHP share price is down 2.5% to $47.05. This morning Morgans downgraded the mining giant’s shares to a hold rating with a $48.70 price target. Although the Big Australian delivered a half year result ahead of its expectations, the broker believes its shares are fully valued now.

Fortescue Metals Group Limited (ASX: FMG)

The Fortescue share price is down 2% to $21.14. This follows the release of the mining giant’s half year result. For the six months ended 31 December, Fortescue posted a 13% decline in revenue to US$8.1 billion and a 32% decline in underlying net profit after tax to US$2.8 billion. This led to the company cutting its interim dividend materially.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price is down 11% to $13.29. Investors appear disappointed by the investment platform provider’s half year results. Although it delivered a 46% jump in funds under administration and a 17% increase in revenue, its net profit was down 1.8% over the prior corresponding period to $27.1 million.

Santos Ltd (ASX: STO)

The Santos share price is down 3% to $7.19. This follows the release of the energy producer’s full year results. Although Santos delivered a result that was largely in line with expectations, its guidance for FY 2022 appears to have fallen short of estimates. Santos is forecasting production of 100 mmboe to 110 mmboe and sales volumes in the range of 110 mmboe to 120 mmboe

The post Why BHP, Fortescue, Netwealth, and Santos shares are falling appeared first on The Motley Fool Australia.

More reading

• Why has the Fortescue (ASX:FMG) dividend tumbled 40%?
• Top brokers name 3 ASX shares to buy today
• Netwealth (ASX:NWL) share price craters 14% on mixed half-year results
• ASX 200 (ASX:XJO) midday update: CSL upgrades guidance, Treasury Wine jumps
• BHP’s stunning dividend, rates to rise, energy falls. Scott Phillips on Nine’s Late News

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

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The S&P/ASX 200 Index (ASX: XJO) is enjoying a solid day of gains here on the ASX boards this Wednesday. At the time of writing, the ASX 200 is up a robust 0.89% at 7,271 points.

But let’s dig a little deeper into those gains and check out the shares that are currently topping the ASX 200’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume so far this Wednesday

Vicinity Centres (ASX: VCX)

ASX 200 real estate investment trust (REIT) Vicinity Centres is our first share to check out today. So far, a hefty 20.13 million vicinity shares have been bought and sold on the markets this Wednesday. This appears to be a direct consequence of this company’s half-year earnings that we got a look at this morning.

As my Fool colleague Zach analysed earlier, Vicinity saw a $1.04 billion surge in net profits after last year’s loss. Those results have led the Vicinity unit price to surge more than 10% today so far. Those two factors are the likely culprits behind today’s volume.

AMP Ltd (ASX: AMP)

ASX 200 financial services company AMP is next up today. As it currently stands, a sizeable 22.61 million AMP shares have swapped hands. There has been no major news or announcements out of AMP today. However, the AMP share price has taken a bit of a battering. It’s presently down by a nasty 2.01% at 96.5 cents a share. This movement has probably sparked this high volume we are now seeing.

Liontown Resources Limited (ASX: LTR)

Liontown is our final and most traded ASX 200 share of the day thus far. This Wednesday has seen a whopping 46.41 million Liontown shares find new homes. This probably has something to do with the supply deal that Liontown announced with the giant US electric vehicle and battery manufacturer Tesla Inc (NASDAQ: TSLA) this morning. As a result, the Liontown share price has rocketed more than 17% so far. This is almost certainly behind this explosive trading volume we see.

 

The post These 3 ASX 200 shares are topping the volume charts on Wednesday appeared first on The Motley Fool Australia.

More reading

• Why CSL, Liontown, Nearmap, and Treasury Wine shares are storming higher
• Is now the time to buy the dip in ASX 200 shares?
• 2 ASX 200 shares smashing 52-week highs today
• ASX 200 (ASX:XJO) midday update: CSL upgrades guidance, Treasury Wine jumps
• Liontown (ASX:LTR) share price rockets 16% today on Tesla lithium deal

Motley Fool contributor Sebastian Bowen owns Tesla. 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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Owners of Australia New Zealand Banking Group Ltd (ASX: ANZ) shares will be interested to learn of the bank’s latest deal ­– a US$50 million ($69.9 million) partnership with a leading climate change investment and advisory firm.

That’s right, ANZ has bought a minority stake in Pollination. The pair will be working together to innovate the field of sustainable finance.

At the time of writing, the ANZ share price is $28.09, 1.04% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.74%.

Let’s take a closer look at ANZ’s new partnership.

ANZ ups the ante on climate finance

The ANZ share price is in the green amid news the bank has bought a $70 million stake in Pollination ­– a stake it hopes will help it reach its sustainability goals.

The partnership will bolster ANZ’s abilities in the field of sustainable finance, project and export finance, carbon markets, and corporate advisory.

For those not familiar with Pollination, it works with clients in the corporate, government, and financial institution fields to help their transition to sustainability and net-zero emissions.

As part of the partnership, the bank will bring its institutional background and strength in the Asia Pacific region to the table.

Meanwhile, Pollination will provide its expertise in climate finance, asset management, carbon projects, and sustainability-focused corporate advisory.

ANZ executive of institutional Mark Whelan said the partnership will benefit both its customers and its shareholders. In conversation with Pollination co-founder partner Martijn Wilder, Whelan commented:

[W]e’ve done a lot of strategic work internally and identified there’s about 12 key areas that as a bank, strategically, we want to play. Some of it is in the electrification of cars and in the development of carbon trading, et cetera …

What we did realise through that deep dive of work though, was we have some real capability gaps. And those capability gaps will be filled by us hiring people in, Martijn but, very much so, also working with people who we know will be quality partners and that we can share in opportunities and use each other’s capabilities.

I think, strategically, for us this is a big, big, big plus… in our environmental sustainability strategy, you’re the perfect partner.

It will also allow Pollination to accelerate its growth and provide ANZ with a seat on the firm’s board.

ANZ share price snapshot

Today’s gain has boosted the ANZ share price back into the green.

It is currently 2.11% higher than it was at the start of 2022.

It has also gained 10% since this time last year.

The post Own ANZ (ASX:ANZ) shares? The bank just tipped $70m into a new ‘green’ partnership appeared first on The Motley Fool Australia.

More reading

• This expert says now is the time to buy ASX dividend shares. Here’s why
• ANZ (ASX:ANZ) shares drop amid $1bn raising: Time to buy?
• Is the ANZ (ASX:ANZ) share price in the buy zone following its Q1 update?
• 2 ASX shares to rise with higher interest rates
• Rising tide? Here’s why ASX 200 bank shares are having such a good run 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 Fortescue Metals Group Limited (ASX: FMG) dividend has been significantly slashed following the company’s FY22 half-year results today.

At the time of writing, the mining giant’s shares are down 1.95% to $21.17 apiece.

Below, we take a look at the main drivers behind the company’s decision to reduce its interim dividend.

Fortescue shares slip following first-half results

The release of Fortescue’s financial scorecard has prompted investors to sell down the company’s shares.

For the six months ending 31 December, Fortescue exported a half-year record of 93.1 million tonnes of iron ore, up 3% on H1 FY21 volumes. This was supported by the integration of the Eliwana mine and rail project into the company’s value chain.

However, a reduction in demand and declining iron ore prices, combined with increased supply, impacted the price the company could charge for its product. As a result, Fortescue reported average revenue of US$96 per dry metric tonne (dmt), down from US$114/dmt in H1 FY21.

Total revenue came to US$8.1 billion, a 13% slump caused by large discounts applied to its lower grade ore. The company received around 70% of the benchmark price for iron ore given when sold to Chinese steel mills.

This led to the board declaring a decreased interim dividend for the back-end of the year.

As such, eligible investors will receive a fully franked dividend of 86 cents per share, down almost 42% from H1 FY21. The $973 million payout was broadly in line with analyst estimates, which had forecast a US$2.7 billion half-year profit along with an 85.8 cents interim dividend.

This means the market was pretty much already expecting a much lower dividend given the external factors impacting Fortescue’s results.

Last year, the mining giant declared a record interim dividend of $1.47 per share on the back of several positive factors. These included a robust operating cash flow environment, a confident outlook for the second half of FY21, and a strong balance sheet.

Fortescue today stated it generated earnings per share (EPS) of 90.3 US cents in H1 FY22. This compares with 132.7 US cents EPS in the prior year.

The latest interim dividend represents a 70% payout of the first half net profit after tax (NPAT). This is in line with the company’s policy of maintaining a payout ratio between 50% and 80% of full-year NPAT.

Fortescue dividend key dates

Fortescue provided the distribution amount and payment dates of its interim dividend for the 2022 financial year. Here’s a summary of the important dates Fortescue shareholders will need to know.

Ex-dividend date

The ex-dividend date will be 28 February 2022.

This is the date where investors must own Fortescue shares. Should you sell your Fortescue holdings before the ex-dividend date, you will not receive the upcoming dividend.

However, if you sell your shares on or after this date, you will still receive the dividend. Typically on the ex-dividend rate, the share price falls in proportion to the dividend yield.

Payment date

The payment date for Fortescue’s dividend will be 30 March 2022.

This is when shareholders can expect to see their nominated accounts credited with the allocated interim dividend payment.

The post Why has the Fortescue (ASX:FMG) dividend tumbled 40%? appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: CSL upgrades guidance, Treasury Wine jumps
• Fortescue (ASX:FMG) share price slips on FY22 half-year results
• 5 things to watch on the ASX 200 on Wednesday
• Why Adore Beauty, Beach, Fortescue, and Praemium shares are falling
• Hunger Games? Here’s why more Fortescue (ASX:FMG) execs are calling time out on the miner

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

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The Bitcoin (CRYPTO: BTC) price is up just over 1% in the past 24 hours.

At time of writing, the world’s biggest crypto by market cap is trading for US$44,129 (AU$61,762).

Crypto investors have been keeping a close eye on the Bitcoin price since the token rocketed to fresh all-time highs of US$68,790 on 10 November.

For a while it seemed like it was mostly downhill from there.

On 24 January the Bitcoin price dropped as low as US$33,184.

With these kinds of outsized gains and losses, eToro’s market analyst and crypto expert Simon Peters analysed a key metric to help decipher what investors can expect next.

How this key metric bodes well for the Bitcoin price

To get a better handle on where Bitcoin could be heading next, Peters looked at the hash rate, sourcing data from Blockchain.com.

If you’re not familiar with the term, the hash rate measures the number of computers actively engaged in mining Bitcoin.

Importantly, this has just reached a record high.

According to Peters:

The crypto asset’s hash rate has been climbing steadily since July 2021 and has faltered little despite recent falls in the Bitcoin price. The greater stability in the hash rate is a positive signal that the recent downturn is related more closely to temporary uncertainty rather than long-term commitment from important players such as miners.

 What can crypto investors expect next?

“Hash rate data tends to lag the bitcoin price so we may see some softness from the current all-time high,” Peters said. “But the Bitcoin price is on track to recover ground lost in January.”

Peters added, “The hash rate’s position at such high levels is indicative of more participants than ever in the network, something that long-term investors will take significant confidence from.”

The post How this key metric bodes well for the Bitcoin price appeared first on The Motley Fool Australia.

More reading

• Why is the BetaShares Crypto Innovators ETF (ASX:CRYP) leaping 5% today?
• Ethereum and Bitcoin price in focus as world’s biggest asset manager eyes cryptos
• How a war in Ukraine could send the Bitcoin price skyrocketing
• Here’s why these deep-pocketed investors are eyeing green Bitcoin
• Is this ‘impediment’ holding back the Bitcoin price?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin. The Motley Fool Australia owns shares of and recommends Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and storming higher. At the time of writing, the benchmark index is up 0.7% to 7,260.2 points.

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

CSL Limited (ASX: CSL)

The CSL share price has jumped 7.5% to $261.14. This follows the release of the biotherapeutics company’s half year results. CSL reported a 5.3% increase in revenue to US$6,041 million but a 5% constant currency decline in net profit after tax to US$1,722 million. However, an upgrade to its guidance for FY 2022 has gone down well with the market.

Liontown Resources Limited (ASX: LTR)

The Liontown share price has rocketed 18% higher to $1.64. Investors have been buying this lithium developer’s shares after it announced a five-year deal with Tesla. The auto giant has agreed to purchase 100,000 dry metric tonnes (dmt) lithium spodumene concentrate in year one and then 150,000 dmt per annum in the following four years from the Kathleen Valley Lithium Project in Western Australia.

Nearmap Ltd (ASX: NEA)

The Nearmap share price is up 6% to $1.30. Thanks largely to strong growth in North America, this aerial imagery technology company reported a 28% increase in annual contract value (ACV) to $147.7 million during the first half. This led to Nearmap revealing that it now expects to hit the top end of its FY 2022 ACV guidance.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price has jumped 12% to $11.81. This follows the release of the wine giant’s half year results. While Treasury Wine reported a 10.1% decline in net sales revenue to $1,267 million and a 6.7% decline in EBITS to $262.4 million, management spoke positively about the future. It has advised that the company is now shifting its focus from “recovery and restructuring” to one of “growth and innovation.”

The post Why CSL, Liontown, Nearmap, and Treasury Wine shares are storming higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: CSL upgrades guidance, Treasury Wine jumps
• Liontown (ASX:LTR) share price rockets 16% today on Tesla lithium deal
• Cheers! Treasury Wine (ASX:TWE) share price jumps 13% on half year results
• Nearmap (ASX:NEA) share price jumps 8% on ‘exceptional result’
• CSL (ASX:CSL) delivers US$1.7bn half year profit and tips plasma collection rebound

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 CSL Ltd. and Nearmap Ltd. The Motley Fool Australia owns and has recommended Nearmap Ltd. The Motley Fool Australia has recommended Treasury Wine Estates 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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One ASX All Ordinaries lithium share is having a stellar day on the market today.

The AVZ Minerals Ltd (ASX: AVZ) share price is trading at 82.3 cents at the time of writing, a 12% gain. In earlier trade, it surged nearly 18%.

Let’s take a look at what’s attracting investor attention today.

What did this lithium explorer announce today?

AVZ Minerals revealed it has expedited its agreement with Suzhou CATH Energy Technologies (CATH) on a global joint lithium project.

The Manono Lithium and Tin Project is a lithium development in the Democratic Republic of Congo. It contains lithium pegmatites with a 13km strike length.

CATH is a private investment entity owned by Pei Zhenhua and Contemporary Amperex Technology Co. Limited. AVZ said both have a huge influence on the lithium-ion battery industry.

The company will pay US$240 million in cash for a 24% equity interest in the venture. CATH will also contribute its pro-rata portion of funding towards the project. This was reported to the market in September.

As part of the news announced today, the companies have agreed to waive the following conditions.

• The mining licence for the Manono Project being granted to Dathcom Mining SA
• Dathcom and the DRC government entering into a collaboration development agreement
• The Dathcom board and shareholders making a final investment decision and approving the transaction

Management comment

Commenting on the venture, managing director Nigel Ferguson said:

Finalising our agreement with CATH provides certainty of funding to progress development of the Manono Project, pending the award of our Mining Licence and Collaboration Development Agreement from the Democratic Republic of Congo Government.

We are in close consultation with the DRC Government authorities that are undertaking the Mining Licence assessment and are confident of delivering a favourable outcome for all stakeholders – most importantly the people of the DRC and our shareholders.

AVZ Minerals Ltd share price summary

The AVZ Minerals share price has surged 300% in the past year and almost 6% year to date.

However, in the past month, the company’s shares have dropped more than 11%.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned around 5% over the past year.

AVZ Minerals has a market capitalisation of about $2.8 billion based on today’s share price.

The post Here’s why this ASX All Ordinaries lithium share is surging 13% today appeared first on The Motley Fool Australia.

More reading

• Why AMP, AVZ, Megaport, and NAB shares are pushing higher
• Here are the top 10 ASX shares today
• Why AVZ, Kogan, Panoramic, and Redbubble shares are sinking

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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