The benchmark S&P/ASX 200 Index (ASX: XJO) is home to a large number of blue chip shares. So many, it can no doubt be hard to decide which ones to include in your portfolio.

In order to narrow things down, I have picked out two blue chip ASX 200 shares that are highly rated at the moment. They are as follows:

Breville Group Ltd (ASX: BRG)

The first blue chip to look at is Breville. It is the leading appliance manufacturer behind the Sage, Kambrook, Baratza, and eponymous Breville brands.

Its products have been resonating with consumers for decades and show no signs of stopping. This is being driven by its continuous and growing investment in research and development (R&D), which has been underpinning innovative new products for years.

In addition to this, the company has been growing its footprint globally, increasing its addressable market and driving strong sales and profit growth. For example, during the first half, Breville reported a 28.8% increase in revenue to $711 million and a 29.2% increase in net profit after tax to $64.2 million.

UBS appears confident that this strong form will continue thanks to further geographic expansion, new product launches, and potential acquisitions. The broker currently has a buy rating and $35.70 price target on its shares.

SEEK Limited (ASX: SEK)

Another blue chip ASX 200 share to consider is SEEK. It is the leading job listings company in the ANZ region and has a number of growing businesses around the globe.

After a tough time during the pandemic, SEEK has bounced back strongly in FY 2021 and looks set to deliver a robust full year result in August.

Pleasingly, looking ahead, the company appears well-placed to benefit greatly from Australia’s economic recovery. Particularly given its domination of the local jobs market. At the end of December, SEEK ANZ had 16 million candidate profiles, 35 million monthly visits, and 160,000 active hirers. This led to SEEK having almost a third of all placements in the region, which is five times greater than its nearest competitor.

Macquarie is a fan of the company. Earlier today the broker upgraded its shares to an outperform rating with a $40.00 price target. It is expecting its ad yields to increase materially as discounts are removed. Macquarie also sees SEEK as a big winner from Australia’s lowering unemployment levels. It is forecasting unemployment to reduce to 4% by 2023.

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

More reading

• Why AVITA, Cettire, Lifestyle Communities, & SEEK are storming higher
• ASX 200 up 0.35%: SEEK upgraded, Afterpay lower
• Top brokers name 3 ASX shares to buy today
• 2 excellent ASX growth shares tipped as buys
• Breville (ASX:BRG) panned for invention that makes no sense

 James Mickleboro owns SEEK shares. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended SEEK 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/3pWeqmu

Some ASX shares that have been dumped to crystalise a tax loss could make a comeback from next month.

These shares tend to underperform, particularly in the last few months of the financial year as investors sell them at a loss to offset capital gains from other investments.

But someone’s trash can turn into treasure. When the selling pressure eases in the new financial year starting July, some of these ASX shares could rebound.

Picking winners among tax loss losers

Mind you, not all will. More often than not, these tax loss candidates are thrown out due to their poor fundamentals, which show little sign of improving.

However, this isn’t always the case, so discretion is advised! One way to find the ugly ducklings with swan potential is to pick those that are still favoured by the majority of brokers covering the shares.

It’s no guarantee that you will be buying a winner, but following these experts are usually a good start.

Why this underperforming ASX share could return to favour in FY22

On that front, the Austal Limited (ASX: ASB) share price could fit the bill. Shares in the shipbuilder sunk further today by 5.7% to a more than two-year low of $2 following its profit downgrade yesterday.

That provided investors more than enough reason to bail ahead of the new tax year although most brokers still rate it a “buy”.

Citigroup is one as it reiterated its “buy” recommendation on the Austal share price and increased its 12-month price target to $3.35 from $3.30 a share.

Austal share price sunk too deep into value

“While the FY21 guidance downgrade is disappointing, it appears to be somewhat driven by circumstances beyond Austal’s control,” said the broker.

“Further, it may not be unreasonable that Austal potentially may recoup some liquidated damages, caused by Covid-19 border closures, in the future.”

The broker also pointed out that investors are paying only circa three times FY22 EBIT for Austal’s shipbuilding business. This is a 77% discount to peers.

While Citi trimmed its FY21 earnings estimates in light of the profit update, it lifted its FY23 forecast by 4% to account for revenue being pushed into later years.

Oil forecast to rebound to US$100

Meanwhile the Beach Energy Ltd (ASX: BPT) share price could also make a comeback in FY22. Shares in the oil and gas producer slumped by over 20% in the last three months but the outlook for the sector is improving.

Some of the world’s leading commodity traders are forecasting oil to return to US$100 a barrel, reported the Financial Times.

Oil floats and so could ASX energy shares

This is due to under investment to bring new supply to market before demand has peaked and before green energy can fill the shortfall.

The Brent crude price is trading a little over US$70 a barrel currently. If these experts are right, the Beach share price could pop along with the rest of the sector as analysts upgrade their earnings forecast to reflect the stronger-than-expected oil price.

The post ASX tax loss losers that could rebound in the new financial year appeared first on The Motley Fool Australia.

More reading

• Why Austal, Cettire, Leigh Creek Energy, & McPherson’s are sinking today
• Austal (ASX: ASB) share price down 8% after earnings downgrade
• Quarterly rebalance: Appen kicked out of ASX 100, Uniti added to ASX 200
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 rises, Woolworths acquisition approved, Austal in rough waters

Brendon Lau owns shares of Austal Limited. Connect with me on Twitter @brenlau.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Austal 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/2TyN7CG

If you’re looking for some exposure to the tech sector, then you might want to take a look at the shares listed below.

Here’s why these ASX tech shares have been rated as buys:

Afterpay Ltd (ASX: APT)

The first ASX tech to look at is Afterpay. This now pay later (BNPL) focused payments company has been growing at a rapid rate in recent years. This has been driven by the increasing popularity of BNPL with consumers and merchants and its global expansion. The latter has seen the company successfully expand into the United States and the United Kingdom. It has also just launched in Canada and onto mainland Europe. This gives it a huge runway for growth over the next decade as consumers turn away from credit cards and embrace BNPL.

Morgan Stanley currently has an overweight rating and $145.00 price target on Afterpay’s shares.

Whispir Limited (ASX: WSP)

Whispir is a software as a service (SaaS) communications workflow platform provider. Its popular platform is used by 750 businesses globally to automate interactions between them and their people and customers. One of its customers is Changi Airport in Singapore. It chose Whispir to help solve its need for quicker and more efficient communication between team members, in a way that minimised business risk. The Australian government has used the platform for COVID-19 communications.

Ord Minnett has a buy rating and $4.25 price target on Whispir’s shares.

WiseTech Global Ltd (ASX: WTC)

WiseTech Global is the logistics solutions company behind the popular CargoWise One platform. It allows users to execute complex logistics transactions and manage freight operations from a single, easy to use platform. Demand has been strong for its platform from many of the largest logistics companies in the world, driving stellar sales and earnings growth. Positively, the company notes that many of its largest customers have been undertaking mergers and acquisitions. This is expected to lead to further growth in demand from existing customers in the near term as they grow larger.

Morgan Stanley has an overweight rating and $35.00 price target on its shares.

The post 3 quality ASX tech shares rated highly by analysts appeared first on The Motley Fool Australia.

More reading

• ASX 200 up 0.35%: SEEK upgraded, Afterpay lower
• Sezzle (ASX:SZL) share price misses out on today’s BNPL gains
• Payright (ASX:PYR) share price jumps 5% on positive quarterly update
• ASX 200 up 1%: Tech shares rise, Bank of Queensland’s provision update
• ASX 200 Weekly Wrap: ASX edges even higher, led by tech rebound

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 AFTERPAY T FPO, Whispir Ltd, and WiseTech Global. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and WiseTech Global. The Motley Fool Australia has recommended Whispir Ltd. 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/3wuF6Nn

After a fabulous start to the day and crossing 7,400 points for the first time ever, the S&P/ASX 200 Index (ASX: XJO) cooled off this afternoon. At market close, the index finished down 0.09% to 7,386 points.

Let’s take a look at the three biggest ASX 200 movers and shakers today.

AMP Ltd (ASX: AMP)

AMP was the third most active ASX 200 share, with a substantial 25.16 million shares traded today. That’s despite the AMP share price seemingly not doing much.

The AMP share price finished up 1.23% at $1.23 a share, but not before bouncing around throughout the day. AMP shares opened at $1.22 this morning and dipped soon after, hitting $1.20 a share just before midday before recovering into the green this afternoon.

There has been no major news out of the ASX 200 wealth manager though – unless you count a dividend notice for holders of some AMP capital notes.

It’s worth pointing out that some of the shares on the market today might have been bought by AMP itself. The company has been buying back its own shares almost every day recently. That includes a little more than 118 million shares yesterday.

Telstra Corporation Ltd (ASX: TLS)

Telstra is another ASX 200 share that flew around the ASX boards today, after also being a heavily traded ASX share yesterday.

At market close, a hefty 27.95 million Telstra shares had changed hands. Again, that’s despite the Telstra share price not doing anything too special.

In fact, Telstra shares finished exactly where they were at market close yesterday. After opening at $3.60 this morning and going as high as $3.61 – incidentally, Telstra’s 52-week high – the Telstra share price closed at $3.58. Again, there was no major news out of Telstra today.

Pilbara Minerals Ltd (ASX: PLS)

Right up there today in terms of highest volume traded was lithium company Pilbara Minerals. At the close of the day, 22.65 million Pilbara shares had changed hands. That can probably be put down to this company’s relatively large loss of 2.17% today at $1.35 a share.

Long-term investors probably aren’t too upset though, considering this ASX 200 company is still up 55.17% year to date, and a whopping 417.54% over the past 12 months.

However, we did have some small news out of Pilbara today. The company put out a presentation this morning, outlining its aspirations for net-zero emissions lithium production.

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

More reading

• ASX copper shares down after the commodity’s price falls 4%
• Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal
• A Super-bad idea
• The Vulcan Energy (ASX:VUL) share price is rising today
• Are Telstra (ASX:TLS) shares still cheap today?

Motley Fool contributor Sebastian Bowen owns shares of Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended 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/3zuPHKj

Most weeks, Commonwealth Bank of Australia (ASX: CBA)’s CommSec share trading platform tells us the most popular US shares that its Aussie customer base was trading the previous week. Since CommSec is one of the most popular ASX brokerage platforms on the ASX, its data can give us a valuable insight into the US shares ASX investors are buying and selling right now.

My Fool colleague James Mickleboro has already covered some of the popular ASX shares from CommSec today. So here are the top 10 international shares that CommSec users were buying and selling last week. This week’s data covers June 7-10.

Meme stocks galore for ASX investors

1. GameStop Corp. (NYSE: GME) – representing 5.9% of total trades with a 78%/22% buy-to-sell ratio.
2. AMC Entertainment Holdings Inc (NYSE: AMC) – representing 4.6% of total trades with a 66%/34% buy-to-sell ratio.
3. Tesla Inc (NASDAQ: TSLA) – representing 3% of total trades with a 72%/28% buy-to-sell ratio.
4. Clover Heath Investments Corp (NASDAQ: CLOV) – representing 2.4% of total trades with a 72%/28% buy-to-sell ratio.
5. Apple Inc (NASDAQ: AAPL) – representing 2.3% of total trades with a 76%/24% buy-to-sell ratio.
6. BlackBerry Ltd (NYSE: BB)
7. Amazon.com Inc (NASDAQ: AMZN)
8. ContextLogic Inc (NASDAQ: WISH)
9. Nio Inc. (NYSE: NIO)
10. Alibaba Group Holding Ltd (NYSE: BABA)

What can we learn from these trades?

So what can we learn? Well, that ASX investors are not immune from the ‘meme stock’ train, mainly. This week’s list is dominated by so-called ‘meme stocks’ – the catchy name given to companies whose share prices are the subject of social media-driven speculation. We can comfortably put GameStop (the original meme stock) in this bucket, as well as AMC, Clover Health, BlackBerry and ContextLogic. Tesla is also viewed as a meme stock by many investors. As is (to a lesser extent) the Chinese electric vehicle and battery manufacturer Nio.

True to form, AMC, Clover, BlackBerry and ContextLogic have all enjoyed Reddit-fuelled spikes in value during the past month or so. AMC is up more than 300% in the past month. Clover shot up almost 150% between 4 June and 8 June. BlackBerry is up 65% in the past month. And ContextLogic enjoyed nearly a 50% bump just last Tuesday. It seems ASX investors are keen to get a slice of the meme stock pie.

In other news, we still see the US blue-chip tech stocks in Amazon and Apple maintaining a dominant positioning on this list. Chinese e-commerce giant Alibaba is also a regular inclusion here and just makes the top ten this week.

The post ASX investors couldn’t get enough of meme stocks last week appeared first on The Motley Fool Australia.

More reading

• Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal
• Shiba Inu token tops the 24-hour crypto gainers list…and it’s not Dogecoin!
• ‘Big Shorter’ Michael Burry calls biggest share market bubble of all time
• Why Tesla’s restaurant plan is an unprofitable detour
• What is a meme stock, and why is everyone talking about them?

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen owns shares of Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alibaba Group Holding Ltd., Amazon, Apple, Clover Corporation Limited, NIO Inc., and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended BlackBerry and has recommended the following options: long January 2022 $1,920 calls on Amazon, long March 2023 $120 calls on Apple, short January 2022 $1,940 calls on Amazon, and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Amazon, Apple, and BlackBerry. 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/3iMnAjY

Rupert Murdoch is not a name most Australian investors would equate to futuristic tech investing. After all, this is a nonagenarian who made his fortune on the decidedly 20th century business of selling newspapers. But, like many savvy investors, Murdoch has managed to somewhat evolve with the times.

His blockbuster deal a few years ago, which saw his company 20th Century Fox unload most of its television and film content to Walt Disney Co (NYSE: DIS), landed him (or at least the Murdoch Family Trust) with a massive stake in Disney. And these days, Fox Corp (NASDAQ: FOX)(NASDAQ: FOXA) is still making bank with its slimmed-down news assets. Namely the US-based Fox News channel.

NFTs: A new business for an old company

So perhaps it’s not so surprising to see Murdoch branch out even further into what the 21st century has to offer in terms of investing. According to a report in The Sydney Morning Herald (SMH) today, Murdoch’s Fox Corp is launching a new US$100 million fund for “digital creators”. This fund will be part of a new business called Blockchain Creative Labs.

Blockchain Creative Labs will administer and sell non-fungible tokens (NFTs). The co-founder and chief executive officer of Fox’s Bento Box Entertainment animation company, Scott Greenburg, will also serve as CEO.

NFTs are a relatively new phenomenon. They are basically blockchain-verified digital certificates of ownership. They can be attached to any digital good, such as artwork, a piece of music or film. As such, whoever owns the NFT is publically acknowledged as the rightful owner of a said digital good.

The SMH lists some famous NFTs that have been sold in recent years. These include a Kings of Leon album (bought for US$2 million), and Twitter Inc (NASDAQ: TWTR) founder Jack Dorsey’s first tweet (sold for US$2.9 million).

The report quotes Fox CEO of entertainment Charles Collier on the company’s latest move:

The emergence of blockchain technology has given birth to a new marketplace that is a natural extension of [Fox animation studio] Bento Box’s talents; one that allows the team to support, elevate and reward innovators and artists in new and creatively exciting ways

A Brave New World indeed for Mr Murdoch.

The post Rupert Murdoch is hopping on the NFT train appeared first on The Motley Fool Australia.

More reading

• ASX copper shares down after the commodity’s price falls 4%
• HitIQ (ASX:HIQ) share price charges 20% higher following IPO
• Charter Hall (ASX:CQR) share price lifts after latest update
• What moved the IAG (ASX:IAG) share price today?
• Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal

Motley Fool contributor Sebastian Bowen owns shares of Walt Disney. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Twitter and Walt Disney. The Motley Fool Australia has recommended Walt Disney. 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/3gtGXfT

Notable ASX copper shares fell today, alongside the price of copper, following news that China might soon release its copper stockpiles.

Copper is currently valued at US$9,552.50 a tonne ­– its lowest price since 23 April.

How 3 ASX copper shares performed today

There are only a few ASX listed companies focused on copper. Here’s how 3 performed today.

Oz Minerals Limited (ASX: OZL) is the only pure-play copper share within the S&P/ASX 200 Index (ASX: XJO). The Oz Minerals share price fell a notable 6.69% to $23.85 at the closing bell.

Sandfire Resources Ltd (ASX: SFR) is the ASX’s second largest copper producer by market capitalisation. The Sandfire Resources share price also slumped 5.99% to finish the day at $6.90.

BHP Group Ltd (ASX: BHP) also produces copper but it’s one of many metals that the ASX 200 miner digs out of the ground. The BHP share price took less of a hit today, down 1.73% to $48.37.

What is driving copper down?

The copper price fell 4.04% today, spurred by news of the possibility that China could introduce measures to limit the commodity’s price.

According to reporting by The Wall Street Journal, rumours are swirling that China’s State Reserve Bureau might release some of its stockpiles of copper, as well as aluminium and zinc, over the coming months.

China currently consumes 50% of the world’s refined copper. By releasing some of its stockpiles, China’s demand for copper imports would wane slightly and, in theory, lower the price of copper.

China has been attempting to lower the price of certain commodities for several weeks with little success.

Copper has been one of the commodities rallying this year. Its price has been propelled by eco-friendly initiatives, the growing popularity of electric vehicles and COVID-19 restrictions at copper mines.

Electric vehicles and solar energy require more copper than traditional technology. Additionally, new copper sources are few and far between.

Copper hit its highest price ever on 10 May, when it was selling for US$10,724.50 a tonne. It has since fallen 10.9%.

The post ASX copper shares down after the commodity’s price falls 4% appeared first on The Motley Fool Australia.

More reading

• Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal
• Why Appen, Orocobre, Sandfire, & Whitehaven Coal shares are sinking
• The Vulcan Energy (ASX:VUL) share price is rising today
• ASX 200 up 0.35%: SEEK upgraded, Afterpay lower
• 2 quality ASX 200 tech shares that might be buys

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/3iKup5B

The ASX has added another company to its trading boards today following the successful initial public offering (IPO) of HitIQ Limited (ASX: HIQ). At midday, the newly minted public company hit the ground running, opening 47.5% above its issue price of 20 cents per share.

HitIQ is a provider of hardware and software analytics that help better assist in the clinical diagnosis and ongoing tracking of head impact-related concussion injury data. Making all this possible is the company’s Nexus A9 mouthguard sensor technology.

Trying to get SaaSy with the AFL

Despite the company debuting as a small-cap, it has big goals. Its first commercial partner is the Australian Football League, which has entered a 3-year memorandum of understanding commencing for the 2021 season.

The objective is to create a league-wide head impact data bank. The agreement will extend to cover both the AFL and AFLW competitions in 2022.

HitIQ’s prospectus outlines that its aim is to operate on a software-as-a-service (SaaS) model. The company hopes to sell subscription licenses on a per athlete per year cost basis.

The first target market is other professional sports, while longer-term HitIQ will move to college sports and junior sporting codes.

Additionally, the company has its eyes on the United States market as another geography it’s seeking to break into.

The offer raised $10 million, which will go towards the company’s business strategies.

Good timing for HitIQ IPO

As mentioned in the prospectus, globally there is a growing concern surrounding the incidence of sports-related concussions and the potential associated health ramifications.

Last month, the National Rugby League (NRL) had a crackdown on illegal high contact which resulted in 14 sin bins and 3 send-offs. The Australian Rugby League Commission Chairman, Peter V’landys was ridiculed for the tightening standards, but hit back with:

My response to them is we have an obligation to our players and their welfare. I want our players to be able to leave our game with all their faculties … I make no apologies that we’re going to do everything in our power to keep the safety of our players.

There is a growing legal focus on the management of concussions in sports, particularly in the elite sector. Sporting codes are beginning to act. Likely due to the dramatic increase in lawsuits related to the mismanagement of head impacts by former professional athletes.

Following its IPO, the HitIQ share price retraced throughout the day, finishing 20% higher to 24 cents a share.

The post HitIQ (ASX:HIQ) share price charges 20% higher following IPO appeared first on The Motley Fool Australia.

More reading

• Charter Hall (ASX:CQR) share price lifts after latest update
• What moved the IAG (ASX:IAG) share price today?
• Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal
• Top brokers name 3 ASX dividend shares to buy today
• What ASX shares might be affected by the UK-Australia trade deal?

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia 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/3q5nu8z

The Charter Hall Retail (ASX: CQR) share price is in the green. At close of trade, shares in the real estate investment trust (REIT) were trading for $3.94 – up 1.55%. For context, the S&P/ASX 200 Index (ASX: XJO) is 0.09% higher.

The REIT comes into focus after announcing a valuation update, a new acquisition, and distributions for the second half of the financial year.

Let’s take a closer look at today’s announcement.

Why the Charter Hall share price is rising

Positive revaluation

According to the statement, Charter Hall says it has reassessed 64% of its portfolio by gross value and this segment has appreciated by 4.1% – or $143 million. The average capital rate of the portfolio has decreased from 6.03% to 5.81%. Net tangible assets per security have increased from $3.77 to $4.02.

Charter Hall CEO, Greg Chubb, said:

Today’s portfolio valuations demonstrate the resilience and attractiveness of our Convenience Retail portfolio. Our shopping centre portfolio has proven its resilience through the challenges of the last 12 months with strong occupancy, rent collection and retail sales growth. This is now being reflected in asset valuation gains.

Latest acquisition and second half dividend

As well, Charter Hall declared it has bought the Butler Central Shopping Centre in Western Australia, from Woolworths Group Ltd (ASX: WOW), for $51.2 million – a 6.0% cap rate. Besides Woolworths stores, another ASX retailer in the centre is Reject Shop Ltd (ASX: TRS).

The transaction will settle in July 2021 and is being funded using existing debt facilities.

Finally, Charter Hall says it will pay a dividend of 12.7 cents per security to shareholders for the H2 of FY21. This is an increase on the first half of the financial year, which was 10.7 cents per security.

Charter Hall share price snapshot

Over the past 12 months, the Charter Hall share price has increased 14%. However, before the COVID market crash, Charter Hall shares were trading for $4.94 each. Its 52-week high is only $4.08.

For a sense of how devastating the pandemic was for the REIT, between 5 March and 23 March 2020, its share price fell 43.1%. Fourteen months later it has still not fully recovered.

Charter Hall has a market capitalisation of $2.26 billion.

The post Charter Hall (ASX:CQR) share price lifts after latest update appeared first on The Motley Fool Australia.

More reading

• HitIQ (ASX:HIQ) share price charges 20% higher following IPO
• What moved the IAG (ASX:IAG) share price today?
• Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal
• Top brokers name 3 ASX dividend shares to buy today
• What ASX shares might be affected by the UK-Australia trade deal?

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 Woolworths 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/3cIKDYW

The Commonwealth Bank of Australia (ASX: CBA) share price broke a new record high on Wednesday despite being tainted by a money laundering scandal.

The CBA share price jumped over 1.4% to $104.82 even as the S&P/ASX 200 Index (Index:^AXJO) struggled to hold its head above water.

Investors aren’t perturbed by news that the bank may be in breach of anti-money laundering laws, reported the Australian Financial Review.

Money laundering scandal fails to dampen CBA share price

The potential legal headache is linked to an investigation into BSP Financial Group Ord Shs (ASX: BFL) by Papua New Guinea authorities.

BSP is a partner of CBA and to National Australian Bank (ASX: NAB). The report hasn’t impacted on the NAB share price either as it jumped 0.7% to $26.86.

The two ASX big banks are correspondent banks to BSP. This means CBA and NAB provide a channel for BSP’s customers to transfer money in and out of Australia.

How BSP’s legal problem can impact on CBA and NAB

If BSP is found guilty and is punished with sanctions, CBA and NAB will be liable under Australian law as Australian banks are required to undertake regular due diligence of their partners.

Investors will be getting another serious case of déjà vu. Australia’s largest financial institutions have a long and sorry track record of breaching regulations and behaving badly.

They have since made strides in cleaning up their act following the Haynes Royal Commission, although this latest development is a setback.

BSP under investigation

The PNG money laundering probe into BSP started in late 2019 by Financial Analysis and Supervision Unit (FASU), according to the AFR.

BSP was issued with a “show cause notice” as to why it shouldn’t be sanctioned by FASU in late 2020.

The sanctions could involve a fine, enforceable undertaking, formal public warning and/or having an enhanced audit process imposed upon the newly listed bank.

Non-disclosure issues

BSP floated on the ASX on 25 May but it didn’t disclose the money laundering probe. However, it did highlight “elevated corruption risk” in documents lodged on the ASX.

This probably won’t cut it with the ASX or shareholders if it is proven that BSP had known about the probe by FASU.

Both CBA and NAB declined to comment on BSP, according to the AFR. The big banks would only say they comply with Australian regulations.

Shareholders will be hoping this is true.

The post Commonwealth Bank (ASX:CBA) share price hits new record despite money laundering scandal appeared first on The Motley Fool Australia.

More reading

• The Vulcan Energy (ASX:VUL) share price is rising today
• ASX 200 up 0.35%: SEEK upgraded, Afterpay lower
• 2 quality ASX 200 tech shares that might be buys
• 5 things to watch on the ASX 200 on Wednesday
• ASX 200 rises, Nuix jumps, REA buys stake of Simpology

Brendon Lau owns shares of Commonwealth Bank of Australia and National Australia Bank Ltd. Connect with me on Twitter @brenlau.

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/2TDT29h