Noxopharm Ltd (ASX: NOX) shares are having a bumper end to the week after the company released a market update this morning. At the time of writing, the Noxopharm share price is storming 16.49% higher to 56.5 cents.

In earlier trade, the company’s shares reached an intraday high of 58 cents before retreating to their current level.

Here’s what Noxopharm announced and why shares in the company are flying.

What’s driving the Noxopharm share price?

The Noxopharm share price is shooting the lights out today after the company provided an update regarding its flagship Veyonda drug candidate.

According to the update, Noxopharm’s CEP-2 study will commence shortly. The CEP-2 study will be testing the chemo-enhancing effect of the company’s Veyonda drug candidate in conjunction with low doses of chemotherapy.

Following positive outcomes of its CEP-1 study, the new study will see higher dosages of Veyonda used. The CEP-2 study will involve 40 patients with a range of soft tissue sarcomas using Veyonda/doxorubicin as first-line therapy.

In further news boosting the Noxopharm share price, the company noted that the study will help it achieve its ultimate goal of seeing Veyonda used as a standard booster for all major forms of cancer therapy.

The healthcare company also highlighted its strong cash position, after raising $23 million in capital in December 2020. In addition, the company announced it has appointed a contract research company to oversee the study.

More on Noxopharm

Noxopharm is an Australian clinical-stage drug development company focused on its Veyonda drug candidate. Veyonda (formerly known as NOX-66) is a dual-acting cytotoxic and immune-oncology drug candidate designed to enhance the effectiveness of traditional chemotherapy.

Veyonda acts by using the body’s immune cells to attack cancer cells that survive initial treatment. According to Noxopharm, Veyonda appears to work across a broad spectrum of cancers. In addition to cancer, Veyonda has also undergone studies for its effectiveness against long-term septic shock symptoms resulting from infections and viruses such as COVID-19. 

The company sees a major commercial opportunity for Veyonda to be used as a booster for all four major forms of cancer therapy. These include chemotherapy, external radiotherapy, internal radiotherapy and checkpoint inhibitor therapy.

Earlier this year, Veyonda was granted approval from the United States Food and Drug Administration (FDA). The Investigational New Drug (IND) approval allows Noxopharm to trial Veyonda in combination with other therapies. Noxopharm received encouraging outcomes from its CEP-1 pilot study earlier this year.

Noxopharm share price snapshot

Over the past year, Noxopharm shares have soared by 228%. Year to date, the company’s shares have gained around 15%. Based on the current share price, Noxopharm has a market capitalisation of around $135 million.

More reading

• The Cannindah (ASX:CAE) share price is up 6% today. Here’s why
• Here’s how much Macquarie’s (ASX:MQG) dividend is worth now
• Ethereum breaks new record highs as Bitcoin slips…which one to buy?
• ASX 200 up 0.45%: Macquarie full year results & REA Group Q3 update
• Here’s why the QuickFee (ASX:QFE) share price is zooming 28% higher

Motley Fool contributor Nikhil Gangaram 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.

The post Here’s why the Noxopharm (ASX:NOX) share price is flying 16% today appeared first on The Motley Fool Australia.

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Cannindah Resources Ltd (ASX: CAE) shares are rocketing today after news of the company’s Piccadilly gold project was released.

The Cannindah share price shot up to an intraday high of 11 cents in opening trade, 37.5% higher than yesterday’s close. Shares in the gold miner have retreated since then and are currently trading at 8.5 cents, a 6.2% gain.

Let’s take a look at the latest announcement from the exploration and resource development company.

Striking gold at Piccadilly

Cannindah announced it has discovered significant gold trenches at the Piccadilly project, extending the area of interest within its existing mining lease. The project is about 60km north of Charters Towers in Queensland.

The company said the most recent results were from a drill program completed at Piccadilly last month and once more demonstrated the site’s potential.

Some 1-metre-wide channels returned results of up to 27.5 grams of gold per tonne, with other wider zones containing up to 29 grams of gold per tonne.

In past assay results, the Piccadilly project was found to contain high-grade gold samples, with the highest found to date being 79.4 grams of gold per tonne.  

The miner undertook the most recent drilling program to find the distribution of surface gold in the central and eastern sections of the Piccadilly Mining Lease.

It excavated 26 trenches at a 1.5 metre depth in an area of historic shallow mining. There were 1,500 metres worth of trenches in total.

Cannindah share price snapshot

The boost to the Cannindah share price on the back of the company’s latest assay results might see it reaching a milestone. If today’s gains hold until close, it will see Cannindah shares closing at their highest price since 2012.

Currently, the Cannindah share price is up 190% year to date. It’s also up 770% over the last 12 months.

The company has a market capitalisation of around $41 million, with approximately 518 million shares outstanding.

More reading

• Here’s why the Noxopharm (ASX:NOX) share price is flying 16% today
• Here’s how much Macquarie’s (ASX:MQG) dividend is worth now
• Ethereum breaks new record highs as Bitcoin slips…which one to buy?
• ASX 200 up 0.45%: Macquarie full year results & REA Group Q3 update
• Here’s why the QuickFee (ASX:QFE) share price is zooming 28% higher

Motley Fool contributor Brooke Cooper 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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It’s been a blockbuster week for ASX bank shares. We saw 3 of the four major banks all report half-year earnings this week, Commonwealth Bank of Australia (ASX: CBA) being the exception. All three have reported major boosts in earnings and profits, and a robust increase in banking dividends to boot. Well, today, we have another ASX bank that’s reported its earnings. Macquarie Group Ltd (ASX: MQG) isn’t officially one of the big four. But is sometimes referred to as ASX’s fifth bank for its size and clout in the ASX financial space.

Although its banking activities are far less prevalent than the other banks, Macquarie is still a popular share for ASX investors. And it didn’t disappoint this morning. Macquarie shares are, at the time of writing, up 0.7% to $160.09 a share. That’s just shy of the bank’s all-time high.

Investors have evidently been impressed with what Macquarie had to offer this morning. As we reported earlier, the bank reported a 10% rise in profits to $3.02 billion, which included a 39% jump in its trading and investments division.

But there was a nice surprise in the dividend department as well. Macquarie announced that the company’s final dividend would come in at $3.35 a share. That’s a boost of 86% over last year’s level.

So how much is Macquarie’s dividend now worth?

Macquarie announced beefed-up dividend

Well, on the current share price, the company has a trailing dividend yield of 1.97%. That comes from the bank’s last 2 dividends, which came in at $1.80 and $1.35 per share respectively, both paid out last year with 40% franking. Both of those dividends represented big downgrades from the prior year when the bank paid out $3.60 and $2.50 respectively.

So with Macquarie’s newly announced dividend, its trailing 12-month dividend will be $4.70 per share. That would give us a trailing yield on current pricing of 2.94%.

If we annualise Macquarie’s new dividend, we would get a potential forward dividend of $6.70 per share, which would represent a forward yield of 4.19%.

That’s not quite as high as the other ASX banks. But investors have rarely priced Macquarie at a similar yield level to the other big four banks anyway. Even so, today Macquarie has beefed up its income chops substantially and has gone a long way in restoring its dividend to a pre-COVID level. No doubt shareholders will be pleased with that development.

More reading

• ASX 200 up 0.45%: Macquarie full year results & REA Group Q3 update
• Macquarie (ASX:MQG) share price on watch after posting $3bn profit and 86% dividend increase
• 5 things to watch on the ASX 200 on Friday
• Brokers say “buy” these 3 ASX shares even as they trade near 52-week highs
• Why the Afterpay (ASX:APT) share price is sliding 5%

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group 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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Ethereum (CRYPTO: ETH), or Ether if you prefer, is once again outperforming Bitcoin (CRYPTO: BTC) today.

Ether is up just under 1% over the past 24 hours, currently trading for US$3,504 (AU$4,492). That’s down slightly from the all-time high of US$3,607 that Ethereum breached earlier in the day.

Bitcoin headed the other way, slipping just under 1% in 24 hours to US$56,579. Bitcoin hit its own all-time high of US$64,829 in mid-April.

Bitcoin remains a high-returning investment in 2021, with the price up 94% year to date. That gives the world’s biggest crypto a market capitalisation of US$1.05 trillion, according to data from CoinDesk.

While that’s a stellar return by any standards, investors in Ether have done far better.

So far in 2021, Ethereum has gained 374%. That’s seen the cryptocurrency’s market cap grow to US$402 billion, steadily closing the gap with Bitcoin.

What’s the difference between the 2 digital tokens?

With some 7,000 or more cryptocurrencies in virtual circulation, it’s hard to keep track of even of a small fraction of them, let alone stay atop of what their primary functions are. Though, our task is made a tad easier in that many cryptos have little to no real function at all.

But Bitcoin and Ether, the world’s top 2 cryptos, do have very different purposes.

Ether is a digital token used to verify and record transactions of all sorts on Ethereum, the world’s most popular blockchain.

Bitcoin, on the other hand, is increasingly used in purchases and money transfers, as well as long-term holdings.

Explaining the difference between the 2 cryptos, Pat LaVecchia, Oasis Pro Markets CEO said (quoted by Bloomberg), “Ether is a blockchain platform that functions like the Apple store or Android app store. Bitcoin is a commodity like gold, or a store of value.”

Why buy Bitcoin or Ether?

Phil Bonello is the director of research at Grayscale Investments. The company’s trusts are involved in both Bitcoin and Ether.

According to Bonello, “Investors often look at Ethereum as a growth-type investment, making a bet on the continued development of the decentralized ecosystem built on Ethereum.” He added that investors, “sometimes consider Ether as a way to get index exposure to all the development occurring on Ethereum.”

Bitcoin, on the other hand, is arguably likely to outperform Ether in any future downturns.

As Bloomberg reports, “With a slide of about 20% in the Bloomberg Galaxy Crypto Index, there’s notably more downside risk to Ether than its larger compatriot, [Cornerstone Macro] strategist Benson Durham said.”

Durham added that, “With a rally of the same magnitude (so up 20%) you don’t really get the concomitant upside to Ether compared to Bitcoin. Ergo the convexity, if you will, favours Bitcoin.”

The case for both

If you’re looking to invest in cryptos, you may wish to look beyond Ether, Bitcoin, or any single token. Just as with your ASX shareholdings, there’s a good case for some diversification within a crypto portfolio.

As Cornerstone’s analysts wrote:

Given that there are diversification opportunities among digital coins themselves, we should consider a small basket of them, rather than just Bitcoin alone, when we assess whether some allocation to crypto assets can reduce portfolio volatility alongside traditional assets.

Whether you already are investing in Ether, Bitcoin or other cryptos – or maybe just considering it – it’s important not to lose sight of the massive historic volatility displayed by almost every single crypto.

Just as prices can rise by hundreds of percentage points in weeks or even days, they can also significantly crash just as quickly.

More reading

• Move over Bitcoin! Ethereum prices are rising fast
• It’s not just Bitcoin (CRYPTO:BTC) driving ASX investor interest
• Are Coinbase (NASDAQ:COIN) shares worth a look?
• Warren Buffett hates Bitcoin. Here’s why
• How Tether is fuelling the Bitcoin price rally

Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Apple and Bitcoin and recommends the following options: short March 2023 $130 calls on Apple and long March 2023 $120 calls on Apple. The Motley Fool Australia has recommended Apple. 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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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.45% to 7,092.5 points.

Here’s what is happening on the market today:

Macquarie full year results

The Macquarie Group Ltd (ASX: MQG) share price is rising on Friday after the release of its full year results. For the 12 months ended 31 March, the investment bank reported a 10% increase in net profit to $3.02 billion. This allowed the company to increase its final dividend by 86.1% to $3.35 per share. No guidance was given for the year ahead.

REA Group Q3 update

The REA Group Limited (ASX: REA) share price has been a positive performer on Friday. This follows the release of the property listings company’s third quarter update this morning. According to the release, REA Group delivered revenue growth of 8% to $225.6 million and EBITDA growth of 13% to $123.3 million. This means its EBITDA is now up 10% year to date.

News Corp update

The News Corp (ASX: NWS) share price is charging higher following the release of its third quarter results. The media company continued its solid recovery during the quarter, reporting revenue growth of 3% and EBITDA growth of 23%. On the bottom line, News Corp reported a third quarter profit of $96 million. This compares to a loss of $1 billion a year earlier.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Appen Ltd (ASX: APX) share price with a 5% gain. This follows a ~20% decline on Thursday following the release of a presentation. The worst performer has been the Pro Medicus Limited (ASX: PME) share price with an 8% decline. This is despite there being no news out of the healthcare technology company. However, a number of high PE shares are under pressure today.

More reading

• News Corp (ASX:NWS) share price rises on latest results
• REA (ASX:REA) share price on watch after third quarter results
• Appen (ASX:APX) share price: Is the disruptor becoming the disrupted?
• Macquarie (ASX:MQG) share price on watch after posting $3bn profit and 86% dividend increase
• 2 stellar ASX growth shares rated as buys

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 recommends Pro Medicus Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Appen Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Pro Medicus Ltd. and REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The QuickFee Ltd (ASX: QFE) share price is by far one of the best performers on the ASX today. This comes after the company provided investors with a market update for its operations in April.

During mid-morning trade, the financial technology company’s shares are fetching for 32 cents, up 28%.

QuickFee achieves record growth

Investors are fighting to get a hold of QuickFee shares today following the company’s explosive trading update.

According to its release, QuickFee advised that lending activity in Australia is continuing to surge. Both March and April recorded the highest lending months in the FY21 period following the end of the JobKeeper stimulus. In particular, April lending reached $3.5 million, up 30% on the previous highest month in the current financial year. QuickFee stated that it is seeing encouraging signs for a recovery in the local business sector.

In the United States, the company processed US$76.4 million in its US PayNow market for April. This represented an increase of 13% on the previous record month of March 2021. As a result, the total transaction value (TTV) is sitting at an annualised run rate of US$900 million.

QuickFee noted that traditional financing in the United States is relatively in line with the Q2 FY21’s run rate. The federal government’s stimulus package is continuing to weigh down on the company’s lending growth.

Positively, QuickFee Instalments are gaining pick up in the United States, with volumes in April at US$180,000. Again, this reflects a 600% jump on the performance attained in March.

New merchant signups are climbing with the company recording 445 and 191 merchants in the United States and Australia, respectively.

What did the head of QuickFee say?

QuickFee CEO, Bruce Coombes hailed the company’s strong progress, saying:

We remain very excited about the growth in our payments platform in the US and the scale that we are building. As we increase our focus on both new merchant sign-ups and existing merchant usage, we expect to see ongoing growth in transaction volumes and further scale benefits.

Also, very pleasing has been the strong pickup in lending in Australia and the early uptake of the QuickFee Instalments product, with April showing very impressive growth in the US.

About the QuickFee share price

Despite today’s meteoric gain, the QuickFee share price has tumbled close to 40% year-to-date. In comparison, the All Ordinaries Index (ASX: XAO) has gained around 7%.

Based on today’s price, QuickFee commands a market capitalisation of roughly $62 million, with approximately 201.5 million shares on issue.

More reading

• ASX 200 Weekly Wrap: Shares have average week but a great month
• Why the Prospa (ASX:PGL) share price has surged 7%
• ABS data shows Australians maintained wealth during COVID
• ASX stock of the day: AnteoTech (ASX:ADO) shares top ASX
• Why the Quickfee (ASX:QFE) share price slumped 8% today

Motley Fool contributor Aaron Teboneras 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 National Australia Bank Ltd (ASX: NAB) share price is edging higher on Friday morning.

At the time of writing, the banking giant’s shares are up almost 1% to $26.77.

This latest gain means the NAB share price is up almost 17% since the start of the year.

Is the NAB share price still good value?

According to analysts at Goldman Sachs, the NAB share price could still go a lot higher from here. This follows the release of a stronger than expected first half result this week.

A note out of the investment bank this morning reveals that its analysts have retained their conviction buy rating and lifted their price target to $29.97.

Based on the current NAB share price, this price target implies potential upside of 12% over the next 12 months (excluding dividends).

If you include the 4.7% fully franked yield the broker is forecasting, then this potential return stretches to almost 17%.

What did Goldman say?

Overall, Goldman was pleased with the bank’s half year result. And while its pre-provisioning operating profit (PPOP) fell slightly short, its cash earnings smashed the broker’s estimates.

It said: “NAB’s 1H21 cash earnings grew 95% on pcp to A$3,343mn, 10% above GSe, driven by lower-than-expected BDDs and operating expenses, partially offset by softer trading. This translated to a 1H21 PPOP miss versus GSe of 1.5%. The interim DPS of A60¢ reflected a payout ratio of 59% (DRP to be neutralised) and 1H21 CET1 ratio came in at 12.4% (pro forma 12.8%; internationally harmonised 17.0%).”

As a result of this solid performance, Goldman has upgraded its earnings estimates over the coming years.

It explained: “Our FY21/22/23E cash EPS changes by +10.6%/+4.8%/+4.9%, driven by: (i) lower BDDs in the near term, (ii) stronger volumes in both housing and business lending, (iii) well managed cost growth, partially offset by iv) lower NIMs, and v) weaker markets income. As a result of our EPS changes, our 12-month TP moves to A$29.97, from A$29.63.”

Why is Goldman bullish on the NAB share price?

There are four reasons why Goldman believes the NAB share price is the best option for investors in the sector.

1. NAB’s cost management initiatives, which seem further progressed relative to peers, should drive productivity benefits sooner and free up investment spend to be more directed towards customer experience as opposed to infrastructure;

2. Given NAB’s position as the largest business bank, we believe it will be a big beneficiary of the continued economic recovery (management already speaking to improved volumes momentum across the franchise, in particular SME);

3. Versus peers, NAB, on a pro forma basis, is well capitalised and, given the significant buffer it has over its target CET1 range of 10.75-11.25%, looks well positioned for capital management;

4. Our TP offers c. 18% TSR potential [~17% now].

More reading

• IOOF (ASX:IFL) share price higher on transformational acquisition update
• Macquarie (ASX:MQG) share price on watch after posting $3bn profit and 86% dividend increase
• 5 things to watch on the ASX 200 on Friday
• ASX 200 drops, Nearmap plunges, Appen declines
• Australia’s trust in big banks up 19% in just 2 years: report

Motley Fool contributor James Mickleboro 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 Magnetite Mines Ltd (ASX: MGT) share price is on fire in early morning trade following its capital raising efforts.

At the time of writing, the iron ore miner’s shares are swapping hands for 6.2 cents, up 12.73%.

What’s driving the Magnetite Mines share price higher?

Magnetite Mines shares have started today with a bang after providing its latest release to investors.

In a statement to the ASX, Magnetite Mines advised it has received binding commitments to raise $7 million by a way of placement. The scheme welcomed two new institutions, both with substantial expertise in the resources sector. Furthermore, the company noted other interest coming from sophisticated and institutional investors.

Magnetite Mines will issue roughly 120.8 million ordinary shares at a price of 5.8 cents apiece. Interestingly, the placement is priced at a premium of 2% to the 5-day volume weighted average price (VWAP) recorded on 5 May 2021.

The newly created shares will be issued using the company’s existing placement capacity. Under listing rule 7.1, this allows up to 15% of its shares to be issued without shareholder approval.

Funds raised from the placement are set to be used primarily for advancing studies for the Razorback High Grade Iron Ore Project. In addition, remaining monies will be allocated towards general working capital, and covering the costs of the issue.

Management commentary

Magnetite Mines executive chair, Peter Schubert touched on the company’s capital raise efforts, saying:

We believe that this placement, which is modest in proportion to the Company’s market capitalisation, has considerable longer-term benefits for all shareholders.

It brings sophisticated and institutional investors on to our register, which is a positive development as we move the Razorback iron ore project forward, it underpins the financial position of the business and it increases the funds available for the Company’s exciting development programme.

Most importantly, it provides a firm financial foundation for your Company as we work towards completing the PFS, which is due by the end of the first half of this year.

The Magnetite Mines share price has accelerated in the past 12 months to record an astonishing gain of close to 6,000%.

More reading

• Here’s why the Magnetite Mines (ASX:MGT) share price is up 11% today
• Why’s the Magnetite Mines (ASX:MGT) share price up 34% this week?
• The Magnetite Mines (ASX:MGT) share price is up 330% in 2021

Motley Fool contributor Aaron Teboneras 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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Australia’s top brokers have been busy adjusting their estimates and recommendations once again. This has led to the release of a 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:

Adore Beauty Group Ltd (ASX: ABY)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating but cut the price target on this online beauty retailer’s shares to $5.00. Although the broker was disappointed with its recent trading update, which appears to indicate that its growth is turning negative due to tough comparisons being cycled, it remains positive on the long term. This is due to its leadership position in a structural-growth market. The Adore Beauty share price is trading at $3.84 today.

Afterpay Ltd (ASX: APT)

Another note out of Morgan Stanley reveals that its analysts have retained their overweight rating and $149.00 price target on this payments company’s shares. According to the note, the broker’s research indicates that app downloads in the United States remain strong. And while they were lower than in March, it believes this was due to the Afterpay Day sales event during that month. In addition to this, the broker is positive on the company’s European expansion, which it sees as a step towards building a global platform. The Afterpay share price is fetching $96.97 today.

Australia and New Zealand Banking GrpLtd (ASX: ANZ)

Analysts at Morgans have retained their add rating and lifted their price target on this banking giant’s shares to $34.50. According to the note, the broker was pleased with ANZ’s half year results, noting that its cash earnings and dividend were both ahead of expectations. In addition to this, it was pleased with its bad debts, margins, and its cost reduction progress. The ANZ share price is trading at $27.56.

More reading

• Why the Adore Beauty (ASX:ABY) share price is rebounding 7% today
• Macquarie (ASX:MQG) share price on watch after posting $3bn profit and 86% dividend increase
• Blue chip ASX 200 shares breaking out into 52-week highs
• Is the Afterpay (ASX:APT) share price a buy at $100?
• Why Adore Beauty, Appen, Flight Centre, & Nearmap shares are sinking

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Adore Beauty Group Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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American Pacific Borates Ltd (ASX: ABR) share price has edged higher in early morning trade. This comes after the company announced an update in respect to its Fort Cady Borate Mine.

It’s also worth noting that, the ABR share price is within a whisker of breaking its all-time high record. At the time of writing, the fertiliser producer’s shares are sitting at $2.44, up 3.39%.

What did ABR announce?

ABR shares are on the move today after the company revealed its progressing negotiations with Compass Minerals America Inc.

A subsidiary of NYSE-listed Compass Minerals International, Inc. (NYSE: CMP), Compass Minerals is a leading producer of minerals in North America. The company specialises in making salt, plant nutrients and magnesium chloride for industrial, agricultural, commercial and consumer markets.

According to ABR’s release, the company advised it has signed a letter of intent (LOI) with Compass Minerals to sell sulphate of potash (SOP) from its Fort Cady Borate Mine.

Under the agreement, both parties will work together on creating a framework in which Compass Minerals will look after the sales and marketing for the SOP production. In addition, the companies will work on progressing crop trials and agronomy studies for boron rich fertilisers.

ABR stated that it expects formal agreements to be executed over the coming months.

ABR executive director, Anthony Hall commented:

There is a strong alignment between ABR and Compass Minerals relative to our ambitions to supply SOP to the growing North American agricultural market. Compass Minerals has well established customer markets and supply chain, so we think the collaboration on SOP sales is a sensible one.

The partnership will allow ABR to focus on its rare Borate business, while also leveraging the combined expertise on the potential to develop new boron enriched specialty fertilisers.

ABR share price review

In the month of April, ABR shares have been flying higher to register an all-time high of $2.54 last Thursday. Its year-to-date performance stands at a gain of close to 60% for ABR shareholders.

Today’s announcement thus far hasn’t quite pushed the ABR share price into new record territory.

More reading

• American Pacific (ASX:ABR) share price sinks 5% as CEO exits

Motley Fool contributor Aaron Teboneras 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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