The Torian Resources Ltd (ASX: TNR) share price is rising today after the company acquired a huge swathe of pastoral land called Tarmoola Station with a small mining business in Western Australia.

The Torian share price is up 8.89% to 4.9 cents at the time of writing.

Torian is a microcap gold mining company involved in various mining and exploration projects, including Zuleika, Mt Stirling, Malcolm, Bardoc, Gibraltar and many more.

Torian’s Tarmoola station and Carhill Contracting acquisition

Torian announced today that it’s bought a 172,662 hectare (424,748 acre) property at Tarmoola Station, along with the mining business located on the station — Carhill Contracting. .

Torian said the acquisition is to “help fast track further exploration and potential mining operation” at its Mt Stirling Gold Project. Tarmoola Station is 50% covered by mining and exploration leases, however some of these are abandoned.

Carhill has a cumulative free cash flow of ~$1,000,000 per annum (unaudited). The property acquisition provides Torian with a huge amount of property and subsequent resources in the area around Leonora, far inland on the border of the Australian spring reserves.

The deal includes $876,000 of equipment (independently valued), and ongoing contracts with regional miners and explorers. It also includes the rights to continuing carbon credits valued at approximately $360,000 per annum, approximately 1,100 head of cattle and a 20-person camp.

The camp includes $279,600 of independently valued hard assets with approvals in place and infrastructure built to upgrade to a 50-person camp with associated mess and kitchen facilities.

Torian management comments

Torian executive director Peretz Schapiro explained how the deal could benefit the company’s gold mining operations.

Our recent site visit has confirmed our convictions that moving ahead with purchasing the station fits very nicely with our long-term strategic goal of solidifying our land holding in the Leonora region as we progress with further exploration of the Mt Stirling Gold Project and potential mining operations. As owners of the pastoral lease we will be able to reduce our discovery cost per ounce and ensure that the process of obtaining permits for our exploration and potential future mining activities, is as seamless as possible.

The purchase of the Tarmoola Station is therefore seen as a crucial step towards fast-tracking the exploration of and potential mining production at the Mt Stirling Gold Project.

Torian share price snapshot

The Torian share price is up 67% so far in 2021 and 187% over the past 12 months.

More reading

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• Nickel Mines (ASX:NIC) share price wobbles despite EV battery deal
• Why the AVZ Minerals (ASX:AVZ) share price is sinking 11% today
• The BBX Minerals (ASX:BBX) share price is rocketing today, up 15%. Here’s why
• Ingenia (ASX:INA) share price lifts after $220 million spending spree

Motley Fool contributor Lucas Radbourne-Pugh 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 Nickel Mines Ltd (ASX: NIC) share price has been fluctuating today after the company announced it will diversify into nickel matte production for lithium batteries.

The Nickel Mines share price is down 0.4% to $1.13 at time of writing.

Nickel Mines is engaged in acquiring, exploring, and developing nickel projects. The company owns an interest in hengjaya mines in China, with its partner Shanghai Decent Investment. Let’s take a look at this latest update.

Nickel Mines expanding into lithium battery industry

Shanghai Decent (Tsingshan) has signed an MoU with Nickel Mines, allowing two of Nickel Mines’ four 80%-owned Rotary Kiln Electric Furnace (‘RKEF’) lines to undergo the necessary modifications to allow them to produce a nickel matte product suitable for sale into the electric vehicle (EV) battery market.

The specific details of capital modification costs, operating costs and selling arrangements with Shanghai Decent remain commercial-in-confidence and subject to a definitive agreement. However, the company released the following information.

“The required modification cost for each RKEF line is expected to be minimal (approximately US$1M per line) and the cash operating costs for producing a tonne of nickel in matte are expected to be comparable to the cash costs of producing a tonne of nickel in nickel pig iron.”

Despite the relatively comparable cost in production, the company says nickel matte achieves a higher price on market than nickel pig iron. 

Nickel Mines management comments

Managing director Justin Werner said that the agreement offers exciting potential for Nickel Mines in the EV market.

We are delighted that Nickel Mines has been given this opportunity to participate in this exciting transition into the EV battery supply chain, a development that further reflects and enhances our relationship with Tsingshan and our standing in the global nickel market. Our future ability to sell nickel matte into the EV battery supply chain provides a diversification of not only Nickel Mines’ production base but offers a broader exposure to the pricing dynamics of individual nickel markets that are expected to emerge over the coming years.

We believe the ability to become a meaningful supplier of nickel across multiple enduser markets will make Nickel Mines a truly unique investment proposition amongst other global producers and lay the platform for a broader array of future growth opportunities.

Nickel Mines share price snapshot

The Nickel Mines share price has fallen by more than 11% over the past week and month. It is, however, still up more than 113% over the past 12 months.

More reading

• ASX 200 Weekly Wrap: Shares have average week but a great month
• These were the worst performing ASX 200 shares last week
• Why Coles, Nickel Mines, Nitro, & Regis Resources are storming higher
• ASX 200 up 0.3%: Woolworths and Fortescue lower on updates, Newcrest impresses
• Brokers rate these ASX 200 shares a buy after quarterly results

Motley Fool contributor Lucas Radbourne-Pugh 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 AVZ Minerals Ltd (ASX: AVZ) share price has started the week in a disappointing fashion.

In afternoon trade, the lithium-focused mineral exploration company’s shares are down 11% to 15.5 cents.

Why is the AVZ Minerals share price sinking today?

Today’s decline appears to have been driven by broad weakness in the lithium sector, which has offset the release of a positive announcement.

For example, the AVZ Minerals share price isn’t the only lithium share that is falling reasonably heavily today.

The Galaxy Resources Limited (ASX: GXY) share price is currently down 3%, the Orocobre Limited (ASX: ORE) share price is down 2.5%, and the Vulcan Energy Resources Ltd (ASX: VUL) share price is down 5%.

This is despite lithium prices performing strongly last week due to robust demand for the battery-making ingredient.

As most of these lithium shares have recorded strong gains recently, profit taking could be weighing on them today.

What did AVZ Minerals announce?

This morning AVZ Minerals announced that the Manono Special Economic Zone (MSEZ) decision is expected by the end of May 2021.

The company said: “AVZ is currently updating its MSEZ technical, development, environmental and financial documentation with additional information, as requested by the DRC Government. These documents will be submitted shortly with a decision on the granting of the MSEZ expected by the end of May 2021.”

AVZ Minerals Managing Director, Nigel Ferguson, also spoke about current market conditions, noting that these are supportive for the development of its Manono project.

He said: “Buoyant market conditions continue with both spodumene concentrate and lithium chemical prices strengthening on the back of rising electric vehicle demand, just as international Government policies advance the reduction of carbon emissions whilst securing strategic supply chains that feed domestic EV industries across the globe.”

“Both market and geopolitical factors have fuelled a steep increase in the SC6 price since the start of 2021, with reported prices in China up 56% . With expectations that structural supply deficits will remain and as the uptake of EV’s continues to increase around the globe, the current upward price trends for both spodumene concentrate and lithium chemical products are expected to continue,” he added.

But as positive as this is, it hasn’t been enough to stop the AVZ Minerals share price from tumbling lower today.

More reading

• Here’s why the AVZ Minerals (ASX:AVZ) share price is sinking today

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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BBX Minerals Ltd (ASX: BBX) shares are soaring today after the company shared news it has developed an assay protocol for gold from its Ema Project.

At the time of writing, the BBX Minerals share price is up 15.38%, trading at 30 cents per share. Let’s take a closer look at today’s announcement from the mineral exploration company.

Test work results

BBX Minerals announced the results from test work done at its facility in Rio de Janeiro this morning.

The company said that after reviewing all the analytical methods and concepts tested to date, it’s finally found the best way to produce reliable and consistent gold assay results.

The tests aimed to perfect the recovery and analysis of gold from a surface sample taken from the company’s Ema project.

BBX Minerals conducted 10 separate tests, with 9 showing between 16.1 grams of gold per tonne and 23.2 grams of gold per tonne. One sample was significantly less – finding 7.9 grams of gold per tonne.

BBX Minerals will now use this method to analyse drill hole samples from both its 2017 and current drilling campaigns. It’s in the process of finding a laboratory to run the analytical program.

The company also announced it was continuing its work with the research institute IPT to find a parallel analytical method for the refinement of platinum group minerals and silver.

The program is expected to finish in mid-June, as long as no further COVID-19 restrictions are imposed.

Commentary from management

BBX Minerals CEO André J Douchane commented on the successful findings, saying:

This assay method is a combination of smelting and acid leach followed by either MIBK or precipitation of metal. The leach uses one acid for extracting gold and platinum and a different acid for extracting silver and palladium. Most importantly, this assay method is different from the 5-acid method developed by IPT in that it does not need specialty reagents and it can be done in a matter of a few hours instead of 4 to 5 days.

BBX continues working towards enhancing its extraction method aiming at enhancing recoveries for gold and other precious metals. We will begin assaying the drill holes as soon as we can get this assay method set up to be used at a 3rd party laboratory.

BBX Minerals share price snapshot

The BBX Minerals share price has been having a bumpy ride on the ASX lately, with today’s news levelling it with its starting price at the beginning of 2021 once more.

The BBX Minerals share price has gained 190% over the last 12 months, however.

The company has a market capitalisation of around $122 million, with approximately 434 million shares outstanding.

More reading

• BBX Minerals (ASX:BBX) share price plunges 17% on Brazilian COVID struggles

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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The Ingenia Communities Group (ASX: INA) share price is rising today, adding to already solid recent gains, after the company announced its acquired a portfolio of 5 coastal holiday parks.

The Ingenia share price is up 2.08% to $5.09 per share.

Ingenia is an Australian property group that owns, operates and develops a portfolio of lifestyle and holiday communities, with an adjacency in the rental market.

Ingenia’s recent holiday acquisitions

Ingenia’s decision to purchase another 5 coastal parks comes at a boom time for the Australian domestic tourism industry when outgoing travel bans have seen domestic demand for Australian holiday attractions surge.

The company has also acquired a large ocean-front land parcel in Bargara, Queensland with approval for a 344-home lifestyle community. This will be 100% Ingenia owned.

The combined purchase price of all 5 coastal parks and greenfield site is $40 million, which the company says offers “a combination of immediate earnings accretion and approved development”.

Ingenia’s new holiday park purchase increases its holiday park portfolio by more than 20% and adds 844 cabins, sites and annuals.

What Ingenia management said

Ingenia CEO Simon Owen said the group’s acquisition team has had a busy period, with more than $220 million spent on acquisitions year-to-date.

Despite a marked increase in competition for quality communities and development sites, we continue to benefit from a pipeline and relationships that have taken many years to establish.

The current buoyant market for domestic travel and greater awareness of the stable cash flows generated from our lifestyle communities have underlined the attractiveness of the sectors we operate in and we remain positive about the outlook for the group as we continue to grow.

Ingenia background

A $1.7 billion market capitalisation company, Ingenia’s communities are located throughout Australia, primarily along the eastern seaboard states of Queensland, New South Wales and Victoria, where the majority of Australia’s population lives and tourism occurs.

Ingenia also operates in the managed funds space after acquiring Eight Gate Capital Management in 2019. Eight Gate is a funds and asset management business, which comprises lifestyle communities and holiday parks that operate under the Allswell Communities brand.

Interestingly, the company was formerly related to the international ING banking conglomerate. It was called ING Real Estate Community Living Group and traded on the ASX under the ticker code IFL. However, Ingenia Communities Group emerged in 2012, following the internalisation of ING management.

Ingenia share price snapshot

The Ingenia share price has risen by 7.3% over the past month and is up 9.5% since 2021 began. It’s also up more than 50% over the past 12 months.

More reading

• Why is the Taruga Minerals (ASX:TAR) share price up a ridiculous 69% today?
• Why is the Telstra (ASX:TLS) share price rising today?
• Here’s why the Magnetite Mines (ASX:MGT) share price is up 11% today
• Here’s why the Caravel (ASX:CVV) share price is backtracking today
• Why Dubber, PointsBet, Starpharma, & Westpac shares are storming higher

Motley Fool contributor Lucas Radbourne-Pugh 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 Taruga Minerals Ltd (ASX: TAR) share price is going gangbusters, up an extraordinary 69% at time of writing after the company made a high-grade copper discovery at its Mount Craig Project in South Australia.

Taruga Minerals shares are now trading at 10 cents, after starting the day at just 5.9 cents.

Taruga has a tiny market capitalisation of just $46 million but its exploration activities are spread across Africa and Australia. It’s focused on the exploration of copper, gold and silver in South Australia, but base metals and lithium in the Democratic Republic of Congo. Its projects also span across Mali, Cote d’Ivoire and Niger.

Taruga Minerals copper discoveries

Taruga report that all of its 30 reverse circulation (RC) drill holes intercepted visible copper mineralisation or alteration, with the first 5 drill hole assay results confirming high-grade copper discoveries at the company’s Wyacca prospect.

Here are those 5 high-grade assay results in full:

• RC Drillhole WCRC006: five metres at 2.4% copper from 17 metres deep, includes one metre at 9.5% copper from 18 metres deep.
• RC Drillhole WCRC021: 11 metres at 1.5% copper from 85 metres deep, includes four metres at 2.7% copper from 85 metres deep, including one metre at 5.9% copper from 88 metres deep.
• RC Drillhole WCRC017: Seven metres at 1.8% copper from 85 metres deep, includes four metres at 3.1% copper from 87 metres deep, including two metres at 3.5% copper from 88 metres deep.
• RC Drillhole WCRC005: Five metres at 0.9% copper from 33 metres deep, includes two metres at 1.7% copper from 34 metres deep, including one metre at 2.7% copper, from 35 metres deep.

The results show a mining trifecta. Not only are the drilling depths very shallow, all below 100 metres deep, and therefore cheaper open-pit mining, but grades of up to 9.5% copper present a very lucrative on-selling potential. The company believes it has only explored slightly more than half the potential strike range at Wyacca.

What Taruga Minerals management said

Taruga CEO Thomas Line spoke about the company’s next steps.

This high-grade copper discovery at Wyacca is further validation of the significant potential of Taruga’s South Australian copper projects. It is clear from the limited drilling results received to date that this unit hosts very high-grade copper mineralisation, up to 9.5% Cu, and that there is significant opportunity to identify further zones at these grades with further drilling… We have really only scratched the surface at Wyacca, and we are now planning follow-up RC drilling and geophysics to further define and extend the mineralised footprint.

Taruga Minerals share price snapshot

Immense gains in the Taruga share price today bring its monthly increase to 104%. It’s now up 966% over the past 12 months.

More reading

• Why is the Telstra (ASX:TLS) share price rising today?
• Here’s why the Magnetite Mines (ASX:MGT) share price is up 11% today
• Here’s why the Caravel (ASX:CVV) share price is backtracking today
• Why Dubber, PointsBet, Starpharma, & Westpac shares are storming higher
• What’s with the Vmoto (ASX:VMT) share price today?

Motley Fool contributor Lucas Radbourne-Pugh 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 Telstra Corporation Ltd (ASX: TLS) share price is having a cracking day today.

Telstra shares are up 2.8% at the time of writing to $3.49 a share after closing at $3.38 on Friday afternoon. They opened at $3.40 this morning. That’s a significant outperformance compared to the broader markets.

The S&P/SX 200 Index (ASX: XJO) is only up 0.02% today by comparison. The Telstra share price went as high as $3.49 early last month, but it had slowly retreated from those highs before today.

As we covered last week, Telstra shares have been pretty much flat over April, despite rising strongly in the previous month. On today’s pricing, Telstra is now only a few cents from its 52-week high of $3.54 that we saw in July last year.

So why are Telstra shares rising so healthily today?

Telstra share price on the rise 

It’s not entirely clear what has gotten investors hot under the collar for Telstra today.

There have been no major market announcements out of the ASX’s largest telco since 23 April. That announcement detailed how Telstra had spent $277 million on additional 5G spectrum rights.

At the time, Telstra CEO Andy Penn said the new spectrum would help the company build on the “already superior 5G experience Telstra provides across the country”. Telstra’s 5G network now covers close to two-thirds of the Australian population. It’s on track to reach three-quarters by the end of June.

But that was almost 2 weeks ago now, so it’s probably not what is driving the Telstra share price higher today.

Perhaps it’s just continued optimism over Telstra’s well-received plan to separate and restructure its assets into 4 companies that were announced last month as well. This will see Telstra effectively become 4 separate companies trading under one umbrella by the end of the year.

Or perhaps a group of investors, or one large investor, has just looked at the Telstra share price and liked what they’ve seen. The company is trading with a market capitalisation of $41.3 billion, a price-to-earnings (P/E) ratio of 23.3, and a trailing dividend yield of 4.61% (6.59% grossed-up) on current pricing.

Whatever the reason, Telstra’s share price gains today will no doubt be welcomed by its shareholders.

More reading

• Morgans just added these ASX shares to its “best ideas” buy list
• ASX 200 up 0.25%: Westpac result impresses, PointsBet jumps
• Deterra (ASX:DRR) share price outperforms on royalty update
• ASX miners set for tough start even as commodity premiums hit a 14-year high
• ASX 200 Weekly Wrap: Shares have average week but a great month

Motley Fool contributor Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra 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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Magnetite Mines Ltd (ASX: MGT) shares are soaring following the release of the company’s (corrected) third-quarter results on Friday afternoon. At the time of writing, the Magnetite Mines share price is trading 10.71% higher at 6.2 cents.

Magnetite Mines initially released its activities and cash flow report shortly after midday on Friday. But within a few hours, the revised version copy hit the market barely 50 minutes before it closed for the week.

Let’s take a look at the mining company’s activities and results for the quarter ended 31 March 2021.

Third-quarter financial results

Magnetite Mines spent $648,000 on exploration, evaluation and the purchasing of equipment over the quarter. It also reported staff and administration costs of $241,000.

The company stated that, during the quarter, it didn’t conduct any drilling. This was because it had access to historical drill samples and datasets. Most of its spending was due to pre-feasibility studies from its Razorback Iron Project.

It ended the quarter with approximately $4.1 million in the bank. This means that if every quarter’s expenses are similar to the one that’s just been, Magnetite Mines has enough cash to fund over a year of operations without requiring further income.

What was Magnetite Mines up to over the quarter?

Magnetite Mines continued to work on the Razorback Iron Project’s pre-feasibility study through the quarter. The company plans to release the study’s results during the current quarter as it’s still working on updating Razorback’s resource estimate.

During the quarter, Magnetite Mines won the tender for the Muster Dam tenement package from the South Australian Department for Energy and Mines.

The Muster Dam Iron Project is within the Braemar Iron Formation, which is also home to the Razorback Iron Project. Muster Dam is around 110 kilometres northeast of the Razorback Iron Project.

A mineral resource estimate for Muster Dam was done in November 2011 by a previous tenement holder. It found the project contained 1.5 billion tonnes at 15.2% mass recovery.

This quarter, the company appointed Peter Schubert as its interim CEO, in addition to his role as executive chair, and Mark Eames as technical director.

Commentary from management

Schubert commented on the company’s quarterly activities and results. He said:

In this last quarter, [Magnetite Mines] has made significant progress towards delivery of a robust high grade iron ore business. We are on budget and on track with our plans…

The Magnetite Mines team, together with our globally recognised technical specialist consultants, has worked with meticulous, singular vision and commitment to deliver an optimal [pre-feasibility study] outcome for shareholders…

While we are designing our project to compete through the cycle, we note that strong demand and a muted supply response support robust iron ore pricing and that the product we plan to produce is both valuable and in demand.

Magnetite Mines share price snapshot

The Magnetite Mines share price is having an incredible performance on the ASX, with Friday’s news preceding its latest boost.

Currently, the Magnetite Mines share price is up 520% year to date. It’s also up a humongous 6,100% over the last 12 months, having been trading for just 0.1 cents this time last year.

The mining company has a market capitalisation of around $161 million, with approximately 2.8 billion shares outstanding.

More reading

• 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 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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The Caravel Minerals Ltd (ASX: CVV) share price is in reverse following the company’s announcement of a share placement.

During early-afternoon trade, the base metals provider’s shares are going for 29 cents a pop, down 3.3%.

Details of the share placement

Investors are dropping Caravel shares on news of the company’s latest capital raising.

According to its release, Caravel advised it has received firm commitments to raise $7.5 million through a share placement. The offer was presented to institutional and professional investors at an issue price of 27 cents per share. This equates to close to 27.8 million new ordinary shares being added to the company’s registry.

Caravel highlighted that a large institutional investor put forward its intent to subscribe for $7 million in the placement.

However, for the capital raising to go ahead, shareholders will need to approve the company’s placement at the shareholder meeting. It is expected this will be held in mid-June. Should everything go according to plan, Caravel will issue the new shares, ranking them equally with the existing shares outstanding.

Proceeds of the placement will be allocated towards a number of objectives, including:

• Additional infill and extensional drilling on the Caravel Copper Project
• Potential acquisition of land over the Bindi Deposit and Caravel Copper Project
• General working capital.

Caravel noted that it remains fully-funded to complete its Pre-Feasibility studies as well as advance some key initiatives. This includes land acquisition that will reduce the risk of the copper project and hasten development decisions.

The monies received from the placement will provide detailed drilling at Bindi East after discovering new potential mineral resources. The main criteria of the programme will be to define higher-grade areas that can be brought into the early-mining planning schedule.

Caravel share price review

Caravel shares have been a standout over the past 12 months, accelerating over 1,200%. This means if you picked up $1,000 worth of shares this time last year, it’d be worth north of $12,000.

Based on the Caravel share price at the time of writing, the company has a market capitalisation of roughly $100 million, with 347.6 million shares on issue.

More reading

• Why Dubber, PointsBet, Starpharma, & Westpac shares are storming higher
• What’s with the Vmoto (ASX:VMT) share price today?
• Morgans just added these ASX shares to its “best ideas” buy list
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• REA (ASX:REA) share price eyes new record highs after running 10% in April

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its morning gains and is trading just a fraction higher for the day. At the time of writing, the benchmark index is up slightly to 7,030.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Dubber Corp Ltd (ASX: DUB)

The Dubber share price has continued its positive run and is up a further 12% to $2.86. Investors have been fighting to get hold of the unified call recording and voice intelligence provider’s shares since its third quarter update last week. That update revealed that Dubber’s annualised recurring revenue (ARR) increased 20% over the three months to $34 million. This was also a 158% increase over the prior corresponding period.

PointsBet Holdings Ltd (ASX: PBH)

The PointsBet share price has stormed 7% higher to $14.55. This follows the release of two positive broker notes this morning in response to its third quarter update. Both Goldman Sachs and Credit Suisse have the equivalent of buy ratings on the sports betting company’s shares. Goldman has a $17.20 price target and Credit Suisse has a $16.15 price target on its shares.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price has jumped 10% to $1.86. This appears to have been driven by excitement around the company’s Viraleze product. Viraleze is an antiviral nasal spray that contains astodrimer sodium, which has been shown in laboratory studies to inactivate a broad spectrum of respiratory viruses. This includes >99.9% of coronavirus SARS-CoV-2, the virus that causes COVID-19.

Westpac Banking Corp (ASX: WBC)

The Westpac share price is up 4.5% to $26.09. Investors have been buying the banking giant’s shares after it reported first half cash earnings of $3,537 million. This is a 256% increase over the prior corresponding period and a 119% lift over the second half of FY 2020. Westpac also declared a fully franked interim dividend of 58 cents per share and revealed significant cost cutting plans.

More reading

• ASX 200 up 0.25%: Westpac result impresses, PointsBet jumps
• Westpac (ASX:WBC) share price up 4%: Here’s an expert’s opinion
• Leading brokers name 3 ASX shares to buy today
• Leading broker tips PointsBet (ASX:PBH) share price to shoot higher
• This is the best of the big ASX banks: fundie

James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pointsbet Holdings Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Dubber and Starpharma Holdings Limited. The Motley Fool Australia has recommended Pointsbet Holdings Ltd and Starpharma Holdings 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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