The Archer Materials Ltd (ASX: AXE) share price was charging ahead today following a technical progress update on the company’s biochip.

At market close, the Archer share price was 4.9% higher at $1.285.

Archer progresses biochip development

Investors were driving up the Archer share price today after the materials technology company announced a major breakthrough with its biochip technology.

In a release, Archer advises it has developed its first biochemical reactions for detecting nucleic acid sequences. This allows small droplets of biological samples to be processed and analysed using special sensor devices integrated within the biochip.

Nucleic acid markers are useful for monitoring a person’s health and determining if a disease is present. Commonly known techniques to analyse biological samples for nucleic acids include polymerase chain reaction (PCR). The techniques developed by Archer have special significance because COVID-19 is detected through PCR testing.

Last month, the company used advanced fabrication techniques to achieve features like hair-thin microfluidic channels. To put this in perspective, these channels are less than 20 micrometres in width (about 3x thinner than human hair).

The channels enable sample processing as well as transportation into smaller built-in sensors for analysing biochemical targets.

The latest development marks another milestone in Archer’s pursuit of commercialising its biochip technology.

Best-in-class capabilities in nanofabrication is a global competitive advantage in the multibillion-dollar point of care medical diagnostics industry. There are few companies developing and commercialising biochips because it’s difficult to achieve precision engineering at the nano scale.

What did Archer management say?

Archer CEO Dr Mohammad Choucair commented:

This is a significant achievement, as the Company has now, with its in-house capability, developed the biochemical foundations to potentially allow for future operations and applications of Archer’s biochip in the detection of various diseases.

There are few examples of lab-on-a-chip technologies that detect nucleic acids without the need for PCR. Archer’s biochemical processes could potentially allow for on-chip detection of pathogens, with several practical advantages, including eliminating cold-logistics supply chain requirements and the need for PCR, if favourable.

About the Archer share price

The Archer share price has surged by 138% in the past 12 months. However, the company’s shares are still more than 50% off their all-time high of $3.08 reached in mid-August.

Based on valuation grounds, Archer presides a market capitalisation of $318 million, with 247 million shares on issue.

The post Archer Materials (ASX:AXE) share price leaps 4% on biochip update appeared first on The Motley Fool Australia.

More reading

• Why the Archer Materials (ASX:AXE) share price is charging 5% higher

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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Shares in Bank of Queensland Limited (ASX: BOQ) have been on the downward slope these past 2 months. In fact, they have lost more than 21% in that time.

The bank’s share price tumbled off a 1 October closing high of $9.72 and hasn’t recovered since. Instead, Bank of Queensland shares have set lower-highs and lower-lows in that time.

Whereas the S&P/ASX 200 Financials Index (ASX: XFJ) has slipped more than 8% in the last month, the bank’s shares are down 13%.

In light of this, we’ve sifted through the scrolls of wisdom from the experts to try and understand what the outlook for Bank of Queensland investors might be this Christmas.

Here’s what we found from leading investment banks Jefferies and JP Morgan.

Is Bank of Queensland a buy for Christmas?

It depends on where you look and who you ask for this one. Analyst sentiment is spread thinly between bullish investors and those on the sidelines.

According to the team at Jefferies, however, perhaps not. The firm has a neutral rating on Bank of Queensland shares and values the bank at $7.50/share. At the time of writing, that implies a downside potential of around 2%.

Jefferies notes that Bank of Queensland’s estimates for strong housing growth accompanied by a contraction in net interest margin (NIM) by 0.05%–0.07% in FY22 are susceptible to risk.

Analysts at the firm commented that “it’s hard to think the BOQ NIM will not be similarly impacted” from risks other majors have faced, resulting in “NIM erosion” this year.

As such, the bank is Jefferies’ least-preferred name out of all the Australian majors.

Meanwhile, the team at JP Morgan has a different opinion on the direction of Bank of Queensland shares.

It notes the bank’s 2H FY21 cash earnings were 2% above internal estimates. It’s also satisfied with its FY22 guidance outlook.

JP Morgan reckons that Bank Of Queensland appears “well positioned to deal with industry headwinds”. It arrives at this stance partly due to near-term funding cost savings, which have further to fall than peers.

In addition, the firm sees potential for “optimisation in both its own deposit book and the funding mix of ME Bank.” and notes, “cementing improvements in broker channel performance and the digital offering to customers.”

The broker points to Bank of Queensland’s large valuation discount from its peers. It argues the market is not paying for “synergies from the ME Bank acquisition, albeit we acknowledge that this will require careful execution.”

In contrast to Jefferies, it likes Bank of Queensland the best out of all the majors alongside National Australia Bank Ltd (ASX: NAB). It slapped an outperform rating and $10 price target on the shares. That implies an upside potential of 31% at last check.

What’s the sentiment on BOQ’s share price?

In fact, of all the firms covering Bank of Queensland, 75% have it as a buy. Just 1 has it as a sell. The remainder are neutral on its share price.

Both Credit Suisse and Morgans are most bullish. These firm value Bank of Queensland at $11 per share and placing outperform and add ratings, respectively.

The consensus price target amongst this group is $9.62, in itself implying a margin of safety of 26% at the time of writing.

Evans and Partners disagrees, and reckons it is a sell with an $8 price target – a step above what Jefferies has the bank valued at.

So is Bank of Queensland one for under the Christmas tree this year? According to the bulk of analysts covering the share, most are bullish on the direction of its share price and recommend it as a buy.

However, analyst recommendations are only one drop in the bucket of investment reasoning one must undertake before making that decision. Remember to conduct your own due diligence before deciding whether it goes on your Christmas list.

The post Should Bank of Queensland (ASX:BOQ) shares be on your Christmas list? Here’s what top brokers think appeared first on The Motley Fool Australia.

More reading

• What’s JP Morgan saying about ASX 200 bank shares?
• Are Bank of Queensland (ASX:BOQ) shares really going to pay a 10% dividend yield?
• Here’s why Morgans tips 30% upside for the Bank of Queensland (ASX:BOQ) share price
• What is Bank of Queensland (ASX:BOQ) doing to compete with BNPL rivals?
• The Bank of Queensland (ASX:BOQ) dividend is being paid today. Here’s what you need to know

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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Shares in industrial engineering solutions company Worley Ltd (ASX: WOR) edged 0.42% lower today as investors digested an investor presentation released by the company.

In its presentation, the company gave a broad level overview of its situation, its strategy and the total addressable market (TAM) it intends to position itself in.

Alas, here are some of the takeouts from Worley’s investor presentation today.

What did Worley present today?

In the presentation released to investors earlier, Worley covered its strategy moving forward into FY22 and beyond. The company detailed several of its growth areas and gave a high-level view of how it intends to get there.

For instance, Worley highlighted that it is partnering with Shell to produce sustainable aviation fuel and renewable diesel after Shell awarded the company a “significant low-carbon fuels services contract in The Netherlands”.

The facility is expected to be one of the biggest of its kind in Europe and will produce 820,000 tonnes of sustainable aviation fuel (SAF) and renewable diesel every year, Worley says.

With respect to its existing asset base, it intends on adapting assets by exploring solutions such as extending, repurposing, or decommissioning, plus will focus on sustainable solutions to improve efficiency.

Worley states the “foundation for growth” in this domain is built on approximately 200 projects in the “FY22 pipeline in adaptation, asset life management and systemic efficiency”.

The company also gave a broad overview of the Direct air capture (DAC) to fuels project. This venture is expected to be the first commercial scale project of its kind and is anticipated to produce “up to 100 million litres of ultra low carbon fuel annually”.

Aside from this, Worley also detailed its role at the Hu’u Project – a large high-grade copper and gold ore body in Indonesia. The site is owned by Vale S.A. and PT Aneka Tambang but is being studied by PT Sumbawa Timur Mining.

Worley has been appointed as the mining study manager with additional responsibility for reporting and estimating all contributors to the study.

Throughout the presentation – which was light on financials – Worley reiterated that its purpose was in “delivering a more sustainable world” whilst its ambition is to be “recognised globally as the leader in sustainability solutions”.

Worley share price snapshot

It’s been a horrendous year for Worley shareholders who are swimming in a sea of red across all time frames. In the past 12 months, the Worley share price has slipped over 27% after losing more than 17% this year to date.

In the past month alone, it has fallen over 12% and is also down 3% for the week. Needless to say, the Worley share price has lagged the benchmark S&P/ASX 200 Index (ASX: XJO)’s return of around 10% in the last year.

The post Here’s why the Worley (ASX:WOR) share price whirled lower today appeared first on The Motley Fool Australia.

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• The top performing ASX 200 energy shares in October unmasked

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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Bitcoin (CRYPTO: BTC) broke into new all-time highs in November.

The world’s first and biggest crypto, with a current market cap of US$1.2 trillion (AU$1.6 trillion) traded for a record US$68,790 on 10 November, according to data from CoinMarketCap.

Bitcoin kicked off November at US$60,629. And, depending on your time zone, the token ended the month worth US$58,120, down about 16% from its fresh record high.

Even with that retrace though, it still closed November up 99.8% from the US$29,087 it was worth on 1 January.

Here are some of the highlights from the month gone by.

What happened with Bitcoin in November?

On 3 November, the Commonwealth Bank of Australia (ASX: CBA) reported that was offering crypto services to its customers.

In doing so, CBA became the first Australian bank to enable its customers to buy, sell and hold cryptocurrencies via its app. Customers will be able to exchange Bitcoin and Ethereum (CRYPTO: ETH), among other leading cryptos. CommBank partnered with global crypto exchange Gemini and blockchain analysis firm Chainalysis for its new crypto service.

First crypto ETF hits the ASX

November also saw the first ASX listed crypto exchange traded fund (ETF) hit the boards. The BetaShares Crypto Innovators ETF (ASX: CRYP) launched on the ASX on 4 November. CRYP doesn’t invest directly in any cryptocurrencies, but rather aims to track the performance of an index providing exposure to global crypto-related companies.

A bit later in the month, the Bitcoin price spiralled higher ahead of its much-anticipated Taproot upgrade. Aside from improving the efficiency of transactions, the upgrade enables better smart contract capabilities, setting Bitcoin up as a more direct competitor to Ethereum. In a case of buy the rumour, sell the news, the price fell over the days immediately following the Taproot upgrade.

Bitcoin fails to live up to haven status in face of Omicron

In the final days of the month, crypto enthusiasts were faced with the reality that Bitcoin wasn’t living up to its status as a potential safe haven during times of market uncertainty, as the price tumbled alongside other risk assets when news of the COVID variant, Omicron, broke.

On 26 November, when investors feared Omicron could derail the global recovery, the gold price gained 0.8%. Bitcoin, on the other hand, tumbled 9.8% in less than 1 hour of trading.

The post Here’s what happened with Bitcoin’s record-breaking November appeared first on The Motley Fool Australia.

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• Can Bitcoin edge out gold and bonds as a future store of value?

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 BHP Group Ltd (ASX: BHP) share price ticked up a notch during November following a raft of company announcements. For the month, the mining giant’s shares posted a 12.2% gain, highlighting renewed investor optimism.

And today, the BHP share price is continuing to ride on the momentum, up 1.35% to close at $39.90.

What happened to BHP in November?

Investors pushed the BHP share price higher last month following the company’s annual general meeting (AGM) on 11 November.

Management noted an exceptionally challenging time as COVID-19 disrupted commodity prices and global operations. Despite the complexity, BHP handled the situation by adapting quickly to keep its world-class assets running safely and efficiently.

The company advised that it has a clear strategy to deliver long-term value by repositioning its portfolio towards future-facing commodities.

As such, BHP made strong progress towards meeting its commitments to trim operational and value-chain emissions. At an estimated cost of US$2.4 billion, the miner established a pipeline of decarbonisation projects to decrease emissions by at least 30% by FY30.

Management also discussed the impending end of the group’s dual-listed company structure.

The 20-year-old dual-listed company structure began when BHP Ltd merged with Billiton Plc. The corporate structure enabled both companies to amalgamate without legally acquiring or merging, creating a tax-efficient business structure.

Shareholders are expecting to receive a 1-for-1 swap of PLC shares to BHP shares.

In a separate release dated 22 November, the company provided an update on the proposed merger of its petroleum business with Woodside Petroleum Limited (ASX: WPL). It stated that a binding share sale agreement (SSA) had been entered, paving the way to create a global energy company.

BHP is aiming to complete the deal in the second quarter of 2022.

The after-market release sent the BHP share price 4% higher the following day, hitting a 1-month high at the time.

BHP share price summary

Since the beginning of the year, the BHP share price has moved in circles due to a volatile market environment. The share price is down 7.34% over the past 11 months.

This is in stark contrast to August when the BHP share price was tracking about 25% higher year-to-date.

Based on today’s price, BHP presides a market capitalisation of $117.7 billion and has approximately 2.95 billion shares outstanding.

The post Why did the BHP (ASX:BHP) share price move up by 12% in November? appeared first on The Motley Fool Australia.

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Motley Fool contributor Aaron Teboneras owns shares of Woodside Petroleum Ltd. 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 Tuas Ltd (ASX: TUA) share price has had another rocket of a day on the ASX so far this Wednesday.

Tuas shares ended today’s trading at $1.98 a share, up an extraordinary 14.45%. Put that together with the 5.5% the company added on Monday, and the 8.5% gain we saw yesterday, and Tuas shares are now up an incredible 28.45% just this week so far.

So why are Tuas shares giving investors such a blazing run of success?

Tuas shares rise on new spectrum

Well, these gains can likely be put down to the announcement this old flame of TPG Telecom Ltd (ASX: TPG) made on Monday morning.

As we reported at the time, Tuas announced on Monday that its Singaporean subsidiary TPG Singapore, was successful in a bid for 2.1 GHz spectrum that was recently conducted by Singaporean authorities. TPG Singapore was provisionally awarded 10 MHz of spectrum in the 2.1 GHz band. It will pay $31.72 million for this spectrum, which was awarded with a 15-year license. With this deal, TPG Singapore will now use this spectrum to roll out its standalone 5G network in the country.

This was the news that so excited investors on Monday, and continues to today. That’s going off of the moves we have seen in the Tuas share price.

But we could also be seeing the impacts of some recent bullish commentary for Tuas shares as well. As my Fool colleague Brendon reported last week, Tobias Yao, portfolio manager over at Wilson Asset Management, was recently and publically very bullish on Tuas shares. We quoted him as stating the following on the company:

It’s a buy for us. David Teoh is one of the most astute and successful businessmen around, having founded TPG Telecom… The reason we like TPG Singapore is the fact that we think the value offering is very, very attractive.

At the current Tuas share price, this company has a market capitalisation of $922.7 million. Tuas shares are now up more than 170% year to date in 2021 so far.

The post Tuas (ASX:TUA) share price surges again, up almost 30% this week. Here’s why appeared first on The Motley Fool Australia.

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• Is the TPG (ASX:TPG) share price an opportunity calling?

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 TPG Telecom 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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Today, the S&P/ASX 200 Index (ASX: XJO) failed to back up yesterday’s gain as uncertainty around the Omicron variant persists. At the end of the session, the benchmark index finished 0.28% lower to 7,235.9 points.

Nearly three-quarters of the Aussie benchmark index finished in the red today. Comments from the United States Federal Reserve chair, Jerome Powell, suggested the central bank might look to quickly scale back its monetary intervention with high inflation pressures visible.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, South32 Ltd (ASX: S32) was the biggest gainer today. Shares in the mining company climbed 3.97% today. The upwards move followed analysts at Macquarie lifting their share price target to $5.00 per share. Find out more about South32 here.

The next biggest gaining ASX share today was Coronado Global Resources Inc (ASX: CRN). The metallurgical coal producer’s shares gained 3.18% despite there being no announcements from the company today. Uncover the latest Coronado Global Resources details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
South32 Ltd (ASX: S32)	$3.67	3.97%
Coronado Global Resources Inc (ASX: CRN)	$1.135	3.18%
Waypoint REIT (ASX: WPR)	$2.65	3.11%
Lynas Rare Earths Ltd (ASX: LYC)	$9.11	2.71%
Xero Limited (ASX: XRO)	$148.74	2.69%
Rio Tinto Ltd (ASX: RIO)	$95.76	2.42%
OZ Minerals Ltd (ASX: OZL)	$26.58	2.27%
Iluka Resources Ltd (ASX: ILU)	$8.80	2.09%
Iress Ltd (ASX: IRE)	$12.63	1.94%
Mercury NZ Ltd (ASX: MCY)	$5.94	1.71%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• Why did the Woolworths (ASX:WOW) share price tumble today?
• ASX shares to buy for the Omicron COVID outbreak
• Why is the Rio Tinto (ASX:RIO) share price having such a great day?
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Motley Fool contributor Mitchell Lawler owns shares of Lynas Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Xero. The Motley Fool Australia owns shares of and has recommended Xero. 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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As you may have noticed by now, the S&P/ASX 200 Index (ASX: XJO) has not had a great day of trading on the markets this Wednesday. At the close of trading, the ASX 200 was down by 0.28% at 7,235.9 points. But one ASX 200 blue chip is making those losses look desirable. That would be the Woolworths Group Ltd (ASX: WOW) share price.

Today has certainly not been a day where Woolworths shares have WOWed… investors. This supermarket and groceries giant was down by 2.4% at $39.84 a share at the close of trade today. Needless to say, that’s a meaningful underperformance of the broader market.

So what’s up with Woolies this Wednesday?

Woolworths share price has a woeful Wednesday

Well, unfortunately, it’s not clear. There have been no major news or announcements out of the company itself. Nor have there been any major director transactions or ex-dividend events.

However, there was a noticeable trend on the ASX boards today that Woolworths shares may have been caught up in.

Looking at the ASX’s paltry performance this Wednesday, and we can see that the consumer staples sector was, by a mile, the worst-performing sector on the markets. The consumer staples sector typically includes retailers that primarily sell life essentials like food, household goods and drinks. That obviously includes a supermarket like Woolies.

But that means the Woolworths share price probably did not suffer in solitude today. And looking at this company’s peers in the consumer staples sector, we find it to be true.

Woolworths’ arch-rival Coles Group Ltd (ASX: COL) was also down heavily, losing 1.55% at $17.74 a share. Likewise, IGA-owner Metcash fell 1.72% at $4 a share. Treasury Wine Estates Ltd (ASX: TWE) dropped 2.56%, while Woolworths’ old flame Endeavour Group Ltd (ASX: EDV) was down by 1.6%.

So it seems Woolworths shares have been caught up in a sector-wide selloff, with seemingly nothing specific with the company itself going on.

It’s worth highlighting in a final note that Woolworths is still up around 2.9% over the past month, and 17.5% year to date in 2021 so far, so this could also be a possible routine pullback for this ASX stalwart.

At the current Woolworths share price, this ASX 200 blue chip share has a market capitalisation of $48.29 billion, with a dividend yield of 2.71%.

The post Why did the Woolworths (ASX:WOW) share price tumble today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Treasury Wine Estates 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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Nuix Ltd (ASX: NXL) is about to celebrate the completion of its first year as a listed company, but its share price is dampening the festivities.

The company’s stock hit a record low in intraday trade today, swapping hands for just $2.14 apiece.

At market close, it has slightly recovered to trade at $2.16, 4.42% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) finished Wednesday down 0.28%.

Let’s take a look at what might be weighing on the software company.

Nuix share price tumbles on Wednesday

The Nuix share price fell to its lowest point ever today, the day after it dropped 11.7% on the back of a trading update.

As The Motley Fool reported yesterday, Nuix announced its statutory revenue had increased 10% over the first 4 months of financial year 2022, but its new customer revenue dropped 40%.

Its annual contract value has remained flat year on year, while its earnings before interest, tax, depreciation, and amortisation (EBITDA) has fallen 27%.

To top it off, the company’s expenses have increased. They’ve been driven higher by product development and the enhancement and growth of its sales distribution capability, as well as a tough labour market and increased legal costs.

Saturday will mark the end of Nuix’s first 12 months on the ASX, and what a time it’s been.

Nuix’s turbulent first year on the ASX

Upon listing, Nuix was heralded the ASX’s newest market darling.

The Nuix share price finished its first day on the ASX trading at $8.01. It has since plunged 72.9%.

Its first major slump came after it downgraded its guidance in April, then again in May.

It faced a huge amount of media scrutiny when a series of investigative reports were published. They claimed the company was poorly managed and had a history of questionable reporting.

The media campaign also seemingly unearthed a strange options package given to the company’s founder. It has since been the subject of an Australian Federal Police investigation.

Additionally, an investigation into Nuix was launched by the Australian Securities and Investments Commission (ASIC). The watchdog was seeking to find if the company’s prospectus inflated its forecasts.

The company also announced its CEO and CFO were both stepping down in June. Its new CEO, Jonathan Rubinsztein will take up the reins next week, while its new CFO, Chad Barton is already at work, having stepped in as interim CFO.

Finally, the company was recently hit with a shareholder class action and is expecting to be served with a second shortly.

The post Why did the Nuix (ASX:NXL) share price hit an all-time low today? appeared first on The Motley Fool Australia.

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

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The Woodside Petroleum Limited (ASX: WPL) share price has clawed back from earlier losses today to finish Wednesday’s trading session up 0.33%.

Shareholders of the S&P/ASX 200 Index (ASX: XJO) energy giant will have been closely following the company’s progress on commencing its $16.5 billion Western Australian Pluto LNG project.

The project, projected to provide 30 years of LNG exports once it’s finished in 2026, has received the green light from Western Australian regulators, but is facing a last minute legal challenge.

What’s the basis for the Pluto legal action?

As The Motley Fool reported on 19 November, Woodside says its development plans have been reviewed by the WA Environmental Protection Authority, the Australian Department of Agriculture, Water and the Environment, and the National Offshore Petroleum Safety and Environmental Management Authority.

But an environmental group doesn’t believe regulators took into account the lifetime greenhouse gas emissions the project may release.

Woodside now has received official notice that the Conservation Council of Western Australia will challenge the works approval for the Pluto Train 2 project in the Supreme Court of Western Australia.

The Environmental Defenders Office, representing the Conservation Council of Western Australia, tweeted:

Our client will argue that a key approval for expansion of Woodside’s Pluto LNG facility – a major component of the Scarborough gas proposal – was unlawful, as it failed to properly consider and control the environmental harm generated by the development’s GHG emissions…

Governments and regulators should be doing everything in their power to properly assess and control any additional emissions to mitigate the risk of climate related extreme weather events to the Australian people.

In a release, Woodside reiterated that it has complied with the state’s “regulatory requirements and environmental processes in seeking and receiving its approvals“, adding that it “will vigorously defend its position”.

Woodside share price snapshot

The Woodside share price is down 5% in 2021. By comparison the ASX 200 is up 10% year-to-date.

Over the past month, Woodside shares have dropped 8%.

The post Woodside (ASX:WPL) share price ends higher on Wednesday after energy giant vows to fight Pluto legal challenge appeared first on The Motley Fool Australia.

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