The Westpac Banking Corp (ASX: WBC) share price is looking good, at least according to some experts.

At the close of trade on Friday, shares in one of Australia’s ‘big 4’ banks were at $25.67 – down 2.14%. For context, the S&P/ASX 200 Index (ASX: XJO) had a monster of a day. It ended yesterday 1.44% lower.

Let’s take a closer look.

Why experts are seeing upside in the Westpac share price

Fairmont Equities managing director Michael Gable was previously reported by Motley Fool on how he believes the Westpac share price would be about to “break out”.

“What’s interesting is that we had a share price peak in June,” he told Finance News Network.

“As it tried to recover, instead of it being sold back down … it’s just managed to head sideways. This is a good sign.”

Gable believes once the recent $25.74 resistance level is breached, Westpac shares could gain momentum upwards. This has already occurred.

As well, analysts at Morgans think a Westpac share buyback is “likely”.

The bank is scheduled to release its full-year results on November 1 and Morgans is urging investors to buy.

“WBC is our preferred major bank,” said Morgans. “We expect WBC to announce a $5bn off-market share buyback on 1 November and we expect investors to increasingly warm up to WBC’s medium-term cost out story.”

The broker has an add rating on the Westpac share price with a price target of $29.50 a share.

What else has happened recently?

Westpac has also announced changes to its board.

In a statement to the ASX, Westpac announced Steve Harker’s retirement from the board. Harker joined the board in March 2019.

Westpac Chair John McFarlane said at the time:

On behalf of the board, I would like to thank Steve for his considerable contribution to Westpac, in what has been a challenging time for the company.

Early this year, Steve signalled he was considering retiring from the board as he requires a double lung transplant and wants to focus on his health. We commend Steve for his professionalism and commitment to shareholders throughout his tenure and wish him a fast recovery.

Westpac share price snapshot

Over the past 12 months, the Westpac share price has increased 43%. Year-to-date, shares in the company are 32.52% higher.

Its 52-week high is $27.12 and its 52-week low is $17.18.

Westpac Banking Corp has a market capitalisation of approximately $95 billion.

The post Could the Westpac (ASX:WBC) share price be about to take off? appeared first on The Motley Fool Australia.

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Motley Fool contributor Marc Sidarous owns shares of Westpac Banking Corporation. 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) gave back all its gains and more on Friday to end its weekly winning streak. The benchmark index lost 1.2% over the five days to end the period at 7,323.7 points.

While a good number of shares dropped lower with the market, some fell more than most. Here’s why these were the worst performing ASX 200 shares last week:

Codan Limited (ASX: CDA)

The Codan share price was the worst performer on the ASX 200 last week with a 23.3% decline. Investors were selling the technology company’s shares following the release of its annual general meeting update. Investors appear to have been concerned with comments regarding its softer growth outlook. Particularly given how it won’t have the same COVID-19 tailwinds to boost its performance in FY 2022. Management suggested that those tailwinds may have contributed $15 million to $20 million of sales in FY 2021.

Pointsbet Holdings Ltd (ASX: PBH)

The PointsBet share price wasn’t far behind with a 22.3% decline over the five days. The catalyst for this was the sports betting company’s first quarter update. Although PointsBet’s turnover increased 42% year on year to $979.9 million, its growth fell short of expectations. Also concerning investors was its loss of market share in the United States. This was driven by competitors increasing their marketing spend materially ahead of the start of the NFL season.

IOOF Holdings Limited (ASX: IFL)

The IOOF share price was out of form and sank 10.5% last week. Investors were selling the financial services company’s shares following the release of its quarterly update. That update revealed significant fund outflows during the period. And while this was offset by favourable market movements, it wasn’t enough to stop some investors from hitting the sell button.

Kogan.com Ltd (ASX: KGN)

The Kogan share price was a poor performer and tumbled 10.5% over the five days. Investors have been selling this ecommerce company’s shares since the release of its first quarter update a week earlier. Kogan reported a 21.1% year on year and 23.2% quarter on quarter increase in gross sales to $330.5 million. It also reported a meaningful reduction in its inventory. However, this hasn’t been enough to stop its shares from sliding. Nor has it stopped short sellers from continuing to target the company.

The post These were the worst performing ASX 200 shares last week appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd and Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Pointsbet Holdings 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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Some time has passed since the first Wesfarmers Ltd (ASX: WES) bid for Australian Pharmaceutical Industries Ltd (ASX: API). What’s going on?

API recently announced its FY21 result for the 12 months to 31 August 2021. The business gave an update about the takeover offers on the table.

Timeline of events for API and Wesfarmers

In the middle of July 2021, API announced that it had received an unsolicited, conditional, non-binding and indicative offer from Wesfarmers at $1.38 cash per share. A couple of weeks later, API decided to reject that offer.

Then, in the middle of September 2021, API said that it had received a revised offer from Wesfarmers of $1.55 cash per share and that confirmatory due diligence would commence.

However, then another player decided to make it a takeover battle. API received an offer from Sigma Healthcare Ltd (ASX: SIG) for API of 2.05 Sigma shares and $0.35 cash per API share.

Then, on 7 October, Wesfarmers announced it had exercised the option it had with Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) to buy 19.3% of API.

What are the next steps?

The next phase of the takeover fight could have an important effect on the API share price and the Wesfarmers share price.

API said that it hadn’t received and agreed to a final offer from either Wesfarmers or Sigma.

However, it did confirm that due diligence has concluded and negotiations are continuing.

API noted that it would continue to tell the market about what’s happening.

FY21 result

API told the market that total revenue was $4 billion, being slightly down by 0.4%. Underlying earnings before interest and tax (EBIT) was $27.8 million., up 15.3%. The underlying net profit rose 25% to $$39.3 million.

API said that prescription medicine sales grew 3.6%, reflecting the resilience its pharmacy business

However, COVID-19 lockdowns closed all of its non-pharmacy price. API also said that it continues to make progress on its NSW distribution centre.

Outlook from API

API said that both retail businesses have bounced back strongly after the lockdowns and the Priceline Pharmacy has done over 250,000 vaccinations.

The FY22 pipeline of potential Priceline Pharmacy franchisees is the strongest it has been for the past three years.

API outlined around $20 million of profit improvements over the next couple of years, thanks to recalibration of Priceline company stores, a new automated distribution centre, an exit of consumer brands manufacturing and a return of Pfizer to CSO wholesales.

The pharmacy company also said that it has mostly achieved acceptable rental outcomes with its CBD landlords.

In total, the company is expecting to open a minimum of 20 new Priceline Pharmacy stores in FY22.

Why does Wesfarmers want to buy API?

If Wesfarmers is successful, it sees opportunities to invest to strengthen the competitive position of API, improving supply chain capabilities and enhancing the online experience for customers.

The ASX share said that API would also form the basis of a new healthcare division of Wesfarmers and a platform from which to invest add develop capabilities in the growing health, wellbeing and beauty sector.

At the current Wesfarmers share price, it is valued at 29x FY22’s estimated earnings.

The post What’s going on with the Wesfarmers (ASX:WES) API takeover bid? appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison owns shares of Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited and Wesfarmers 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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Are you looking for income options for your portfolio next week?

If you are, then you might want to consider the ASX shares listed below. Here’s why they could top options for investors:

Commonwealth Bank of Australia (ASX: CBA)

The first ASX dividend share to look at is this banking giant. It could be a top option for investors due to its leadership position in the banking sector and its attractive yield.

One broker that is a fan of Australia’s largest bank is Bell Potter. It likes CBA due to its strong position as the leader in home lending and retail deposits. It also highlights that the bank has a very strong balance sheet with significant surplus capital and opportunities to add value via SME banking, wealth management, and selective Asian expansion.

Bell Potter currently has a buy rating and $118.00 price target on its shares. It is also forecasting fully franked dividends per share of $4.06 in FY 2022 and $4.27 in FY 2023. Based on the current CBA share price of $104.68, this will mean yields of 3.9% and 4.2%, respectively.

Healius Ltd (ASX: HLS)

Another ASX dividend share to look at is Healius. It is a healthcare company with a focus on pathology, diagnostic imaging, day hospitals, and IVF.

Healius has been a very strong performer over the last 18 months thanks largely to its pathology business, which is experiencing significant demand for COVID-19 testing services.

For example, during the first quarter of FY 2022, Healius was averaging 40,000 COVID tests per working day. This underpinned a 43.7% increase in revenue over the prior corresponding period to $689.9 million.

The team at Macquarie were impressed. In response, the broker retained its outperform rating and lifted its price target to $5.65.

Macquarie is also forecasting fully franked dividends per share of 23.7 cents in FY 2022 and 14.5 cents in FY 2023. Based on the current Healius share price of $4.82, this will mean yields of 4.9% and 3%, respectively.

The post 2 buy-rated ASX dividend shares for next week appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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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A selloff on Friday led to the S&P/ASX 200 Index (ASX: XJO) ending its winning streak last week. The benchmark index lost 1.2% over the five days to end the period at 7,323.7 points.

Fortunately, not all shares were dragged lower with the market. Here’s why these were the best performing ASX 200 shares last week:

Reliance Worldwide Corporation Ltd (ASX: RWC)

The Reliance Worldwide share price was the best performer last week with a gain of 11.2%. Investors were buying this plumbing parts company’s shares after it announced an agreement to acquire EZ-FLO International for US$325 million. EZ-FLO is a leading manufacturer and distributor of plumbing supplies. In response, the team at Macquarie upgraded the company’s shares to an outperform rating with a $5.95 price target.

Reece Ltd (ASX: REH)

The Reece share price wasn’t far behind with a gain of 10% over the five days. The catalyst for this was the release of the plumbing parts company’s first quarter update. That update revealed sales growth of 13.2% for the three months ended 30 September. In light of this solid performance, management advised that it expects its first half EBITDA to grow 8% to 11% over the prior corresponding period.

GUD Holdings Limited (ASX: GUD)

The GUD share price was on form and charged 7.5% higher last week. This follows the announcement of an agreement to acquire specialist lighting company Vision-X for US$53 million. UBS was pleased with the acquisition and expects it to open the door to an expansion into Europe and North America. In response, the broker retained its buy rating and lifted its price target to $12.90.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price was a positive performer and rose 7.2% over the period. This was despite there being no news out of the rare earths producer last week. However, a week earlier, the Lynas share price was sold off after the release of its quarterly update. Some investors may have seen this as a buying opportunity.

The post These were the best performing ASX 200 shares last week appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Reliance Worldwide Corporation Limited. The Motley Fool Australia has recommended Reliance Worldwide Corporation 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 gold mining company Dacian Gold Ltd (ASX: DCN) lost ground on Friday to close 4% lower at 22.5 cents apiece.

Dacian shares were on the move today after the company released its quarterly earnings and activities report.

Here are the details.

Dacian share price slides as production in line with guidance

Dacian outlined a number of investment highlights from the quarter, including:

• September quarter production of 15,819oz, in line with 2H weighted guidance, but down 38% quarter on quarter.
• All-in sustaining cost (AISC) of $2,362/oz, up from $1,742/ounce from last quarter
• Cash and gold on hand at 30 September 2021 of $33.2 million, 38% behind the quarter prior
• Total debt of $16.0 million following refinancing of project debt facility
• Total forward hedge position reduced to 13,410oz at an average gold price of $2,236/oz

What happened this quarter for Dacian Gold?

Although the company came in with gold production that was largely in line with guidance for its second half, “September quarter production was slightly lower than planned”.

In fact, total production came in around 40% behind the previous quarter at almost 15,820 ounces, down from 25,558 ounces.

Dacian also realised these gold sales on an AISC of $2,362, a 36% increase from last quarter. The company explained that the higher AISC came from the “lower production for the quarter, and is forecast to reduce in line with the increasing production for the remainder of the financial year”.

The company wasn’t immune to the effects of the pandemic either, as ‘labour scarcity’ had an impact on its open-pit mining rates.

It also had an effect on the recently appointed underground mining contractor’s workforce, thereby hindering operations this quarter.

Aside from this, the company milled a total of 686,671 tonnes of ore at an average feed grade of 0.79g/t gold, containing 17,343 ounces.

Dacian also left the quarter with cash and gold bullion on hand of $33.2 million, which is a 21% decrease from last quarter’s balance of $41.8 million.

What did management say?

Speaking on the announcement, Dacian managing director Leigh Junk said:

The tight labour market conditions continue to be a headwind for the Western Australian mining industry including our operations, however despite challenges our plan for the full year remains achievable. Our ongoing exploration investment is demonstrating the prospectivity of our land position with the recent success beneath the Jupiter open pit highlighting the potential for growth to our operations.

What’s next for Dacian Gold

Production guidance of FY22 is for 100,000–110,000 ounces, on an AISC of $1,550–$1,7000 per ounce.

The company notes that “as previously guided, production remains weighed to the 2H of FY22”

FY22 also is set to see a “tiered quarter on quarter production profile over the financial year due to accessing significant ore from the shallow dipping Cornwall Shear Zone” at its Doublejay open-pit mine.

In addition, the final stage of development at Doublejay continues, “producing high-grade ore in earnest during FY2023–FY2024”

It’s been more than a difficult year to date for the Dacian Gold share price, having posted a loss of over 45% since January 1.

This extends its loss over the last 12 months to 37%, well behind the benchmark S&P/AX 200 index (ASX: XJO)’s return of around 25% in the same time.

The post Why did the Dacian Gold (ASX:DCN) share price fall on Friday? appeared first on The Motley Fool Australia.

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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 S2 Resources Ltd (ASX: S2R) share price roared to life today following an announcement by the mineral resource exploration company.

At Friday’s market close, S2 Resources ended the day up an astonishing 102.38% to 17 cents. It’s worth noting that its shares hit a 52-week low of 8.4 cents yesterday.

S2 Resources awarded Block 4

In its release, S2 Resources advised that its wholly-owned subsidiary, Southern Star Resources, has been awarded Block 4 of the North Central Victorian Goldfields Ground Release.

The Victorian Department of Jobs, Precincts and Regions handed over the 394 square kilometre block after S2 Resources won the tender. The competition comprised of a large number of Australian and international resources companies vying for the prime ground real estate.

S2 Resources said the land is considered to be the most prospective and highly contested gold ground in Australia.

Block 4 extends for 55 kilometres, surrounding the high-grade, Fosterville mine operated by Kirkland Lake Gold CDI (ASX: KLA). 

The first priority for S2 Resources will be to apply for an exploration licence. Once granted, the company will then conduct a data review and target generation before commencing on-ground exploration activities.

The company is planning to spend a total of $10.4 million over a 5-year period to develop the site.

At the end of September, S2 Resources had $9.9 million in cash as well as a 13.5% interest in Todd River Resources Ltd (ASX: TRT). The latter is valued at $5.5 million based on the market valuation of the company.

What did management say?

Commenting on the news fuelling the S2 Resources share price, CEO Matthew Keane said:

We are humbled to have been selected based on our exploration track record and high focus on ESG. This is a highly prospective block situated in the historic and well-endowed Bendigo goldfields.

It has real potential for “company making” discoveries and S2’s highly experienced team is excited to get on the ground and commence work. This is an accredited gold exploration team, having been responsible for multiple gold mine discoveries in the past, including Thunderbox and Baloo in Western Australia and Wahgnion in Burkina Faso, as well as the major Nova-Bollinger nickel-copper mine in Western Australia.

About the S2 Resources share price

Despite today’s mammoth gains, a whirlwind 12 months has led the S2 Resources share price to track around 36% lower. Year-to-date it is up around 30%.

Based on today’s price, S2 Resources presides a market capitalisation of roughly $55.24 million, with approximately 356.38 million shares outstanding.

The post S2 Resources (ASX:S2R) share price just rocketed 102% today. Here’s why 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 Shiba Inu (CRYPTO: SHIB) price has been on a tear recently, garnering global headlines. Over the past week Shiba Inu, driven by crypto retail investor enthusiasm, has soared almost 130%.

And it’s gained almost 7,000,000% since launching in August 2020.

But not today.

The digital token is cratering today, down 28% over the past 24 hours. At the time of writing, the dog meme token is trading for US$0.00006207.

This comes even as the world’s top cryptos are posting healthy gains.

The Bitcoin (CRYPTO: BTC) price is up 5% in 24 hours, to US$61.694.

And Ethereum (CRYPTO: ETH), the world’s number 2 crypto by market valuation, is up 9% in that same time. One Ether is currently exchanging virtual hands for US$4,385, according to data from CoinMarketCap.

What the heck is Shiba Inu?

For an answer to that question, the Motley Fool turned to Darren Abrams, co-founder and managing director of Aus Merchant Investments.

Abrams told us:

The Shiba Inu coin was launched in August 2020 with a “woof paper”, a tongue-in-cheek variation of the traditional white paper. Shiba Inu’s pseudonymous founder Ryoshi created the coin to foster an entirely community-run and decentralised ecosystem. It is as an Ethereum-based ERC-20 token.

But hang on a second. Isn’t there already a dog-themed crypto? In fact, doesn’t Dogecoin (CRYPTO: DOGE) even sport a Shiba Inu as its virtual mascot?

Indeed.

“Shiba Inu was launched to rival Dogecoin and is the epitome of a meme coin, a coin with no inherent utility or value,” Abrams said.

Yep. The Shiba Inu website even calls its token the “Dogecoin killer”.

Though today, it looks like the shoe is on the other, erm, paw.

Dogecoin looks to be stealing its newer rival’s thunder, and its investors, with the price up 24% over the past 24 hours. One Dogecoin is currently worth 29.8 US cents.

What’s the outlook for tokens like dog coins?

Investors can often be taken in by some of the massive gains posted by cryptocurrencies. But it’s important not to lose sight of the potentially massive losses they can inflict.

According to Abrams:

The zeitgeist of retail investors taking charge of their finances through contrarian strategies, in which they act as a unified force against the incumbents, is the driving force of Shiba Inu’s parabolic price action. This same grassroots movement is what propelled GameStop’s exponential gains.

Dogecoin was the first target of these investors… It’s only a matter of time until there is another ‘dog coin’ to replace Shiba Inu. Personally, I wouldn’t recommend investing in any meme coins with no cogent value proposition.

The Dogecoin price, if you’re wondering, is down 60% from its 8 May record high of 73.8 US cents.

Shiba Inu hit its own all-time high yesterday. It’s down 28% since then.

Invest with care!

The post Shiba Inu crashes 28% as Dogecoin soars. What’s next for the dog coins? appeared first on The Motley Fool Australia.

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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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The S&P/ASX 200 Index (ASX: XJO) is wrapping up the trading week on a low today. The ASX 200 is currently down a depressing 1.27% at 7,336 points at the time of writing.

That’s a pretty sobering number there, so let’s check out the shares topping the ASX 200 volume charts this afternoon instead according to investing.com.

3 most active ASX 200 shares by volume this Friday

Telstra Corporation Ltd (ASX: TLS)

ASX 200 telecommunications giant Telstra is our most traded share today. This Friday has seen a sizeable 19.62 million Telstra shares change hands thus far. This looks like it is the result of the nasty share price fall the telco has endured today.

Telstra is down a nasty 2.68% to $3.82 a share in late afternoon trading. Since Telstra has a relatively low share price compared to its market capitalisation, these price moves can often propel Telstra to the top of the ASX 200 volume charts. That might be what we are seeing playing out today.

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara is another popular share today. A whopping 15.93 million shares have been bought and sold. Like Telstra, we can probably point to the large share price swing Pilbara has seen today to explain its elevated trading volume. But fortunately for shareholders, this one’s in the green. Pilbara is up a healthy 3.77% at $2.20 in late afternoon trading.

South32 Ltd (ASX: S32)

Diversified ASX 200 miner South32 has seen a hefty 10.87 million of its shares find new owners today. There’s not much in the way of news or announcements out of South32 this Friday, so we could probably put this elevated trading volume down to plain old volatility.

The South32 share price is flat in late afternoon trading at $3.58 a share. However, soon after the market open this morning, South32 went as high as $3.68 a share, up 2.8%. It’s probably this bouncing around that is causing so many S32 shares to trade hands today.

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

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Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Telstra Corporation 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 Crown Resorts Ltd (ASX: CWN) share price is in the red. It comes despite the casino operator settling its class action launched by shareholders.

At the time of writing, shares in Crown are trading for $9.94 – down 1.68%. For context, the S&P/ASX 200 Index (ASX: XJO) is 0.71% lower.

Let’s take a closer look.

Crown class action conundrum closed

In a statement to the ASX, Crown announced it had “reached an agreement to settle the shareholder class action commenced against it on 4 December 2017 in the Federal Court of Australia”.

Crown disclosed the total settlement amount at $125 million inclusive of interest and costs.

The settlement is still subject to Federal Court approval, as well as other conditions. Crown did not admit to any liability as part of the settlement.

Crown says it expects to recover a “significant portion of the settlement amount from its insurers but cannot at this stage be certain about the outcome of negotiations with insurers, or the outcome of any necessary formal steps for recovery it may need to take.”

The class action was launched, alleging Crown “engaged in misleading or deceptive conduct from December 2014 through to October 2020”.

The Crown share price fell on the news.

What else has affected the Crown share price recently?

The biggest story affecting Crown this week was the news the Victorian government would not strip its Melbourne casino of its gaming licence, in line with the recommendations of the Royal Commission into the company.

The Crown share price rocketed over 10% on the news.

As The Motley Fool reported at the time, the 8-month royal commission uncovered what Commissioner Ray Finkelstein described as “disgraceful” conduct. However, the company’s recent reforms have inspired hope it could be suitable to run Crown Melbourne in the future.

Commissioner Ray Finkelstein said in his final report

“It was inevitable that Crown Melbourne would be found unsuitable to hold its casino licence. No other finding was open. The only difficult question was what should be done in that circumstance.”

However, Crown was not entirely left off the hook. It was essentially placed on a 2-year probation by the Andrews Government. The company must appoint a special manager to oversee its activities. If the special manager is not satisfied Crown is fully reformed, its licence will be automatically cancelled.

Crown share price snapshot

Over the past 12 months, the Crown share price has increased 18.9%. Year-to-date, however, shares in the company are only up 0.51%.

Its 52-week high is $13.32 – at the height of takeover speculation, and its 52-week low is $8.22.

Crown Resorts has a market capitalisation of about $6.7 billion.

The post Crown (ASX:CWN) share price wobbles despite class action settlement appeared first on The Motley Fool Australia.

More reading

• What should investors know about the Crown (ASX:CWN) share price after the royal commission?
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• ASX 200 (ASX:XJO) midday update: Crown and Pilbara Minerals surge higher
• Crown (ASX:CWN) share price surges 9% as Victorian casino licence pronounced safe
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Motley Fool contributor Marc Sidarous 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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