The Santos Ltd (ASX: STO) share price is falling on Tuesday.

In morning trade, the energy producer’s shares are down 3% to $6.63.

Why is the Santos share price sinking?

Investors have been selling down the Santos share price today after a sharp pullback in oil prices overnight.

In addition to this, this morning Santos revealed that fellow energy producer Oil Search Ltd (ASX: OSH) had rejected a merger proposal.

The Oil Search share price is having a better day. It is defying the oil price decline and charging higher on the merger approach news.

Santos-Oil Search merger

According to the release, late last month Santos submitted a confidential, non-binding indicative all-scrip merger proposal to the Oil Search Board.

That proposal would have seen Oil Search shareholders receive 0.589 new Santos shares for each Oil Search share held. After which, Oil Search shareholders would own 37% of the merged company and Santos shareholders would own 63%.

The ownership ratio implied a transaction price of $4.25 per Oil Search share, based on the Santos share price on 24 June 2021. This represented a 12.3% premium to the Oil Search share price on 24 June 2021 of $3.78.

However, although Oil Search acknowledges the strengths of the combined company and the rationale for the merger, it noted that the proposal did not offer appropriate value for Oil Search shareholders. Nor did it offer a basis on which discussions could progress.

Nevertheless, Santos has subsequently sought to engage the Oil Search Board on the transaction rationale and the opportunity for Oil Search shareholders to participate in the value created by the merger.

Why merge?

Santos believes the potential merger of the companies is a logical combination of two industry leaders to create an unrivalled regional champion of size and scale.

It notes that it would have a pro forma market capitalisation of $22 billion, which positions the merged entity in the top 20 ASX-listed companies and the 20 largest global oil and gas companies.

The merged company would have a diversified portfolio of high quality, long-life assets across Australia and Papua New Guinea. It would also have a robust balance sheet with strong liquidity that can self-fund growth options and an investment grade credit rating, a larger portfolio of development assets and opportunities, and strong ESG credentials.

In addition, Santos believes the merger could create value on day one from substantial combination synergies and an expected re-rating in share prices.

It concluded: “The strategic rationale for a merger is clear and offers superior value to Oil Search shareholders rather than continuing on a standalone basis. Santos continues to believe that the Merger Proposal represents an extremely attractive opportunity to deliver compelling value accretion to both Santos and Oil Search shareholders.”

The post Santos (ASX:STO) share price lower after Oil Search rejects merger proposal appeared first on The Motley Fool Australia.

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• Oil Search (ASX:OSH) share price slides on shock leadership change

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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The PointsBet Holdings Ltd (ASX: PBH) share price is climbing today. This comes after the company announced plans to enter the Arizona sports betting market.

At the time of writing, the PointsBet share price is up 2.91% to $11.85.

What did PointsBet announce?

PointsBet has entered into an exclusive agreement with Cliff Castle Casino Hotel to pursue online sports betting market access in Arizona.

Cliff Castle Casino Hotel is a subordinate economic organisation of the Yavapai-Apache Nation, a federally recognised native American tribe.

The legalisation of sports betting in the United States has been managed on a state-by-state basis. Arizona successfully passed its Sports Wagering Act for online sports betting in April this year.

According to the announcement, the exclusive 10-year agreement will see PointsBet and the Yavapai-Apache Nation partnering to apply for a ‘first skin’ licence to operate online sports betting. First skin refers to having the right to use the first online licence a land-based partner is granted in a particular state.

PointsBet will pay the Yavapai-Apache Nation both a market access fee and a portion of its net gaming revenues from online sportsbook operations.

In addition, PointsBet will also front up licencing and regulatory costs for launching and operating its betting services.

The agreement also includes the creation of a PointsBet branded retail sportsbook at the Cliff Castle Casino Hotel.

The PointsBet share price is rising after the announcement. By contrast, the S&P/ASX 200 Index (ASX: XJO) is currently down 0.62% to 7,241.

What did management say?

PointsBet USA CEO Johnny Aitken hailed the milestone, commenting:

Alongside first-class partners in the Cliff Castle team, PointsBet is thrilled to begin the process toward offering the passionate, sports-loving communities of Arizona a fast and differentiated sports betting product across every customer touchpoint.

We look forward to quickly and responsibly introducing sports bettors and fans to the competitive advantages PointsBet possesses in owning our technology end-to-end, such as market-leading ease of use and the deepest slate of betting options available in the world.

PointsBet share price sitting near 7-month lows

At its highest point this year, the PointsBet share price had a year-to-date return of 52% on 16 February. Fast forward to today, its year-to-date return has tumbled into negative territory, down 0.93%.

PointsBet isn’t alone in its underwhelming performance. Its US-listed rival, Draftkings, also struggling to find headway, down 0.45% this year.

The post PointsBet (ASX:PBH) share price up 3% after announcing plans to enter Arizona appeared first on The Motley Fool Australia.

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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. owns shares of and has recommended Pointsbet Holdings 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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The Costa Group Holdings Ltd (ASX: CGC) share price is pushing higher today following yesterday’s announcement from the company.

At the time of writing, Costa shares are up 0.61% to $3.32. This means that over the last week, the company’s share price has risen by almost 3%.

Let take a closer look at what the horticulture company released to the ASX.

What did Costa announce?

Investors are buying up Costa shares after the company provided investors with a positive update.

According to its release, Costa revealed it has completed the acquisition of 2PH Farms as of 19 July 2021.

Based in Queensland, 2PH Farms is the largest citrus grower in northern Australia. The business has farming operations in central Queensland, covering 1,400 hectares of citrus trees and 240 hectares of table grapes.

The $219 million upfront cash transaction was primarily funded by Costa’s fully underwritten pro-rata accelerated renounceable entitlement offer.

The successful completion of the institutional component saw around $114 million raised in late June. In addition, the retail component – expected to be finalised at the end of this month – will be used to pay the debt drawings.

The combined entitlement offer is $190 million, with Costa previously tapping into its existing debt facilities to fund the deal.

The company will also pay an additional $31 million in July 2023 for the purchase of the ‘Conaghans’ property. 2PH Farms is currently planting a new citrus crop at the site.

Costa group CEO Sean Hallahan commented:

We are pleased to have completed the acquisition of 2PH Farms and welcome the transitioning employees to Costa.

The acquisition increases Costa’s total planted citrus hectares by 60% to 4,513 hectares, citrus farming locations to 11 and major citrus growing regions to three.

Costa has been working closely with 2PH to ensure a successful transition in ownership and the continued harvesting of the CY21 citrus crop, while focusing on greater export supply to key Asian markets and increased citrus category revenue contribution.

Costa share price summary

While Costa shares have plummeted around 17% in 2021, the same cannot be said for the past year. In the last 12 months, the company’s share price has risen by 14% despite releasing its disappointing Annual General Meeting (AGM) update.

Based on today’s price, Costa is valued at around $1.4 billion and has around 439 million shares on issue.

The post Costa (ASX:CGC) share price edges higher on acquisition update 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 Incannex Healthcare Ltd (ASX: IHL) share price won’t be going anywhere today.  

Shares in the emerging pharmaceutical company were placed in a trading halt before markets opened.

Here’s why.

Incannex shares halted on patent update and ethics approval

Having last traded at 27.5 cents, Incannex requested its shares be placed in a trading halt before the market open.

Incannex cited a material patent update and ethics approval for its research studies. The company did not specify which research trial or which patent was in line to receive ethics clearance.  

Incannex noted that its shares will remain in a trading halt until either the commencement of normal trading on 22nd July 2021 or the earlier release of an announcement.

More on Incannex

Incannex is a clinical-stage pharmaceutical development company that develops medicinal cannabis pharmaceutical products and psychedelic medicine therapies.

The company’s therapies are designed for various medical issues, including anxiety disorders, sleep apnoea, lung inflammation and rheumatoid arthritis.

Incannex has a pipeline of patents including IHL-216A which targets traumatic brain injury and IHL-42X for sleep apnoea.

The Incannex share price has had a stellar 2021, with shares in the company up more than 80% since the start of the year. On a 52-week basis, the Incannex share price has risen nearly 300%.

Apart from today’s announcement, the last piece of price-sensitive news from Incannex was late last week.

The company announced that it engaged Procaps to develop and manufacture its IHL-675A soft gel capsules in preparation for clinical trials.

According to Incannex, its IHL-675A formulation is a multi-use drug that has anti-inflammatory properties. The company also informed investors that it has advanced plans for a phase1 clinical trial to assess IHL-675A soft gel capsules.

Incannex noted that subject to clinical success, the results of the phase 1 clinical trial will form part of 3 US Food and Drug Administration (FDA) applications.

The post Here’s why Incannex (ASX:IHL) shares are in a trading halt appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram 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 Ramsay Health Care Limited (ASX: RHC) share price is trading higher on Tuesday.

In morning trade, the private hospital operator’s shares are up slightly to $63.67.

Why is the Ramsay share price on the move?

The Ramsay share price is pushing higher on Tuesday despite the release of a disappointing update on its takeover of Spire Healthcare in the United Kingdom.

Earlier this month, Ramsay revealed that it had increased its offer to acquire Spire to 250 pence per share in cash. This compares to its previous offer of 240 pence per share. This values Spire’s entire issued and to be issued share capital at approximately GBP1,041 million (A$1,900 million) on a fully diluted basis.

Unfortunately, this increase has not been enough to sway Spire’s shareholders.

This morning Ramsay advised that Spire shareholders have gathered to vote on resolutions to approve and implement the scheme of arrangement. However, with the necessary majority of votes required to pass all of the resolutions not achieved, the proposed acquisition will not proceed.

Instead, Ramsay will now focus on strengthening its existing business platform. It intends to do this by utilising its strong balance sheet and cashflows to generate growth through investment in organic and strategic expansion opportunities that optimise its facilities and global footprint.

Given the relatively positive performance of the Ramsay share price today, the market may be happier with this alternative plan.

“Disappointed”

Ramsay’s CEO and Managing Director, Craig McNally, revealed that the company was disappointed with the news.

He said: “Given the strong strategic fit and the support of Spire’s board and major shareholder, we are disappointed not to be in a position to proceed with the Spire acquisition, however we believe its important to maintain our financial discipline and focus on long term value creation for shareholders.”

“We remain committed to delivering best in class healthcare and high-quality patient outcomes in the UK through investing in clinical excellence, working closely with our doctors and clinicians and leveraging our expertise across the Ramsay Group. We see a significant growth opportunity for Ramsay in the UK market where we have a strong, established relationship with the NHS and the ability to increase our private patient presence,” the CEO added.

Nevertheless, Mr McNally remains positive on the future despite this setback.

He concluded: “We stand ready to provide support in tackling the significant increase in elective surgery waiting lists in both the private and public systems and are already seeing growth in the mix of our private insurance volumes. Our strong balance sheet and cashflows position us well to deliver on our long-term strategy. We will continue to look for opportunities to invest and modernise our facilities and footprint in all regions and to leverage the scale of our world class hospital network. We have a significant pipeline of brownfield and greenfield projects in Australia and will continue to investigate adjacencies in all our markets to create an integrated patient centric business platform.”

The Ramsay share price is trading broadly flat in 2021.

The post Ramsay (ASX:RHC) share price rises despite UK acquisition collapse 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 recommended Ramsay Health Care 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 Afterpay Ltd (ASX: APT) share price is edging higher today despite the market selloff.

In early trade, the buy now pay later provider’s shares are up 2% to $106.69.

Why is the Afterpay share price pushing higher?

The Afterpay share price is pushing higher today after the release of a positive announcement offset the broad market selloff.

That announcement reveals that Afterpay is beginning the roll out of its new money and lifestyle app Money by Afterpay today.

According to the release, the launch will begin with an Australian staff pilot, followed by a full Australian customer launch in October.

What is Money by Afterpay?

Money by Afterpay is the result of its collaboration with banking giant Westpac Banking Corp (ASX: WBC).

It will provide users with a 1% per annum interest rate on up to 15 different savings accounts. Afterpay notes that the benefit of having so many different savings accounts is to allow customers to open separate accounts for their different savings goals.

The app also offers one daily account with a physical debit card, digital wallet offerings, and the ability to easily make and receive real time payments.

In addition, it is proposed that the daily account will not charge customers fees. Management believes this makes it an ideal primary account for customers to directly deposit their salaries and view their complete financial position in one place.

Further insights and features will be introduced to further help customers make more informed spending and saving decisions ahead of the full launch.

“Frictionless and stress-free”

Afterpay’s Co-CEOs, Anthony Eisen and Nick Molnar, stated: “Afterpay has always stood apart in the way it connects with customers around common core values of simplicity, transparency and trust. Ultimately, with Money by Afterpay, our goal is to make managing your money simple, frictionless and stress-free.”

“Money will broaden our relationship with our loyal customers and also attract a new group that’s looking to streamline how they manage their finances within the debit economy, further cementing our commitment to supporting responsible spending.”

“To bring a money app to life in ten months demonstrates that we can quickly move at pace to get well ahead of customer expectations and bring both cutting-edge features and true ‘surprise and delight’ to the experience,” they concluded.

The post Afterpay (ASX:APT) share price higher after announcing Money by Afterpay app roll out appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T 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 Nuix Ltd (ASX: NXL) share price is continuing its downward trend, despite the company having managed to stay relatively quiet.

At the time of writing, the software company’s shares are swapping hands for $2.47, down from $2.67 a week ago. That represents a 7.49% decline in value.

However, Nuix is no stranger to volatility and it’s also got a lot on its plate right now. Let’s take a look what Nuix has been up to lately.

What’s going on with the Nuix share price?

Perhaps ongoing and unfolding investigations into Nuix, its advisors, and its former directors are to blame for its share price flopping.

ASIC going after former CFO

Nuix’s former chief financial officer Stephen Doyle is being investigated by the Australian Securities and Investments Commission (ASIC).

ASIC believes Doyle and his brother engaged in insider trading in January and February of 2021.

Doyle is accused of warning his brother of Nuix’s February downgrade, giving his brother enough time to offload around 2 million shares.

The tip-off is said to have saved both brothers from losing $5.7 million when the Nuix share price tumbled 32% on the back of the downgrade.

Macquarie and Nuix subjects of ASIC investigation

Additionally, both Nuix and its major shareholder Macquarie Group Ltd (ASX: MQG) are reportedly facing an ASIC investigation into Nuix’s prospectus’ seemingly inflated financial forecasting.

Macquarie backed Nuix in its initial public offering (IPO) back in December 2020. The float reportedly made Macquarie’s pockets $524 million heavier.

Since then, after numerous profit downgrades, the Nuix share price has plummeted 68%.

A law firm reportedly told ASIC that Nuix’s prospectus was off 3 times. However, the watchdog failed to find anything suspicious about the company’s financial forecasting prior to it floating on the ASX.

ALP Senator Deborah O’Neill addressed ASIC’s alleged failings in Parliament last month, saying:

The failure of ASIC to appropriately regulate Nuix’s IPO has had catastrophic consequences for all investors except for Macquarie Bank, Nuix’s and Macquarie’s executives and offshore banks in tax-friendly Vanuatu and Switzerland.

Nuix share price snapshot

Despite being touted as the biggest IPO of 2020, the Nuix share price has been a major disappointment.  

It has dropped around 70% since it floated roughly 7 and a half months ago.

The company has a market capitalisation of around $796 million, with approximately 317 million shares outstanding.

The post Nuix (ASX:NXL) share price plunges 7% in 7 days 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 owns shares of and has recommended Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is on fire right now. Shares in the Aussie pizza franchise jumped 2.2% higher yesterday and are now just 1.4% shy of their $121.79 all-time high.

Here’s why shares in this restaurant chain with a $10 billion market capitalisation are soaring right now.

Why the Domino’s share price is near an all-time high

Shares in the Aussie pizza group are up an impressive 36.2% so far this year. That’s despite a limited number of price-sensitive announcements to the market this year.

One of those rare updates was the company flagging a new acquisition on 11 June. Domino’s announced it has entered into a binding agreement with Formosa International Hotels Corporation to acquire a 100% interest in PizzaVest Company Limited, or Domino’s Taiwan.

Domino’s Taiwan operates 157 corporate and franchised stores and is the second-largest pizza chain in Taiwan. The transaction included consideration of $79 million on a cash and debt-free basis.

The Domino’s share price jumped higher on the news back in June. That was just one good day in a relatively bullish run for the ASX 200 share since 9 March.

It’s just one part of the company’s growth strategy to expand its franchise network across Asia and Europe. In fact, according to CEO Don Meij as quoted by the Australian Financial Review, Domino’s is looking to double store numbers globally to 5,550 locations by 2031.

That includes an aggressive roll-up strategy of additional sites as many hospitality players struggle with COVID-19 restrictions. The Domino’s share price surged amid lockdowns in 2020 as the company delivered strong sales.

It looks like investors are expecting more of the same right now. The Domino’s share price has been climbing despite extended lockdown fears across Victoria and New South Wales.

That has helped to propel the ASX 200 share towards a new all-time high, even as many other shares tumble.

The post The Domino’s (ASX:DMP) share price is near an all-time high. Here’s why appeared first on The Motley Fool Australia.

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Motley Fool contributor Ken Hall 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 Dominos Pizza Enterprises 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 article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The US stock market has been on edge for the past week, and on Monday, stocks pulled back sharply. The Nasdaq Composite (NASDAQINDEX: ^IXIC) actually held up well, falling a bit more than 1% as of noon EDT. Several other major market indexes saw larger declines.

Merger and acquisition activity has increased dramatically in the past year, and on Monday, investors got interesting news from video collaboration specialist Zoom Video Communications (NASDAQ: ZM). Shareholders in Five9 (NASDAQ: FIVN) are quite happy that Zoom has made an acquisition bid for the cloud-based contact centre specialist. However, some of the details have to make investors wonder what the deal says more broadly about the Nasdaq and its future course.

Zoom makes the call for growth

Zoom’s stock was down more than 4% after it announced its purchase of Five9. Five9 shares rose more than 5%.

Zoom’s bid for the cloud-based call centre specialist values Five9 at about $14.7 billion. Under the terms of the deal, Zoom will give Five9 shareholders 0.5533 shares of Zoom for every Five9 share they own. The companies expect the deal to close in the first half of 2022.

The two companies explained their reasons for the move. Zoom sees the acquisition helping to boost the value proposition from its existing video collaboration platform, identifying the call centre market as a $24 billion opportunity to add to its existing addressable market.

As Zoom CEO Eric Yuan explained, “Enterprises communicate with their customers primarily through the contact centre, and we believe this acquisition creates a leading customer engagement platform that will help redefine how companies of all sizes connect with their customers.”

Meanwhile, Five9 CEO Rowan Trollope sees the move helping his company’s customers get better access to Zoom features. In particular, Trollope mentioned the Zoom Phone offering, which has been a key direction in which Zoom hopes to expand the scope of its overall business.

Zoom keeps its cash

Plenty of investors are debating whether the acquisition makes sense from a business standpoint. What stood out to me, though, was the way in which Zoom made the purchase.

Zoom finished the first quarter of its current fiscal year with an extremely healthy balance sheet. The company reported $1.56 billion in cash and equivalents, as well as another $3.13 billion in short-term investments. That’s nearly $5 billion that many anticipated Zoom using to make a strategic acquisition similar to this one.

However, by doing the all-stock deal, Zoom implied that it thinks its stock price is high enough that an all-stock deal makes more sense. That’s not an unreasonable position for the company to take, but it did seem to make Zoom shareholders take pause. After reaching a high of $550 per share last October, the stock briefly dropped below $300 earlier this year, and the deal just seemed to put a stop to more bullish sentiment that had briefly sent Zoom’s stock price back to $400.

Hoping for the best

Many are still optimistic about Zoom’s long-term opportunities. The company has worked hard to go beyond its core video platform, and positive cash flow will give Zoom plenty of chances to make further acquisitions down the road.

Nevertheless, Zoom didn’t give a vote of confidence in its stock price, even at greatly depressed levels. If other Nasdaq stocks are seen as equally overvalued, then it could create the negative sentiment that could lead to a long-awaited downturn for the index and many other high-profile growth stocks in the market.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post What the Zoom-Five9 Deal Says About the Nasdaq’s Future appeared first on The Motley Fool Australia.

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Dan Caplinger owns shares of Zoom Video Communications. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Zoom Video Communications and Five9. The Motley Fool Australia has recommended Zoom Video Communications. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The JB Hi-Fi Limited (ASX: JBH) share price is on watch today after the electronic goods retailer released its sales update and preliminary unaudited financial results for the 2021 financial year (FY21).

We take a look at these below.

What financial results did JB Hi-Fi report?

The JB Hi-Fi share price will be one to keep an eye on after the company reported record sales and earnings for FY21.

According to the release, continuing increased customer demand for consumer electronics and home appliance products helped drive a 12.6% increase in total sales to $8.9 billion, up from $7.9 billion in FY20.

Demonstrating the growing shift to online shopping, JB Hi-Fi reported a 78.1% year-on-year increase in online shopping sales. Online sales reached $1.1 billion, or 11.9% of total sales.

Earnings before interest and taxes (EBIT) increased 53.8% compared to the prior financial year, to $743.2 million. Net profit after tax (NPAT) came in at $506.1 million, up 67.4% from the 302.3 million reported for FY20.

Commenting on the results, group CEO Richard Murray said:

We are pleased to report record sales and earnings for FY21. Our continued focus on the customer, and investments in our online business and our supply chain, have enabled us to seamlessly meet our customers’ increased demand both instore and online…

[O]ur team members are our number one asset and our most important competitive advantage; their dedication and deep product knowledge continue to delight our customers every day.

With the new round of lockdowns hitting Victoria and New South Wales, JB Hi-Fi cautioned that it expected “some disruption and variability to sales”, citing store closures in both states. The company said it will update the market on July sales when it reports its full 2021 financial year results on 16 August.

JB Hi-Fi share price snapshot

The JB Hi-Fi share price has been on a bit of a rollercoaster over the past 12 months, currently up 11% since this time last year. By comparison the S&P/ASX 200 Index (ASX: XJO) is up 21%.

Year to date, JB Hi-Fi shares are down 4%.

The post Why the JB Hi-Fi (ASX:JBH) share price is on watch today appeared first on The Motley Fool Australia.

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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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