The Eastern Iron Ltd (ASX: EFE) share price is entering the stratosphere on Monday following a positive company announcement.

At the time of writing, the iron ore exploration company’s shares are up an astonishing 107.69% to 2.7 cents. This pales in comparison to the All Ordinaries Index (ASX: XAO) which is down 0.37% to 7,797 points.

What did Eastern Iron announce?

Investors are driving up the Eastern Iron share price after the company advised it has executed a Memorandum of Understanding (MOU).

The non-binding MOU was signed with Ya Hua International Investment and Development Co. Ltd, a wholly-owned subsidiary of Sichuan Yahua Industrial Group Co. Ltd (Yahua Group).

Eastern Iron and Yahua Group will form a strategic partnership for the acquisition and development of lithium projects. This includes working together to bring online the Trigg Hill Lithium Tantalum Project located in East Pilbara, Western Australia.

The long-term goal is to establish the supply of spodumene concentrates in Australia and other countries, except China.

Yahua will be granted the first right of refusal for product offtake from any joint venture projects including the Trigg Hill Project.

More on Yahua Group

With a market capitalisation of roughly RMB 36.3 billion (A$7.7 billion), the Yahua Group is one of China’s major lithium hydroxide and lithium carbonate producers. The conglomerate engages in the manufacture and sales of civil explosives and lithium salt products.

Yahua Group’s existing operations comprise a 43,000 tonne per annum refinery for lithium carbonate, lithium hydroxide and other lithium products.

Yahua is a major shareholder of Core Lithium Ltd (ASX: CXO) and a major offtake customer of Orocobre Ltd (ASX: ORE).

About the Eastern Iron share price

Over the last 12 months, Eastern Iron shares have gradually moved on an upward trend to post a 220% gain. Year to date, the company’s share price has accelerated by more than 120%.

Eastern Iron presides a market capitalisation of just $20 million, with approximately 745 million shares on its registry.

The post Why the Eastern Iron (ASX:EFE) share price is rocketing 107% today appeared first on The Motley Fool Australia.

More reading

• Magellan (ASX:MFG) share price slumps on FUM update
• 3 ASX 200 shares hitting fresh all-time highs on Monday
• Broker gives its verdict on the Wesfarmers (ASX:WES) share price
• Up 15% in a month, the Carsales.com (ASX:CAR) share price hits record high
• Why the A2 Milk (ASX:A2M) share price is souring again today

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 S&P/ASX 200 Index (ASX: XJO) is having a pretty poor start to the trading week so far this Monday. At the time of writing, the ASX 200 is down 0.35% to 7,496 points. One ASX 200 share is faring far worse today though. That would be Magellan Financial Group Ltd (ASX: MFG).

The Magellan share price is currently down a hefty 1.25% to $43.32. That stretches this asset manager’s year-to-date losses in 2021 so far to 18.3%. The company is also now down around 26% over the past 12 months.

So what has spooked Magellan investors today?

What’s with the Magellan share price today?

Well, it’s likely that the company’s funds under management (FUM) update for the month of August which Magellan released this morning is what’s behind the sell-off we have seen this Monday.

This morning, Magellan told investors that its total FUM as of 31 August stood at $117.955 billion. That was a small increase of 0.79% on where the company’s FUM stood at the end of the previous month of July – $117.027 billion.

The company saw both its retail and institutional funds under management increase slightly. Retail FUM rose from $31.426 billion at the end of July to $31.52 billion at the end of August. Institutional FUM also rose from $85.6 billion to $86.44 billion.

Meanwhile, Magellan’s three investment strategies – Global Equities, Infrastructure Equities and Australian Equities – also all rose. Global saw its total value rise from $87.93 billion to $88.48 billion over the month.

Infrastructure rose from $19.59 billion to $19.85 billion, while Australian Equities upticked to $9.63 billion from $9.51 billion.

Investors FUM their noses

So with rising FUM numbers across the board, why are investors selling Magellan off on this news? Well, it’s possible that the market was expecting a little more from this fund manager. August ended up being quite a fruitful month for both the ASX and global markets. As we covered last week, the ASX 200 Index managed a rise of 2.04% for August.

We also saw strong moves overseas too. The US markets’ S&P 500 Index (INDEXSP: .INX) did even better, shooting up by more than 3% over the month just passed. This makes Magellan’s overall FUM growth, as well as the performance of its equity portfolios, look a bit sluggish by comparison.

This may be what is weighing on the Magellan share price today. At the current pricing, Magellan has a market capitalisation of $7.99 billion, a price-to-earnings (P/E) ratio of 30 and a dividend yield of 4.86%.

The post Magellan (ASX:MFG) share price slumps on FUM update appeared first on The Motley Fool Australia.

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• Own Magellan (ASX:MFG) shares? A $5b competitor could be hitting the ASX
• 2 quality ASX shares to look at this weekend
• Top brokers name 3 ASX shares to sell today
• BHP to sell assets to Woodside, Domain surges and Magellan crashes. Scott Phillips on Nine’s Late News

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 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) has bounced back strongly on Monday after sliding 1.10% to 7,440 within the first hour of trade.

At the time of writing, the ASX 200 is down 0.22% to 7,506 with weakness across energy and materials sectors partly offset by strength across tech, consumer discretionary and utilities.

While the market continues to chop back and forth in September, here are the ASX 200 shares marking new all-time highs today.

ASX 200 shares scoring fresh all-time highs on Monday

1. Carsales.Com Ltd (ASX: CAR)

The Carsales share price has been trending strongly since July, rallying 31% with only a few momentary pullbacks. Its added another 2.32% on Monday to a new all-time high of $25.97.

The move up today is consistent with the strength behind the S&P/ASX Information Technology (INDEXASX: XIJ) index, currently trading 0.85% higher.

The tech index is largely green across the board, headlined by gains from Afterpay Ltd (ASX: APT), Xero Limited (ASX: XRO) and Computershare Ltd (ASX: CPU).

2. IDP Education Ltd (ASX: IEL)

The IDP Education share price is one of few ASX 200 shares to stage a V-shaped recovery on the day of its earnings.

IDP shares dived 9.53% to $25.24 within the first few minutes of trade, before closing 1.72% higher at $27.90.

The company’s FY21 results seemed deserving of the initial selloff with revenue down 10% to $528.7 million and adjusted net profit after tax (NPAT) down 36% to $45 million.

The IDP share price rallied 14.2% since results day, marking a new all-time high of $32.72 on Monday.

3. Domino’s Pizza Enterprises Ltd. (ASX: DMP)

The Domino’s share price is on track to become one of the top performing ASX 200 shares this year, surging 78.5% year-to-date.

The company’s FY21 full-year results announcement on 18 August was a recent catalyst that helped its shares rally to new all-time highs.

Domino’s revealed well-rounded growth in FY21 with Group sales increasing 14.6% to $3.74 billion and NPAT surging 29.2% to $188.2 million.

Domino’s was pleased to announce that 285 new stores were opened during the period, reflecting a 10.7% increase in overall stores. This figure surpassed its previous target of between 7% to 9% within the next 3 to 5 years.

The post 3 ASX 200 shares hitting fresh all-time highs on Monday appeared first on The Motley Fool Australia.

More reading

• Up 15% in a month, the Carsales.com (ASX:CAR) share price hits record high
• How to turn $20,000 into $475,000 in 10 years with ASX shares
• These ASX 200 dividend shares slashed their payouts in August
• 3 quality ASX growth shares analysts rate as buys
• 3 ASX 200 shares hit new all-time highs this earnings season

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 Idp Education Pty Ltd. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and carsales.com 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 Wesfarmers Ltd (ASX: WES) share price is edging higher on Monday afternoon.

At the time of writing, the conglomerate’s shares are up 0.3% to $57.95.

This means Wesfarmers’ shares are now up a decent 12.5% since the start of the year.

Is the Wesfarmers share price still good value?

Unfortunately, one leading broker believes the Wesfarmers share price could have peaked for the time being.

According to a note out of Citi from last week, its analysts have retained their sell rating but lifted their price target slightly to $49.00.

Based on the current Wesfarmers share price, this implies potential downside of approximately 15.5% over the next 12 months.

What did the broker say?

While Citi notes that Wesfarmers delivered a result in line with its expectations in FY 2021, it has concerns about the year ahead. This is due to the company cycling a strong sales period and facing lengthy COVID-related store closures.

The broker commented: “Wesfarmers delivered an in line result, reporting $2,421 million in underlying NPAT for FY21. Store closures and cycling of a strong sales base presents challenges in FY22e.”

In addition, Citi highlights that Wesfarmers’ retail businesses are facing a number of headwinds.

It explained: “The result featured many topics familiar to retailers: supply-chain disruptions, rising freight and commodity costs, transition to online, and increasing investment in digital and automation.”

And while it was pleased with its capital return announcement, it simply isn’t enough for a more positive rating due to the current Wesfarmers share price valuation.

Citi concluded: “The company announced a $2.3 billion capital return program. We upgrade earnings and Target Price to $49.00 on better-than-expected result from Kmart Group but maintain Sell on valuation grounds.”

The post Broker gives its verdict on the Wesfarmers (ASX:WES) share price appeared first on The Motley Fool Australia.

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• These ASX 200 dividend shares increased their payouts this earnings season

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 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 Carsales.com Ltd (ASX: CAR) share price has jumped into the green again on Monday, reaching a new record high at $25.98.

It’s been a great few weeks for shares in the online automotive company, with the Carsales share price up almost 16% in the past month. In contrast, the S&P/ASX 200 index (ASX: XJO) has slipped 0.08% lower over the same period.

What are the tailwinds behind Carsales shares?

The Carsales share price has been on the move since the company reported its FY21 earnings in mid August.

In its report, Carsales recognised a 4% year on year increase in revenue, whereas earnings before interest, tax, depreciation and amortisation (EBITDA) grew 20% to $241 million.

This led to a net profit after tax (NPAT) of $131 million, a 9% increase from the year prior.

In addition, Carsales gave its dividend a 10% haircut from FY20, setting a final dividend payment of 22.5 cents per share.

Carsales dividend history 2010 – 2021

Source: The Motley Fool

Despite the dividend cut, Carsales’ shares have shown strengths on the chart, as investors look towards the company’s earnings growth instead.

The Carsales share price immediately shot up from $22.72 to $25.60 in the week following its FY21 earnings release, and has gained more than 14% from this event to date.

Carsales also completed the 49% acquisition of Trader Interactive in an announcement on 1 September.

Trader Interactive is a digital marketing corporation and a “provider of online market places and digital marketing products”.

Carsales advised that the acquisition was financed through a successful $600 million fully underwritten pro-rata accelerated renounceable entitlement offer and an “upsize” of the company’s existing debt facilities.

Given there has been no other market sensitive information for the company over the last month, it appears that investors are buying Carsales shares on the back of this momentum.

Carsales share price snapshot

The Carsales share price has climbed 31.3% into the green since January 1 and has gained 29.6% over the previous 12 months.

Both of these results have outpaced the S&P/ASX 200 index (ASX: XJO)’s return of around 25% over the past year.

The post Up 15% in a month, the Carsales.com (ASX:CAR) share price hits record high appeared first on The Motley Fool Australia.

More reading

• These ASX 200 dividend shares slashed their payouts in August
• 2 ASX shares shining this results season
• ASX 200 drops, Bendigo Bank sinks, JB Hi-Fi rises
• Here are the top 10 ASX shares today
• Carsales (ASX:CAR) share price records a modest rise on dividend slash

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 carsales.com 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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In all too regular news for shareholders, the A2 Milk Company Ltd (ASX: A2M) share price is having a bad day.

At the time of writing, shares in the company are trading for $5.70 – down 0.52%. For context, the S&P/ASX 200 Index (ASX: XJO) is currently 0.28% lower.

One possible reason may be the S&P Dow Jones Indices quarterly rebalance of ASX shares. S&P Dow Jones is a division of S&P Global Inc (NYSE: SPGI).

Let’s take a closer look.

ASX quarterly rebalance sees A2 Milk share price fall

Periodically, S&P will re-examine all shares in the ASX and will recalibrate their indices, like the S&P/ASX 200 Index (ASX: XJO) to reflect changes in the values of different companies.

Unfortunately for A2 Milk, it has been shunted out of the S&P/ASX 50 Index (ASX: XFL) due to its declining value. Energy giants AGL Energy Limited (ASX: AGL) and Ampol Ltd (ASX: ADL) were also booted out of the largest 50 public companies in Australia. Woolworths Group Ltd (ASX: WOW) also lost its place in the ASX 50 after its demerger with Endeavour Group Ltd (ASX: EDV).

For those paying close attention to the A2 Milk share price, today’s unceremonious withdrawal of the company from the ASX 50 shouldn’t come as much of a surprise. Over the last 12 months, shares in the New Zealand based dairy company have plummeted 66.2%. Year-to-date it’s a smaller but still disastrous 51.2% decline for A2 Milk shares.

The COVID-19 pandemic has hit the dairy company hard. The closure of Australia and New Zealand’s international borders closed off an extremely lucrative market for A2 Milk – the daigou channel.

According to the Cambridge English dictionary, a daigou is “someone who is outside China who buys goods for someone who lives in China.” Daigou buyers are usually, but not always, Chinese nationals who have travelled abroad for whatever reason. They purchase in demand goods in China that are not readily available in the People’s Republic and import them into the country at a premium. Another ASX listed company that has relied heavily on daigou channels in the past is Blackmores Limited (ASX: BKL).

Foolish takeaway

As Motley Fool has previously reported, expert opinion on the A2 Milk share price is very evenly divided. Bells Porter analysts say the company is a buy. Goldman Sachs, on the other hand, rates the company as a hold.

A2 Milk has a market capitalisation of approximately $4.3 billion.

The post Why the A2 Milk (ASX:A2M) share price is souring again today appeared first on The Motley Fool Australia.

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• A2 Milk and Zip were among the most traded ASX shares last week
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Motley Fool contributor Marc Sidarous owns shares of Endeavour Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended S&P Global. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia has recommended A2 Milk. 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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At the start of each week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.

This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Flight Centre Travel Group Ltd (ASX: FLT) has become the most shorted ASX despite its short interest falling to 10.1%. Short sellers are still holding onto their positions despite the travel agent revealing that it hopes to reach profitability again during FY 2022.
• Zip Co Ltd (ASX: Z1P) has seen its short interest rise slightly week on week to 9.8%. Rising costs and increasing competition appear to be why short sellers are targeting the buy now pay later provider. Not even takeover speculation has put them off.
• Webjet Limited (ASX: WEB) has seen its short interest fall to 9.7%. A positive trading update which revealed a significant improvement in its WebBeds performance may have spooked short sellers.
• Kogan.com Ltd (ASX: KGN) has short interest of 9.1%, which is up week on week again. Short sellers have been increasing their positions after the ecommerce company released a disappointing full year result.
• Electro Optic Systems Hldg Ltd (ASX: EOS) has 8.7% of its shares held short, which is down slightly week on week. Cash flow concerns have been weighing heavily on investor sentiment.
• Inghams Group Ltd (ASX: ING) has 8% of its shares held short, which is up week on week. Short sellers aren’t giving up on this one despite the poultry company extending its key supply contract with Woolworths Group Ltd (ASX: WOW).
• Piedmont Lithium Inc (ASX: PLL) has short interest of 7.9%, which is down slightly since last week. Short sellers appear to have concerns over its valuation and mining license approvals.
• Tassal Group Limited (ASX: TGR) has short interest of 7.8%, which is up week on week. Short sellers continue to target this seafood company amid weaker seafood pricing.
• Resolute Mining Limited (ASX: RSG) has short interest of 7.1%, which is up week on week. Short sellers have been increasing their positions after the gold miner reported a US$220 million half year loss.
• Cooper Energy Ltd (ASX: COE) is a new entry in the top ten with 7% of its shares in the hands of short sellers. This appears to have been driven by the poor performance of its Project Sole. Its underperformance meant Cooper had to purchase gas on market to meet contract obligations.

The post These are the 10 most shorted ASX shares appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Electro Optic Systems Holdings Limited, Kogan.com ltd, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Electro Optic Systems Holdings Limited, Kogan.com ltd, and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel 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 Pan Asia Metals Ltd (ASX: PAM) share price is surging again today, up 23% in afternoon trading to 63 cents per share.

Below, we take a look at the ASX critical metals explorer’s capital raising announcement issued this morning after the company exited a trading halt.

What did the lithium explorer announce?

Pan Asia Metals is rocketing higher after the company reported it has completed a $6 million private placement capital raising. Institutional and sophisticated investors took up 15 million shares at an issue price of 40 cents per share.

Viriathus Capital acted as Lead Manager.

Pan Asia Metals said it intends to raise an additional $2 million via a Share Purchase Plan (SPP). Under the SPP, existing shareholders will be offered shares at the same price of 40 cents. That’s well below the Pan Asia Metals’ current share price of 63 cents.

The company plans to use the new funds to accelerate exploration activities at its Reung Kiet and Kata Thong lithium projects, both located in Thailand.

Commenting on the capital raising, Pan Asia Metals’ managing director Paul Lock said:

The success of the placement sends a strong message that we are on the right track. Our aim is to build a suite of low cost battery and critical metal projects which provide PAM an option to extend beyond the mine gate and value add; we believe the Reung Kiet and Kata Thong lithium projects will help us achieve this.

Pan Asia Metals share price snapshot

The Pan Asia Metals share price has been on fire over the past few weeks.

And that’s no exaggeration.

Shares have soared 313% since 27 August. That brings Pan Asia Metal’s gains for 2021 to a whopping 343%, dwarfing the 12% gains posted by the All Ordinaries Index (ASX: XAO) during that same time.

ASX investors have been snapping up shares following the company’s lithium project update on 31 August and a positive results update on 1 September.

The post Up 265% in 5 days, why the Pan Asia Metals (ASX:PAM) share price is rocketing 23% today appeared first on The Motley Fool Australia.

More reading

• Pan Asia Metals (ASX:PAM) share price soars another 53% following results update
• Pan Asia Metals share price soars 130% on lithium project update

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 Brickworks Limited (ASX: BKW) share price is rising on Monday after giving investors a FY21 profit update.

Earlier today, Washington H. Soul Pattinson and Co. Ltd gave an update about its consolidated regular FY21 profit expectations. Soul Patts expects regular profit to be in the range of $316 million to $336 million.

Brickworks noted that this will have a flow on effect to its reported consolidated net profit after tax for FY21, through its equity accounted profit of its 39.4% shareholding in Soul Patts.

The uplift for Soul Patts is expected to add to Brickworks’ statutory after tax profit in the range of $64 million to $72 million.

Brickworks said these figures are preliminary and subject to audit.

What was in the Soul Patts’ profit update?

The investment conglomerate said that its key drivers of success are growth in the capital value of the portfolio as well as a growing yield. Earnings are not considered to be a key indicator, but there has been a range of factors that have had a material impact on the profit:

New Hope Corporation Limited (ASX: NHC) disclosed in its quarterly report ending 31 July 2021 that it expects earnings before interest, tax, depreciation and amortisation (EBITDA) to be $372 million for FY21. This is primarily as a result of thermal coal prices being at a 10-year high.

Soul Patts also said that Brickworks’ own trading update highlighted that it expects record earnings from its property division, driven by the continued increase in the value of the property trust.

The third and final positive from the Soul Patts update was Round Oak, a base metal mining company, which is wholly owned by the investment conglomerate. Round Oak expects to generate a regular FY21 net profit after tax in the range of $64 million to $68 million. This was described as a “significant improvement” on the FY20 loss of $43 million as commodity prices, being mostly zinc and copper, improved and the company moved from development to production at a number of its mines.

However, these higher profit contributions will be offset by a lower contribution from TPG Telecom Ltd (ASX: TPG). Following the merger of TPG and Vodafone in July 2020, Soul Patts no longer equity accounts it share of TPG’s net profit after tax. Soul Patts only received one dividend from TPG amounting to $18 million in FY21, compared to the equity accounted profit of $72 million in FY20.

Soul Patts also noted that the statutory profit in FY21 will be materially lower because FY20 included a one-off accounting gain of $1.05 billion after the derecognition of TPG as an equity accounted associate. That large one-off gain will not be repeated in FY21.

The post Here’s why the Brickworks (ASX:BKW) share price is lifting on Monday appeared first on The Motley Fool Australia.

More reading

• Soul Patts (ASX:SOL) share price slips on FY21 earnings update
• ASX 200 rises, TechnologyOne climbs, Milton up
• 3 reasons why Soul Patts (ASX:SOL) could be a great share to own
• ‘Price makers’: 2 ASX shares to protect against inflation
• The Brickworks (ASX:BKW) share price is now trading on a forecast 2.5% fully franked dividend yield

Motley Fool contributor Tristan Harrison owns shares of Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks and Washington H. Soul Pattinson and Company Limited. 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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The Premier Investments Limited (ASX: PMV) share price is dancing around at the start of the week.

At the time of writing, shares in the specialty retailer are trading 0.57% higher to $28.30. However, the share price has been 0.21% down in earlier trade.

Here’s a look at what is weighing on the minds of shareholders today.

Filling the shoes earlier than expected

Monday is shaping up to be an interesting start to the week for the Premier Investments share price. This coincides with the official start of the company’s recently appointed Premier Retail CEO, Richard Murray.

Murray’s appointment was originally announced on 28 April this year. It was a bittersweet moment, as it meant JB Hi-Fi Limited (ASX: JBH) shareholders were losing a key person instrumental in the recent successes of the retail business.

At first, Murray was aligned to start his new position at Premier on 4 October 2021. However, shareholders won’t need to wait around that long now, with the executive’s new role at Premier Investments kicking off today.

Meanwhile, all other terms of the new CEO will remain unchanged as he officially starts a new journey. Murray replaces previous Premier Retail CEO Mark McInnes, who decided to step down in January after 10 years of service.

As Retail CEO, Murray will be responsible for leading the Premier Investments brand portfolio. This includes The Just Group, Smiggle, Portmans, Just Jeans, Peter Alexander, and JayJays.

While Premier has been performing strongly, undoubtedly shareholders are hoping Murray can build upon this momentum. According to its June trading update, total global sales for the first 18 weeks of 2H21 were up 70% on the same period in 2H20.

Premier Investments share price snapshot

It has been a year of exceptional performance for the Premier Investments share price. In the past 12 months, shares in the retailer have gained 50%. In contrast, the S&P/ASX 200 Index (ASX: XJO) has climbed 26% higher.

For comparison, the JB Hi-Fi share price is down 7% over the past 12 months.

The post Premier Investments (ASX:PMV) share price moves as new retail CEO takes charge appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments 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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