The Woolworths Group Ltd (ASX: WOW) share price is edging higher during late afternoon trade. This comes despite the retail conglomerate facing logistical challenges due to the rapid spread of COVID-19.

The news has sent Woolworths shares into positive territory to $38.60, up 1.55%.

COVID-19 creating supply chain dilemmas for Woolworths

Investors appear to be shrugging off the negative news surrounding the supermarket giant, sending Woolworths shares higher today.

A strong rise in COVID-19 cases particularly in the southern states has forced thousands of people to isolate at home. This has led to a severe shortage of workers across many industries such as hospitality, healthcare, and retail.

Notably, Woolworths shelves have been laid bare in popular Sydney stores due to staff obeying stay-at-home orders.

According to insiders, the company is operating on skeleton staff at its distribution centres, resulting in cancelled or delayed deliveries.

While the impact is expected to be temporary, there is no indication of when supply chain operations will return to normal. A spokesperson for Woolworths could not give an indication as to how many workers are currently isolating.

The latest COVID-19 figures have exploded to more than 157,800 active cases in New South Wales and 48,300 cases in Victoria. This is a sharp increase from this time last year when the country had been effectively managing the pandemic.

Adding more pain is reportedly the long wait times to get tested for COVID, with some people waiting up to 5 hours.

Woolworths share price review

It’s been a sound 12 months for Woolworths shares, posting a gain of almost 10% for the period.

The company’s shares proved their resilience against COVID-19, reaching an all-time high of $42.66 in mid-August.

Based on today’s price, Woolworths commands a market capitalisation of roughly $46.82 billion and has approximately 1.21 billion shares outstanding.

The post Woolworths (ASX:WOW) share price shrugs off COVID-induced supply issues appeared first on The Motley Fool Australia.

More reading

• December has been pretty dire for the Woolworths (ASX:WOW) share price. Here’s why
• What’s driving the Woolworths (ASX:WOW) share price higher today?
• Top brokers name 3 ASX shares to sell
• The stories that rocked the ASX 200 in 2021 revisited
• Top brokers name 3 ASX shares to sell next week

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 Commonwealth Bank of Australia (ASX: CBA) share price has kicked off 2022 in a positive way so far this Tuesday. At the time of writing, CBA shares are up a pleasing 1.42% at $102.43 each.

This latest surge is redolent of the strong month Commonwealth Bank has just enjoyed. Over December, this ASX banking giant rose from $93.18 a share all the way to the flat $101 it closed at on New Year’s Eve. That’s a very healthy gain of 8.4% for the month, and cemented a robust 23% gain for CBA shares over 2021, not including dividend returns.

So how did CBA, the ASX’s largest bank share, manage such a pleasing December?

Well, it was a month that brought no real major developments from CBA. The bank bumped up its fixed lending rates for housing loans during the month. As we reported at the time, CommBank increased its owner-occupier fixed rate by 0.05% during December to 2.54%.

It beefed up longer-term rates even more, raising its 3-year fixed rate by 0.15% to 3.14%. Its 4-year rate also got a hike, rising by 0.25% to 3.34%.

Now, higher rates obviously mean more cash flow for CBA, but this could be counterbalanced by higher wholesale funding costs across the banking sector. Even so, it seems investors were pleased (or, at the very least, didn’t care).

Brokers try to ruin CBA’s Christmas

CBA also had to weather some negative broker notes over December. As my Fool colleague James reported late last month, brokers at Macquarie slapped an ‘underperform’ rating on CBA shares, with a 12-month share price target of $86. Macquarie sees aggressive competition for the home loan market weighing on CBA’s margins. But Macquarie wasn’t the only broker grinching the CBA’s Christmas celebrations.

We also covered fellow broker Morgans‘ ‘reduce’ rating on Commonwealth Bank. It sees CBA shares falling to $73 over the next year or so, and estimates that the share price premium CBA enjoys against the other ASX banks won’t last.

But investors shrugged off these concerns over December, and shot CBA shares higher. Perhaps this was just a result of overall market sentiment, seeing as the S&P/ASX 200 Index (ASX: XJO) basked in a monthly gain of 2.6% over December. Whatever the reason, CBA has certainly delivered some Christmas cheer to its shareholders.

At the current Commonwealth Bank of Australia share price, CBA shares offer a dividend yield of 3.42%.

The post Here’s why the CBA share price had such a good run in December appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Pilbara Minerals hits record high, energy shares rise
• These were the 5 worst performing ASX 200 shares in 2021
• These were the 5 best performing ASX 200 shares in 2021
• 5 things to watch on the ASX 200 on Tuesday
• These were the best performing ASX 200 shares in December

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

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Shares in ASX lithium players are off to a stellar start to the trading year in 2022. The sector is outpacing the broad indices by a considerable margin today.

For example, units in the ETFs Battery Tech & Lithium ETF (ASX: ACDC) – a proxy for matching returns for battery and lithium players – are trading more than 3% higher on the day at $96.50.

Meanwhile, the benchmark S&P/ASX 200 Index (ASX: XJO) is up just 1.5% today at 7,561.6 points at the time of writing.

Why are ASX lithium shares so strong today?

Checking ASX trade data shows considerable trade depth in lithium frontrunners such as Pilbara Minerals Ltd (ASX: PLS) and Allkem Limited (ASX: AKE), up more than 7% and 6% respectively.

Several other ASX lithium shares such as Liontown Resources Limited (ASX: LTR) and Core Lithium Ltd (ASX: CXO) are also posting strong gains during the session, backed by positive sentiment in the wider sector.

While there’s been no price-sensitive information released by any of these kinds of companies today, lithium pricing is the major factor underpinning pricing strengths in the sector.

Demand and supply mechanics for the battery metal ensure lithium prices remain in a cyclical upswing in 2022.

Lithium is still powering up

Lithium went parabolic from January last year and the market has maintained the upward pressure consistently over the last 12 months.

On the demand side, uptake of lithium-style batteries has been sequential alongside the transition into electric mobility.

For instance, global electric vehicle sales jumped 160% during 2021, according to analysis from Trading Economics. Meanwhile, EV deliveries in China are expected to double in 2022 to reach more than 5 million sales.

This cause-effect has sent the price of lithium soaring in the past 12 months, according to analysis from Goldman Sachs, Roskill, International Energy Agency, FactSet, Statista, CRU Group, and Bloomberg Intelligence.

In that time, the price of the battery metal has soared more than 104%. It now trades at 277,500 Chinese Yuan per tonne, yet another record high.

Why does it matter?

What’s relevant for ASX lithium shares today is that prices in the spot and futures markets for lithium took off once again in December, climbing 38%.

Even in the past week prices have spiked another 3.4% at the time of writing. Producers and explorers with direct exposure will see their stock fluctuate alongside volatility in the lithium markets, due to their positioning as price takers on the battery metal.

Companies in adjacent markets with exposure to lithium-ion batteries are benefiting from rising prices in the raw material as well.

Hence, the momentum has spilled over into the new year, which bodes well for ASX lithium shares.

The post New year’s resolution: Why are ASX lithium shares having such a stellar day? appeared first on The Motley Fool Australia.

More reading

• Why has the Core Lithium (ASX:CXO) share price leapt 15% since Christmas?
• Why Brainchip, Pilbara Minerals, Straker, and Whitehaven Coal shares are pushing higher
• Happy new high! Pilbara Minerals (ASX:PLS) share price up another 7%
• ASX 200 (ASX:XJO) midday update: Pilbara Minerals hits record high, energy shares rise
• These were the 5 best performing ASX 200 shares in 2021

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 S&P/ASX 200 Index (ASX: XJO) is on course to start the new year with a strong gain. In afternoon trade, the benchmark index is up 1.65% to 7,567.7 points.

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

Elixir Energy Ltd (ASX: EXR)

The Elixir Energy share price is down 12% to 18 cents following the completion of its drilling program in Mongolia. Investors may be disappointed with the result of the Bag-1S exploration well. The release reveals that drilling reached a total depth of 779 metres but did not intersect coal.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is down 2.5% to $8.58 despite there being no news out of the ecommerce company. However, Kogan remains one of the most shorted shares on the Australian share market. It appears as though short sellers don’t believe the company will bounce back from its terrible performance in 2021 in a hurry.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down 3.5% to $1.41. This follows weakness in the gold price overnight after investors rotated back into equities amid improving risk sentiment. It isn’t just St Barbara’s shares that are falling today. The S&P/ASX All Ordinaries Gold index is down 0.25% at the time of writing.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 2% to $4.24. This is despite there being no news out of the buy now pay later provider. However, it is worth noting that overnight on Wall Street’s Nasdaq index, the Affirm share price tumbled a disappointing 5%. It looks as though investors are continuing to be wary about the buy now pay later sector amid potential regulatory scrutiny in the United States.

The post Why Elixir Energy, Kogan, St Barbara, and Zip shares are dropping appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Pilbara Minerals hits record high, energy shares rise
• 2 ASX shares that could be buys for both growth and dividends
• These were the worst performing ASX 200 shares in December
• These were the 5 top performing ASX BNPL shares of 2021
• Top ASX shares to buy in January 2022

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 Kogan.com ltd and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Kogan.com 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 Leigh Creek Energy Ltd (ASX: LCK) share price is on the move for the first trading day of 2022. This comes after the energy producer announced it has passed a milestone hurdle for its in-situ gasification project.

At the time of writing, Leigh Creek Energy shares are up 12.5% to 18 cents.

Leigh Creek granted Section 23 authorisation

Investors are driving the company’s shares higher after it received approval for development in the Leigh Creek area.

According to its release, the company has been granted authorisation under the Aboriginal Heritage Act by the Minister for Aboriginal Affairs and Reconciliation.

Securing this licence enables Leigh Creek Energy to conduct exploration activities within the former Leigh Creek coalfield in South Australia. This includes the gasification of underground coal deposits using in-situ gasification techniques, drilling of wells, geophysical surveys, and other methods.

The South Australian government allowed the permit after consulting with the local people and the traditional owners of the land. In return, Leigh Creek Energy must minimise disturbance, complying with state government requirements to deliver an environmentally safe project.

Commenting on the news driving the Leigh Creek Energy share price, managing director Phil Staveley commented:

We are pleased with the delegate of the South Australian Minister for Aboriginal Affairs and Reconciliation’s positive decision on our project that recognises the significant economic benefits for shareholders, the state economy and Australia’s wider food security.

Our commitment, as a company, is to make a positive difference in the areas and the communities in which we operate. To leave behind a better place than we first encountered. What we achieve in the Leigh Creek area will be the proof.

Leigh Creek Energy share price summary

The Leigh Creek Energy share price has gained 3% since the start of 2021. The company’s shares hit a 52-week high of 31 cents in April 2021, before treading lower in the months after.

Leigh Creek Energy commands a market capitalisation of roughly $147.26 million and has approximately 866.21 million shares on issue.

The post Why the Leigh Creek Energy (ASX:LCK) share price is powering ahead 12% today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Leigh Creek (ASX:LCK) share price is crashing 8% downstream today

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 All Ordinaries Index (ASX: XAO) is having an exceptionally strong start to the trading week, and 2022, this Tuesday. At the time of writing, the All Ords is up a very healthy 1.6% so far today. But one ASX share is putting the index to shame. That is the Kelly Partners Group Holdings Ltd (ASX: KPG) share price.

Kelly Partners shares are currently up a pleasing 6% to $4.61 a share at the time of writing. This comes after the company hit a new all-time high of $4.75 a share earlier this morning. This latest gain means Kelly Partners is now up more than 25% since early December. And an eye-popping 112% over the past 12 months.

So what’s behind this recent share price surge?

Kelly Partners is an accounting and tax agent company that has attracted the attention of income investors for its rather unusual (by ASX standards) practice of paying out monthly dividends. As many investors would be aware of, the standard procedure on the ASX boards is for companies to pay out dividends twice a year. That contrasts with the US norm of quarterly payouts.

But Kelly Partners instead gives its investors a fully-franked paycheque 12 times a year. Its most recent monthly dividend was doled out on New Year’s Eve. This gave investors 0.36 cents in fully franked dividends per share.

Why are Kelly Partners shares raising the roof today?

So why is this company rising so much today? Well, it’s not exactly clear. There has been no major news or announcements out of the company in 2022 as yet. However, the company’s exceptional December, which today’s rally may be an extension of, might explain it. Over the month just gone, Kelly Partners announced not one, but two new acquisitions.

On 15 December, the company announced that it had “signed agreements to acquire an accounting business located in [the] Central Coast” of New South Wales. Kelly Partners estimates that this acquisition will add between $1.08 and $1.35 million in annual revenue to the company. It is scheduled for a 1 May 2022 completion date.

The following day, Kelly Partners announced another acquisition. This time, the company told investors it is to acquire “an accounting business located in Canberra ACT”. This business is estimated to bring in between $880,000 and $1.1 million in revenues to the Group. This deal is expected to wrap up by 1 February.

But these are just two of the six acquisitions Kelly Partners has in its FY2022 pipeline. Two acquisitions have already been completed so far this financial year. The company expects the Central Coast acquisition will be its sixth by the time 1 May rolls around.

It’s this fast-paced growth that might have had investors excited over December and could be what is continuing to drive Kelly Partners shares higher as we get into January.

At the current Kelly Partners share price, this ASX monthly dividend payer has a market capitalisation of $208 million, with a dividend yield of 1.68%.

The post Kelly Partners (ASX:KPG) shares are up 27% since early December and pay monthly dividends appeared first on The Motley Fool Australia.

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• What’s going on with the Johns Lyng (ASX:JLG) share price today?

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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Shares in Core Lithium Limited (ASX: CXO) are in the green today and are trading up around 5% at 62 cents apiece.

Core Lithium’s share price has made a recovery on the chart during the rollover into 2022, bouncing from a low of 49.5 cents in late December.

This reversal to the upside is a welcomed turn following a sluggish period for Core Lithium, as shares were gradually marching downwards in the 3 months prior.

Alas, since Christmas, Core Lithium has made a recovery and is now trading back near 52-week closing highs of 64.5 cents reached back in November.

Why is the Core Lithium share price charging higher?

Let’s zoom out for a second and examine a wider time frame, say 12 months. In that time, Core Lithium has climbed almost 265% after rallying 18% across December.

There’s been plenty of support for Core lithium on various pullbacks during the last single year period to date, including at the most recent bout of volatility.

As a result of the December rally, shares are trading back within the longer-term uptrend that’s been in situ this last year.

Furthermore, the company advised it has executed an option agreement to purchase six granted Mineral Licences (MLs) that include over 30 historic pegmatite mines last month.

The MLs are adjacent to pegmatites at the company’s Finniss Lithium Project near Darwin in the Northern Territory. Each of the tenements have a history of tin and tantalum mining and production, Core Lithium says.

The flagship Finniss Project lies within one of the most prospective areas for lithium in the NT – the Bynoe Pegmatite Field – and covers over 500km2 of granted tenements.

Core Lithium expects to commence construction at Finniss before the end of 2021, subject to market conditions and a final investment decision. First production at the site is anticipated before the end of 2022, the company says.

What else could be at play?

Aside from these points, the price of lithium continues to thrust higher in 2022 as strong demand and tightening supply for the battery metal ensures that prices maintain their cyclical upswing.

Lithium went parabolic from this time last year and has maintained the heat ever since. Over the last 12 months, the price of the battery metal has soared over 104% to now trade at 277,500 Chinese Yuan per tonne, another record high.

Prices in the spot and futures markets took off once again in December, climbing 38% in that time alone, as the momentum spills over into the new year.

On the demand side, uptake of lithium-style batteries has been driven by the world’s newfound thirst for electromobility.

For instance, electric vehicle sales are thought to have spiked by 160% globally during 2021, according to analysis from Trading Economics. Meanwhile, China still leads the way in the EV segment, where deliveries are expected to double in 2022 to over 5 million sales.

Core Lithium is an ASX resource share that has direct exposure to the commodity through its Finniss Project. Therefore its movements in its share price are likely to correlate with volatility in the commodity markets.

Considering this relationship and the most recent rally in the price of lithium, the picture begins to form as to what might be garnering interest in the Core Lithium share price.

The post Why has the Core Lithium (ASX:CXO) share price leapt 15% since Christmas? appeared first on The Motley Fool Australia.

More reading

• Why is the Core Lithium (ASX:CXO) share price having such a lousy month?

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start 2022 with a strong gain. At the time of writing, the benchmark index is up 1.7% to 7,572.9 points.

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

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is up 18% to a 52-week high of 80.5 cents. This appears to have been driven by reports that Mercedes has included Brainchip’s Akida chip in its Vision EQXX electric concept car. The chip is being used to power its “Hey Mercedes” smart assistant feature.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price has continued its remarkable run and is up a further 8% to $3.45. This is despite there being no news out of the lithium miner. However, the team at Macquarie recently reiterated its outperform rating and lifted its price target to $3.70. This suggests there’s still room for the Pilbara Minerals share price to keep rising.

Straker Translations Ltd (ASX: STG)

The Straker Translations share price is up over 3% to $1.60. This morning the translation technology company announced a binding agreement to acquire IDEST for up to 4.25 million euros. IDEST is based in Brussels, Belgium and is focused on serving international institutions with state-of-the-art, tailor-made translation services.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is up 6% to $2.77. Investors have been buying Whitehaven Coal and other coal miners after Indonesia banned thermal coal exports. Given that Indonesia is the world’s biggest exporter of thermal coal, there are concerns that supply could be significantly constrained during peak winter demand season. This bodes well for coal prices and Whitehaven Coal.

The post Why Brainchip, Pilbara Minerals, Straker, and Whitehaven Coal shares are pushing higher appeared first on The Motley Fool Australia.

More reading

• This just caused the Straker Translations (ASX:STG) share price to leap 9%
• Happy new high! Pilbara Minerals (ASX:PLS) share price up another 7%
• ASX 200 (ASX:XJO) midday update: Pilbara Minerals hits record high, energy shares rise
• Why is the BrainChip (ASX:BRN) share price leaping 7% on the first trading day of the year?
• Why the Whitehaven Coal (ASX:WHC) share price is jumping 9% today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Straker Translations. 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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It was a year to remember for the Graincorp Ltd (ASX: GNC) share price in 2021. While the S&P/ASX 200 Index (ASX: XJO) returned 13%, the integrated grain company yielded a mindboggling 97.1% gain for shareholders.

The market-beating rally follows several years of largely sideways movement in Graincorp shares. Prior to 2021, investors were grappling with an investment that was often range-bound between $3.50 and $4.75.

During this time Graincorp’s profitability waved like leaves in the wind — going from $26 million in 2016 to $112 million in 2017, and back down to $70 million in 2018. Meanwhile, the company’s revenue was trending downwards, creating uncertainty for shareholders.

However, those that have stuck it out with the Graincorp share price were rewarded in 2021. But what exactly were some of the key drivers behind this renewed momentum? Let’s take a look.

Grains align for a bumper season

Much like many other commodities last year, grains enjoyed a major strengthening in price due to attractive supply and demand dynamics. Graincorp benefited from this through its supply chain, origination, and processing activities.

While historically it has often been the case that high grain prices have been concurrent with low yields across Australia, this was not the case last year. Instead, Aussie crop growers relished in above-average levels of grain production.

This positive environment was still prevalent last month, as grains analyst Malcolm Bartholomaeus noted:

In South Australia we have the highest ever prices for both wheat and canola and it is even getting close to records in NSW, where we had those really high prices during the 2018-19 drought when there was very little grain about.

We’ve averaged $407 [per tonne] for the early part of December, compared to a previous high of $390 per tonne.

According to its full-year result, the company witnessed strong global demand for Australian grain, oilseeds, and vegetable oils during the financial year. In turn, revenue rose 50% to $5,491.5 million from the prior corresponding period.

Perhaps most important for shareholders was the substantial increase in net profits. For the full year ended September 2021, Graincorp delivered net earnings of $139.3 million, up nearly fourfold from $35.2 million in 2020.

Rain and shine expected for Graincorp share price

Although the wet weather might have put a dampener on your holidays, it has the opposite impact on grain projections. For instance, analysts at RBC highlighted rain forecasts to be a catalyst for the Graincorp share price looking forward.

With the Bureau of Meteorology expecting high rainfall across Australia into early autumn 2022, RBC sees a good year for Graincorp’s Agribusiness segment.

Specifically, the broker has forecast $294 million in FY22 earnings before interest, tax, depreciation, and amortisation (EBITDA). This would suggest a 7% increase in the company’s Agribusiness EBITDA from FY21.

The post How did the Graincorp (ASX:GNC) share price double in 2021? appeared first on The Motley Fool Australia.

More reading

• These were the 5 best performing ASX 200 shares in 2021
• These were the best performing ASX 200 shares in December
• Top brokers name 3 ASX shares to sell
• Drinking, banking, and EVs: 3 value ASX shares I’d buy right now
• Why the Graincorp (ASX:GNC) share price is harvesting some stellar gains this week

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

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The Carnaby Resources (ASX: WPL) share price is on fire today, starting 2022 up 13.7% to $1.535 at the time of writing.

Let’s take a look at what may be spurring investor interest in the metals explorer today.

Going for copper and gold

The company’s share price is surging despite no price sensitive news from the company. Today’s gains may reflect continuing investor confidence after the company announced a major copper and gold discovery on December 29.

This saw shares in the company surging 71% — from 73.5 cents at market close on Christmas Eve to $1.26 at market close just five days later.

Investors reacted positively after Carnaby revealed it had found an “exceptionally broad and high-grade copper-gold intersection” at drill hole NLDD044. This was a better than expected result from its Greater Duchess Copper-Gold Project in Mount Isa, Queensland.

Carnaby is also exploring projects in the Pilbara’s Mallina Basin and Yilgarn Margin of Western Australia and the Mt Isa Inlier of Queensland.

During December, the company’s share price skyrocketed from 25 cents on 1 December to $1.35, a 440% hike for the calendar month.

It seems the company’s share price surged on the back of confirmation of significant copper mineralisation at the Greater Duchess Copper-Gold project. Carnaby rated this discovery as the company’s largest copper find to date.

The major share price explosion started in mid-December on the back of “significant” and “spectacular” copper discoveries at the project. The Carnaby share price then continued to soar as the company released further details of its drilling results.

Share price snap shot

The Carnaby Resources share price has surged 253% in the past year and 443% in the past month alone. Meanwhile, it’s up nearly 107% in the past week.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned nearly 13% to investors in the past year.

The company commands a market capitalisation of around $180 million based on its current share price.

The post Carnaby Resources (ASX:CNB) share price leaps another 13% in stellar start to the year appeared first on The Motley Fool Australia.

More reading

• Why is the Carnaby Resources (ASX:CNB) share price up 66% today?
• Here’s why the Carnaby Resources (ASX:CNB) share price has exploded 114% in a week
• Carnaby Resources (ASX:CNB) share price explodes 46% on ‘spectacular’ copper find

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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