Shares in Qantas Airways Limited (ASX: QAN) are nose-diving today despite the company not releasing any price-sensitive news. At the time of writing, the Qantas share price is $4.67 – 3.81% less than its previous closing price.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is down 1.77% today.

While Qantas hasn’t released any news to the ASX today, it has announced yet another benefit from its newly expanded agreement with Alliance Airlines. Let’s take a look.

Darwin’s delight

Qantas has launched a new service allowing almost 1000 passengers per week to travel directly between Canberra and Darwin.

The service will take advantage of the E190 jets provided to QantasLink through Qantas’ deal with Alliance Airlines. The expanded agreement has seen QantasLink making use of 4 more aircraft that can each seat 94 passengers.

QantasLink is now flying return between Canberra and Darwin up to 5 times each week.

According to Qantas, it’s the first time in 9 years that the capitals will be directly linked by air.

The airline introduced this latest boost to Darwin services in response to strong demand.

Qantas is operating more frequent flights and flying larger aircraft to Darwin from other Australian capital cities, particularly for the tropical city’s peak tourism season which runs from July to September.

According to Qantas, it’s increased its passenger capacity for flights between Melbourne to Darwin by 120% compared to what it was before COVID-19 hit Australia. Return flights from Sydney, Perth, and Adelaide to Darwin have also increased their capacities by 60% since the pandemic hit.

Commentary from management

QantasLink’s CEO John Gissing commented on the new routes, saying:

With no other airline currently operating on the route, the direct flights will save business and leisure travellers more than two hours travel time on a round trip instead of flying via other capital cities.

More visitors to Darwin will be great for the Northern Territory economy with flow on benefits for local businesses in their recovery from the impact of COVID.

These flights also provide travellers from regional New South Wales with a convenient gateway to the Northern Territory and they’re launching just in time for a holiday during the colder winter months.

Qantas share price snapshot

2021 hasn’t been a great year so far for the Qantas share price.

Currently, shares in Qantas have fallen by 4.89% year to date. However, they have gained 11.46% since this time last year.

The airline has a market capitalisation of around $9.5 billion, with approximately 1.8 billion shares outstanding.

The post The Qantas (ASX:QAN) share price is falling today appeared first on The Motley Fool Australia.

More reading

• The Qantas (ASX:QAN) share price has taken off today
• Revealed: 5 sectors with worst gender pay gap
• ASX 200 Weekly Wrap: ASX edges even higher, led by tech rebound
• Could the Qantas (ASX:QAN) share price be a buy right now?
• PayPal taking fight to Afterpay (ASX:APT) and ASX banks

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.

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

The MetalsTech Ltd (ASX: MTC) share price is rocketing higher today. Shares are currently trading for 26 cents, up 10.6% in early afternoon trade having earlier posted gains of 20%.

Below we take a look at the latest resource update from the ASX gold share.

What update did MetalsTech announce?

MetalsTech’s share price is soaring today after the company reported a major Mineral Resource upgrade at its Sturec Gold Project in Slovakia.

The new Mineral Resource estimate for Sturec is 44% higher than the prior estimate. The ASX gold miner said that 93% of the Mineral Resource falls under the Measured and Indicated categories.

According to the release, the Mineral Resource also includes a higher grade subset of 6.25Mt @ 3.27 g/t AU and 19.4 g/t Ag containing 658,000 ounces of gold and 3.89 million ounces of silver using a cut-off grade at 2 g/t gold.

The new Mineral Resource estimate includes the “high-grade, southerly plunging mineralisation zone” the company targeted in its recently completed drill campaign.

Commenting on the Mineral Resource, Russell Moran, MetalsTech’s chairman said:

Sturec is proving to be a very generous ore body with tremendous resource growth potential. At over 1.5 million ounces of gold, we are well on our way to proving up a world class gold deposit. We will deploy drilling equipment in the coming weeks as we look to further grow the resource base with step out drilling, as well as exploring some higher risk, high impact discovery drilling of some exciting targets regionally and at depth.

Moran added that the planned additional drilling will offer more data for another resource update later this year along with a maiden scoping study.

MetalsTech said that Sturec mine has historically produced more than 1.5 million ounces of gold and 6.7 million ounces of silver.

MetalsTech share price snapshot

Over the past full year MetalsTech shares have gained 82%, well ahead of the 23% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date the MetalsTech share price has continued to be a strong performer, up 22% so far in 2021.

The post Here’s why the MetalsTech (ASX:MTC) share price is rocketing 11% today appeared first on The Motley Fool Australia.

More reading

• Why the MetalsTech (ASX:MTC) share price is rocketing 81% higher

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/3xwjX5y

The Aussie Broadband Ltd (ASX: ABB) share price has been flourishing on the ASX this year. Shares in the telecommunications company have gained 40.5% since the start of 2021.

At the time of writing, the Aussie Broadband share price is $2.84.

That’s around 50% more than it was at the company’s initial public offering (IPO) in October last year.

Let’s look at what Aussie Broadband has been up to lately.

News driving the Aussie Broadband share price

The first time we heard from Aussie Broadband this year was when it released a trading update in late January.

The company stated it was expecting its earnings before interest, tax, depreciation and amortisation (EBITDA) to be between $6.9 million and $7.4 million for its first financial half-year – meaning it was set to smash its prospectus’ predicted EBITDA of $12.66 million for the full 2021 financial year.

The update saw shares in Aussie Broadband close for 7.6% higher than they did in the previous session.

Then, in mid-February, the company released its results for the half-year ended 31 December.

The period saw Aussie Broadband’s revenue increase by 89% – above its prospectus’ forecast of 84.1%.

Additionally, its EBITDA reached $7.3 million. 

The company’s share price gained 6.6% on the back of its results.

Aussie Broadband released exciting news on 13 April that saw its share price close 4% higher than the previous session.

The company introduced its new white-label solution. The white-label solution will allow large retailers to provide their customers with some of Aussie Broadband’s services through their own brand.

Aussie Broadband expects its white-label solution’s first large retailer to provide it with 25,000 more customers.

The final time we heard from Aussie Broadband was in late May, when it upgraded its full-year guidance and named its first white-label customer.

Aussie Broadband advised it expected to record EBITDA of between $17 million and $20 million for the 2021 financial year, excluding the costs of its IPO. That’s 38% to 62% higher than it previously predicted.

Aussie Broadband also announced its first white label customer will be Origin Energy Ltd (ASX: ORG).

The news saw the Aussie Broadband share price end the day 1.8% higher than its previous session.

The post The Aussie Broadband (ASX:ABB) share price has gained 40% in 2021 appeared first on The Motley Fool Australia.

More reading

• Why the Origin (ASX:ORG) share price is up 20% in a month
• These 3 ASX 200 shares were among the biggest movers today
• ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time
• Top brokers name 3 ASX shares to buy next week
• These were the best-performing ASX 200 shares last week

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Aussie Broadband Limited. The Motley Fool Australia has recommended Aussie Broadband 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/3xCXjbM

The Coda Minerals Ltd (ASX: COD) share price is firmly in negative territory today. This comes after the mineral explorer provided an update on its recent equity raise.

During mid-morning trade, Coda Minerals shares are swapping hands for $1.26, down 9.03%

Placement update

Investors are scrambling to sell Coda Minerals shares as the company prepares to dilute existing shareholder value.

According to its release, the mining outfit announced it has received $14.4 million in firm commitments by a way of placement. The offer saw significant oversubscription from both institutional and sophisticated investors.

In total, 12 million new ordinary shares will be added to its registry at a price of $1.20 a pop. This represents a discount of around 4.1% to the 5-day volume weighted average price (VWAP) until 16 June 2021. However, the 12 million shares will join the 69.7 million already on its registry.

Coda Minerals will use its existing placement capacity to create the new shares. Under listing rule 7.1, this allows up to 15% of its total shares to be issued without shareholder approval.

The proceeds of the placement will see Coda Minerals fund an exploration programme at the 70%-owned Elizabeth Creek Copper Project in South Australia. The company will also tap into its existing cash reserves to accelerate resource drilling activities.

Coda Minerals will have approximately $21.5 million in the bank after costs of the placement.

It’s expected the placement’s new shares will be settled on 25 June 2021, with allotment following thereafter on 28 June.

Coda Minerals chair, Keith Jones commented, “We are absolutely delighted with the strong support received from the market.”

“The next six months promises to be a transformational period for Coda shareholders.”

The Company remains on track to deliver its Mineral Resource Estimate at the Emmie Bluff Copper-Cobalt Deposit in the second-half of 2021.

Coda Minerals share price summary

It’s been an exciting month for Coda Minerals shares, having accelerated to astronomical highs. The company’s share price hit an all-time high of $1.75 on 16 June, before plummeting today.

On valuation grounds, Coda Minerals commands a market capitalisation of around $87 million.

The post Coda Minerals (ASX:COD) share price sinks 9% after placement update appeared first on The Motley Fool Australia.

More reading

• Here’s why the Coda Minerals (ASX:COD) share price just rocketed 235%
• These 3 ASX 200 shares are the most actively traded 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.

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

Mercury NZ Ltd (ASX: MCY) shares are edging lower in morning trade after the company released news of an acquisition. At the time of writing, the Mercury share price is down 1.83% to $5.89. For context, the All Ordinaries Index (ASX: XAO) is also trading lower, currently down 1.81%.

The New Zealand energy provider advised today it has entered into binding agreements to acquire Trustpower Ltd‘s retail business.

Trustpower is an energy and telecommunications company based in New Zealand and listed on the New Zealand stock exchange.

Let’s take a closer look at today’s news from Mercury.

Proposed acquisition

According to Mercury’s release, Trustpower’s retail business provides electricity, gas, fixed and wireless broadband, and mobile phone services to around 231,000 New Zealanders.

At 52%, more than half of Trustpower’s customers use two or more of the company’s services.

Once combined, Mercury and Trustpower would hold around 780,000 connections, spanning both power and telco services.  

According to Mercury, Trustpower will bring in earnings before interest, tax, depreciation, amortisation, and foreign currency (EBITDAF) of $55 million annually and provide $35 million of cost synergies across both businesses.

Mercury intends to pay NZ$441 million in cash to acquire Trustpower.

However, before the acquisition goes ahead, several conditions must be met.

Firstly, Mercury must obtain clearance from New Zealand’s Commerce Commission. Some of the Commerce Commission’s responsibilities including enforcing fair trading and competition, and regulating the nation’s energy and telecommunications sectors.

Additionally, Trustpower’s shareholders must approve the acquisition.

Mercury also requires the Tauranga Energy Consumer Trust (TECT) to complete its proposed restructure before it will finalise the acquisition.

The TECT was established in 1992 after substantial reform of New Zealand’s electricity market. The community-owned TECT now holds 26% of Trustpower’s shares.

Mercury expects all of these conditions to be met and the acquisition finalised by the end of the year.

Despite the seemingly positive news, investors are driving the Mercury share price lower on Monday, roughly in line with the wider market.

Commentary from management

Mercury chief executive Vince Hawksworth commented on the acquisition:

Mercury and Trustpower are two highly complementary organisations, and this agreement would see the best of both being brought together for our customers.

We know customers value the convenience and ease of bundled services in their home and Trustpower has deep expertise in bundling products in a way that people clearly appreciate…

Customers will continue to enjoy all the great services and support they have today with Trustpower and with Mercury. And we’re looking forward to unlocking even more benefits and products for them over time.

Mercury share price snapshot

The energy company has not been having the best year so far on the ASX, with the Mercury share price falling 6.06% year to date. However, Mercury shares have gained around 27% since this time last year.

The company has a market capitalisation of around $8 billion, with approximately 1.3 billion shares outstanding.

The post Mercury (ASX:MCY) share price dips despite acquisition news appeared first on The Motley Fool Australia.

More reading

• Mercury (ASX:MCY) share price falls after earnings downgrade

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.

from The Motley Fool Australia https://ift.tt/3zErO2V

The Orthocell Ltd (ASX: OCC) share price is gaining in morning trade, up 3.3%.

Below we take a look at the regenerative medicine company’s latest clinical update.

What did Orthocell report?

Orthocell’s share price is gaining after the company updated the market on the interim results of its clinical CelGro nerve regeneration trial 12 months post treatment.

The results of the trial showed evidence of nerve repair using CelGro following serious injuries, including spinal injuries, as well as for the restoration of arm and hand function. Hence, Orthocell said its trial shows the potential for “breakthrough nerve treatment to return function to paralysed upper limbs”.

The data indicated that 75.8% (25 out of 33) of the nerve repairs in the trial resulted in functional recovery of muscles 12 months after treatment. 76.5% (13 out of 17) of nerve repairs in the quadriplegic patients also resulted in functional recovery 12 months after treatment.

Commenting on the results, Orthocell’s managing director, Paul Anderson said:

Consistently returning function to paralysed upper limbs is the primary goal in this study. I am delighted by the 12-month follow up results, our most complete data set to date, demonstrating higher quality outcomes, improved predictability, and consistency of return of muscle function following CelGro nerve regeneration treatment.

Clinical trial lead, Dr Alex O’Beirne added: “The quadriplegic patient results are particularly promising, with improved results at 12 months post treatment compared to the literature. CelGro is increasing the success rate and efficiency of nerve transfer surgery.”

Looking ahead

Orthocell said it expects the final 24 month results of the CelGro study in the second quarter of the 2022 calendar year. Its currently preparing to meet with the United States Food and Drug Administration (FDA) to get CelGro approved for use in the US.

According to the release, the global addressable market for CelGro is worth more than US$7.5 billion (AU$10 billion) per year, spanning some 3 million potential nerve repair procedures.

Orthocell share price snapshot

Over the past 12 months, Orthocell’s shares have gained 74%, far outpacing the 24% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date the Orthocell share price has continued to outperform, up 28% so far in 2021.

The post Why the Orthocell (ASX:OCC) share price is flying higher today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Orthocell (ASX:OCC) share price is on the move today

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/3gPA47O

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. The benchmark index is currently down 1.9% to 7,225.9 points.

Here’s what is happening on the market today:

Bank of Queensland’s ME Bank acquisition approved

The Bank of Queensland Limited (ASX: BOQ) share price is trading lower today despite announcing that it has received Treasurer approval to acquire ME Bank for a cash consideration of $1.325 billion. Positively, the approval of the acquisition by the Treasurer was the only condition precedent to completion of the transaction. As a result, completion is now expected to take place on 1 July 2021.

CBA to sell its insurance business

The Commonwealth Bank of Australia (ASX: CBA) share price is also tumbling lower today despite the release of a positive announcement. According to the release, the company has signed an agreement to sell its general insurance business to underwriter Hollard Group. Commonwealth Bank expects this to lead to a post-tax gain of $90 million from the sale. This includes estimated post-tax separation and transaction costs of approximately $130 million.

Boral to sell US business

The Boral Limited (ASX: BLD) share price is pushing higher today after it announced an agreement to sell its North American Building Products business to Westlake Chemical Corporation. According to the release, the two parties have agreed a fee of US$2.15 billion (~A$2.9 billion). This is expected to lead to a significant surplus in capital, which could be returned to shareholders via a distribution.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Megaport Ltd (ASX: MP1) share price with a 2.5% gain on no news. The worst performer has been the Codan Limited (ASX: CDA) share price with a disappointing 12.5% decline. Investors may believe that recent weakness in the gold price will hurt demand for its metal detectors.

The post ASX 200 sinks 1.9%: BOQ’s ME Bank acquisition approved, CBA divests insurance business appeared first on The Motley Fool Australia.

More reading

• Why Boral, Integrated Research, Swick, & Swoop shares are pushing higher
• Integrated Research (ASX:IRI) share price jumps 5% on trading update
• Bank of Queensland (ASX:BOQ) share price lower despite ME Bank acquisition approval
• CBA (ASX:CBA) share price on watch after insurance business sale
• These are the 10 most shorted shares on the ASX

James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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/3xBcMcC

Starpharma Holdings Limited (ASX: SPL) shares have taken a hit this morning. At the time of writing, the Starpharama share price is trading 9.71% lower at $1.535.

What’s dragging the Starpharma share price down?

Starpharma shares are well in the red on Monday after the company advised its UK retail partner, LloydsPharmacy, has received correspondence from the UK Medicines and Healthcare Products Regulatory Agency (MHRA) regarding the promotional claims for the company’s VIRALEZE antiviral nasal spray.

According to today’s statement, the correspondence is flagging the company’s promotional claims, including “references to SARS-CoV-2 and COVID-19, and the interrelationship between these product claims and its categorisation”.

The announcement said that the MHRA is not questioning the safety or the quality of VIRALEZE, but the “allowable promotional claims”.

VIRALEZE is an antiviral nasal spray which has been shown in laboratory studies to inactivate a range of respiratory viruses, including 99.9% of SARS-CoV-2 and COVID-19.

What happens now?

Starpharma disagrees with MHRA’s stance on its promotional claims and is working to resolve the matter as quickly as possible.

The company believes it has extensive data, including expert regulatory advice and input from an EU regulatory body, to support the product and its promotional claims.

However, as a resolution is sought, Starpharma has agreed to temporarily pause UK VIRALEZE sales.

The company reassures that the temporary pause in sales is specific to the UK, and does not impact other markets including Europe and India.

The update also advises that Starpharma is rapidly progressing commercialisation and supply arrangements for the Indian market.

Whipsaw like action for the Starpharma share price

Despite having rallied significantly since its March 2020 lows, the Starpharma share price has been highly volatile over the past year. The company has seen significant share price rallies followed by sharp selloffs.

Starpharma shares surged by around 50% from 25 August to a high of $1.95 on 1 September last year. This was likely driven by announcements including a strong full-year results release and positive updates for the VIRALEZE product.

But by the end of December 2020, the Starpharma share price had shed around 20% of its value and was trading at $1.565.

A similar situation occurred this year, with the company’s shares rallying some 67% from 27 January to a record high of $2.52 on 16 February.

Fast forward to today, about 40% of Starpharma’s market capitalisation has been wiped since its February highs.

Today’s sharp selloff has now dragged the Starpharma share price into negative year-to-date territory, with 2021 returns sitting at around -2%.

Despite the company pushing ahead with regulatory activities for VIRALEZE for a number of important markets and geographies, investors are likely weighing in on the pause in UK sales.

The post Why the Starpharma (ASX:SPL) share price is down 10% today appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Betmakers, Bubs, & Starpharma shares are racing higher
• Starpharma (ASX:SPL) share price jumps 7% on COVID variant update
• Starpharma (ASX:SPL) share price rebounds after receiving Indian approval for COVID-19 product
• Starpharma (ASX:SPL) share price pushes higher on COVID-19 product update

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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings 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/3zIX9lh

The DGL Group Ltd (ASX: DGL) share price is edging lower in mid-morning trade on Monday. At the time of writing, the DGL share price was trading at $1.18, down 1.67%.

This follows the chemical company’s latest announcement to expand its geographic footprint.

What did DGL announce?

According to its latest announcement, DGL is seeking to expand operations with a chemical warehousing, distribution and manufacturing facility. The site will store 5,000 tonnes of chemicals, taking DGL’s total capacity to 133,000 tonnes across Australia and New Zealand.

Located in Irongate, an industrial zone in Hawke’s Bay, New Zealand, the plant will aim to capture new customers. The site is situated close to major roads and to Napier Port, offering significant logistical advantages.

DGL is expected to spend around NZ$5 million (A$4.63 million) for construction of the new warehouse. This will be funded from the proceeds of the company’s Initial Public Offering (IPO).

Local consulting engineers, Strata Group is in discussions to design the new facility. DGL noted that the Strata Group has been involved in several projects within the Irongate industrial area.

The contract phase of the contract will be tendered in the last quarter of the 2021 calendar year.

What did management say?

DGL founder and CEO, Simon Henry commented on the company’s near-term plan, saying:

This new facility further expands our footprint in New Zealand where we see ample opportunity for organic growth. Ensuring we have the right facilities, in key industrial areas across Australian and New Zealand, with proximity to customers, is and will continue to be a key priority for our business.

We are assessing sites strategically, based on existing assets and customer demand. After identifying that there are no purpose-built chemical storage facilities in the Hawke’s Bay region, we saw a significant opportunity for DGL. The region is an industrial hub, renowned for its agriculture and forestry, and has a need for agriculture chemical formulations. We are well advanced in our discussions with new and existing customers for the utilisation of the facility.

About the DGL share price

Since listing on the ASX boards in late May for the price of $1, DGL shares have gained 20%.

DGL has a market capitalisation of roughly $308 million, with 257 million shares listed on its registry.

The post DGL (ASX:DGL) share price down despite positive update appeared first on The Motley Fool Australia.

More reading

• Wilson Asset Management thinks these 2 small cap ASX shares are a buy
• DGL Group (ASX:DGL) share price falls despite positive announcement
• DGL Group launches on the ASX today following successful IPO

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.

from The Motley Fool Australia https://ift.tt/2SOnnSD

The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable decline. In late morning trade, the benchmark index is down 1.6% to 7,248.1 points.

Four ASX shares that have not let that hold them back today are listed below. Here’s why they are pushing higher:

Boral Limited (ASX: BLD)

The Boral share price is up 1.5% to $6.88. This morning the building products company announced that it has entered into an agreement with a subsidiary of Westlake Chemical Corporation to sell its North American Building Products business for US$2.15 billion (~A$2.9 billion). This is expected to lead to a significant surplus in capital, which could be returned to shareholders via a distribution.

Integrated Research Limited (ASX: IRI)

The Integrated Research share price is up 3% to $1.96 following the release of a trading update. This morning the user experience and performance management solutions provider advised that it expects its second half performance for FY 2021 to be significantly improved on the first half. Integrated Research expects its profit after tax to be in the region of $4 million to $7 million, up from $0.1 million in the first half.

Swick Mining Services Ltd (ASX: SWK)

The Swick Mining share price has jumped 20% to 19 cents. This morning the drilling services company revealed that its strong performance has continued in the second half. As a result, it expects full year revenue to be between $153 million and $156 million, with EBIT coming in between $14 million and $16 million. This compares to an EBIT loss of $2.8 million in FY 2020.

Swoop Holdings Ltd (ASX: SWP)

The Swoop share price is up 3% to 94 cents. This follows news that the junior telco has signed an agreement to acquire 100% of Victoria-based wireless broadband provider, Kallistrate (Speedweb). Swoop will pay a consideration of $1.75 million, comprising $1.225 million in cash and $525,000 in Swoop shares.

The post Why Boral, Integrated Research, Swick, & Swoop shares are pushing higher appeared first on The Motley Fool Australia.

More reading

• Swoop (ASX:SWP) share price up 5% after telco acquisition
• Integrated Research (ASX:IRI) share price jumps 5% on trading update
• Here are the 3 most traded ASX 200 shares today
• Seven Group (ASX:SVW) shares jump as Boral takeover offer extended
• Buy these 6 ASX shares, say Wilson analysts

James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Integrated Research Limited. 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/3gO0vur