Over the last five years, the healthcare sector has been a great place to invest. During this time, the S&P/ASX 200 Health Care index has almost returned 100% for investors.

As a comparison, the S&P/ASX 200 Index (ASX: XJO) is up almost 33% over the same period. That’s triple the return of the ASX 200.

The good news is that with demand for healthcare products and services expected to continue to rise in the future due to ageing populations, better technologies, and increased chronic disease, there’s a possibility that this side of the market will continue to outperform over the next five years.

With that in mind, I have picked out two ASX healthcare shares which have been tipped as buys recently. They are as follows:

Healius Ltd (ASX: HLS)

The first healthcare ASX share to look at is Healius. It is one of Australia’s largest pathology and diagnostic imaging providers. Healius has been a strong performer in FY 2021, reporting a 16% increase in first half revenue to $953.5 million and a 190% increase in profit to $75.6 million. This was driven by a very strong performance from its key pathology business, which reported a 22% increase in revenue to $711.4 million and wider margins. Positively for the company, demand for COVID-related pathology services looks set to remains stronger for longer due to the Delta strain. This bodes well for its near term growth.

One broker that is bullish on its future is Macquarie. The broker currently has an outperform rating and $4.85 price target on its shares.

Nanosonics Ltd (ASX: NAN)

Another healthcare ASX share to consider is Nanosonics. It is a leading infection prevention company behind the popular trophon EPR ultrasound probe disinfection system. This system protects an estimated 80,000 patients from the risk of cross contamination each day. Nanosonics is also busy researching and developing a number of new products which are due to be launched in the coming years. One of these has just been revealed and is AuditPro. It is a digital platform that has been designed to improve traceability, reporting, and compliance of infection prevention measures for medical devices.

Morgans remains positive on the company and has an add rating and $6.57 price target on its shares.

The post 2 ASX healthcare shares that analysts think could beat the market appeared first on The Motley Fool Australia.

More reading

• Brokers using the lockdown to upgrade earnings forecasts on these ASX 200 shares
• 3 ASX shares to snap up before reporting season: expert
• ASX 200 rises, API soars, Wesfarmers up
• Healius (ASX:HLS) share price higher on acquisition and rebrand news
• The 5 best ASX 200 healthcare shares of financial year 2021

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 Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 200 Index (ASX: XJO) has ended the trading week on a rather flat note. At the closing bell, the ASX 200 was up, but only just, having gained 0.11% to finish on 7,394 points.

So let’s take a look at some of the ASX 200 shares that are being most heavily traded today.

3 ASX 200 shares most heavily traded today

We have a rather unusual situation today, with all 3 top trading shares being ASX gold miners:

Northern Star Resources Ltd (ASX: NST)

Gold miner Northern Star is our first ASX 200 share to look at today. A total of 17.39 million Northern Star shares swapped hands today. This is almost certainly the result of the Northern Star share price, which finished down a nasty 6.23% to $10.09 a share.

This move looks to be a combination of reaction to yesterday’s quarterly update, the sale of mining assets (more on that later), as well as negative coverage from a couple of brokers. My Fool colleague Aaron discussed these factors in detail this morning.

Silver Lake Resources Limited (ASX: SLR)

Silver Lake, a fellow gold miner, is our next ASX 200 share today. A hefty 19.90 million Silver Lake shares were traded today.

Silver Lake seems to have been caught up in the woes of the ASX gold mining sector today, and ended the session down a substantial 8.5% to $1.61 a share. This company has a quarterly report of its own to blame here, it seems.

Apparently, investors weren’t too impressed with the gold sales volume the company managed over the period in question.

Evolution Mining Ltd (ASX: EVN)

Bucking the ASX 200 gold miner trend today is Evolution, which is also our most traded ASX 200 share today. Unlike the previous two miners, Evolution finished up a healthy 4.42% today to $4.25. This saw an impressive 21.71 million shares change hands on Friday.

This goodwill seems to be stemming from the completion of Evolution’s $400 million institutional share placement that is going towards the acquisition of some of Northern Star’s mines. Clearly, the market thinks Northern Star’s losses are Evolution’s gains here.

The post These ASX 200 shares were the most heavily traded today appeared first on The Motley Fool Australia.

More reading

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• Why Bigtincan, EOS, Evolution, & Western Areas shares are charging higher
• Why the Northern Star (ASX:NST) share price is sinking 6% today
• How is the ASX 200 performing against the FTSE 100 in 2021?

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

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ASX supermarket shares are roaring despite current lockdown restrictions being a drag on the economy.

Coles Group Ltd (ASX: COL) shares are up 6% in a month, the Woolworths Group Ltd (ASX: WOW) share price is 9.2% higher, and Metcash Limited is jumping 10.1%. The S&P/ASX 200 Index (ASX: XJO) is only up 1.64% during this time.

Let’s take a closer look.

Lockdowns, lockdowns, lockdowns

In what feels like a surreal and somewhat sadistic episode of The Oprah Winfrey Show, every state or territory bar Tasmania and the ACT has had some form of lockdown over the past 4 weeks. The most pronounced one is in Australia’s largest city, Sydney.

Today marks 4 weeks since New South Wales Premier Gladys Berejiklian placed the harbour city under stay-at-home orders. While the order is supposed to lift next Saturday, this looks exceedingly unlikely with the state declaring 136 new cases today – 70 of which were confirmed to not be fully isolating.

Victoria and South Australia are joining Sydney in lockdown fun at the moment. All 3 means over half the population of Australia’s movements are restricted.

During Australia’s first lockdown, we saw ASX supermarkets do exceedingly well under the orders.

Take Coles, for example. In its most recent half-year report, revenue for the supermarket jumped 8% to nearly $21 billion. Earnings Before Interest and Taxes (EBIT) spiked 12% to $1 billion. This includes a 14% increase in the supermarket divisions EBIT.

Woolworths saw its revenue leap 10.5% in its half-yearly to $35.8 billion. EBIT increased 9.4% to $10.5 billion. Woolworths management said Australian supermarkets grew above trend.

Metcash too; it saw a 12% increase in revenue for the period to $7.1 billion. Its EBIT rocketed 30% for the six months to $203 million.

The common thread through all 3 earnings reports was the impact COVID had on consumer demand. With supermarkets and bottle shops being some of the only stores allowed to trade during lockdown, these companies profited handsomely.

The share market is an expectations game

As Motley Fool’s own Scott Phillips says, the share price has a lot more to do with expectations than it can do with underlying finances.

While we don’t have any numbers out of these ASX supermarkets yet, we have history. History tells us that when we are all doing it tough in lockdown, the supermarket giants are just fine. Investors may very well expect this to occur again with the current lockdowns across the country. Increased revenues may mean increased dividend payments to shareholders, and that’s an enticing proposition for some.

ASX supermarket shares over the longer term

While all 3 mentioned ASX supermarket shares are flying this month, over the year the story is more mixed.

Coles is down 1.4%, Woolworths is up 21%, while Metcash has soared 47%. It should be noted with Woolworths, its share price took a hit when it demerged from its drinks business. The Endeavour Group Ltd (ASX: EDV) share price is up 7% this month too, a reflection of the fact liquor stores can continue to trade – even though Endeavour owns hospitality venues too.

The market capitalisations of these companies range from $4.1 billion for Metcash to nearly $50 billion for Woolworths.

The post The other side of lockdown – ASX supermarket shares are flying appeared first on The Motley Fool Australia.

More reading

• Woolworths (ASX:WOW) store closes after staff contract COVID-19
• What is the outlook for the Woolworths (ASX:WOW) share price?
• Has Dry July hit the Endeavour (ASX:EDV) share price?
• Which ASX 200 shares are winning from latest retail trade figures?
• The Woolworths (ASX:WOW) share price is surging to record highs

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 COLESGROUP DEF SET. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Redbubble Ltd (ASX: RBL) share price has had a rough run in 2021, but today it surged 4.27% to $3.91.

Investors ran for the exit back in April when the ecommerce company unveiled plans to sacrifice profit margins to deliver its ‘aspirational’ $1.25 billion revenue vision.

Such an increase in revenue would represent a doubling in Redbubble’s current annual revenue.

However, since June the company has been crawling its way out of what appears to be a bottoming in the Redbubble share price, with one fund manager seeing the company as a significant opportunity.

Let’s take a look…

Fund manager sees opportunity

EGP Capital is a Sydney-based fund manager that invests in Australian-listed companies with smaller market capitalisations. Typically, the fund holds 25 to 35 stocks, usually with the 5 largest holdings making up 50% of the portfolio.

Redbubble is hovering around the sixth largest position in the EGP Capital Concentrated Value Fund.

According to EGP’s May report, the fund took advantage of the negative sentiment towards the Redbubble share price and added to their position.

Explaining the rationale behind the optimism to investors, EGP said in its report:

RBL is an incredible marketplace, the likes of which are seldom created and even more rarely available at the type of value investors pricing the market is currently ascribing to the business. ETSY has just acquired a business which appears to be meaningfully inferior to RBL for more than twice RBL’s current market capitalisation. If the market does not soon wake up to the opportunity RBL currently presents, it may suffer a similar fate.

EGP appears to be referring to the peer-to-peer social shopping app, Depop.

Depop recorded $650 million in gross merchandise sales and $70 million in revenue in 2020, with a 10% take rate. Etsy Inc (NASDAQ: ETSY) is acquiring Depop for US$1.625 billion.

By comparison, in its Q3 FY21 update, Redbubble reported $577 million in gross transaction value year-to-date. Additionally, the company pulled $456 million in revenue.

Redbubble has a market capitalisation of $1.026 billion based on today’s closing price.

The Redbubble share price is down 34% year-to-date but is up 65% over the past 12 months.

Other Redbubble share price news

The Redbubble share price looks unfazed by the recently announced inquiry launched by the Australian Competition and Consumer Commission (ACCC).

The inquiry will examine the practices of online marketplaces such as eBay Australia, Kogan.com Ltd (ASX: KGN), and others. It will particularly focus on the relationships with third-party sellers and consumers and how they affect competition.

Lastly, Redbubble will report its FY21 full year results on 19 August.

Investors will keep their eyes peeled for that one!

The post Redbubble (ASX:RBL) share price climbs 4% today appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• Why Kogan, Service Stream, Whispir, & Zip shares are sinking
• Kogan (ASX:KGN) share price falls as ACCC launches inquiry
• ASX 200 rises, Altium drops, Kogan falls
• ASX 200 midday update: Kogan FY 2021 update, Altium sinks

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Etsy and Kogan.com ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended eBay and has recommended the following options: short October 2021 $70 calls on eBay. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In late afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small decline. At the time of writing, the benchmark index is down slightly to 7,385.7 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are sinking:

BARD1 Life Sciences Ltd (ASX: BD1)

The BARD1 share price is down almost 7% to $1.68. This follows the completion of a placement that raised $15 million at a 14% discount of $1.55 per new share. The proceeds will be used primarily to fund the development and commercialisation of the SubB2M tests for ovarian and breast cancer, and its EXO-NET products.

Imugene Limited (ASX: IMU)

The Imugene share price has fallen 4.5% to 33.5 cents. Investors have been selling the biotech company’s shares following the release of its quarterly update. That update revealed an operating cash outflow of $4.6 million for the quarter. This left Imugene with a cash balance of $29.5 million at the end of the period.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is down 6% to $10.13. This is despite a number of brokers responding positively to its quarterly update and asset sale announcement. One of those brokers is Credit Suisse, which has retained its outperform rating and $13.00 price target. The broker notes that its June quarter was the strongest quarter of the year and sees the Kundana sale as a positive for its balance sheet.

Silver Lake Resources Limited (ASX: SLR)

The Silver Lake share price is down 9% to $1.61. Investors have been selling this gold miner’s shares following the release of its quarterly update. That update revealed that Silver Lake achieved quarterly production of 62,126 ounces of gold and 445 tonnes of copper. This appears to have fallen short of expectations.

The post Why BARD1, Imugene, Northern Star, & Silver Lake shares are sinking appeared first on The Motley Fool Australia.

More reading

• BARD1 (ASX:BD1) share price falls 6% on placement update
• Why the Northern Star (ASX:NST) share price is sinking 6% today
• ASX 200 midday update: Crown-Star merger talks end, Evolution jumps
• Silver Lake Resources (ASX:SLR) share price slides 9% on quarterly results
• Why the Evolution (ASX:EVN) share price is charging higher today

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

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The Perpetual Ltd (ASX: PPT) share price has fallen into the red after market open today.

The dip comes after Perpetual released its fourth quarter business update. After the market open, Perpetual shares slid 1.2% into the red, before making a slight recovery to the current market price.

Perpetual shares are now exchanging hands at $38.37 apiece, ~0.25% below the opening of $38.07.

Let’s comb over the financial services provider’s results in a bit finer detail.

Perpetual’s quarterly results

Perpetual recorded a net outflow of funds for the fourth quarter that surmounted to $2.3 billion.

Despite these outflows, its total assets under management (AUM) grew to $98.3 billion, a 3.1% increase from the previous quarter.

Perpetual also reports that underlying expenses for the year will come in at 3% higher than June 2020. This is in line with the previously outlined guidance of 1–3%.

Under its International Asset Management arm, the total expenses will place an additional 31% to the cost base of June 2020, and this comes in above the previous guidance of 28–30%.

The higher cost base is due to “higher costs associated with employee profit share schemes”, a result of outperformance by Trillium Asset Management and Barrow Hanley Global Investors in 2021.

Recall that Perpetual made the acquisition of Trillium in January 2020 and completed the Barrow Hanley transaction earlier this year.

Perpetual stated it was another “record quarter” of capital flows for Trillium, with “$361 million in net flows globally”.

Consequently, AUM for Perpetual Asset Management International grew 2.8% this quarter to ~$74 billion.

Other takeouts

Perpetual Asset Management Australia’s AUM grew 4.2% from the previous quarter, reaching $24.7 billion. This occurred on a backdrop of “positive investment markets and an improvement in the net flows profile”.

Additionally, Perpetual Private’s funds under advice grew 6% with positive inflows of $300 million across the quarter.

In contrast, its Corporate Trust’s funds under administration contracted 2%, which the company claims was “driven by the scheduled close of the RBA’s term funding facility”.

Speaking on the announcement, Perpetual chief executive Rob Adams said:

There has been further positive momentum achieved across all our divisions this quarter with a number of key strategic initiatives delivered, positioning us well for solid growth in this new financial year.

Regarding Trillium and Barrow Hanley:

We are increasingly well-positioned to take the world-class investment capabilities of Trillium and Barrow Hanley to key markets around the world having now established distribution teams in the US, the UK and shortly in Europe.

Foolish takeaway

The Perpetual share price has lagged the S&P / ASX 200 Index (ASX: XJO) today, even as the broad index dipped into the red in afternoon trading.

Perpetual’s AUM seems to be growing on a cumulative basis, despite choppy flows of investor capital. The firm states that recent acquisitions have been growth levers to the company.

The post Perpetual (ASX:PPT) share price struggles despite ‘strong performance’ appeared first on The Motley Fool Australia.

More reading

• Perpetual Ltd (ASX:PPT) share price sets new 52-week high

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It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Galaxy Resources Limited (ASX: GXY)

According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this lithium miner’s shares to $4.90. The broker was very pleased with Galaxy’s second quarter update. It notes that the company’s production was higher than it expected. Whereas its costs were materially lower than what Macquarie was forecasting. Overall, the broker remains positive on the future and its proposed merger with Orocobre Limited (ASX: ORE). The Galaxy share price is trading at $4.36 today.

Kogan.com Ltd (ASX: KGN)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating but cut the price target on this ecommerce company’s shares to $15.21. This follows the release of Kogan’s business update earlier this week. While the broker notes that Kogan’s sales growth is slowing and its inventory issues are impacting margins, it remains positive on the future due to the structural shift online. In addition to this, it feels that the company’s valuation is attractive at the current level. The Kogan share price is fetching $10.99 this afternoon.

Zip Co Ltd (ASX: Z1P)

Analysts at Morgans have retained their add rating but trimmed their price target on this buy now pay later provider’s shares to $8.57. This follows the release of Zip’s fourth quarter update. According to the note, the broker was pleased with its overall performance during the quarter. And while it has trimmed its earnings forecasts, and thus its price target, to reflect higher costs, it remains positive on the long term. The broker believes management has executed well and it sees longer term upside if Zip can execute on its ambitions of becoming a global payments player. The Zip share price is trading at $7.05 today.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Zip (ASX:Z1P) share price gaining on Friday
• Here’s what brokers think about the Zip (ASX:Z1P) share price
• The Afterpay (ASX:APT) share price is gaining 3% today
• Zip share price falls, Pilbara Minerals flies. And the BHP share price gets a Tesla bounce. Scott Phillips on Nine’s Late News
• Why Kogan, Service Stream, Whispir, & Zip shares are sinking

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The BARD1 Life Sciences Ltd (ASX: BD1) share price is deep in negative territory late this afternoon. This comes after the medical diagnostics company provided investors with an update on its capital raising efforts.

At the time of writing, BARD1 shares are down 6.39% to $1.685.

What’s happening to the BARD1 share price?

BARD1 shares are falling despite a successful capital raise to accelerate the development and commercialisation of its cancer diagnostics pipeline.

According to its release, the company has raised $15 million (before costs) through a placement. The offer saw sophisticated, institutional and professional investors apply for the shares. The company said this shows strong support for the programs, which are focused on the early detection of cancer to improve patient outcomes.

Around 9.67 million new ordinary shares will be added to its registry at a price of $1.55 cents a pop. This represents a discount of 13.9% to the last closing price of $1.80 per share on 20 July 2021.

In addition, BARD1 noted that for every 2 shares issued under the placement, each investor will be entitled to one free quoted option. This will be exercisable at a price of $2.32 until the expiry date of 24 August 2023.

The shares will be ranked equally and BARD1 will use its existing placement capacity to create the new shares. Under listing rule 7.1 and 7.1A, this allows the allotted shares to be issued without shareholder approval.

The proceeds of the placement will primarily be used to advance SubB2M programs for breast and ovarian cancers. These programs have so far shown high accuracy in proof-of-concept studies. BARD1 is aiming to have a laboratory partner in the United States in 2023.

Settlement of the new shares is expected to occur on 23 August 2021.

Furthermore, the company is seeking to raise another $2 million through a Share Purchase Plan (SPP). The SPP will offer the same terms as the placement.

Post completion of both capital raising components, BARD1 forecasts a proforma net cash balance of around $20.6 million.

Management commentary

BARD1 CEO Dr Leearne Hinch touched on the company’s plans, saying:

BARD1 is developing a pipeline of cancer diagnostics for the early detection of breast, ovarian, prostate and pancreatic cancers. We are advancing our cancer diagnostics pipeline towards commercialisation, with a focus on our lead SubB2M programs for breast and ovarian cancers that have shown high accuracy in proof-of-concept studies. The funds raised will accelerate development, validation and planned commercial launch of these products as laboratory developed tests in the US with a laboratory partner in 2023.

The BARD1 share price has gained 80% in the last 12 months, and is up more than 140% in 2021.

The post BARD1 (ASX:BD1) share price falls 6% on placement update appeared first on The Motley Fool Australia.

More reading

• Here’s why the BARD1 (ASX:BD1) share price is frozen today
• Why the BARD1 (ASX:BD1) share price is surging 10% higher

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

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The Woolworths Group Ltd (ASX: WOW) share price is climbing higher today, despite the company temporarily closing one of its Sydney stores.

Woolworths’ Glenrose supermarket, located in Sydney’s northern suburbs, will be closed for an indetermined amount of time after 3 Woolworths employees and a contractor were confirmed to have COVID-19.

The Woolworths share price hasn’t been noticeably affected by the news. It’s currently $39.39 – 0.56% higher than its previous closing price.

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

Glenrose supermarket closed

The Woolworths share price is performing well despite the company temporarily closing its Glenrose supermarket after 4 workers tested positive to COVID-19 between Tuesday and Thursday.

According to Woolworths, the closure follows consultation from NSW Health.

Woolworths hasn’t stated when the store will reopen. However, it said it is currently waiting for more of its staff to receive results from COVID-19 testing.

Woolworths is taking the opportunity to give the store an additional deep clean.

Employees will be paid for their rostered shifts while the store is shut.

Woolworths will also be providing a Priority Assistance service. The service means people in mandatory isolation due to age or underlying health conditions can get groceries delivered sooner.

Commentary from management

Woolworths’ general manager for NSW Michael Mackenzie said of the closure:

There have been a number of positive cases and exposure sites listed within the Glenrose Village Shopping Centre in recent days.

While we understand the closure will be frustrating for many in the community, the safety of our team members and customers always comes first. 

Woolworths share price snapshot

The Woolworths share price has been tracking well on the ASX lately.

It has gained 16% since the start of 2021. It is also 20% higher than it was this time last year.

The company has a market capitalisation of around $49.6 billion, with approximately 1.2 billion shares outstanding.

The post Woolworths (ASX:WOW) store closes after staff contract COVID-19 appeared first on The Motley Fool Australia.

More reading

• What is the outlook for the Woolworths (ASX:WOW) share price?
• Has Dry July hit the Endeavour (ASX:EDV) share price?
• Which ASX 200 shares are winning from latest retail trade figures?
• The Woolworths (ASX:WOW) share price is surging to record highs
• Woolworths (ASX:WOW) share price rises amid $4m start-up support

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. 

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

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The Western Areas Ltd (ASX: WSA) share price has been a strong performer on Friday.

In afternoon trade, the nickel producer’s shares are up 6% to $2.55.

Why is the Western Areas share price rising?

Investors have been bidding the Western Areas share price higher today following the release of its fourth quarter update.

That update reveals that Western Areas finished FY 2021 in fine form. This includes delivering its strongest quarterly production of the financial year.

According to the release, the company produced 4,622 nickel tonnes in concentrate during the quarter. This was up 8% on the previous quarter and brought its full year nickel tonnes in concentrate production to 16,180 tonnes. This was in line with guidance.

Another positive supporting the Western Areas share price today was its costs and pricing update.

The release explains that the company’s cash cost was $3.84 per pound during the quarter and its average realised price was $10.42 per pound.

The former was the lowest quarterly cost per pound achieved during the year, helping Western Areas record a full year cash cost of $4.23 per pound. This was in line with its guidance. The company’s average price realised was $10.06 per pound for the year.

Management commentary

Western Areas’ Managing Director, Dan Lougher, was pleased with the significant momentum across all key projects and workstreams during the quarter. This was particularly the case for its Forrestania operation.

He said: “Our Forrestania operations have had their best quarter on both production and costs for the year, and delivered within updated guidance after overcoming some operational difficulties earlier in the financial year.”

Mr Lougher appears positive on the future. This is due to increasing demand for nickel from electric vehicle markets (EV).

“At Odysseus, our new long life mine continues to advance towards production of first ore in this September quarter, which will mark a very significant milestone in its expected 10 plus year mine life. Odysseus remains one of the few long dated supplies of nickel sulphide to enter the market in the coming years, as the EV market continues to drive nickel demand for delivery into the EV battery supply chain,” he added.

The Western Areas share price is down 6.5% year to date despite today’s gain.

The post Why the Western Areas (ASX:WSA) share price is racing 6% higher today appeared first on The Motley Fool Australia.

More reading

• Why Bigtincan, EOS, Evolution, & Western Areas shares are charging higher
• Why Humm, Premier Investments, Western Areas, & Zip shares are sinking
• Why the Western Areas (ASX:WSA) share price is racing higher

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

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