Fortescue Metals Group Limited (ASX: FMG) Future Industries is in focus today after revealing it’s looking at repurposing an oil refinery.

Fortescue Future Industries (FFI) is the green division of Fortescue which aims to decarbonise several heavy industry sectors, whilst also making green hydrogen one of the most global seaborne commodities.

Fortescue Future Industries (FFI) explores repurposing a NZ oil refinery

The green business has agreed with Refining NZ to investigate repurposing facilities at the RNZ Marsden Point oil refinery to produce green hydrogen and other green hydrogen products.

These two businesses have signed a memorandum of understanding to study the commercial and technical feasibility of producing, storing, distributing, and exporting industrial-scale green hydrogen and related products from the decommissioned site.

FFI will undertake feasibility studies which will enable various estimates for the potential project and enable the development of a timeline as well.

The advantages of the oil refinery site

The Refining NZ site has existing infrastructure such as a deep-water port, it’s close to large electricity grid connections as well as an industrial water supply.

This site is based in Marsden Point, which is close to the country’s largest city. It’s two hours north of Auckland. The oil refinery is actually New Zealand’s only oil refinery.

It was noted by Fortescue Future Industries that in November 2021, the Board of RNZ made a final decision to convert the facility into an import-only facility. This meant that around 65% of the existing site would become available for future growth opportunities once the transition had taken place. The transition is expected to take place in April 2022.

FFI Chair Dr Andrew Forrest

Dr Forrest said that FFI continues to work on turning fossil fuel emitters into zero carbon green hydrogen producers around the world. Another example of that is the plan to turn AGL Energy Ltd (ASX: AGL) power plants into green hydrogen producers from renewable energy.

Dr Andrew Forrest said:

Green hydrogen can provide all sorts of advantages to local and export economies – and is the answer our planet needs now.

Green hydrogen production at Marsden Point will potentially deliver energy security, good local jobs, and the decarbonisation of local heavy industry – all while reducing emissions for New Zealand.

RNZ also excited by the potential with Fortescue Future Industries

The boss of RNZ, Naomi James, said:

The potential of green hydrogen to support New Zealand’s energy transition is huge, so we are delighted that FFI has chosen to partner with us as we jointly to investigate what might be possible in years to come.

Fortescue Metals share price snapshot

Today, the Fortescue Metals share price is up 1.4%. In the last two months it has gone up almost 30%.

The post Fortescue (ASX:FMG) Future Industries explores NZ oil refinery repurposing appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison owns Fortescue Metals Group 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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The AVITA Medical Inc (ASX: AVH) share price has dropped to a 52-week low today despite news that the medical producer has entered its RECELL System product into a trial.

Today’s slide comes off the back of a 2.78% fall yesterday after the medical company announced it had adjourned its AGM without any business discussions due to a lack of numbers to proceed.

At the time of writing, the Avita share price is down 2.29% trading at $3.42 apiece. Let’s take a closer look at the latest news.

Trial results to be revealed next year

In today’s release, Avita advised it was starting a trial for its RECELL System for the regimentation of stable vitiligo.

If found successful, the product could be used in the treatment of the skin condition, which affects at least 2% of the global population, according to the company.

Up until now, the RECELL System had been only pointed for use in the United States, toward the treatment of acute thermal burns.

However, as vitiligo is incurable and has no current FDA-approved options, Avita hopes the product may assist those living with the skin disease.

CEO Dr Mike Perry said Avita expected topline data to be returned from the trial next year. 

Recruitment of the last patient in this blinded, randomised pivotal trial is a significant milestone and lays the groundwork for regulatory approval and commercialisation of the RECELL System in 2023 for use in patients with stable vitiligo.

Avita share price snapshot 

The Avita share price has seen a steep decline, dropping 28.5% over the past 12 months. Shares in the company are down 32.6% this year to date.

Based on today’s share price, the company has a market capitalisation of more than $231 million.

The post Avita Medical (ASX:AVH) share price sinks to 52-week low despite ‘pivotal’ trial update appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Avita Medical Limited. The Motley Fool Australia has recommended Avita Medical 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 0.6% to 7,282.8 points.

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

Chorus Ltd (ASX: CNU)

The Chorus share price is down 3% to $6.50. This follows the release of the New Zealand Commerce Commission’s final decision on its new fibre regulatory regime. The Commission has determined a regulated asset base of NZ$5.425 billion, compared to NZ$5.427 billion in its August draft decision.

CSL Limited (ASX: CSL)

The CSL share price has tumbled 8% to $272.90. This follows the completion of the biotherapeutics giant’s institutional placement. CSL raised US$4.5 billion (A$6.3 billion) at an 8.2% discount of A$273.00 per new share following strong support from existing shareholders and new investors. The proceeds will support the acquisition of Vifor Pharma for US$12.3 billion (A$17.2 billion).

Qantas Airways Limited (ASX: QAN)

The Qantas share price is down almost 2% to $4.78. This morning the airline operator released a market update which revealed that it expects to post a loss of $1.1 billion during the first half. Qantas’ CEO, Alan Joyce, revealed that that Qantas has faced “one of the worst halves of the entire pandemic.” Qantas also warned that its costs would increase in the second half as its employees return to work.

Sims Ltd (ASX: SGM)

The Sims share price has dropped 2.5% to $15.06. Investors have been selling the metals recycling company’s shares despite it announcing an acquisition this morning. Sims has agreed to acquire the assets of United States-based metal recycler, Atlantic Recycling Group for US$37 million plus working capital adjustments. This implies an EV/EBITDA multiple of 4.2x on a pre-synergies basis.

The post Why Chorus, CSL, Qantas, and Sims shares are dropping appeared first on The Motley Fool Australia.

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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. 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 Aeris Resources Ltd (ASX: AIS) share price is charging higher, up 3.2% in late morning trade.

This as the All Ordinaries Index (ASX: XAO) remains down 0.1%, after regaining some heftier earlier losses.

Below, we take a look at what’s driving ASX investor interest in the resource explorer and producer.

What did Aeris report?

The Aeris Resources share price is leaping higher after the company announced a maiden Mineral Resource estimate for its Constellation deposit. That deposit is located in its 100% owned Tritton tenement package in New South Wales.

The Mineral Resource estimate for Constellation totals 3.3 million tonnes at 1.4% copper, for 47,000 tonnes of copper metal.

According to the release that includes:

• Indicated Mineral Resource for high-grade Supergene mineralisation of 0.5 million tonnes at 3.4% copper, for 18,000 tonnes of copper metal; and
• Indicated and Inferred Mineral Resource for Sulphide (Primary) mineralisation of 1.4 million tonnes at 1.6% copper, for 23,000 tonnes of contained copper

The Aeris Resources share price could also be getting a lift from the company reporting that it has defined an Exploration Target for primary mineralisation below the reported Mineral Resource.

Commenting on the results, Aeris’ executive chairman, Andre Labuschagne said:

This maiden Mineral Resource and Exploration Target for the Constellation deposit confirms our long-held view that Constellation is a significant copper deposit and will play an important role in extending the life of our Tritton Copper Operation.

To go from initial discovery to maiden Mineral Resource in just over 12 months is a fantastic outcome by our exploration team. What is also exciting is that Constellation remains open down-plunge.

Labuschagne said the company is continuing with its resource definition drilling and hopes to provide an updated Mineral Resource by the end of the March 2022 quarter.

“Preliminary indications from the metallurgical test work appear positive and we are targeting to deliver detailed results by the end of January 2022,” he added.

Aeris Resources share price snapshot

The Aeris Resources share price is up 57% over the past 12 months, well outpacing the 0% gains posted by the All Ords during that same period.

Over the last month, Aeris Resources shares have lost 7%.

The post Here’s why the Aeris Resources (ASX:AIS) share price is shooting higher today appeared first on The Motley Fool Australia.

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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 Tinybeans Group Limited (ASX: TNY) share price is soaring today following the release of a positive trading update. At the time of writing, the mobile and web-based social media platform’s shares are up 22.94% to 67 cents.

What’s driving Tinybeans shares higher?

Investors are scrambling to get a parcel of Tinybeans shares after the company updated the market with a forecasted Q2 record performance.

According to the release, Tinybeans advised that it saw strong trading conditions in October and November, with December remaining favourable.

Sales for the end of the second quarter are projected to be about US$3.5 million. This represents a 53% increase on the prior corresponding period.

In addition, advertising revenue is on track to reach over US$3 million, up 57% compared against Q2 FY21. The company noted that this is being driven by the new single integrated brand proposition. In particular, the growing tier brand partners and larger average campaign sizes with YouTube Kids as the exclusive relaunch sponsor.

Monthly recurring revenues from subscriptions are projected to double to over US$140,000, compared to US$72,000 in September 2021.

Total paid subscribers stand at 42,000 with more people engaging with the company’s platform. Trial to paid conversion came to more than 80%, 8 times higher than the industry standard.

What did the CEO say?

Tinybeans CEO, Eddie Geller was excited to deliver the strong results, saying:

After a successful first quarter of FY22, we are absolutely thrilled to have such a strong follow up by delivering another record revenue quarter. The current quarter has had significant change including a new website launch, and the introduction of the Beanstalk subscription product. The value proposition for parents remains high and significant effort continues to refine and optimize the newly released products to ensure they are delivering successfully for all our customers.

The Company is forging ahead in executing its strategy to build an award-winning platform where parents go to raise amazing kids, driving multiple complementary revenue streams. This is a testament to the team and the value proposition to parents and brands. This significant revenue growth and early indications of conversion to our paid subscriber model has set us up for an exciting 2022, especially given the exciting product roadmap ahead.

About the Tinybeans share price

Over the past 12 months, the Tinybeans share price has plummeted in value, representing a 55% loss for shareholders. Throughout the year, the company’s shares have continued on a downwards trajectory.

It’s worth noting that the Tinybeans share price is currently a whisker away from its multi-year low of 50.5 cents.

Based on today’s price, Tinybeans commands a market capitalisation of roughly $38.7 million, with approximately 57.86 million shares outstanding.

The post Tinybeans (ASX:TNY) share price rockets 23% on record quarter appeared first on The Motley Fool Australia.

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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. owns and has recommended Tinybeans Group Ltd. 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 Mesoblast Limited (ASX: MSB) share price is soaring today on the back of a clinical trial update.

In morning trade, the company’s shares are trading at $1.495, up 12%.

Mesoblast is working on regenerative medicines for serious inflammatory conditions including chronic back pain.

What is impacting the share price today?

Investors are responding to feedback the company received from the FDA’s Office of Tissues and Advanced Therapies (OTAT).

The company is trialling the use of its flagship rexlemestrocel-L product in the treatment of chronic back pain.

Mesoblast will be conducting another phase 3 trial based on OTAT’s review of initial trial data.

The regulatory body agrees with Mesoblast’s plan to use pain reduction at 12 months as the key endpoint for this pending trial.

Opioid use reduction and functional improvement will be secondary endpoints for the trial.

If the trial blasts ahead to EU regulatory approval, the company will be eligible for multi-million dollar payments.

Mesoblast said it could receive a US$112.5 million payout ahead of the product launch from partner company Grünenthal if the approval goes ahead.

The company predicts milestone payments could reach a mammoth US$1 billion depending on trial results and patient uptake.

Mesoblast sees the potential to market its product as a solution to excessive use of opioids in the US.

What else is happening at Mesoblast

The Mesoblast share price crashed on Tuesday after pharmaceutical giant Novartis terminated an agreement with the company to use remestemcel-L to treat acute respiratory distress syndrome (ARDS) from COVID-19.

However, the company maintains that it remains highly focused on bringing this product to the market to help patients impacted by this condition.

Mesoblast still sees potential to pursue emergency use authorisation of remestemcel-L based on clinical results.

Mesoblast share price snapshot

In the past 12 months, the Mesoblast share price has plunged 60% and dived nearly 34% in the year to date.

Shares in the company have slipped 15% in the past month and 22% in the past week.

Mesoblast has a market capitalisation of roughly $967 million based on the current share price.

The post Mesoblast (ASX:MSB) share price jumps 12% on FDA update appeared first on The Motley Fool Australia.

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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 ASX boards have welcomed some new exchange-traded funds (ETFs) today. Yes, the BetaShares Electric Vehicles and Future Mobility ETF (ASX: DRIV) joins the share market. It lists alongside another new BetaShares fund, the BetaShares Future of Payments ETF (ASX: IPAY).

So at the time of writing, DRIV units have debuted at $11.78 per unit and are currently trading at $11.79, up a solid 0.08% after their first few hours of ASX life.

So we took a quick look at DRIV a few days ago when it became clear this ETF was headed for the ASX boards. But if you missed that coverage, here’s a quick refresh. So BetaShares tell us that this ETF is designed to track the Solactive Future Mobility Index. This will, in the provider’s words, give “exposure to a portfolio of global companies at the forefront of innovation in automotive technology”. It holds 50 companies right now.

DRIV comes off the ASX line

Its top 10 holdings, and weightings, are as follows:

1. Tesla Inc (NASDAQ: TSLA) with a portfolio weighting of 9.5%
2. Nio Inc (NYSE: NIO) with a weighting of 6.4%
3. Aptiv plc (NYSE: APTV) with a weighting of 6.4%
4. Uber Technologies Inc (NYSE: UBER) with a weighting of 6.1%
5. Volkswagen AG with a weighting of 5.6%
6. Volvo AB with a weighting of 4.7%
7. Paccar Inc (NASDAQ: PCAR) with a weighting of 4.4%
8. BYD Co Ltd with a weighting of 4.2%
9. Li Auto Inc with a weighting of 3.9%
10. Xpeng Inc (NYSE: XPEV) with a weighting of 3.6%

So as you can see, many famous names there. At the top of the pile, we have the well-known electric vehicle manufacturers Tesla and Nio. Nio is a giant Chinese company often called the ‘Tesla of China’.

Aptiv is a US auto parts company, while Uber is of course the eponymous ride-sharing provider.

Volkswagen and Volvo need no introduction as conventional vehicle brands, while Paccar is a manufacturer of diesel trucks with brand names like Kenworth and Peterbilt.

BYD, Li Auto and Xpeng are all Chinese companies with expanding electric vehicle manufacturing operations.

Geographically, DRIV is weighted 44% towards US companies and 20.3% towards Chinese companies. Germany, Ireland, Europe, Japan and South Korea make up the vast majority of the rest.

Although this DRIV ETF only makes its ASX debut today, the index that it tracks has reportedly returned an average of 23.5% since its inception in May 2017.

The BetaShares Electric Vehicles and Future Mobility ETF charge a management fee of 0.67% per annum (or $67 per year for every $10,000 invested).

The post Meet DRIV (ASX:DRIV), the electric vehicle ETF that just listed on the ASX appeared first on The Motley Fool Australia.

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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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The Qantas Airways Limited (ASX: QAN) share price has come under a spot of pressure on Thursday.

In morning trade, the airline operator’s shares were down almost 2.5% to $4.76.

The Qantas share price has since recovered a touch but remains down 1% at $4.82 currently.

Why is the Qantas share price descending?

Investors have been selling down the Qantas share price today after it revealed that the first half of FY 2022 has been incredibly turbulent.

In fact, Qantas’ CEO, Alan Joyce, labelled the period “one of the worst halves of the entire pandemic.”

This was due largely to most states having their borders closed and the majority of Australians being in lockdown. Things were so bad that Qantas’ capacity fell to around 30% of pre-COVID levels for several months.

This ultimately led to Qantas revealing that it expects to post an underlying earnings before interest, tax, depreciation and amortisation (EBITDA) loss in the range of $250 million to $300 million for the first half.

And if you add in non-cash depreciation and amortisation costs, this half year loss spirals to over $1.1 billion.

The positives

Potentially preventing the Qantas share price falling further was news that the company has been able to accelerate the repair of its balance sheet. So much so, it expects to finish the first half with a materially better net debt position than it had prior to the start of Delta variant lockdowns in June. Qantas expects its net debt to be $5.65 billion at the end of December.

Furthermore, the airline’s liquidity remains strong, with cash of $2.6 billion and undrawn debt facilities of $1.6 billion.

Another positive is the outlook for domestic flying. Qantas expects domestic flying to be ~75% of pre-COVID levels by the end of December, before rising to more than 100% in February 2022.

Shareholders will no doubt be hoping this proves accurate and supports a similar recovery in the Qantas share price in the coming months.

The post Qantas (ASX:QAN) share price descends on $1.1bn half year loss guidance appeared first on The Motley Fool Australia.

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The Encounter Resources Ltd (ASX: ENR) share price is rocketing on Thursday. This comes after the company announced it has received positive assay results over the Sandover project in the Northern Territory.

At the time of writing, the exploration and resource development company’s shares are up 15.38%, trading at 15 cents apiece.

What did Encounter announce?

The company has confirmed high-grade copper mineralisation at Sandover.

In today’s release, Encounter advised that recent surface sampling and mapping have returned up to 20.9% copper mineralisation. This is spread across 4 separate areas around 6km apart at the Sandover project.

Encounter noted each site comprised a red-bed sandstone sequence with multiple, narrow grey shale units containing copper oxide mineralisation.

The next steps will see the company engage with experts to conduct further on-ground mapping and sampling activities. Planned to start in March/April 2022, the exploration program will focus on identifying where these units intersect along the basin forming structures. The company believes these areas have the potential to host major mineral deposits.

Management commentary

Encounter managing director Will Robinson said:

The confirmation of outcropping high-grade copper over a large area is a promising start to exploration at Sandover.

Sandover covers a Zambian copper belt aged, sub-basin on the southern margin of the Georgina Basin, approximately 170km north of Alice Springs. Access is excellent with the Stuart Highway and Ghan railway extending through the western margin of the project. Further areas of interest have been identified at Sandover and will be sampled at the start of the 2022 field season.

We are engaging with experts in Zambian style copper deposits to assist in the design of exploration programs to fast track this emerging copper opportunity in the Northern Territory.

About the Encounter share price

While the Encounter share price has accelerated today, the same cannot be said for the past year. In the last 12 months, the company’s shares are down roughly 3%, and almost 8% lower for 2021.

Encounter is a small-cap ASX share, valued at around $47.52 million. The company has approximately 316.82 million shares outstanding.

The post Encounter Resources (ASX:ENR) share price blasts 15% higher on copper update appeared first on The Motley Fool Australia.

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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 Scentre Group (ASX: SCG) share price is in the green this morning despite no news having been released by the company.

Though, it might be word from the company’s real estate investment trust (REIT) peers that has boosted the market’s sentiment for the retail property group.

Right now, the Scentre share price is $3.12, 0.65% higher than its previous close.

However, earlier today the REIT’s stock reached $3.25, representing a 4.8% gain.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.33%.

Let’s take a look at what might be helping drive the value of Scentre’s shares higher on Thursday.

Scenter share price gains on Thursday

The Scentre share price is on the way up alongside those of Centuria Industrial REIT (ASX: CIP) and Vicinity Centres (ASX: VCX) today.

Both Centuria and Vicinity’s stock is being boosted by news their asset valuations have increased.

Centuria has led the charge, boasting a valuation increase of 9.6%, or $281 million.

Meanwhile, Vicinity announced a preliminary asset valuation increase of $309 million – a 2.2% boost to its book values.

Right now, the Vicinity share price is 1.59% higher, while that of Centuria is up 1.01%.

Though, those gains aren’t the ones leading the S&P/ASX 200 A-REIT Index‘s (ASX: XPJ) 1.15% surge.

The Stockland Corporation Ltd (ASX: SGP) share price is leaving those of its peers in the dust today. It has soared 3.75% at the time of writing.

The company’s stock is being driven higher on news of its 2021 final dividend, which will see 12 cents deposited into shareholders’ pockets for every security they hold in the REIT.

As The Motley Fool Australia reported this morning, that sees Stockland’s total dividends for 2021 nearing pre-COVID-19 levels.

Thus, the Scentre share price might be being boosted by positive sentiment surrounding the ASX’s REIT sector today.

Today’s increase brings its year to date gains to 12%. It has also increased 3% since this time last month.

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

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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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