In late trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is storming higher. At the time of writing, the benchmark index is up 0.5% to 7,453.5 points.

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

Accent Group Ltd (ASX: AX1)

The Accent share price is down 4% to $2.18. Investors may be taking a bit of profit off the table after a very strong gain this week. The catalyst for that was a bullish broker note out of Morgan Stanley. The broker upgraded the company’s shares to an overweight rating with a $2.60 price target on Wednesday.

Ioneer Ltd (ASX: INR)

The Ioneer share price has sunk 18% to 60.5 cents. This follows the release of an announcement that the future-focused mining company has formed a joint venture with the world’s largest primary producer of platinum, Sibanye Stillwater. Part of the deal will see Sibanye Stillwater subscribe for 145.9 million shares in Ioneer via a placement. This is being undertaken at 65.5 cents per share, which represented an 11.5% discount to its last close price.

Lifestyle Communities Limited (ASX: LIC)

The Lifestyle Communities share price has fallen 8% to $20.30. The catalyst for this was news that its founder and CEO, James Kelly, has sold 2 million shares at an average of $21.50 per share. This represents a total consideration of $43 million. Mr Kelly advised that he was selling shares to rebalance his portfolio.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price has dropped almost 8% to $14.68. This morning the clean lithium company announced firm commitments for its $200 million underwritten placement to sophisticated, professional, and institutional investors. Vulcan is raising the funds at an offer price of $13.50 per new share. This represents a discount of 15% to the Vulcan share price prior to its trading halt.

The post Why Accent, Ioneer, Lifestyle Communities, & Vulcan are sinking appeared first on The Motley Fool Australia.

More reading

• Which ASX shares are leading the way on the ASX 300?
• Ioneer (ASX:INR) share price plummets 16% after partnership news
• Why the Vulcan (ASX:VUL) share price is crashing 10% today
• Top brokers name 3 ASX shares to buy today
• Why Accent, Calix, Pilbara Minerals, & Starpharma shares are racing higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended 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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Online luxury goods retailer, Cettire Ltd (ASX: CTT) now sports a market capitalisation larger than that of affordable online retailing megalith Kogan.com Ltd (ASX: KGN). Following its share price’s recent rally, Cettire, which doesn’t hold any inventory, has a market capitalisation of around $1.2 billion.

For comparison, Kogan, which faced a slug of inventory issues in financial year 2021, has a market capitalisation of approximately $1.1 billion.

Over the last month, the Cettire share price has gained a massive 41%. Right now, its share price is $3.17, 2.9% lower than its previous close.

Let’s take a look at what’s been driving Cettire on the ASX lately.

The Cettire share price’s incredible run

The Cettire share price is having an great month on the ASX, with its sights set on boosting its value even more.

Right now, the Cettire share price represents 532% more than its prospectus’ offer price of 50 cents per security. The company’s Initial Public Offering (IPO) occurred on 17 December 2020.

Additionally astounding, is that under Cettire’s prospectus’ offer price, it expected a market capitalisation of around $190 million.

The company has seemingly made bank from the luxury goods market. However, it doesn’t hold any of its own inventory and doesn’t liaise with big-name fashion houses.

Instead, Cettire sources products from a diversified network of suppliers that ship directly to customers. It often has multiple suppliers for single products.

Over financial year 2021, the results of which the company announced on 31 August, Cettire’s sales revenue increased by 304%. At the end of the 12-month period, it had around 200,000 products from 1,700 brands on its online store.

Potentially continuing to drive the Cettire share price, is the company’s positive outlook for financial year 2022.

It plans to launch a children’s wear segment, invest into its marketing, increase the number of products available on its platform, and build on and improve its technology to provide positive customer experiences.

The post The surging Cettire (ASX:CTT) share price means the company is now bigger than Kogan appeared first on The Motley Fool Australia.

More reading

• These three ASX retail shares delivered double (and triple!) digit returns in 2021
• Why the Cettire (ASX:CTT) share price is slumping 5% today
• The Cettire (ASX:CTT) share price is up a whopping 500% this year
• Why the Cettire (ASX:CTT) share price rocketed 24% higher on Friday
• ASX reporting wrap-up: Harvey Norman, Cettire, PointsBet

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. owns shares of and has recommended Cettire Limited and Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool Australia has recommended Cettire 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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This year’s Santa Rally could be a particularly cheerful season for investors in S&P/ASX 200 Index (Index:^AXJO) shares.

There are predictions that there will be an $84 billion plus spending spree leading up to Christmas and into early 2022!

This bullish prediction is made by high profile Bell Potter trader, Richard Coppleson. He added up all the dividends, cash takeover bids and off-market buybacks to get to that staggering cash pile.

ASX 200 shares get extra shopping cash for Santa Rally

ASX 200 shares tend to outperform from the end of the year – a period that has come to be known as the Santa Rally.

“One of the best times to be long the market has been from mid-October into 31st Dec. But this year it be super charged and [the market] will end the year with a bang,” said Coppleson.

“The sheer amount of cash is mammoth – the largest I have ever seen – that will swamp the Australian market over the next 4 to 6 months.”

He reckons that the cash investors will receive from dividends, bids and buybacks will mostly be reinvested back into the market.

Dividends and M&A galore

Dividends alone make up the majority of the extra investment capital. Investors will receive $40.6 billion in half-year distributions from their ASX shares in September and October.

On top of that, shareholders in Boral Limited (ASX: BLD) who agreed to sell their shares to Seven Group Holdings Ltd (ASX: SVW) have also gotten a $6.1 billion check.

There are a number of other ASX companies that could get acquired for cash in the near-term. This includes the Australian Pharmaceutical Industries Ltd (ASX: API) share price after Wesfarmers Ltd (ASX: WES) agreed to pay circa $800 million for its equity.

The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is another that looks likely to change hands. Our largest airport operator has a market cap of over $22 billion.

ASX 200 share buybacks to put extra cash in shareholders’ pockets

The third source of cash comes from off-market share buybacks. This is another popular way for ASX 200 shares to return excess capital to shareholders.

They do this by allowing shareholders to auction their shares back to the company, usually at a discount to the market price.

Foolish takeaway

It could be a rewarding exercise for shareholders as they would typically receive franking credits. Depending on their individual tax circumstances, these credits could be more than enough to offset any loss from selling their shares at a discount.

What’s more, shareholders could get the extra benefit of claiming a capital loss even though they could be making a profit due to the franking credits.

Some ASX 200 shares that have or are currently in the process of undertaking an off-market share buyback include Commonwealth Bank of Australia (ASX: CBA), Viva Energy Group Ltd (ASX: VEA) and Wesfarmers.

Market valuations may look stretched and COVID-19 continues to weigh on the global economy. But it could be a mistake to turn bearish at this point.

The post This year’s ASX 200 Santa Rally to get a whopping $84bn cash boost appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares are the most heavily traded so far this Thursday
• These 3 ASX Healthcare shares have surged over 10% today
• Commonwealth Bank (ASX:CBA) faces 30 criminal charges
• Why Anteotech, API, Myer, & Whitehaven Coal shares are charging higher
• Don’t bet on a big reopening rebound for ASX 200 retail landlords: Macquarie

Motley Fool contributor Brendon Lau owns shares of Commonwealth Bank of Australia and Seven Group Holdings 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 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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The Santos Ltd (ASX: STO) share price has been powering ahead over the past few days. This comes as the energy giant released a positive announcement last week, along with a strong recovery in oil prices.

At the time of writing, the company’s shares are fetching $6.36, up 1.88%. This means the Santos share price is now up more than 5% in a week.

What’s happening with Santos?

Investors have been buying up Santos shares after they traded as low as $5.99 last Thursday.

Santos updated the ASX regarding its merger plans with peer Oil Search Ltd (ASX: OSH) on Friday. It advised the two companies entered into a definitive agreement to combine in an all-scrip transaction.

Oil Search shareholders are set to receive 0.6275 new Santos shares for each Oil Search share held. Upon completion, this would give Oil Search shareholders a 38.5% stake in the newly merged entity. Santos shareholders will retain the remaining 61.5% interest.

The merged group will become the ASX’s largest oil and gas company and a top-20 global player. In essence, this would give the super company a diversified portfolio of long-life and low-cost assets with significant growth options.

It is expected the implementation date will occur on 16 December 2021.

Another reason why the Santos share price could be moving higher is the rising price of the West Texas Intermediate (WTI). Last Thursday, the WTI was trading around US$67.91 per barrel. However, this has now surged to US$72.79 per barrel. This represents an increase of about 7% over the week.

Furthermore, a broker note from UBS raised its price target for Santos shares by 1.8% to $8.45. Based on the current share price, this implies an upside of approximately 32% for investors.

Santos share price summary

This year, the Santos share price had mostly been tracking higher until its drop around mid-June. This has led the company’s shares to remain relatively unchanged for the 9-month period.

Santos presides a market capitalisation of roughly $13.3 billion, with more than 2 billion shares outstanding.

The post Why the Santos (ASX:STO) share price is up 5% in a week appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Wednesday
• Why the Woodside (ASX:WPL) share price is leaping 6% today
• ASX 200 energy shares are leading the market on Tuesday
• Santos (ASX:STO) share price rallies 5% on bullish OPEC oil outlook
• ASX 200 energy and materials shares are leading the market on Monday

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 Bitcoin (CRYTO:BTC) price is up 3% over the past 24 hours.

One Bitcoin is currently worth US$48,391 (AU$66,288).

The world’s biggest crypto by market cap has enjoyed a strong rebound since tumbling from recent highs of US$52,633 on 7 September. That tumble went on for 6 days (though not in any kind of straight line), seeing the token fall to US$43,770 on Monday, 13 August.

The rapid 17% fall is par for the course in the highly volatile crypto markets.

In fact, investors may have seen it as a buying opportunity. Bitcoin has now gained more than 10% since Monday.

10-fold increase in Bitcoin price “doesn’t make sense”

Cryptocurrencies are well-known for their potentially huge and rapid price gains…and losses.

Last year at this time, Bitcoin was trading around US$11,000. Meaning its currently up more than 4-fold (some 336%) over 12 months. Though still well down from its mid-April record highs of US$64,889.

With the token receiving greater attention from institutional investors – and market movers like Elon Musk – some fans have suggested it could run far higher.

Like Cathie Wood, the founder of Ark Investment Management. Wood has forecast that Bitcoin will see its value increase 1,100% (10-fold) in 5 years.

But not everyone agrees with that bullish assessment.

Ray Dalio, the billionaire founder of Bridgewater Associates, doesn’t buy it.

Speaking at the SALT conference in New York, Dalio said that kind of price gain “doesn’t make sense to me”.

Cash is trash

In other Bitcoin related advice, Dalio told CNBC yesterday (overnight Aussie time), “First, know cash is trash, so don’t keep it in cash.”

As Bloomberg reported Dalio, “[S]aid he has some money invested in Bitcoin, but it’s a small percentage of his investment in gold, which in turn is a small percentage of his other assets.”

Dalio cautioned that while governments appear intent on squashing cryptos if they look like they’ll be successful, investors should still diversify their holdings.

“At the end of the day if it’s really successful, they’ll kill it. But that doesn’t mean it doesn’t have a place,” he said.

The post A 10-fold spike in the Bitcoin (CRYPTO:BTC) price? Not so fast! appeared first on The Motley Fool Australia.

More reading

• Cryptocurrencies are making their way into more retiree portfolios
• Why this expert thinks gold is a better investment than Bitcoin
• Survey reveals big shift in Australians investing in Bitcoin and Ethereum
• Bitcoin just crashed 11%. Here’s why…
• Bitcoin cracks above US$50,000 as more altcoins soar… now what?

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. 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 Westpac Banking Corp (ASX: WBC) share price has been a very strong performer this year.

Since the start of 2021, Australia’s oldest bank has seen its shares rise 31%.

Is the Westpac share price still in the buy zone?

According to a note out of Bell Potter, its analysts aren’t in a rush to invest after this strong gain.

This morning, the broker reiterated its hold rating and $27.50 price target on the bank’s shares.

Based on the latest Westpac share price of $26.03, this implies potential upside of 5.5% over the next 12 months before dividends. This increases to approximately 10% if you include the $1.24 per share fully franked dividend the broker is forecasting in FY 2022.

What did the broker say?

Bell Potter notes that the sale of the bank’s 89.9% stake in Westpac Bank PNG Limited has been blocked by the Papua New Guinea Independent Consumer and Competition Commission (ICCC).

The sale of its Pacific businesses is part of its plan to simplify operations and focus on consumer, business, and institutional banking only in the Australasian area.

Bell Potter commented: “This [denial of authorisation] is based on the ICCC not currently being satisfied that the acquisition “will not, or will not likely, have the effect of substantially lessening competition in the relevant markets identified”. While disappointing, this is only a minor dent in the whole strategy in any case – being not more than 6bp expected CET1 benefit. WBC will continue to run these businesses but review its sale process in the meantime.”

The main issue that Bell Potter has with the Westpac share price is its valuation. The broker feels that its shares are fully valued at the current level and sees better value elsewhere.

Though, it is worth noting that not everyone agrees with this view. For example, the team at Citi currently have a buy rating and $30.00 price target on its shares.

Time will tell which broker makes the right call.

The post What this broker thinks of the Westpac (ASX:WBC) share price appeared first on The Motley Fool Australia.

More reading

• Could liar loans crash the housing market?
• How these 4 ASX 200 bank shares have performed since reporting results
• Why this broker sees the Westpac (ASX:WBC) share price hitting $30
• 2 high quality ASX dividend shares to buy
• ASX 200 rises, Zip falls, Brambles sinks

Motley Fool contributor James Mickleboro 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) is having a pretty decent day on the markets this Thursday. At the time of writing, the ASX 200 is up a healthy 0.74% to 7,472 points so far.

But let’s dig a little deeper into the ASX 200 shares that are topping the charts so far today in terms of trading volume. So here they are, according to investing.com.

The 3 most heavily traded ASX 200 shares so far today

Pilbara Minerals Ltd (ASX: PLS)

ASX 200 lithium producer Pilbara is our first share to check out today. More often than not, Pilbara tops this list, but today, it’s coming in at third place so far with a hefty 20.95 million shares bought and sold. There is no major news or announcements out of Pilbara so far this Thursday.

However, the Pilbara share price is having a pretty awful day. It’s down a nasty 4.49% so far to $2.34 a share. This is probably the reason why this company has seen so many of its shares find new owners.

Telstra Corporation Ltd (ASX: TLS)

ASX 200 telco Telstra is another company that is being heavily traded today, with a sizeable 37.53 shares swapping hands so far at the time of writing. This follows a big announcement from Telstra this morning, outlining a new ‘T25’ cost-cutting program.

The Telstra share price has responded positively, hitting a new 52-week high earlier this morning. It’s this move that is likely behind the large trading volumes we are seeing with this telco. Presently, Telstra is still up 1.02% to $3.97 a share.

Worley Ltd (ASX: WOR)

Our final and most traded ASX 200 share today is engineering company, Worley. Worley is topping the charts today with a staggering 57.93 million of its shares finding a new home so far this Thursday. There are no major developments with this company today, and Worley shares are currently down by 2.1% today to $9.81 a share.

However, it might be the news that a major shareholder has unloaded a large parcel of shares that may be responsible for Worley’s pole position at the time of writing. 

The company released an ASX notice this morning that Jacobs Engineering Group Inc has “entered into a block trade agreement with Citigroup Global Markets Australia Pty Limited to sell all Jacobs’ shares (being 9.85%) in Worley via an underwritten block trade”.

This is probably why we are seeing so many Worley shares on the ASX boards right now.

The post These 3 ASX 200 shares are the most heavily traded so far this Thursday appeared first on The Motley Fool Australia.

More reading

• Don’t bet on a big reopening rebound for ASX 200 retail landlords: Macquarie
• ASX 200 (ASX:XJO) midday update: Telstra unveils T25 strategy, Wesfarmers’ API offer
• Telstra (ASX:TLS) share price rises on T25, dividend growth goal
• Telstra (ASX:TLS) share price on watch after unveiling its T25 strategy
• 5 things to watch on the ASX 200 on Thursday

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 National Australia Bank Ltd (ASX: NAB) share price is currently underperforming compared to the other big four ASX banks. NAB shares are currently up just 0.2%.

That compares to the Commonwealth Bank of Australia (ASX: CBA) share price being up 0.9%, the Westpac Banking Corp (ASX: WBC) share price being up 0.7% and the Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price being up 0.8%.

NAB changes interest rates

According to reporting by a few organisations, including RateCity, NAB has decided to increase some of its fixed rates.

This is apparently the second time that NAB has increased its fixed rates in recent months.

The 3-year rate was reportedly increased by 0.1 percentage point to 2.18%. Next, the four-year rate was hiked by 0.25 percentage points to 2.49% and the 5-year rate was increased by 0.30 percentage points to 2.79%.

RateCity.com.au research director, Sally Tindall, noted:

Governor Lowe has made it clear rates will not rise until at least 2024. As a result, many banks are still hiking rates of three years and over, however, cuts to two-year rates have slowed.

NAB has been careful to keep its two-year fixed rate under 2 per cent. Without this rate the bank could struggle to keep new customers coming in the door in what remains an ultra-competitive market.

These fixed rate hikes won’t impact how much someone can borrow, as banks base serviceability tests on the revert rate. However, they do serve as a reminder these rates aren’t going to stick around forever.

‘Liar loans’ in focus

Loan applications are also in focus this week after it emerged in UBS’ annual survey that there was a record number of so-called liar loans over the last 12 months. The survey showed that 41% of those applications “were not completely factually accurate”.

Time will tell whether this has any bearing on profit or the NAB share price.

The things that people were not truthful about included not disclosing all of their living costs, not giving the bank a full picture of their liabilities and overestimating their income.

Commenting on the higher levels of debt that people were taking on compared to their income, UBS wrote:

Amid home prices booming 18.3 per cent year-on-year (highest since 1989), we think borrowers are ‘chasing the market’ and stretching towards their capacity limit to be able to qualify.

NAB share price valuation snapshot

Over the last 12 months the NAB share price has risen by almost 65%.

At the current NAB market capitalisation and using the estimated on Commsec, the bank is priced at around 15x FY22’s estimated earnings.

The major bank is projected to pay an annual dividend of $1.32 per share in FY22, which would translate to a grossed-up dividend yield of 6.7%.

Broker Credit Suisse currently rates NAB shares as a hold, with a price target of $28.50. Credit Suisse believes that its improved performance is reflected in the current valuation.

The post The NAB (ASX:NAB) share price is underperforming its big four peers so far today appeared first on The Motley Fool Australia.

More reading

• Could liar loans crash the housing market?
• How has the NAB share price performed since reporting results
• How these 4 ASX 200 bank shares have performed since reporting results
• ASX 200 midday update: Pilbara Minerals jumps, bank shares fall
• The CBA (ASX:CBA) share price is underperforming its big four peers today

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

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In afternoon trade, the S&P/ASX 200 index (ASX: XJO) is on course to finish in the green and is up 0.5% to 7,455.9 points.

At the same time, the S&P/ASX 200 Health Care index (XHJ) is also up 0.7% from the open.

Yet, these 3 ASX healthcare shares are well ahead of the broad indices today and have each climbed over 10%. Here’s why they are racing higher today.

Australian Pharmaceutical Industries Ltd (ASX: API)

Australian Pharmaceuticals’ share price is on the move today after the company received a revised offer from Wesfarmers Ltd (ASX: WES) to acquire the company, on an all cash deal of $1.55 per share.

API shares have gained 16.5% since the open following this announcement.

Its board has unanimously recommended the decision, after rejecting the original $1.38 per share proposal back in July. The revised offer represents a 4.8% premium to API’s current share price of $1.48.

Wesfarmers has until 16 October to conduct its due diligence, after which it will be all systems go to get the deal done, so it appears.

Healthia Ltd (ASX: HLA)

The Healthia share price is surging on Thursday after the company announced another acquisition to its list.

Healthia shares are soaring 10% after the company advised it has entered into a binding agreement to acquire Rothwell Physiotherapy.

Rothwell is a Brisbane based Physiotherapy clinic, which services the Moreton Bay area. Its services include musculoskeletal and spinal physiotherapy, alongside injury rehabilitation.

Healthia completed the transaction on an all cash payment of $1.3 million. A provision of $320,000 is baked into the deal if stipulated earnings targets are hit. The acquisition is expected to finalise on or before 30 November.

Investors have bought the news, and the Healthia share price is now exchanging hands at $1.98 a piece, up from yesterday’s close of $1.80.

Anteotech Ltd (ASX: ADO)

The Anteotech share price is charging higher today and is currently up 7% to 22.5 cents. At one point today, it was trading at 24 cents apiece, a 14% jump from the previous close.

Anteotech shares are lifting after the company announced it had signed a distribution agreement with Ramma Dental. Ramma is to become the exclusive distributor of the company’s EuGeni reader platform and COVID-19 Antigen Rapid Diagnostic Test in both Greece and Cyprus.

EuGeni is Anteotech’s “rapid diagnostic platform” that is integrated to perform a rapid SARS-CoV-2 (COVID-19) antigen test using a nasal swab.

Ramma Dental has “a strong network of customers across public and private sectors”, as per Anteotech’s announcement.

As a result of the agreement, Anteotech has now secured distribution agreements for EuGeni in 13 markets, having signed a similar distribution contract in Turkey last week.

These three ASX healthcare shares have each outpaced the benchmarks today.

The post These 3 ASX Healthcare shares have surged over 10% today appeared first on The Motley Fool Australia.

More reading

• Why the AnteoTech (ASX:ADO) share price is advancing 9% today
• Why Anteotech, API, Myer, & Whitehaven Coal shares are charging higher
• API (ASX:API) share price rockets 16% as Wesfarmers boosts offer
• Why the Healthia (ASX:HLA) share price is rocketing 10% today
• Wesfarmers (ASX:WES) share price edges higher on sweetened API bid

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 recommended HEALTHIA FPO. 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 is making a comeback this week. This comes after it hit a 10-month low of $19.20 last week.

At the time of writing, the Woodside share price is trading 2.63% higher to $21.07.

Woodside share price rises on bullish OPEC outlook

Woodside and the broader energy sector jumped on Tuesday following an upbeat monthly oil market report from OPEC.

OPEC was positive on the outlook for the global economy. It retained its global economic growth forecasts for both 2021 and 2022 at 5.6% and 4.2% respectively.

It said oil demand in the third quarter has proven to be resilient and supported by increasing mobility and travelling activities. However, it flagged increased risks in the near term due to the Delta variant of COVID-19.

As a result, OPEC adjusted its 2H21 oil demand slightly lower and delayed its positive outlook into 1H22.

Looking ahead, OPEC’s report said:

In 2022, oil demand is expected to robustly grow by around 4.2 mb/d [million barrels per day], some 0.9 mb/d higher compared to last month’s assessment. Revisions were driven by both the OECD [Organisation for Economic Co-operation and Development] and non-OECD, as the recovery in various fuels is expected to be stronger than anticipated and further supported by a steady economic outlook in all regions. Oil demand in 2022 is now projected to reach 100.8 mb/d, exceeding prepandemic levels.

The Woodside share price finished Tuesday’s session 6.23% higher at $20.81.

Oil prices continue to gather momentum

Oil prices have pushed another 3% higher since the OPEC report to a 6-week high of approximately US$72.5/barrel.

But oil prices could continue to surprise to the upside.

In an article featured on S&P Global, OANDA senior market analyst Ed Moya was bullish on the upside risk for crude oil, saying:

Oil’s rally is nowhere near over as both demand and supply drivers are still mostly bullish: further delays in making progress with the Iran nuclear deal, a cold winter, and further production disruptions from a very active hurricane season.

TD Securities head of commodity strategy Bart Melek also commented:

Given the larger-than-expected reduction in US and global production estimates and the upgrade of demand projections by agencies such as the IEA, the crude market will likely continue to get support from enthusiastic bullish money managers.

Woodside share price playing catch up

The Woodside share price is down more than 8% year-to-date despite oil prices trading at almost 2-year highs. However, it is up around 14% over the past 12 months.

The post Woodside (ASX:WPL) share price up 7% this week amid bullish oil outlook appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• Why the Woodside (ASX:WPL) share price is leaping 6% today
• Which ASX 300 shares are the biggest winners and losers today?
• ASX 200 energy shares are leading the market on Tuesday
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Kerry Sun 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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