If you’re wanting to boost your portfolio with some high yield dividend shares, then the two listed below could be worth considering.

Here’s what you need to know about these ASX dividend shares:

BHP Group Ltd (ASX: BHP)

If you’re not opposed to investing in the resources sector, then the Big Australian could be a top option. Especially given its high quality, low cost, and diverse operations and favourable commodity prices.

As readers will no doubt be aware, the iron ore price has been on fire over the last 12 months and is currently trading within sight of record highs. In addition to this, oil prices have just hit three-year highs and have been tipped to keep climbing.

All in all, based on BHP’s cost guidance, it is generating significant free cash flow based on current spot prices. And given the strength of its balance sheet, this bodes well for dividends in the near term.

Analysts at Macquarie are very positive on BHP and are expecting a record second half result in August. The broker currently has an outperform rating and $63.00 price target on its shares.

As for dividends, it is forecasting dividends of ~$4.05 per share in FY 2021 and ~$3.68 per share in FY 2022. Based on the current BHP share price of $48.22, this will mean fully franked yields of 8.4% and 7.6% over the next two years.

Super Retail Group Ltd (ASX: SUL)

Another ASX dividend share to consider is Super Retail. It is the retail conglomerate behind the BCF, Macpac, Rebel, and Supercheap Auto brands.

Super Retail’s businesses have been performing particularly positively in FY 2021 thanks to a favourable redirection in consumer spending. With international travel off the cards, consumers have been spending heavily in other categories, leading to stellar sales and profit growth.

For example, during the first 44 weeks of FY 2021, the company’s like for like sales were up 28% over the prior corresponding period. In addition, Super Retail’s elevated gross margin remained stable since the end of the first half.

Goldman Sachs is positive on Super Retail and is tipping it to reward shareholders with a special dividend this year. It is forecasting an 84 cents per share fully franked dividend for FY 2021. Based on the latest Super Retail share price of $12.74, this represents a 6.6% yield.

Goldman Sachs currently has a buy rating and $15.00 price target on its shares.

The post These high yield ASX dividend shares could be buys appeared first on The Motley Fool Australia.

More reading

• BHP (ASX:BHP) share price caught between bulls and bears in June
• Why this broker thinks the BHP (ASX:BHP) share price can storm higher
• ASX 200 up 0.5%: Telstra asset sale, AGL demerger, Nuix crashes again
• Why this expert thinks commodities are about to rally again
• BHP (ASX:BHP) announces first deal in thermal coal selloff

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 Super Retail Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3Ak6LmI

On Thursday the S&P/ASX 200 Index (ASX: XJO) started the new financial year in a disappointing fashion. The benchmark index fell 0.6% to 7,265.6 points.

Will the market be able to bounce back from this on Friday? Here are five things to watch:

ASX 200 expected to rebound

The Australian share market looks set to end the week on a positive note. According to the latest SPI futures, the ASX 200 is expected to open the day 31 points or 0.4% higher this morning. This follows a solid night on Wall Street which saw the Dow Jones rise 0.4%, the S&P 500 climb 0.5%, and the Nasdaq push 0.1% higher.

Oil prices storm higher

Energy producers including Santos Ltd (ASX: STO) and Woodside Petroleum Limited (ASX: WPL) could have a strong day after oil prices stormed higher overnight. According to Bloomberg, the WTI crude oil price is up 2% to US$74.96 a barrel and the Brent crude oil price is up 1.2% to US$75.51 a barrel. Demand hopes have driven oil prices to three-year highs.

IDP Education acquisition

The IDP Education Ltd (ASX: IEL) share price will be one to watch on Friday after announcing a new acquisition. The language testing company has entered into a binding agreement to acquire 100% of the British Council’s Indian International English Language Testing System (BC IELTS India) operations for 130 million pounds on a debt free, cash free basis. The company will fund the acquisition from existing cash and debt. Post transaction, IDP Education will be the sole distributor of IELTS in the key Indian market.

Lendlease remains a buy

The Lendlease Group (ASX: LLC) share price is still in the buy zone for Goldman Sachs despite its guidance downgrade. According to a note, the broker has retained its conviction buy rating but trimmed its price target to $15.53. It said: “Although LLC now expects to fall well short of consensus and GS expectations for FY21E, today’s market update provided confirmation that investor demand for its urban renewal development product remains strong.”

Gold price rises

Gold miners Newcrest Mining Ltd (ASX: NCM) and St Barbara Ltd (ASX: SBM) could end the week on a high after the gold price pushed higher. According to CNBC, the spot gold price is up 0.3% to US$1,776.70 an ounce. Traders were buying the precious metal amid concerns over the Delta variant of COVID-19.

The post 5 things to watch on the ASX 200 on Friday appeared first on The Motley Fool Australia.

More reading

• ASX 200 drops, Zip rises, Cettire up
• The 5 worst performing shares of the ASX 200 in FY21 revealed
• Here are the 3 most traded ASX 200 shares on the market today
• IDP Education (ASX:IEL) share price on watch after announcing major acquisition
• Why Lendlease, Marley Spoon, Reece, & Woolworths shares are sinking

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 Idp Education Pty Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3jvER1b

The S&P/ASX 200 Index (ASX: XJO) dropped by 0.7% today to 7,266 points.

Here are some of the highlights from the ASX:

Zip Co Ltd (ASX: Z1P)

The Zip share price rose by 1.7% today after the announcement of a partnership with Propell Holdings Ltd (ASX: PHL).

It was announced that Zip would launch as the first buy now, pay later product on the Propell platform.

Propell said that a key strategy for the business is to strengthen its transactional product to allow customers to accept all standard payment types from their end customers, including credit cards, debit and now BNPL through the Propell platform.

Propell said this provides greater flexibility in getting paid so they improve the user experience with their end customers, and improve their own cashflow.

The CEO of Propell, Michael Davidson, said:

I am delighted to be announcing our first BNPL product in partnership with Zip which we anticipate will attract new customers to the platform and underpin improved margins in our transactions business. A key focus at Propell, is to help our customers to better manage their finances and in particular their cashflow, and the Zip BNPL product will immediately enable these improvements with their up-front payments solution.

Cettire Ltd (ASX: CTT)

The Cettire share price rose around 5% after announcing that it was expanding into children’s wear segment through a new website vertical.

The company currently has access to more than 6,000 children’s wear products and will seek to expand its range over time.

Cettire founder and CEO Dean Mintz said:

The children’s wear category is an attractive adjacent segment in the luxury appeal industry. We are excited by the expansion of Cettire into children’s wear and see excellent growth prospects for this category.

Having rapidly scaled Cettire over the past three years, our expansion into children’s wear is a natural expansion of our range. It increases Cettire’s addressable market, whilst also providing scope to grow share of spend with existing customers and introduce new potential customers to Cettire’s online luxury goods platform. We continue to assess further opportunities to expand our addressable market and our expansion into children’s wear highlights the inherent scalability of our business model, which does not require inventory investment.

The children’s wear range is now live, with shipping available to more than 50 markets.

REA Group Limited (ASX: REA)

REA announced that it has completed the acquisition of Mortgage Choice Limited (ASX: MOC)

The takeover the ASX 200 share of $1.95 per share translates into an enterprise value of approximately $244 million.

REA Group CEO Owen Wilson said:

The completion of the Mortgage Choice acquisition represents an exciting milestone for our combined businesses. We’re extremely pleased to welcome the Mortgage Choice team into REA. Together, we look forward to accelerating REA’s financial services strategy to become a leading player in the home loan market.

The post ASX 200 drops, Zip rises, Cettire up appeared first on The Motley Fool Australia.

More reading

• The 5 worst performing shares of the ASX 200 in FY21 revealed
• Here are the 3 most traded ASX 200 shares on the market today
• Domino’s Pizza (ASX:DMP) shares fall 3%. What’s going on?
• Why is the A2 Milk (ASX:A2M) share price up 3% today?
• Meet the best performing ASX 200 shares of FY21. Are yours on the list?

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 Cettire Limited and ZIPCOLTD FPO. The Motley Fool Australia has recommended Cettire Limited and REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3wat6jt

Are you looking to add some dividend shares to your portfolio? Then take a look at the buy-rated ones listed below.

Here’s why they could be top options for income investors this week:

Fortescue Metals Group Limited (ASX: FMG)

The first ASX dividend share to look at is Fortescue. It is one of the world’s leading iron ore producers with quality operations in the Pilbara region of Western Australia.

The mining giant is currently benefiting greatly from sky high prices that are being commanded for the steel making ingredient. For example, at present, the spot iron ore price is trading at ~US$218 a tonne, which compares very favourably to the company’s cash costs of US$13.50 to US$14.00 per wet metric tonne.

And even though Fortescue’s lower grade ore doesn’t command as high a price, it is still generating material free cash flow right now. And given management’s track record of returning funds to shareholders, this bodes well for dividends in the near term.

Macquarie is positive on the company is forecasting big dividends in the near term. It expects Fortescue to pay dividends of $3.45 per share in FY 2021 and then $2.45 per share in FY 2022. Based on the latest Fortescue share price of $23.63, this will mean fully franked yields of 14.6% and 10.4%, respectively.

Macquarie has an outperform rating and $27.00 price target on the miner’s shares.

Westpac Banking Corp (ASX: WBC)

Another dividend share to look at is Westpac. After a few tough years, Australia’s oldest bank looks well-placed for a return to growth. This is thanks to improving trading conditions, the simplification of its business, a booming housing market, and cost cutting.

In respect to the latter, Westpac is aiming to reduce its costs down to $8 billion from $12.7 billion by 2024. If it can combine this with top line growth, then it will bode very well for earnings and dividend growth over the next three years.

Analysts at Morgan Stanley are positive on Westpac and have recently retained their buy rating and $29.20 price target on the company’s shares. The broker is also forecasting fully franked dividends per share of $1.18 and $1.25 over the next two years.

Based on the latest Westpac share price of $25.65, this will mean yields of 4.6% and 4.9%, respectively.

The post 2 ASX 200 dividend shares rated as buys appeared first on The Motley Fool Australia.

More reading

• Westpac (ASX:WBC) share price slides despite asset sale update
• The Calix (ASX:CXL) share price is rising 5% today. Here’s why
• Is your money safe in Commonwealth Bank (ASX:CBA) shares right now?
• Is the Westpac (ASX:WBC) share price a buy?
• Why this expert thinks commodities are about to rally again

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.

from The Motley Fool Australia https://ift.tt/3y916Oo

Resource Development Group Ltd (ASX: RDG) shares were riding a wave of optimism today after the company announced a significant increase in its mineral resource estimate. By Thursday’s market close, the Resource Development share price was trading 14.29% higher at 4.8 cents.

What boosted Resource Development shares?

The Resource Development share price jumped by around 40% to an intraday high of 5.9 cents following the company’s latest announcement.

Resource Development advised that its wholly-owned Lucky Bay Garnet project, which is located between the coastal towns of Kalbarri and Port Gregory in Western Australia, reported an increase of mineral resource tonnage of 1,808% from 23Mt to 438.8Mt. Its total mineral resource of garnet increased an incredible 1,520% from 1Mt to 16.2Mt.

The company further advised that 86% of mineral resource tonnage (379.5Mt) has been classified as indicated and measured. This means the company has undergone enough sampling to have a high degree of confidence in the grade, quantity, and physical characteristics of the mineral. 

What’s the significance of the Lucky Bay project?

Resource Development acquired Lucky Bay in February 2021. According to the company, the location — 580km from Perth — shares a common border with the world’s largest supplier of high-quality alluvial garnet.

The company clarified that high-quality alluvial garnet products are used in the abrasive blasting and waterjet cutting markets. Resource Development believes there are opportunities to supply the coarse-grade version of the product, which it says is undersupplied.

What did management say?

Resource Development Group managing director Andrew Ellison is confident in progressing the business to project development studies. He said:

This significant Mineral Resource upgrade is an outstanding result and confirms the upside potential we identified when RDG first evaluated the potential at Lucky Bay. With 86% of the Mineral Resource in the Measured and Indicated categories, we can proceed with project development studies with a high level of confidence.

First production is being targeted for early 2022.

Resource Development share price snapshot

Despite today’s gains, the Resource Development share price has fallen by almost 6% so far this year. It has, however, gained around 55% over the past 12 months.

Based on the current share price, the company has a market capitalisation of around $135 million.

The post Why the Resource Development (ASX:RDG) share price climbed 14% today appeared first on The Motley Fool Australia.

More reading

• Sezzle (ASX:SZL) share price jumps 5.2% during intraday trade
• Westpac (ASX:WBC) share price slides despite asset sale update
• The 5 worst performing shares of the ASX 200 in FY21 revealed
• Why the Sovereign Metals (ASX:SVM) share price spiked today
• Here are the 3 most traded ASX 200 shares on the market today

Motley Fool contributor Frank Tzimas 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.

from The Motley Fool Australia https://ift.tt/365Ujco

The Sezzle Inc (ASX: SZL) share price finished in the green today, climbing 2.27% from the market open.

Shares in the buy now, pay later provider leapt 5.2% to reach an intraday high of $9.26 just before 1pm, before pulling back to end the day at $9.01.

Let’s take a look at some of the price action today.

Sezzle and Barstool Sports partnership

In a statement on 29 June, the company announced it had entered into a partnership with United States hospitality and entertainment company Barstool Sports.

Under the agreement, Sezzle will undertake marketing promotions to Barstool audiences.

Sezzle chief executive officer Charlie Youakim said Barstool Sports is “a brand that epitomises consumerism of the new generation”, and Sezzle is a company that promotes “product innovation that reaches the needs of young shoppers”.

Youakim also mentioned that “Barstool Sports provides a bridge to millions of brand-loyal consumers looking to redefine payments”.

Also speaking about the agreement, Barstool CRO Deirdre Lester said:

We chose Sezzle because they are not simply a payments company but a marketing organisation that speaks the language of our fans.

They provide a highly rated payments solution for our e-commerce business as well as reaching fans across several of our marquee brands and shows.

Sezzle share price snapshot

The Sezzle share price has posted a gain of around 46% since 1 January, which has outpaced the S&P/ASX 200 Index (ASX: XJO) return of 10% over the same period.

Over the previous month, Sezzle shares have gained about 20%. However, they are in the red by almost 1% over the past 5 trading days.

At its current share price, Sezzle has a market capitalisation of $932 million, and the share price is trading off its 52-week high of $11.99.

The 52-week range for Sezzle shares is $4.02 – $11.99.

The post Sezzle (ASX:SZL) share price jumps 5.2% during intraday trade appeared first on The Motley Fool Australia.

More reading

• BNPL provider Sezzle (ASX:SZL) partners with US media giant
• The Sezzle (ASX:SZL) share price has lifted 15% this week
• Are Zip (ASX:Z1P) shares cheap enough to buy now?
• Sezzle (ASX:SZL) share price misses out on today’s BNPL gains
• Top brokers name 3 ASX shares to buy next week

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 recommended Sezzle Inc. The Motley Fool Australia has recommended Sezzle Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3Ag3lkW

The Westpac Banking Corp (ASX: WBC) share price has started the new financial year in a disappointing fashion despite the release of an asset sale update.

The banking giant’s shares ended the day with a 0.6% decline to $25.65.

What did Westpac announce?

This morning Australia’s oldest bank announced the completion of the sale of the Westpac General Insurance Limited and Westpac General Insurance Services Limited businesses to insurance giant Allianz.

According to the release, the company has received $725 million for the businesses and the two parties have also entered into an exclusive 20-year agreement for the distribution of general insurance products to Westpac’s customers.

The release advises that a further payment of $25 million is expected to be received by Westpac this calendar year, subject to integration milestones. Further contingent payments over the next five years are expected, in addition to ongoing payments under the distribution agreement.

What now?

Westpac revealed that it expects to report a gain on sale of approximately $61 million, subject to the finalisation of completion adjustments and separation costs. This gain on sale will be included in Westpac’s FY 2021 results and classified as a notable item.

In the meantime, the sale has added approximately 12 basis points to Westpac’s common equity Tier 1 capital ratio.

Why did Westpac sell the businesses?

When the deal was first announced in December, Westpac advised that it was part of its strategy to build a simpler, stronger bank.

Westpac Chief Executive Officer, Peter King, explained: “This transaction is another step in simplifying our business while continuing to help customers with their general insurance needs. General Insurance products are important for many Australians and we are pleased to be entering a long-term partnership with a global insurance expert to continue to help customers protect the things they value.”

Despite today’s weakness, the Westpac share price is up over 30% since the start of the year.

The post Westpac (ASX:WBC) share price slides despite asset sale update appeared first on The Motley Fool Australia.

More reading

• Is your money safe in Commonwealth Bank (ASX:CBA) shares right now?
• Is the Westpac (ASX:WBC) share price a buy?
• ASX bank shares weigh up $34 billion dosh-dishing decision
• Investors push Australia’s largest ASX shares to disclose climate risks
• Bank of Queensland shares outperforming all ASX 200 banks this month

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

from The Motley Fool Australia https://ift.tt/3wbAdYN

The S&P/ASX 200 Index (ASX: XJO) is one of the most popular indices in Australia. It tracks the performance of the top 200 companies listed on the Australian Securities Exchange and provides a benchmark for investors looking to invest in shares of companies that are listed on it. However, not all ASX shares perform equally – some do better than others.

While it may not be crucial over the long term, reflecting on the performance over a financial year can help investors assess the quality of their investments.

We have compiled the 5 worst-performing shares of FY21, based on their share price return during that period. Prepare yourself, this one ain’t pretty…

ASX 200 shares that destroyed wealth in FY21

When it just hasn’t been your day, your week, your month, or even your financial year, it’s unpleasant. And these 5 companies had a particularly unfortunate time of it in FY21.

Now not every investment is a winner (unless you’re a wizard), which demonstrates the importance of diversification. But hopefully, a bit of diversification has helped most investors avoid having had too much exposure to any one of the following ASX 200 shares.

St Barbara Ltd (ASX: SBM)

St Barbara is an ASX-listed gold mining company with operations in Australia, Canada, and Papua New Guinea. The miner estimated it had 12 million ounces of mineral resources, including ore reserves of 6 million ounces of contained gold at 30 June 2020.

Falling production and increasing all-in sustaining costs (AISC) weighed on the St Barbara share price during the last financial year. In April, quarterly production had reportedly dropped 8.2% to 82,303 ounces compared to the December quarter.

Since then, the miner has suffered a tragic fatality at its Simberi operations, discovered tailing pipeline failure, and withdrawn its full-year guidance.

Unsurprisingly, these events have been met with selling pressure. Tallying up the damage, this ASX 200 share fell 48% in FY21.

AGL Energy Limited (ASX: AGL)

The $5 billion energy giant that is AGL has endured a continuation of its multi-year selloff. Unfortunately for investors, the increase in generation from solar and wind alternatives has pushed wholesale electricity prices lower. At the same time, AGL’s operating costs have been inflated by maintenance and repairs.

Furthermore, the energy provider’s plans for a demerger have some analysts unimpressed. Analysts over at UBS retained their sell rating expecting material headwinds for the company ahead. So much so, it suspects the company could report a 42% earnings decline in FY 2022. 

The ASX 200 energy share plummeted from $17.18 on 1 July 2020 to just $8.22 on 30 June 2021. Therefore, the company’s share price fell 52% over the course of FY21.

Regis Resources Limited (ASX: RRL)

Moving onto the third poorest performer on the list. Regis Resources is an Australian gold miner operating mines in Western Australia. While other commodities and resources have been performing strongly, gold has slid 8% in Australian dollar terms over the past year.

Additionally, shareholders were diluted by roughly 48% in the past year. Most of this dilution was a result of Regis issuing approximately 241 million new shares to raise $650 million. These funds were put towards acquiring a 30% holding in the Tropicana Gold Project.

These impacts combined pushed the Regis Resources share price down 57% in FY21.

Appen Ltd (ASX: APX)

Data annotation technology company Appen spices up the worst performers for FY21. Despite the S&P/ASX All Technology Index (ASX: XTX) climbing 37% during the financial year, the WAAAX stock member bucked the trend with a 60% decline.

In December, Appen issued a guidance downgrade. Due to a sluggish fourth quarter, the company revealed that it expected underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) for its 2020 fiscal year to be between $106 million and $109 million. This was a drop from the original guidance of between $125 million and $130 million.

Furthermore, the disappointment spilled over to the quarterly rebalancing where Appen found itself thrown out of the ASX 100.

Things for the artificial intelligence annotator have been fairly quiet since its annual general meeting back in May. During the meeting, shareholders voted against the remuneration report, giving the company its first strike.

A2 Milk Company Ltd (ASX: A2M)

Lastly, the pièce de résistance of poor performers in FY21 — none other than the former ASX darling A2 Milk. The A1 protein absent milk producer has suffered during international travel restrictions. Namely the company’s once-booming infant formula segment.

The last trading conditions have been tough, and there was a surplus of inventory. In the end, NZ$103 million to NZ$113 million in inventory will need to be written off (that’s going to be quite a lot of tins). This led the company’s management team to downgrade their guidance for FY21 for the fourth time.

For these reasons, this once shining ASX 200 share dulled in the financial year. By the end of it, the A2 Milk share price slashed 68% off.

The post The 5 worst performing shares of the ASX 200 in FY21 revealed appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most traded ASX 200 shares on the market today
• Domino’s Pizza (ASX:DMP) shares fall 3%. What’s going on?
• Why is the A2 Milk (ASX:A2M) share price up 3% today?
• Top brokers name 3 ASX shares to sell today
• Meet the best performing ASX 200 shares of FY21. Are yours on the list?

Motley Fool contributor Mitchell Lawler owns shares of Appen Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd. 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.

from The Motley Fool Australia https://ift.tt/3ArZ5yW

The Sovereign Metals Limited (ASX: SVM) share price struggled to hold onto its gains today after surging 11.6% higher this morning to 71.5 cents. At market close, shares in the rutile explorer were sitting at 65 cents, up only 1.56%.

The company announced a broker briefing presentation this morning, which might have influenced the rally this morning.

What was announced?

The Sovereign Metals share price enjoyed a strong rally this morning after the explorer advised it has in its possession a “company making asset” in the Kasiya rutile deposit in Malawi.

Previously, on 9 June, Sovereign Metals released a maiden resource estimate for Kasiya, with assay results revealing 644 million tonnes at 1.01% rutile, including 137 metric tonnes at 1.41% rutile.

The positive announcement witnessed the Sovereign Metals share price surge 13% on the day to a record close of 77 cents.

According to today’s presentation, the company is accelerating its work programs in order to meet key short-term objectives at Kasiya.

This includes aggressive drilling programs to drive additional resource growth and extensions, as well as a scoping study, which is expected to be completed in late 2021.

While the Kasiya deposit is still in an exploration phase, the company highlighted Malawi as a “stable, transparent jurisdiction” with “operation-ready infrastructure”.

In addition, Sovereign Metals has a memorandum of understanding in place with rail and port operators to, in the future, export to global rutile markets.

Sovereign Metals share price rallies in 2021

The Sovereign Metals share price has rallied by more than 75% year to date.

The company believes there is “the perfect storm” to support rutile prices in both the short, medium and long term.

It pointed to factors including, a “resurgence in demand for titanium pigment and from the welding sector” as well as “strong market fundamentals driving a robust long-term price”.

The post Why the Sovereign Metals (ASX:SVM) share price spiked today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Sovereign Metals (ASX:SVM) share price is up 14%

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.

from The Motley Fool Australia https://ift.tt/3wfwaLe

The S&P/ASX 200 Index (ASX: XJO) didn’t have a great day today, finishing down 0.40% to 7,280 points.

Let’s check out the most traded ASX 200 shares on the market today.

The 3 most traded ASX 200 shares today

Nuix Ltd (ASX: NXL)

Coming in at third place is embattled ASX 200 tech share Nuix, with just over 8 million shares traded today.

This is probably the result of the Nuix share price performance so far.

Nuix shares closed at $2.33, up a hefty 5.43% today. This is a rebound from yesterday when the company lost more than 13% and hit yet another all-time low of $1.26.

The news that prompted this slide seemed to be allegations that one of Nuix’s former executives engaged in insider trading offences. Evidently, at least some investors thought yesterday’s low presented a buying opportunity today.

Boral Limited (ASX: BLD)

Construction materials company, Boral is another ASX 200 share that was popular on the ASX today.

Almost 13.5 million shares changed owners today. This is despite the Boral share price rising just 0.14% to $7.36.

However, the company did hit a new 52-week high of $7.40 in intraday trading yesterday.

Boral is the subject of a takeover bid by Seven Group Holdings Ltd (ASX: SVW).

Telstra Corporation Ltd (ASX: TLS)

The king of the ASX 200 today was once again ASX telco, Telstra with 48.7 million shares traded by the closing bell.

There is no major news out of the company today. However, Telstra was the talk of the town yesterday when it announced that it would be selling half of its mobile towers business for $2.8 billion.

The Telstra share price responded enthusiastically, shooting up 4.6% yesterday to a new 52-week high of $3.76.

Today, Telstra finished flat at $3.76, after hitting another new 52-week high of $3.79 earlier in the afternoon.

The post Here are the 3 most traded ASX 200 shares on the market today appeared first on The Motley Fool Australia.

More reading

• Why the Nuix (ASX:NXL) share price crashed 20% lower in June
• Boral (ASX:BLD) share price lifts, Board rejects increased offer from Seven
• Domino’s Pizza (ASX:DMP) shares fall 3%. What’s going on?
• Why is the A2 Milk (ASX:A2M) share price up 3% today?
• Meet the best performing ASX 200 shares of FY21. Are yours on the list?

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. 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 Telstra Corporation Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/3hsp7tf