In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on form and pushing higher again. At the time of writing, the benchmark index is up 0.2% to 7,407.1 points.

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

CSR Limited (ASX: CSR)

The CSR share price is up 5% to $6.31. This follows the release of the building products company’s half year results this morning. According to the release, for the six months ended 30 September, CSR reported a 6% increase in revenue to $1.1 billion and a 41% lift in EBIT to $132.6 million.

Hipages Group Holdings Ltd (ASX: HPG)

The Hipages share price has jumped 8% to $4.05. The catalyst for this was news that the tradie marketplace has made a key investment. Hipages has acquired a 25% interest in Bricks + Agent for $6.25 million. The release notes that Bricks + Agent is one of Australia’s leading property management technology platforms. It has 360,000 users, a pipeline of almost 500,000 properties under management, and 21,000 tradies on its platform.

NIB Holdings Limited (ASX: NHF)

The NIB share price is up 4.5% to $7.05. This follows the release of the private health insurer’s annual general meeting update. That update revealed that NIB achieved an 8.5% increase in premium revenue to $669.5 million during the first quarter. NIB also reported a 0.6% increase in Australian resident health insurance (ARHI) policies and a 2.4% decline in estimated ARHI claims to $442.5 million.

Paladin Energy Ltd (ASX: PDN)

The Paladin Energy share price has jumped 13% to 94.2 cents. This morning the uranium producer provided an update on the Langer Heinrich Mine restart plan. According to the release, the plan confirms the restart cost estimate of US$81 million and a 17 year mine life. In addition, the company revealed that its life of mine production target has increased to 77.4Mlb of U3O8 from 76.1Mlb.

The post Why CSR, Hipages, NIB, and Paladin Energy shares are racing higher appeared first on The Motley Fool Australia.

More reading

• 30% jump in profit sees CSR (ASX:CSR) share price spike
• ASX 200 (ASX:XJO) midday update: Zip’s record month, Domino’s crashes
• 5 things to watch on the ASX 200 on Thursday
• 3 fantastic ASX growth shares to buy this month
• Why Aussie Broadband, BlueBet, Hipages, and JB Hi-Fi shares are rising

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 shares of and has recommended Hipages Group Holdings Ltd. The Motley Fool Australia has recommended Hipages Group Holdings Ltd. and NIB Holdings 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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The 4DS Memory Ltd (ASX: 4DS) share price has fallen off the edge of a cliff on Thursday morning. This comes as the semiconductor developer resumes trade after releasing a technical update.

At the time of writing, 4DS shares are sitting at a sombre 7 cents, down 46.15% from its previous close of 13 cents per share. In the process, the company has clocked in a new 52-week low of 6.9 cents during today’s session.

Let’s have a look at what has instigated this staggering fall in value.

What’s going on with the 4DS Memory share price today?

Investors are flocking to the exit as the 4DS Memory share price craters following its latest technical update. Understandably, spectators would have been nervous after nearly a month of trading suspension. Unfortunately, the nerves were not calmed by the company’s latest release.

According to the announcement, a ‘potentially modest degradation’ in endurance had been identified in its third non-platform lot wafers after carrying out extensive additional testing. This was noted when the wafers were assessed with up to one order of magnitude boost in read speed.

This misstep in what the company had hoped it would deliver at this point in time is likely weighing on the 4DS Memory share price today.

Additionally, the company also pointed out potential degradation in the endurance of the second non-platform lot compared to the results reported on 1 February 2021. Though, the endurance remains to be several orders of magnitude better than that of NAND storage.

In relation to this, 4DS highlighted that this might have been caused by test-related issues because the memory cell did not utilise an access device. An access device is essentially the difference between non-platform and platform lots in 4DS’ testing.

Hence, the third platform lots are expected to yield clearer data relating to the endurance of the chips. The next lot of testing will involve the third platform lots using imec access transistors. This should accommodate more precise measurements at higher currents. Although, this evidently has provided reassurance to the 4DS Memory share price.

Delays and renegotiations

4DS is seeking to fabricate more lots in collaboration with imec in early 2022. This will be preceded by a memory stack etch mask change and further etch process optimisation. In turn, the company hopes this will resolve the issues which resulted in the partial failure of the second platform lots. The ‘out-of-fab’ date is expected to be July 2022.

Furthermore, 4DS has renegotiated its collaboration agreement with imec due to the latest stumble setting back timelines. As a result, the new agreement will see 4DS pay 600,000 euro (~A$934,000) to imec for the first 7 months of 2022.

The new agreement will see its collaboration extended out to the end of 2022. Despite this, the 4DS Memory share price is hemorrhaging today.

The post 4DS Memory (ASX:4DS) share price crashes 46% amid technical stumble appeared first on The Motley Fool Australia.

More reading

• What’s going on with the 4DS Memory (ASX:4DS) share price?

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 Kairos Minerals Ltd (ASX: KAI) share price has been a strong performer on Thursday.

At one stage today, the lithium explorer’s shares were up 17% to 3.4 cents.

The Kairos share price has since dropped back but remains up 7% to 3.1 cents at the time of writing.

Why is the Kairos share price rocketing higher?

Investors have been bidding the Kairos share price higher today after it released an update on soil sampling at the Wodgina Lithium Project.

According to the release, the company has identified extensive new Lithium-Caesium-Tantalum (LCT) targets at the 100%-owned project, 90 kilometres south of Port Hedland in Western Australia.

The targets were identified following the receipt of partial results from a recent successful geochemical sampling program. That program saw 1,517 soil samples collected at 200m x 100m spacing and submitted for Ultrafine+ analysis at the Labwest Laboratory in Perth. Kairos advised that it has received results for 837 samples to date.

The release explains that two high-priority LCT targets that were identified are located less than 3km from the Wodgina Lithium Mine owned by Mineral Resources Limited (ASX: MIN) and Albemarle Corporation.

Results exceed expectations

Kairos’ Executive Chairman, Terry Topping, commented: “We always had high hopes for the lithium prospectivity of our Wodgina Project given its location immediately adjacent to one of the world’s most significant lithium mines, which is set to restart production next year. I think it’s fair to say these early results utilising the state-of-the-art Ultrafine+ soil sampling methodology have exceeded our expectations.”

“With results received for around two-thirds of the program, we have been able to delineate two large lithium-caesium-tantalum targets, one of which extends over a strike length of some 1.7km and is supported by the presence of mapped pegmatites and high-grade spodumene rock chip samples.”

“These are outstanding targets for lithium exploration and will now be prioritised as part of our broader ongoing exploration efforts in the Pilbara,” he added.

What’s next?

The company is awaiting results from around a third of the samples.

Once they have been received and analysed, Kairos will start an extensive mapping and rock chip program to further refine the targets and identify potential drilling locations for next year.

The post Why the Kairos (ASX:KAI) share price is rocketing 17% higher today appeared first on The Motley Fool Australia.

More reading

• The first crypto ETF (ASX:CRYP) has just hit the boards. Here’s what you should know
• These were the 5 best performing ASX retail shares in October
• 2 ASX tech shares that might be buys in November 2021
• The BetMakers (ASX:BET) share price is edging higher today. Here’s why
• Why the Amcor (ASX:AMC) share price is outperforming 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 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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It’s official.

The BetaShares Crypto Innovators ETF (ASX: CRYP) launched on the ASX this morning.

ASX investors now have the means to gain exposure to a basket of up to 50 assets (currently 32) closely linked to a range of cryptos, such as Bitcoin (CRYTPO: BTC) and Ethereum (CRYPTO: ETH).

Investors can buy and sell shares in the exchange-traded fund (ETF) just as they would any other ASX listed shares.

Take note, though, that the ETF doesn’t invest directly in Bitcoin, or any altcoin for that matter.

Exposure to the crypto economy

Instead, as the BetaShares website explains, the first ASX crypto ETF “aims to track the performance of an index (before fees and expenses) that provides exposure to global companies at the forefront of the dynamic crypto economy”.

Those fees are listed as 0.67% per year, with the caveat that “certain additional costs apply”.

As of this morning, the crypto ETF’s top holdings are Silvergate Capital Corp (12.3%), Marathon Digital Holdings Inc (11.8%), Galaxy Digital Holdings Ltd (11.1%), and Coinbase Global Inc (9.8%).

BetaShares points out that “CRYP should be considered very high risk”.

Indeed, as cryptocurrency prices remain highly volatile, investors should be prepared for some potentially large price swings for CRYP and any future ASX crypto ETFs.

The path to crypto ETF ASX listing

Last Friday, the Australian Securities and Investments Commission (ASIC) released its guidance on cryptocurrency-related investment products.

As my Foolish colleague Tony Yoo noted yesterday: “BetaShares chief Alex Vynokur welcomed the nod from the corporate watchdog for Australians seeking cryptocurrency exposure but afraid of trading on ‘unregulated exchanges’.”

Last week Vynokur told Business Insider Australia:

We know that there are millions, millions of people around the world [invested in crypto], and close to 2 million Australians that have actually invested in cryptocurrency directly.

But we also know for every person that invests directly in cryptocurrency, there is also a person that wants to have a diversified exposure to the company’s really thriving ecosystem.

While other crypto ETFs could now follow CRYP’s virtual footsteps to list on the ASX, being the first mover can have its advantages. This was witnessed with the launch of the first US-listed futures-based Bitcoin ETF (BITO), which commenced trading last month with huge investor interest.

The post The first crypto ETF (ASX:CRYP) has just hit the boards. Here’s what you should know appeared first on The Motley Fool Australia.

More reading

• Why did the Bitcoin (CRYPTO:BTC) price have such a great month in October?
• CBA (ASX:CBA) just became the first Aussie bank to offer Bitcoin and crypto services
• Did an Aussie invent Bitcoin? The $86 billion question facing a US court
• Here’s why cryptocurrencies could take over the world: expert
• ASX’s first cryptocurrency ETF is listing Thursday

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. 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 building products manufacturer CSR Limited (ASX: CSR) are inching higher in early afternoon trading to now change hands at $6.30 apiece.

CSR shares have come off an intraday high of $6.36 before retreating back to the current price following the release of the company’s quarterly activities report.

Here we cover the central points from CSR’s performance in the quarter ending 30 September 2021.

CSR share price spike on 30% net profit growth

CSR outlined several investment highlights from the quarter, including:

• Trading revenue of $1.1 billion was up 6% from the same time last year
• Earnings before interest and tax (EBIT) of $132.6 million, up 41% year on year
• Building products EBIT growth of 25% year on year to $120.6 million
• Aluminium EBIT grew to $18.3 million, up from $6.2 million the year prior
• Property EBIT also grew following Moss Vale site sale to $6.6 million
• Statutory net profit after tax (NPAT) of $156.6 million up from $58.7 million year on year
• NPAT before significant items growth of 30% year on year at $86.6 million
• Final transaction at Horsley park secured in July, expected to generate $408 million by March 2025.
• Fully franked interim dividend of 13.5 cents per share.

What happened this quarter for CSR?

The construction materials giant recognised a solid quarter of growth, underscored by strengths in the building market and pricing in the aluminium markets.

Revenue of $1.1 billion was a 6% year on year gain for the name behind the famous Gyprock brand.

Whereas it also recognised EBIT of almost $133 million – a 41% gain over the year.

This was subcategorised into a 25% growth in its building products EBIT, driven by “positive conditions in the detached market, strong operational execution, manufacturing performance and good cost control” throughout the pandemic.

Furthermore, CSR also grew its property EBIT to $6.6 million from $1.7 million compared to the same time last year, following the sale of a Moss Vale site it owned.

Its property arm is also expected to generate an additional $408 million in the year ending 31 March 2025 following the staged sale of land at the company’s Horsley Park site.

Underlying strengths in the aluminium spot markets also helped drive earnings this quarter for CSR, with its Aluminium division scoring a 195% year on year gain to $18.3 million.

This was thanks to its equity stake in the Tomago aluminium smelter in Australia.

Note that whilst aluminium pricing spiked 15% during the quarter, and then took off once more afterwards, it is now trading back at its early September ranges of US$2,687/tonne – falling 15% in around 2 weeks.

This strength in operating income carried through CSR’s income statement, with statutory NPAT including significant items coming in at almost $157 million for the quarter.

CSR notes the ‘significant item’ in question relates to “recognition of $71.2 million in carry forward capital tax losses” from a prior period.

Backing this out of the equation, CSR still recognised a 30% jump in NPAT to $86.6 million, enabling shareholders to relish in a fully franked 13.5 cents per share interim dividend – up from 4 cents per share last year.

What did CSR management say?

Speaking on the announcement, CSR’s managing director and CEO Julie Coates said:

CSR’s businesses have performed very well despite the ongoing impacts of COVID on our operations. In Building Products, we made the most of the positive conditions in the detached market. The team executed well to deliver a strong result underpinned by good manufacturing performance and ongoing cost discipline.

Coates continued:

We have also made good progress across a number of key strategic initiatives. We continue to develop our customer solutions and supply chain opportunities in Building Products. And we are unlocking further value from our property assets and development capabilities, securing the final tranche at Horsley Park with expected proceeds in excess of $400 million from the 52 hectare site over a six year period.

Regarding the company’s dividend, Coates concluded:

CSR continues to deliver strong cash generation to invest in growth opportunities in the business as well as returns for shareholders with the interim dividend at the top end of our dividend policy.

What’s next for the CSR share price?

CSR gave guidance on its property and aluminium divisions but was hesitant to provide further colour on its building segment.

This is due to uncertainties in the market going forward given supply constraints and reduced local demand, per the release.

In its property arm, the company forecasts EBIT for the year ending March 2022 (YEM22) to come in at around $34 million.

The company also improved its hedge book for its aluminium exposure this quarter. It is now hedged out to a term of 4 years from large price swings in the price of aluminium, per the release.

As such, it expects EBIT for YEM22 in a range of $35 million to $41 million in its aluminium segment in YEM22.

It makes this assumption on the basis that “all other revenue and cost areas (including coal costs) are unchanged”.

CSR also asserts that “Group earnings will be supported over coming years by contracted transactions from property and a strong hedge position in aluminium”.

CSR and its share price have fared well this past 12 months, having gained 25% in that time after rallying another 19% this year to date.

The post 30% jump in profit sees CSR (ASX:CSR) share price spike appeared first on The Motley Fool Australia.

More reading

• Why the Kairos (ASX:KAI) share price is rocketing 17% higher today
• The first crypto ETF (ASX:CRYP) has just hit the boards. Here’s what you should know
• These were the 5 best performing ASX retail shares in October
• 2 ASX tech shares that might be buys in November 2021
• The BetMakers (ASX:BET) share price is edging higher today. Here’s why

The author Zach Bristow 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) didn’t have a great month just gone. Over October, the ASX 200 managed to fall by about 0.1%, continuing the legacy that the tenth calendar month of the year often isn’t a great one for investors.

But some ASX shares fared far better than others. And the ASX retail shares sector was one that had more than a few winners. So, let’s check out the best performing ASX retail shares over October.

The 5 best performing ASX retail shares

Super Retail Group Ltd (ASX: SUL)

Super Retail Group is our first ASX retail share that managed to eke out a relatively successful October. For those of you who aren’t familiar with this company, it’s the name behind popular retail brands like Super Cheap Auto, BCF and Rebel Sport. Super Retail started the month at a share price of $12.21 and finished up at $12.93 a share last Friday. So, it enjoyed gains of 5.9% in October. Not bad, one could say.

Accent Group Ltd (ASX: AX1)

Accent Group is another ASX retail share that pleased investors last month. Accent is the company behind popular footwear stores like Platypus and The Athlete’s Foot. It started the month at $2.24 a share but finished up at $2.48 last Friday. That’s an October gain of 10.7%.

JB Hi-Fi Limited (ASX: JBH)

JB Hi-Fi is one of Australia’s most well-known retail brands and it had an October to match this reputation. JB is now a lot more than just a hi-fi store. It sells everything from vinyl records and TVs to fridges and other household appliances these days. This company started the month at $45.52 a share but finished up last week at $50.49, putting its gains for the month at a healthy 10.92%.

Lovisa Holdings Ltd (ASX: LOV)

Lovisa is our next cab off the rank. This discount jewellery retailer also had a rather successful month just gone. Lovisa shares were trading at a flat $19 at the end of September, but fast forward to last Friday, and it closed at $21.72. That’s a month-on-month gain of 14.3%.

Nick Scali Limited (ASX: NCK)

Our final and best performing ASX retail share for October is none other than furniture purveyor Nick Scali. It began the month at a share price of $11.36 and closed last Friday at $14.47. That’s an awesome gain of 27.4%. Investors can probably thank Nick Scali’s extremely well-received acquisition of Plush Think-Sofas for $103 million. The company announced the acquisition early last month and it appears to have led to a stellar month for the Nick Scali share price.

The post These were the 5 best performing ASX retail shares in October appeared first on The Motley Fool Australia.

More reading

• Why the Amcor (ASX:AMC) share price is outperforming today
• ASX 200 (ASX:XJO) midday update: Zip’s record month, Domino’s crashes
• What’s going on with the Federal Reserve and how might it impact ASX shares?
• 5 things to watch on the ASX 200 on Thursday
• Why did the Orocobre (ASX:ORE) share price leap 6% 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. owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended Accent Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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November 2021 looks like a month that could be a good time to looking for ASX tech share opportunities.

The share market continues to move up and down and this can create opportunities for investors to find growing businesses.

Technology businesses in-particular have the ability to achieve higher margins because of the typically intangible nature of what they do.

These two ASX tech shares might be quality ideas:

Redbubble Ltd (ASX: RBL)

Redbubble says it owns and operates the leading global online marketplaces, Redbubble.com and TeePublic.com, powered by independent artists. The company sells products with “uncommon designs” on products like apparel, stationery, housewares, bags, wall art and so on. Artists get to profit from their designs and the products sold.

After a very strong FY21 (and lots of mask sales), the company is seeing a decline in marketplace revenue, which was down 28% to $106 million in the first quarter of FY22. Excluding masks and on a paid basis, marketplace revenue was down 6%. The month of September only saw a decline of 2%.

It’s expecting FY22 marketplace revenue to be slightly above FY21’s marketplace revenue when excluding mask sales.

In the second half of FY22, the ASX tech share is expecting a steady return to year on year growth rates consistent with meeting its medium-term aspirations.

The business said that it remains confident and excited about the medium to longer-term opportunity to grow strongly its online marketplaces for consumers and extend Redbubble’s global market leadership as the largest platform for independent artists.

The Redbubble share price fell around 10% over the last month. It’s currently rated as a buy by Morgan Stanley with a price target of $6.50.

Betashares Nasdaq 100 ETF (ASX: NDQ)

This ASX tech share is an exchange-traded fund (ETF) that gives investors the ability to indirectly invest in many of the world’s biggest technology businesses.

The ETF has sizeable positions in businesses like Apple, Microsoft, Amazon, Tesla, Nvidia, Alphabet, Facebook/Meta, Adobe and Netflix.

Many of these businesses are world leaders at what they do, or have completely developed their own category. For example, Google is the dominant leader in ‘search’ and online video. Netflix is an extremely powerful force in streaming TV shows and movies. Tesla is a global leader in electric cars and batteries.

Owning this ETF gives investors the ability to benefit from how these tech companies are changing the world and introducing new products or services.

But there are numerous other tech-focused businesses within this portfolio. There are actually 100 positions in total in the portfolio. Other tech-enabled companies include PayPal, Cisco Systems, Broadcom, Intuit, Texas Instruments, Advanced Micro Devices, Honeywell, Qualcomm, Intuitive Surgical, Booking and so on.

As a group of businesses, the ETF’s portfolio has seen net returns of almost 25% per annum over the last three years. Since inception in May 2015, Betashares Nasdaq 100 ETF has produced an average return per annum of 22.4%.

It has an annual management fee cost of 0.48%, which is relatively low compared to what an active internationally-focused fund manager may charge.

The post 2 ASX tech shares that might be buys in November 2021 appeared first on The Motley Fool Australia.

More reading

• Why Bubs, Dalrymple Bay, IAG, and Redbubble shares are dropping
• These are the 10 most shorted ASX shares
• 2 ETFs worth considering for a diversified ASX share portfolio today
• 2 top ETFs that might be buys in November 2021
• 2 top ASX growth shares that could be buys

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia owns shares of and has recommended BETANASDAQ ETF UNITS. 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 BetMakers Technology Group Ltd (ASX: BET) share price is edging into positive territory on Thursday. This comes after the betting technology company received notice outlining the regulatory framework for fixed-odds betting on horse racing to begin in New Jersey.

At the time of writing, BetMakers shares are fetching $1.20 apiece, up 1.69%.

What did BetMakers announce?

The Betmakers share price is on the rise after the company advised that fixed-odds betting on thoroughbred horse racing in New Jersey will commence shortly.

Details are still sketchy in terms of the start date and the parameters set. However, the company stated it will update investors in the near future.

In August this year, the Governor of New Jersey signed into law a bill authorising fixed-odds wagering on horse races.

The company highlighted its exclusive 10-year agreement with the New Jersey Thoroughbred Horsemen Association and Darby Development LLC. The latter is the operator of Monmouth Park racetrack.

BetMakers expects to start facilitating fixed-odds betting on track at Monmouth Park sometime before the end of this year. The rollout of fixed odds to online wagering service providers will begin and continue throughout 2022.

Commenting on the news possibly driving the BetMakers share price, CEO Todd Buckingham said:

We are extremely pleased to have been notified of the regulatory framework that supports the recently approved legislation for fixed-odds betting on thoroughbred horse racing and we now look forward to working with our partners to deliver and manage fixed-odds betting on thoroughbred racing within this market.

New Jersey will be the first state to approve fixed-odds betting on horse racing and we believe this will create the framework that allows the sport of horse racing to capture a significant portion of the sports betting market that is taking off in the US.

About the BetMakers share price

The BetMakers share price has been in fine form over the past 12 months, accelerating by more than 180%.

Based on today’s price, BetMakers commands a market capitalisation of around $1.2 billion and has around 857.6 million shares outstanding.

The post The BetMakers (ASX:BET) share price is edging higher today. Here’s why appeared first on The Motley Fool Australia.

More reading

• Betmakers (ASX:BET) share price falls despite 437% cash receipts increase
• The BetMakers (ASX:BET) share price has slumped 13% in a month. What’s going on?

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 shares of and has recommended Betmakers Technology Group Ltd. The Motley Fool Australia has recommended Betmakers Technology Group 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 Amcor CDI (ASX: AMC) share price is outpacing the broader market as leading brokers reiterated their buy calls following its results release yesterday.

Shares in the packaging giant jumped 2.3% to $16.50 in morning trade. In contrast, the S&P/ASX 200 Index (Index:^AXJO) gained a modest 0.3% at the time of writing.

The gains by the Amcor share price comes on top of yesterday’s 0.7% advance when management posted a 12% increase in first quarter adjusted earnings per share to US17.7 cents.

Amcor share price gains on market-beating results

The results were ahead of consensus forecast of US17 cents a share, according to Macquarie Group Ltd (ASX: MQG). The broker reiterated its “outperform” recommendation on the Amcor share price.

“Q1 is AMC’s weakest Q on seasonal basis given Northern Hemisphere summer,” said Macquarie.

“Q1 eps was 21.2% and 20.9% of FY eps in Q121 and Q120, respectively. Q122 represents 22.0% of our FY22 eps so running slightly ahead of traditional Q1 %.

“Quarterly dividend was increased to 12.0cps vs 11.75cps in the pcp.”

Macquarie’s 12-month price target on the Amcor share price is $18 a share.

Flexible earnings

Meanwhile, UBS also reiterated its “buy” rating on the shares after Amcor’s EPS came in 3% above its estimates.

“The EPS growth was underpinned by strong cost control/Bemis synergies as well as favourable product mix which more than offset significant raw material availability challenges,” said the broker.

Amcor’s flexible packaging division was the standout with earnings before interest and tax (EBIT) rising 9% in the September quarter to US$339 million compared to the same time last year.

In contrast, its rigid packaging division was weak as EBIT fell 14%. This is due to raw material shortages and supply chain disruptions caused by the COVID-19 pandemic.

Full year guidance gives Amcor share price a boost

Despite the challenges, Amcor reiterated its full year earnings guidance. Management is tipping constant currency EPS growth of between 7% and 11%. Consensus has pencilled in a rise of 8% – the lower end of guidance.

But with the strong first quarter performance, consensus may prove to be too conservative. Earnings upgrades could be in the wings.

“We are attracted to Amcor’s leading position across key global consumer packaging markets,” said UBS.

“The defensive nature of these markets as well as Amcor’s significant scale is clearly supporting earnings growth and cash flows despite significant volatility in raw material supply and pricing.”

M&A opportunities could provide extra tailwind

Further, the broker believes Amcor could have up to $1 billion in balance sheet capacity that could be used for an earnings accretive acquisition.

Good luck in finding a bargain to buy in these markets though. But that challenge doesn’t take anything away from Amcor’s strong results.

UBS’ 12-month price target on the Amcor share price is $18.83.

The post Why the Amcor (ASX:AMC) share price is outperforming today appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Zip’s record month, Domino’s crashes
• What’s going on with the Federal Reserve and how might it impact ASX shares?
• 5 things to watch on the ASX 200 on Thursday
• Why did the Orocobre (ASX:ORE) share price leap 6% today?
• Here are the top 10 ASX shares today

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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) is on form again and pushing higher. The benchmark index is currently up 0.3% to 7,415.6 points.

Here’s what is happening on the ASX 200 today:

Zip trading update

The Zip Co Ltd (ASX: Z1P) share price is trading flat today despite revealing a record performance during October. At its annual general meeting, Zip’s Managing Director and CEO, Larry Diamond, advised that total transaction value (TTV) increased 94% over the prior corresponding period in October to over $770 million. This represents a 24% month on month increase and annualises at over $9 billion.

Square shareholders approve Afterpay takeover

The Afterpay Ltd (ASX: APT) share price is rising today after its takeover by Square took a major step towards completion. This morning the payments company revealed that Square’s shareholders have voted in favour of the deal. Afterpay advised that it expects the transaction to complete within the first quarter of calendar year 2022.

Domino’s shares crash

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is crashing on Thursday after investors responded negatively to its trading update. That update revealed a severe deterioration in the performance of the Domino’s Japan business once COVID restrictions lifted. As a result, management warned that it can no longer forecast whether FY 2022 Japan sales and earnings would surpass those recorded in FY 2021.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the NIB Holdings Limited (ASX: NHF) share price with a 5% gain. This follows the release of the private health insurer’s annual general meeting update. The worst performer has been the Domino’s share price with a 13% decline following its trading update.

The post ASX 200 (ASX:XJO) midday update: Zip’s record month, Domino’s crashes appeared first on The Motley Fool Australia.

More reading

• Why the Domino’s (ASX:DMP) share price is crashing 19% today
• Zip (ASX:Z1P) share price higher after record performance in October
• What’s going on with the Federal Reserve and how might it impact ASX shares?
• Afterpay (ASX:APT) share price on watch after Square takeover update
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and NIB Holdings 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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