Christmas may be coming early for ASX 200 retail shares with the latest consumer survey pointing to a spending spree heading into the holiday season.

The Commonwealth Bank of Australia (ASX: CBA) today released its Household Spending Intentions (HSI) Index for November 2021, which hit its highest level since December 2019.

While the index will put a smile on the faces of ASX retailers, some are set to benefit more than others.

$240bn boost for ASX 200 retail shares

Interestingly, ASX investors may not have caught on to this just yet as just about all ASX shares in the sector rallied today. This caused the Consumer Discretionary sector to rise 1.6% when the S&P/ASX 200 Index’s (Index:^AXJO) gained just under 1%.

Expectations of a spend-a-thorn is backed by the $240 billion in savings that households have stashed away during COVID-19 lockdowns.

But as mentioned, not all retailers are likely to benefit to the same degree. The CBA’s HSI, which provides a gauge of Australian consumer spending, jumped 2.1% to 110.3 in November.

ASX 200 retail shares best placed to benefit

Within the index, spending on Transport recorded the biggest rise of 21.5%. This is followed by Travel at 14.7%, Retail at 9.6% and Household Services at 9.4%.

The strong rise in the transport category bodes well for the Ampol Ltd (ASX: ALD) share price and Bapcor Ltd (ASX: BAP) share price.

Holiday-deprived Aussies are also looking to spend big on their next getaway. Travel spending surged 77% since the Delta lockdown low in August this year, according to CBA. The biggest increases were for accommodations, travel agents, airlines and tourist attractions.

That’s good news for the Webjet Limited (ASX: WEB) share price, Flight Centre Travel Group Ltd (ASX: FLT) share price and Qantas Airways Limited (ASX: QAN) share price.

Other ASX retailers benefitting from spending spree tailwinds

Our best-known retailers will also be sharing in the Christmas cheer. Some of the strongest increases within this category are department stores, clothing, furniture & household equipment, electronic stores, and household appliances.

Some of the better placed shares in this segment are the Harvey Norman Holdings Limited (ASX: HVN) share price, the Accent Group Ltd (ASX: AX1) share price and Kogan.com Ltd (ASX: KGN) share price.

Positive outlook

The good times could continue to roll on too as the economic recovery extends into 2022.

“The CommBank HSI Index has shown a continued and broad based recovery in consumer spending since the end of lockdowns,” said CBA Chief Economist, Stephen Halmarick.

“While we have seen sharp increases in categories like transport and travel, there is still plenty of room for further growth.”

The post ASX 200 retail shares lift as Aussies head into Christmas with $240bn in savings appeared first on The Motley Fool Australia.

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• RBA maintains interest rate but removes 2024 reference. What could this mean for ASX shares?
• CBA share price struggling today amid sliding home buying intentions
• Here are the 3 heaviest traded ASX 200 shares this Tuesday so far
• Why is the Flight Centre (ASX: FLT) share price soaring 6% higher today?
• Leading brokers name 3 ASX shares to sell today

Motley Fool contributor Brendon Lau owns shares of Commonwealth Bank of Australia and Webjet Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Harvey Norman Holdings Ltd. and Kogan.com ltd. The Motley Fool Australia has recommended Accent Group, Bapcor, 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.

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Shares in semiconductor specialist Revasum Inc (ASX: RVS) gained an impressive 33% on Tuesday, closing the session at 58.5 cents apiece.

Revasum shares started the day on the up as investors responded positively to a company announcement made at the 10^th annual December CEO summit. Here are the details.

What did Revasum present?

In a presentation at the summit, Revasum’s CEO Rebecca Shooter-Dodd gave an in-depth overview of the company’s technology, its operations, and its outlook.

The company touts itself as a “market leader for SiC [silicon carbide] single-wafer processing solutions”.

It achieves this via a product offering of a fully-automated single water tool set comprised of the 7AF-HMG SiC grinder and the 6EZ SiC polisher.

The polisher was commercialised in FY21 and, since then, the first tool has been shipped, installed and accepted, Revasum says.

The company stated it has achieved consistent revenue growth through FY21 with a 117% quarter on quarter increase seen in Q3 FY21. It anticipates total revenue of US$13.3 million-US$15.6 million for FY21.

It also boasts “confirmed customer purchase orders of US$9.0 million as of December 4” and anticipates shipping 40-50 tools over FY22 and FY23.

What’s the outlook for Revasum?

The company also believes it is well-positioned to deliver long-term sustainable growth. The assertion comes on the back of forecasts of a 60%-125% year on year revenue increase in FY22, around US$25 million-US$35 million.

Part of this growth is said to be fuelled by a forecast 183% compound annual growth rate (CAGR) in 8-inch wafer volume between 2020-2025, demonstrating the size of Revasum’s total addressable market.

According to the company, the move to 8-inch wafers is necessary to reduce the overall cost of SiC wafers. Revasum says its tool kit is easily configured for 6-inch and 8-inch SiC wafers with customers able to easily switch between the two.

The company also expects to be free cash flow positive in FY22. It anticipates gross margins to lift with an “FY21 year to date margin of 35.4%” — a step above the FY20 margin of 31.8%. 

Aside from this, the company expects its strategy will continue growing recurring revenue streams to build into its earnings profile.

The release also notes US President Joe Biden’s announcement in 2021 for plans to invest US$52 billion in semiconductor manufacturing and research, as part of the nation’s US$2 trillion infrastructure plan.

Revasum share price snapshot

Over the past 12 months, the Revasum share price has gained almost 47% after rallying almost 68% this year to date.

It has reversed course this past month and is down 16% in that time, however, still leads the S&P/ASX 200 Index (ASX: XJO) across longer timeframes.

The post Here’s why the Revasum (ASX:RVS) share price surged 33% today appeared first on The Motley Fool Australia.

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• RBA maintains interest rate but removes 2024 reference. What could this mean for ASX shares?
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• What’s going on with the Johns Lyng (ASX:JLG) share price today?

The author has no positions 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 Actinogen Medical Ltd (ASX: ACW) share price soared today after the company announced a partnership with Oxford University.

Shares in the biotechnology company finished the day at 13 cents, up 8.7% on the previous close.

Actinogen is developing a lead compound called Xanamem, a new therapy for Alzheimer’s disease.

What did Actinogen announce today?

The Actinogen share price leapt into the green after the company revealed is is linking up with Professor Jeremy Tomlinson and the Oxford University Centre for Diabetes, Endocrinology and Metabolism.

Actinogen will supply Xanamem to researchers, enabling them to investigate its therapeutic potential for people with Mild Autonomous Cortisol Secretion (MACS). MACS is a condition linked to the over-production of the stress hormone cortisol.

Xanamem stops production of cortisol by blocking a specific enzyme in the brain. High levels of cortisol have been linked to Alzheimer’s disease, depression and other diseases.

Researchers at Oxford will conduct a 12-week clinical trial involving 40 people with MACS and funded by a UK Medical Research Council grant. The trial will evaluate the effects of Xanamem on metabolism, bone density, and cognitive function. The final results are expected in 2024.

Actinogen will supply Xanamem to Oxford free of charge and will also provide trial design support.

Commentary from management

Speaking about the news driving the Actinogen share price today, CEO and managing director Dr Steve Gourlay said:

The MACS collaboration represents an important opportunity to investigate the potential benefits of Xanamem on the cortisol system outside of the brain.

We are pleased to be working with Oxford University, an academic centre of excellence in this area.

Chief investigator of the MACS study, Professor Tomlinson, added:

This is a hugely important clinical problem and currently there are no licenced treatments. This study may not only provide a detailed understanding of the processes that drive the condition, but also offer potential for an entirely novel treatment.

Actinogen share price snapshot

The Actinogen share price is soaring this year to date, up 495%. It is also up 468% over the past 12 months.

For perspective, the benchmark All Ordinaries Index (ASX: XAO) is up 10% over the last year.

Actinogen has a market capitalisation of roughly $220 million.

The post Actinogen (ASX:ACW) share price surges 9% on Oxford Uni partnership 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 South32 Ltd (ASX: S32) share price struggled today amid reports that dust from the company’s Gemco mine could be causing “concerning” levels of manganese in nearby residents.

According to reporting by ABC News, the Anindilyakwa Land Council – representing the traditional owners of Groote Eyland, an island in Arnhem Land – is working with South32 to lessen the dust coming from the manganese mine.

As of Tuesday’s close, the South32 share price is $3.66, 1.08% lower than it was at the end of Monday’s session.

For context, the S&P/ASX 200 Index gained 1.03% on Tuesday.

Let’s take a look at today’s news of the metals and mining company.

South32 working to reduce dust from manganese mine

The South32 share price has suffered on the ASX today.

Meanwhile, reports emerged that hair and nail samples from people residing nearby the company’s Gemco mine have been found to contain high levels of manganese.

According to ABC News, the Anindilyakwa Land Council commissioned a report into the effects of dust from manganese mines 8 years ago. Its CEO, Mark Hewitt reportedly told the publication that the report’s results can’t be released as it hasn’t been published.

The publication states that the World Health Organisation has found inhaling manganese can cause “damage to brain functions controlling dexterity as well as the respiratory and reproductive systems”.

However, the land council has decided to stop funding the research. Instead, it’s working with the company to reduce the amount of dust impacting the community. ABC News quoted Hewitt as saying:

South32, to their credit, immediately embarked on extensive measures to prevent their manganese dust entering into the communities, which are in proximity to mining activities, and that work has been going on for three to four years, and it has definitely made a significant reduction.

The company has since begun spraying the site with water and avoiding the use of machinery nearby residential areas when wind conditions would allow dust to travel.  

South32 is also reportedly monitoring to make sure dust levels don’t breach national air quality guidelines. The company’s head of external affairs, Liam Stower was quoted as saying:

That monitoring has shown that the ambient dust in the community of Angurugu is below the National Environmental Protection Measure, the NEPM guidelines, so that gives us a high level of confidence about the health and wellbeing of our community.

South32 has been mining at Gemco for more than half a century. It’s the largest Manganese mine in the world.

South32 share price snapshot

It’s been a good year so far for South32 on the ASX.

Right now, the South32 share price is 46% higher than it was at the start of 2021.

It has also gained 3% since this time last month.

The post South32 (ASX:S32) share price slumps amid ‘concerning’ heavy metals levels in residents 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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The Reserve Bank of Australia (RBA) has made its final decision for 2021 – interest rates were kept at 0.1%. But, the RBA did remove the reference to keeping interest rates where they are until 2024.

For many months, the RBA boss Dr Lowe has been telling the market that the Australian interest rate wasn’t going to budge for years.

Just last month, in the RBA’s monthly update, it said:

If the economy evolves in line with the central scenario, wages growth is expected to have edged up to around 3 per cent and underlying inflation would have only just reached the middle of the 2 to 3 per cent target band by the end of 2023, for the first time in seven years. Depending on the trajectory of the economy at that time, the Board judges that this outcome could be consistent with the first increase in the cash rate being in 2024.

If inflation and wage growth were faster than expected, then the RBA admitted that a rate rise could happen in 2023. But, the data and forecasts did not warrant an increase in the cash rate in 2022.

Commenting on the lack of an interest rate change, Harley Dale, Chief Economist at CreditorWatch, said:

The RBA may well be contemplating the prospect of interest rates rising sooner than officially conveyed for such a long time now, but they seem happy to play Santa for now.

Conjecture regarding when the RBA will move is only going to escalate in 2022. That in and of itself is not helpful for household and, especially business confidence.

December meeting: inflation increases

In today’s statement for the December update, the RBA noted that the Australian economy is recovering from the setback caused by the Delta outbreak. High rates of vaccination and substantial policy support are helping this recovery. It doesn’t think that Omicron will derail the recovery.

Household consumption is “rebounding strongly” and the outlook for business investment has improved.

The central bank noted that leading indicators point to a strong recovery in the labour market and that further pick-up in wages growth is expected as the labour market tightens.

Regarding inflation, the RBA said:

“Inflation has increased, but, in underlying terms, is still low, at 2.1%. The headline CPI inflation rate is 3% and is being affected by higher petrol prices, higher prices for newly constructed homes and the disruptions in global supply chains. A further, but only gradual, pick-up in underlying inflation is expected. The central forecast is for underlying inflation to reach 2.5% over 2023.”

The RBA noted that house prices have increased strongly, though the rate of increase has slowed and housing loan commitments have declined.

At the February meeting, the RBA “will consider its bond purchase program”.

The RBA said the board will not increase the cash rate until actual inflation is sustainably within the 2% to 3% target range. The board is prepared to be patient because it believes this will take some time.

What does this mean for ASX shares?

The S&P/ASX 200 Index (ASX: XJO) rose in the afternoon after the latest statement. At the time of writing it is up more than 1%.

Looking at the biggest ASX shares, the Commonwealth Bank of Australia (ASX: CBA) share price is up 0.2%, the BHP Group Ltd (ASX: BHP) share price is up 1%, the Wesfarmers Ltd (ASX: WES) share price is up 0.5% and the Westpac Banking Corp (ASX: WBC) share price is up 1.2%.

It’s anyone’s guess what’s going to happen over the long-term with interest rates.

But as Warren Buffett once said, interest rates are like gravity:

The value of every business, the value of a farm, the value of an apartment house, the value of any economic asset, is 100% sensitive to interest rates because all you are doing in investing is transferring some money to somebody now in exchange for what you expect the stream of money to be, to come in over a period of time, and the higher interest rates are the less that present value is going to be. So every business by its nature…its intrinsic valuation is 100% sensitive to interest rates.

The post RBA maintains interest rate but removes 2024 reference. What could this mean for ASX shares? appeared first on The Motley Fool Australia.

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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 owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. 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 Commonwealth Bank of Australia (ASX: CBA) is not enjoying the same gains as the other big 4 banks so far today.

The CBA share price is up 0.24% at time of writing at $97.47 per share after spending much of the day in the red.

As for the other big banks, the National Australia Bank Ltd (ASX: NAB) share price is up 1.07%; the Westpac Banking Corp (ASX: WBC) share price is up 1.4%, and shares in Australia and New Zealand Banking Group Ltd (ASX: ANZ) have gained 1.53% today.

For some context, the S&P/ASX 200 Index (ASX: XJO) is up 1.05% at this same time.

CBA shares came under pressure on the same day its latest housing report hit the news.

What did CommBank’s housing report indicate?

The CBA share price struggled amid data from the bank showing a huge drop in Australians’ home buying intentions.

According to the Australian Financial Review, a new report from CommBank indicates Aussie home buying intentions as at the end of November were down 17.7% over the calendar year. That fall was exacerbated by a 27.5% decline in home buying intentions recorded in November.

Would-be property buyers are getting spooked by the prospect of higher interest rates on the horizon as well as house prices that have rocketed over the past year.

CommBank also reported a decline in home loan applications while Google searches related to buying a home also fell sharply.

Commenting on the decline, CBA’s chief economist Stephen Halmarick said (quoted by the AFR):

We think the shorter time frame had an impact, particularly on the number of search activities, as people would normally sit down and do a lot of searching over the weekend, but when we look at other data, the pace of new lending to owner-occupiers and the speed of the price increases, it’s pretty clear that there’s some moderation in demand from homebuyers.

CBA share price snapshot

The CBA share price is up more than18% in 2021 so far, outpacing the 9% year-to-date gains posted by the ASX 200.

CBA shares hit an all-time high of $110.13 on 8 November.

The post CBA share price struggling today amid sliding home buying intentions 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 recommended Westpac Banking Corporation. 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 All Ordinaries Index (ASX: XAO) is finally having another day in the green so far this Tuesday. At the time of writing, the All Ords is up 1.13% to 7,614 points. But one ASX share isn’t at the table for these gains. That would be the Johns Lyng Group Ltd (ASX: JLG) share price.

Johns Lyng shares aren’t at the table because the company is currently in a trading halt.

Yes, before the market opened this morning, this ASX company released an announcement outlining the halt. Well, halts. The company stated it requested “consecutive trading halts”, with the expectation that Johns Lyng shares will only return to the markets on 13 December (next Monday).

So why has the company requested these halts? Johns Lyng Group said it is “in connection with a material transaction and a capital raising involving an institutional placement and a pro-rata accelerated non-renounceable entitlement offer”.

It stated the trading halt was necessary “to avoid trading taking place on an uninformed basis and to allow the capital raising to be executed in an orderly manner”.

And that’s essentially all we know for now.

Johns Lyng Group share price snapshot

Johns Lyng Group is in the business of providing building services, both domestically and internationally. It specialises in restoring property and goods after natural disasters such as floods and fires.

The company has had a rip-roaring 2021 so far. The Johns Lyng share price is up more than 121% year to date, and up 132% over the past 12 months.

At the last share price of $7.14 that Johns Lyng traded at, the company had a market capitalisation of $1.6 billion, worth a dividend yield of 0.7%.

The post What’s going on with the Johns Lyng (ASX:JLG) share price today? appeared first on The Motley Fool Australia.

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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. 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 Pure Hydrogen Corporation Ltd (ASX: PH2) share price is leaping to incredible highs on Tuesday. This comes after the company announced a positive update that is likely to create a new revenue stream.

At the time of writing, the energy company’s shares are fetching for 51 cents apiece, up 22.89%.

Pure Hydrogen launches portable electricity units

Investors are driving up Pure Hydrogen shares today following the company’s latest announcement.

In today’s statement, Pure Hydrogen advised that it has released a range of hydrogen fuel cell power generation units to the market. The products were made in conjunction with H2X Global Limited, which Pure Hydrogen currently has a 24% interest in.

Named Power H2, the units can generate clean electricity without any emissions using hydrogen as a fuel. Power H2 comprises a hydrogen fuel cell and a small hydrogen storage tank for fuel storage. They come in four sizes, ranging from 5 kilowatt (kw), 20kw, 50kw and a 100kw capacity.

The units can be used to supply electricity for an infinite number of purposes. This includes powering mobile communication towers, businesses, hospitals, households, farms and mine sites.

While the retail price was not disclosed, Power H2 units will be available for sale within the first quarter of 2022.

In addition, the company is currently working with industrial users to supply back-to-base fuelling solutions, off-take agreements and vehicle supply.

Pure Hydrogen managing director, Scott Brown commented:

The Power H2 units have at their heart hydrogen fuel cells and powertrain that have been developed over several years. Customers are now been engaged.

The Power H2 units demonstrate H2X’s ability to bring hydrogen-powered products to market successfully given their strong technology skills and established manufacturing and logistics supply chain which helps to bring product to market efficiently. Their technology is at the forefront of the hydrogen revolution and it is great to see it being implemented commercially.

Pure Hydrogen share price snapshot

Over the past 12 months, Pure Hydrogen shares have accelerated by more than 500% for investors. When looking at year-to-date, its share price performance is just as impressive, up 480% for the period.

Pure Hydrogen commands a market capitalisation of roughly $172.60 million, with approximately 338.44 million shares outstanding.

The post Why the Pure Hydrogen (ASX:PH2) share price is powering 22% ahead today? 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 Flight Centre Travel Group Ltd (ASX: FLT) share price is taking off today despite the company’s silence.

However, it’s not alone in its gains. Last night, while much of Australia slept, international travel and airline stocks soared.

Additionally, Flight Centre’s ASX travel peers, including Webjet Limited (ASX: WEB) and Qantas Airways Limited (ASX: QAN), are also surging on Tuesday.

At the time of writing, the Flight Centre share price is $18.30, 6.15% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 1.01% right now.

Let’s take a look at what might be driving ASX travel shares higher today.

What might be boosting the Flight Centre share price?

The Flight Centre share price might be gaining amid rising confidence of a reunited holiday period.

Yesterday afternoon, Queensland Premier Annastacia Palaszczuk announced the state would reopen its borders to quarantine-free travel from domestic hotspots earlier than expected.

The reopening has been moved forward to 13 December after Queensland’s vaccination rate rose faster than anticipated.

Additionally, the Flight Centre share price might be buoyed by news the Omicron variant of COVID-19 seems to cause more mild symptoms than other variants.

The United States’ chief medical advisor to the President, Dr Andrew Fauci told CNN data on the severity of the Omicron variant is looking “encouraging” so far:

Thus far, it does not look like there’s a great degree of severity to it, but we really gotta be careful before we make any determinations that it is less severe.

Fauci’s comments came as a fourth wave of new cases hit South Africa, with the BBC reporting the Omicron variant has become the dominant strain in the country.

According to South Africa’s National Institute for Communicable Diseases, new recorded cases of COVID-19 soared from just 2,273 last Monday to 16,055 on Friday. That represents a 606% increase.

However, hospitalisations in the country aren’t rising at the same rate. 79 people were admitted to the country’s hospitals with COVID-19 last Monday while, on Friday, 279 were admitted. That marks an increase of 253%.

Right now, the Flight Centre share price is almost 15% higher than it was at the start of 2021. Though, it has fallen 9% since this time last month.

The post Why is the Flight Centre (ASX: FLT) share price soaring 6% higher 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 recommended 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.

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The Minerals 260 Ltd (ASX: MI6) share price is surging higher today, up 10.2% in afternoon trading to 54 cents.

Below we take a look at the ASX resource explorer’s project update that looks to be spurring investor interest.

What project update was announced?

The Minerals 260 share price is soaring after the company reported it is speeding up exploration work at its Moora and Koojan JV projects.

Both projects are located in Western Australia’s Julimar Mineral Province. Minerals 260 is the 100% owner of Moora and in a joint venture (JV) with Lachlan Star Limited (ASX: LSA) at Koojan. The Lachlan share price is up 11% today.

Minerals 260 has so far drilled 6 diamond core holes at its Angepena gold prospect in Moora. Drilling commenced on 4 November to follow up on promising gold intersections struck earlier this year.

Assays are still pending for all 6 holes drilled with initial results expected in January. The company plans to drill 7 more diamond core holes at Angepena totalling some 2,000 metres. That should also be completed in January.

Minerals 260 has also recently commenced a reverse circulation (RC) drilling program at the project. It plans to drill up to 35 holes for approximately 5,000 metres.

Commenting on the announcement likely pushing up the Minerals 260 share price today, managing director David Richards said:

Diamond drilling has confirmed the presence of mafic/ultramafic hosted sulphide-related mineralisation and highlighted the exciting potential, not only of the Mt Yule magnetic anomaly but also the rest of the projects – where numerous targets remain to be tested.

While it is early days, we are very encouraged by what we are seeing in the Angepena drill core. However, we caution investors that until assays are received, we cannot draw any conclusions. Our objective is to build on the exploration data collected so far and systematically work towards the opportunity for a significant discovery.

The company has $6.7 million in the budget for its first 12 months of exploration following its 12 October listing on the ASX.

Minerals 260 share price snapshot

Minerals 260’s initial public offering (IPO) raised $30 million at a listing price of 50 cents per share.

The Minerals 260 share price leapt higher that day to close at 60 cents and reached an all-time closing high of 77 cents per share on 15 November. Since then shares have retraced.

Since the closing bell on its first day of trading, Minerals 260’s shares are down 10%.

The post Here’s why the Minerals 260 (ASX:MI6) share price is leaping 10% today appeared first on The Motley Fool Australia.

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• Why is the Minerals 260 (ASX:MI6) share price rocketing 21% today?

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

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