Tyro Payments Ltd (ASX: TYR) and SeaLink Travel Group Ltd (ASX: SLK) shares will be in focus this week. 

This is because, after market close last Friday, both companies were named as joining the exclusive S&P/ASX 200 Index (ASX: XJO) club later this month.

Tyro and SeaLink Travel stocks will enter the index before market open on Monday 20 September.

Aside from the glory, the move could have a material impact on share price for the payments and transport companies.

That can happen due to passive funds that follow the ASX 200 being forced to buy Tyro and SeaLink shares. And when demand rises, so can the price.

Tyro leaves its troubles behind

It’s a stunning turnaround for Tyro, which saw its stock price plummet back in January when thousands of its card payment terminals failed. 

That episode forced the company to physically collect “bricked” devices for repair, as they couldn’t fix the bug remotely.

To rub salt into the wound, a short seller then released a stinging rebuke that claimed Tyro was under-reporting the number of affected clients. That instantly cut 12% off the share price before a trading halt was called.

The reputational damage from that disaster now seems to be a distant memory. The share price has gained a net 12.3% over the past 12 months.

Tyro did not comment on its inclusion in the ASX 200.

SeaLink caps off a stunning year

SeaLink had a more linear path leading to its admission into the ASX 200.

Despite COVID-19 pressures, a mix of organic and acquisition growth has sent its stock price 77.7% upwards over the past 12 months.

“Securing a place in the ASX 200 is recognition of the dedicated commitment and collective effort from everyone at SeaLink,” said SeaLink chief executive Clint Feuerherdt.

“Being part of the ASX 200 will provide greater investor exposure, expanded access to capital and a new peer group that will drive us to even higher levels of performance, governance and professionalism.”

Feuerherdt credited the company’s takeover of Transit Systems bus company for diversifying its revenue sources.

“The Transit Systems acquisition has enabled us to reposition the business to be underpinned by approximately 90% contracted and non-discretionary essential transport services.”

“From a mining site, or metropolitan city, to a suburban school run or remote island ferry connection, we understand our customers’ needs and we work tirelessly to deliver efficient and intelligent services tailored to each community that we serve.”

The post Why Tyro (ASX:TYR) and SeaLink (ASX:SLK) share prices could be moving up appeared first on The Motley Fool Australia.

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• ASX 200 Weekly Wrap: ASX puts earnings season to bed with another rise
• ASX quarterly rebalance: A2 Milk dumped from ASX 50, Nuix kicked out of ASX 200
• 5 things to watch on the ASX 200 on Monday
• 2 ASX shares that may be worth looking at this weekend

Motley Fool contributor Tony Yoo 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 Tyro Payments. 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 Paladin Energy Ltd (ASX: PDN) share price continues its recent momentum, surging 8.33% in early trade on Monday.

At the time of writing, the uranium miner’s share price is up 5.13% at 82 cents a share.

Here’s what might be driving the Paladin Energy share price to fresh multi-year highs.

Surging uranium prices

Uranium prices bounced back to a six-year high of US$35/lb last week.

This witnessed broad-based buying across the ASX uranium sector, from large cap players like Paladin Energy to small cap explorers such as Boss Energy Ltd (ASX: BOE), Deep Yellow Limited (ASX: DYL) and Peninsula Energy Ltd (ASX: PEN).

To capitalise on recovering uranium prices, Paladin Energy is looking to restart operations at its “globally significant” Langer Heinrich Mine located in Nambia.

The project began producing uranium back in 2007 with a peak production of 5.6 million lbs in 2014, before transitioning into care and maintenance in August 2018 due to the sustained low uranium price.

Paladin Energy successfully raised $192.5 million back in March to prop up its balance sheet in preparation for Langer Heinrich’s restart.

During FY21, Paladin Energy kicked off its mine restart plans, progressing “critical-path elements” such as mine optimisation, the appointment of key contractors and a high-level project delivery schedule.

In Paladin Energy’s annual report to shareholders, CEO Ian Purdy said:

At the Langer Heinrich Mine we continue to focus on the continued de-risking of the mine restart. We continue to engage with global nuclear energy utilities to secure long term contracts to underpin the restart of the Langer Heinrich Mine and ensure the project, when re-started, will deliver significant economic benefit to all of our shareholders.

Paladin Energy share price joins the ASX 300

Paladin Energy will be making its well-deserved entry into the S&P/ASX 300 (INDEXASX: XKO) on 20 September.

Shares in the uranium producer have surged 67% in the past month and 239% year-to-date thanks to a jump in spot prices.

The post Why the Paladin Energy (ASX:PDN) share price is up 5% on Monday appeared first on The Motley Fool Australia.

More reading

• Guess which sector last week’s top performing ASX shares come from
• ASX uranium shares are booming this week. Here’s why.
• Up 50% this week, the Paladin Energy (ASX:PDN) share price is booming. Here’s why.
• Which ASX shares are set to finish the week as the top movers on the ASX 300?
• Which ASX 300 shares are the biggest winners and losers on Thursday?

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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There are a few ASX growth shares that are top candidates for potential growth and may represent good value.

Businesses inn the technology space can be particularly attractive potential ideas because of the low cost of adding additional subscribers or users.

The below two could be worth looking at:

ELMO Software Ltd (ASX: ELO)

ELMO offers cloud-based solutions for small and medium organisations to manage their people, processes and pay. It operates in Australia, New Zealand and the UK. It generates revenue under a software as a service (SaaS) model.

The business offers a number of modules, allowing it sell more services to the same client. It makes the client more valuable to ELMO and increases the value of ELMO to the client.

ELMO just released another module called COVIDsecure, which enables businesses to track employees’ vaccination and test status. The company pointed out that many businesses have announced they will be mandating vaccinations among their workforce.

The ASX growth share saw substantial growth in FY21. Revenue increased by 38.1% to $69.1 million, whilst annualised recurring revenue (ARR) went up 52.1% to $83.8 million. Cash receipts increased 38.8% to $79.8 million. It generated $0.3 million of earnings before interest, tax, depreciation and amortisation (EBITDA), which was an increase of $3.3 million.

In FY22, ELMO is expecting more growth. Revenue is expected to reach between $90.5 million to $95.5 million. EBITDA is expected to be between $1 million to $6 million. ARR is predicted by the company to rise to a range of $105 million to $111 million.  

Class Ltd (ASX: CL1)

Class is a cloud accounting software business that predominately serves the self-managed superfund (SMSF) sector.

The business has also used an acquisition strategy to grow in the corporate compliance sector. In this segment it has NowInfinity, Smartcorp, Reckon Docs and Topdocs. This gives the ASX growth share the opportunity to diversify its earnings and grow its client relationships.

Class saw FY21 operating revenue and other income increase by 25% to $54.9 million and underlying EBITDA increased 15% to $21.9 million. It maintained its underlying EBITDA margin of 40%, in line with its guidance.

The ‘roll forward revenue’ at 30 June 2021 was $59.8 million, an increase of 21.5%.

Class is thinking about its ongoing growth. It pointed out that it has funded four acquisitions that added to earnings through cash and debt to minimise dilution for shareholders. Management said the balance sheet is “very healthy” and free cash flow from operations is increasing as the business grows and achieves economies of scale.

The ASX growth share has identified a number of further opportunities to grow through acquisition.

Class is currently rated as a buy by the broker Ord Minnett with a price target of $2.40. That suggests the Class share price could rise by 30% over the next 12 months if the broker is right.

The post 2 top ASX growth shares that could be buys appeared first on The Motley Fool Australia.

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• 3 ASX growth shares that analysts love
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• ELMO (ASX:ELO) share price tipped to jump 54% higher from here
• The ASX reporting wrap-up: Suncorp, Transurban, ELMO
• Why ELMO, Flight Centre, Northern Star, & Regis shares are dropping

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. owns shares of and has recommended Elmo Software. The Motley Fool Australia owns shares of and has recommended Class Limited and Elmo Software. 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 is heading south on Monday morning. This comes after the energy giant provided an update on its proposed merger with Oil Search Ltd (ASX: OSH).

At the time of writing, Santos shares are swapping hands for $6.17, down 1.28%.

What’s sending the Santos share price lower?

In today’s release, Santos advised it has agreed with Oil Search to extend the due diligence period for another week.

Early last month, Santos increased its offer to acquire Oil Search shares under a revised merger proposal.

The offer put forward for Oil Search shareholders to receive 0.6275 new Santos shares for each Oil Search share held. This is a slight increase from the earlier rejected proposal that presented 0.589 per Santos share for every Oil Search share owned.

As a result, Oil Search shareholders will own roughly 38.5% of the merged group, as opposed to 36.9% in the original offer. Santos shareholders will control the remaining 61.5%.

In monetary terms, the transaction translates to a price of $4.29 for each Oil Search share based on the closing price of Santos and Oil Search shares on July 19 (the day prior to disclosure of the first proposal).

While exclusive mutual due diligence is being conducted, both companies have until 13 September to proceed on the deal.

If successful, the Oil Search board will recommend its shareholders to vote in favour of the revised merger proposal.

Both Santos and Oil Search are pushing to become the ASX’s largest oil and gas company and a top 20 global player.

The super-company would effectively hold a diversified portfolio of long-life and low-cost assets with significant growth options.

No doubt this could have a positive effect on the Santos share price in the future.

About the Santos share price

The Santos share price has been moving in circles in 2021, slipping 4% over the last 9 months. While generally flat for the period, when looking from this time last year, the company’s shares have gained almost 18%.

On valuation metrics, Santos commands a market capitalisation of roughly $13 billion, with more than 2 billion shares outstanding.

The post Why the Santos (ASX:STO) share price is edging lower today appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• How does the Santos (ASX:STO) dividend compare to the energy sector?
• 5 things to watch on the ASX 200 on Friday
• ASX energy shares on watch after OPEC’s latest move
• 5 things to watch on the ASX 200 on Thursday

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 Hansen Technologies Ltd (ASX: HSN) share price is taking a dive to the downside today.

This follows news that private equity firm BGH Capital has withdrawn its previous acquisition proposal for the billing technology company.

In early morning trade, the Hansen share price is trading 13.13% lower to $5.36.

Why is the Hansen share price on the move today?

Investors have decided to jump the Hansen ship on Monday morning after the company notified shareholders that its previous acquisition proposal from BGH Capital has been withdrawn.

According to the release, BGH Capital has informed Hansen that it has decided to withdraw its unsolicited proposal to acquire the billing company. As a result, all discussions pertaining to the proposal have ceased.

This decision has followed the conclusion of BGH’s extensive due diligence. Interestingly, the private equity firm did not specify any specific details as to why it has withdrawn from the proposal.

In fact, BGH appeared to remain positive on the company. The release stated, “BGH Capital has advised the company that it continues to see Hansen as a highly effective organisation with an outstanding management team and strong prospects.”

Additionally, BGH reported no issues that Hansen considers material in its current operations and strategy.

Despite this news, it looks as though investors are concerned about the latest announcement, sending the Hansen share price lower. There seems to be a lingering worry: why has the offer been withdrawn if there isn’t a material issue?

Furthermore, Hansen Chairman David Trude responded to the news, stating:

The Hansen business continues to go from strength to strength. We were particularly pleased with the strategic customer wins during the year including Telefonica, DISH, Western Power and Nautilus Solar. Significant new business wins, coupled with a continued focus on our aggregation strategy, reinforce our commitment to, and confidence in, our long-term revenue target of $500 million in FY25.

Original acquisition proposal

Originally, BGH Capital put forward a conditional non-binding proposal for 100% of Hansen at a price of $6.50 cash per share. This offer was made on 7 June 2021 which sent the Hansen share price skyrocketing by 22%.

At the time, all the directors of Hansen intended to unanimously recommend the proposal except for CEO Andrew Hansen. For reference, Mr Hansen holds ~17.5% of the Hansen shares on issue, amounting to approximately $216.3 million in value.

Finally, based on the Hansen share price, the company commands a $1.2 billion market capitalisation.

The post Hansen (ASX:HSN) share price sinks 13% after withdrawn acquisition proposal appeared first on The Motley Fool Australia.

More reading

• Hansen Technologies (ASX:HSN) share price takes off on record FY21 results

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. owns shares of and has recommended Hansen Technologies. 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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If the wall or worry wasn’t already high enough for S&P/ASX 200 Index shares, speculation about what the Reserve Bank of Australia (RBA) will say about tapering is adding to the angst.

The RBA indicated in previous meetings that it will scale down its purchases of government bonds.

Economists are divided on whether our central bank will follow through at a time when the COVID-19 delta strain is playing havoc with the economy.

Risk of taper tantrum to hit ASX 200 shares

The purchase of government bonds is part of the RBA’s quantitative easing (QE) program. QE has injected massive liquidity into the financial system and pushed ASX 200 shares to record highs.

Any talk of tapering the bond purchases could heighten any bouts of volatility on the market.

And it appears the RBA will be forced to say something about its QE program when the board meets tomorrow for their monthly meeting to decide on interest rates. The RBA has essentially reached its target to buy $200 billion in federal and state bonds.

Economists divided on QE tapering

RBA Governor Philip Lowe explicated said in previous monthly meetings that the central bank will lower bond purchases to $4 billion a week from $5 billion.

The economists at three of the big four ASX banks believe the RBA will defer the taper, at a minimum, reported the Australian Financial Review.

These banks as the Australia and New Zealand Banking GrpLtd (ASX: ANZ), Westpac Banking Corp (ASX: WBC) and Commonwealth Bank of Australia (ASX: CBA).

ASX 200 shares to get $1bn booster shot: Westpac

Westpac is going a step further. It reckons QE could be increased to $6 billion a week as delta shuts down two of our biggest states.

Nearly all experts are bracing for a contraction in the Australian economy for the September quarter. This complicates the RBA’s task of striking the right balance in deciding how much support is too much.

Balancing act

National Australia Bank Ltd. (ASX: NAB) is the only one of the big ASX banks that believes the RBA will keep to its earlier promise.

If the country reopens as we close in to the 80% vaccination rate, Australia’s GDP will probably stage a strong rebound in the December quarter.

“If they delay then it will be about managing downside risks,” the AFR quoted ANZ head of Australian economics David Plank as saying.

“If they don’t it will be because of the positive forecast for 2022. Of course, historically relying on their forecasts to guide policy hasn’t gone well for the RBA – which is why they have shifted to looking at what is actually happening for the cash rate moves at least.”

Tomorrow’s RBA meeting might be that much more exciting for ASX investors.

The post Will ASX 200 shares be rocked by RBA taper talk tomorrow? appeared first on The Motley Fool Australia.

More reading

• ASX 200 bank shares fall as AUSTRAC says risk of criminal activity is ‘high’
• Why Tyro (ASX:TYR) and SeaLink (ASX:SLK) share prices could be moving up
• Analysts name 2 ASX 200 dividend shares to buy
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• Is the NAB (ASX:NAB) share price a buy for its 6.6% dividend yield?

Motley Fool contributor Brendon Lau owns shares of Australia & New Zealand Banking Group Limited, Commonwealth Bank of Australia, National Australia Bank Limited, and 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 Fortescue Metals Group Limited (ASX: FMG) share price is the worst performer on the S&P/ASX 200 Index (ASX: XJO) on Monday by some distance.

At the time of writing, the iron ore giant’s shares are down a sizeable 11% to $18.59.

This latest decline means that the Fortescue share price is now down 30% from the record high of $26.58 it reached at the end of July.

Why is the Fortescue share price crashing lower?

The good news for shareholders is that the weakness in the Fortescue share price on Monday has nothing to do with its operations or the iron ore price. In fact, the latter rose 3.8% on Friday night.

Rather, this sizeable decline has been driven by the company’s shares going ex-dividend this morning for its upcoming final dividend payment.

When a share trades ex-dividend, it means it is trading without the rights to an impending dividend payment. As a result, a share price will usually drop in line with the dividend amount to reflect the fact that new buyers of the shares will not be receiving it.

The Fortescue dividend

In the case of Fortescue, last month the mining giant released its full year results for FY 2021 and declared a massive fully franked $2.11 per share final dividend.

This huge payout is reflective of its strong shipments, low costs, and sky high iron ore prices, which underpinned bumper free cash flows during the 12 months.

Based on the Fortescue share price at Friday’s close, this final dividend represented a 10% dividend yield. Which explains why its shares are falling so heavily today.

Eligible shareholders can now look forward to receiving this dividend in their bank accounts in a touch over three weeks on 30 September. Unless of course they are taking advantage of the company’s dividend reinvestment plan.

The post Why the Fortescue (ASX:FMG) share price is crashing 11% today appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• Top brokers name 3 ASX shares to sell next week
• Why the Fortescue (ASX:FMG) share price has underperformed the ASX 200 in the last year
• Fortescue (ASX:FMG) share price under pressure as iron ore slides to 7-month low
• This leading broker tips Fortescue Metals (ASX:FMG) share price to rise by 42%

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 Pilbara Minerals Ltd (ASX: PLS) share price is dropping on Monday morning.

At the time of writing, the lithium miner’s shares are down 7% to $2.10.

Why is the Plibara Minerals share price dropping?

The weakness in the Pilbara Minerals share price on Monday has been driven by news that one of its major shareholders has sold its stake.

According to an announcement out of Mineral Resources Limited (ASX: MIN), the mining and mining services company has decided to exit its shareholding. It held a 5.4% stake prior to selling its holding via a fully underwritten accelerated block trade offered to institutional investors.

The release explains that Mineral Resources raised gross pre-tax proceeds of approximately $328 million from the sale.

Why is Mineral Resources selling its stake?

Mineral Resources was very pleased with the Pilbara Minerals share price performance since its investment in 2016 but felt now was the time to cash in and use these funds internally.

It explained: “MRL is delighted with the share price value delivered by Pilbara Minerals’ development of Pilgangoora but believes it is time to redirect this investment into the Company’s own growth projects, including in the hard-rock lithium and iron ore sectors.”

Mineral Resources became a substantial shareholder in the company as part of an agreement to relinquish offtake rights and a royalty that the company held over Pilbara Minerals’ Pilgangoora project.

What now for Pilbara Minerals’ shares?

Given how Mineral Resources knows the lithium industry extremely well, investors may be concerned that this sale signifies the top for the Pilbara Minerals share price. At least in the near term.

While that may prove to be the case, one leading broker still sees decent upside for its shares.

A note out of Macquarie from late last month reveals that its analysts have an outperform rating and $2.70 price target on the company’s shares.

Based on where Pilbara Minerals’ shares are trading now, this implies potential upside of 35% over the next 12 months.

The post Why the Pilbara Minerals (ASX:PLS) share price is sinking 7% on Monday appeared first on The Motley Fool Australia.

More reading

• How is the Pilbara Minerals (ASX:PLS) share price performing against its sector?
• Here are the 3 heaviest traded ASX 200 shares this Friday
• ASX 200 midday update: TechnologyOne hits record high, lithium miners rise
• The Pilbara Minerals (ASX:PLS) share price is up 5% on Friday
• Here’s why the Pilbara Minerals (ASX:PLS) share price is up 25% in a month

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 Pro Medicus Limited (ASX: PME) share price is under pressure on Monday.

At the time of writing, the healthcare technology company’s shares are down 5% to $59.00.

Despite this, Pro Medicus’ shares are still up 68% in 2021.

Why is the Pro Medicus share price tumbling?

The weakness in the Pro Medicus share price today appears to have been caused by a broker note out of Goldman Sachs.

According to the note, the broker has downgraded the company’s shares to a sell rating with a slightly reduced price target of $54.00.

Based on the current Pro Medicus share price, this represents further potential downside of 8.5% over the next 12 months.

Why did the broker downgrade its shares?

Goldman Sachs made the move on valuation grounds, believing it is hard to justify the premium the Pro Medicus share price is trading on.

Goldman explained: “Whilst we saw nothing in the FY21 result to discourage an existing positive view, we also failed to see sufficient positive surprise to justify such a strong share price reaction (+15% vs. ASX200 -1%). If valuation were no consideration, we would still be Buy-rated, reflective of a market-leading product and strong, frequent validation from a stellar customer list.”

“However, in our sector-relative framework, we do not have sufficient visibility that recent win-rates can be sustained (we believe there are fewer, large opportunities addressable in the near-term), and, if growth tapers beyond FY22E (as currently forecast), we believe the market will increasingly struggle to justify current levels (63x NTM sales; +14% CAGR FY22-25E),” it added.

In addition, the broker notes that momentum from competitors has been improving.

The broker explained: “Whilst primarily a call on valuation, we note that recent momentum from competitors has been improving, and also that, after an extended period of success, the natural runway of top-tier institutions is shortening (now in 9 of top 20 hospitals, the channel in which Visage 7 is most beneficial).”

The post Pro Medicus (ASX:PME) share price down 5% on broker downgrade appeared first on The Motley Fool Australia.

More reading

• Top performing ASX 200 healthcare shares in August
• Here’s why the Pro Medicus (ASX:PME) share price is up 78% this year
• 3 of the best ASX results from week three of reporting season
• These were the best performing ASX 200 shares last week
• Top brokers name 3 ASX shares to sell today

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 Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus 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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Shares in Core Lithium Ltd (ASX: CXO) have been soaring over the last 7 days, despite no news from the company.

The Core Lithium share price has surged 7.8% since last Monday. Right now, Core Lithium’s shares are swapping hands for 34.5 cents apiece.

Let’s take a look at what has the market so enthused about the lithium exploration company.

What’s been happening lately?

The Core Lithium share price has performed well over the past 7 days despite the company’s silence.

The last time we heard news from Core Lithium was on 13 August, when it announced the details of a $15 million share purchase plan.

The funds raised will go towards exploration, development, and construction at the company’s Finniss Lithium Project.

The share purchase plan follows from Core Lithium’s $91 million institutional placement, which it announced was successful on 11 August.

Under the share purchase plan, Core Lithium shareholders can increase their holdings in the company for 31 cents per additional share.

The share purchase plan was set to close last Thursday. However, the company hasn’t confirmed if that was still the case.

Additionally, Core Lithium had pencilled in its plans to release the share purchase plan’s results tomorrow. Only time will tell if it does.

The Core Lithium share price isn’t alone in enjoying gains recently. Many of its lithium peers’ stock has soared over the last 7 days.

The Pilbara Minerals Ltd (ASX: PLS) share price has gained 5% since this time last week, as has that of Piedmont Lithium Inc (ASX: PLL). While Orocobre Limited (ASX: ORE) is 12% higher.

Core Lithium share price snapshot

Core Lithium’s shares are currently trading for 102% more than they were at the start of 2021. They’ve also gained a whopping 762% since this time last year.

The post The Core Lithium (ASX:CXO) share price has gained 8% in a week appeared first on The Motley Fool Australia.

More reading

• Why ASX lithium shares are having a bumper start to the week
• Why Core Lithium, IRESS, Lake Resources, & Rhinomed are storming higher
• Core Lithium (ASX:CXO) share price rockets 20% on capital raising efforts
• Why the Core Lithium (ASX:CXO) share price remains frozen today
• Why is the Core Lithium (ASX: CXO) share price halted?

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 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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