Shares in ASX biotech companies Anteotech Ltd (ASX: ADO), Imugene Ltd (ASX: IMU) and Little Green Pharma Ltd (ASX: LGP) have all posted exciting gains over the past 12 months.

Let’s have a look at the share price performance and recent news of all 3 ASX shares.

Little Green Pharma

At the time of writing, shares in this cannabis manufacturing and distribution company have climbed 121.1% over the course of 1 year. Little Green Pharma shares are also 15.33% up on the previous 5 days and 17.91% on the previous month.

Over the year-to-date, the company’s shares have posted a return of 41%, having come off a high of 94 cents on 4 February 2021.

Over the previous 6 months, the company has reported 2 major announcements, including a firm purchase order from Denmark company Demecan for 9,000 units of flower, and signing an exclusive distribution deal with leading Polish pharmaceutical group Pelion SA.

With a share price of 79.5 cents at the time of writing, Little Green Pharma has a market capitalisation of $104.6 million, and currently has negative earnings per share.

Anteotech

The Anteotech share price has climbed 159% this year-to-date, however is 1.72% down at the time of writing.

Over the previous 5 days, Anteotech shares have gained 26.67%, giving the company a market capitalisation of around $556 million. Shares are trading off their 52-week high of 49.5 cents, but are above the 52-week low of 2 cents.

Over the year-to-date, the company has procured a specified manufacturing line in Brisbane as apart of its EuGeni Test Strip Manufacturing Strategy, forming part of a “decentralised and diversified global manufacturing approach”.

According to a press release on 24 May 2021, the company expects an additional capacity of 12 million strips per annum as a result of the initiative.

Imugene

The Imugene share price has surged by 277% year-to-date, recently down from a high of 49 cents, coming in today at 38 cents at the time of writing.

The company is up 4.05% intraday, and has gained 10% over the previous 5 days. Imugene’s market capitalisation has now reached $1.8 billion, but it has experienced a 1-month drop of 17% from the previous month.

Over the previous 6 months, the company has presented a series of positive data on clinical trial outcomes. Back in April 2021, the company released positive headline results for its phase 2 gastric cancer clinical trial.

Furthermore, on 18 May 2021, the company also announced the commencement of a phase 1 clinical trial in 2022 to expand on Imugene’s expertise in oncolytic virus and cell therapy technology, for investigation in therapy for solid tumours.

Foolish takeaway

These 3 ASX biotech shares have each outperformed the broader Australian index this year, posting returns above the S&P/ASX 200 Index (ASX: XJO)’s 11% year-to-date.

The post These 3 ASX biotech shares are all up at least 120% in a year appeared first on The Motley Fool Australia.

More reading

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• Here’s why the Little Green Pharma (ASX:LGP) share price is down 5%
• The Imugene (ASX:IMU) share price has fallen 14% in the last 5 days
• These 3 ASX 200 shares are the most actively traded today

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

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Last year, one of the strange side-effects of the coronavirus pandemic was an overall increase in household wealth. A rapidly rebounding share market, coupled with a similar move in the national property market helped Aussies feel like there was at least some upside to the roller-coaster that was 2020.

Record governmental stimulus programs, such as JobKeeper and a temporary doubling of JobSeeker, also helped mightily. But how are Aussies faring in 2021 so far, now that much of this stimulus has been wound back?

Never better, according to the Australian Bureau of Statistics (ABS).

Rising tides of property and shares are lifting the Aussie wealth boat

The pandemic continues to see rising household wealth in Australia. At least that’s what the latest findings from the ABS tell us. According to ABS statistics released last week, total household wealth managed to rise by 4.3% in the 3 months to 31 March 2021. That equates to a dollar figure of $510 billion, putting the total wealth pool in Australia at a record $12.66 trillion. Wealth per capita is also at a record high, sitting at $492,055 for every Australian at the end of the March quarter.

The annual numbers tell a similar story. In the 12 months to 31 March 2021, the ABS found that household wealth grew 15.3%. That was the strongest annual growth since March 2010 (22.6%).

So what do Aussies have to thank for all this wealth? The usual suspects, according to the ABS. That annual figure of 15.3% consisted of 8.5% from rising property prices. A further 4.2% came from superannuation balance growth. Here’s what the ABS’ Head of Finance and Wealth, Katherine Keenan, had to say on the rise in wealth:

Residential assets contributed 3.5 percentage points to the quarterly growth in household wealth, followed by superannuation balances and directly held shares, at 0.6 and 0.2 percentage points. Growth in household wealth continued to be driven by rising residential property prices, reflecting record low interest rates, support through a range of government incentives and recovery in the labour market…

Household wealth grew more in the last year than it did during the preceding three years combined. Over the three years prior to March 2020, household wealth grew 11.4 per cent.

So houses and shares… That’s evidently how the Aussie wealth bread is being buttered right now.

The post How much wealth do Aussies have today? It’s never been higher appeared first on The Motley Fool Australia.

More reading

• The Qantas (ASX:QAN) share price is sinking today
• Why the RedHill Education (ASX:RDH) share price is rocketing 18% higher
• Talga (ASX:TLG) share price slides 7% despite positive update
• 2 high performing ASX lithium shares tipped by top fund manager
• Cryptocurrency values plunged this past week. Should you change your investing strategy?

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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Shares in Australia’s leading airline Qantas Airways Ltd (ASX: QAN) are falling today amid a sweeping set of new travel restrictions and lockdowns across the country.

At the time of writing, the Qantas share price has tanked 4.02%, trading at $4.54.

Australia braces for new restrictions

NSW has recorded more new COVID-19 cases on Monday, with Greater Sydney in a two-week lockdown on stay-at-home orders until Friday, 9 July.

Various border travel restrictions now apply across the country, with the situation changing rapidly as states grapple to contain several different COVID outbreaks.

Travel restrictions drag the Qantas share price

The latest restrictions fly in the face of Qantas ambitions to bounce back from COVID-19 impacts.

In the airline’s market update on 20 May, it said the group was on track to reach 95 per cent of its pre-COVID domestic capacity in the fourth quarter of FY21.

The update added that Qantas and Jetstar expected to average 107 and 120 per cent respectively, of pre-COVID domestic capacity by FY22.

In addition, Qantas had revised its expectations for the return of a “significant level of international flying” from the end of October 2021 to late December 2021.

The update also revealed the financial impact of lockdowns, flagging:

A three-day lockdown in Perth during April cost the group an estimated $15 million in EBITDA. This follows the $29 million impact from the Brisbane lockdown in late March and the Sydney (Northern Beaches) outbreak that resulted in an impact of around $400 million in EBITDA for the period.

It appears the latest lockdowns and border closures taking place over the next few weeks are weighing on Qantas shares on Monday.

Back to November 2020 levels

The Qantas share price has struggled to find headway this year, down 7.75% year-to-date.

At current prices, Qantas shares have retreated back to November 2020 levels, when the COVID-19 vaccine was still undergoing trials.

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

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• The Qantas (ASX:QAN) share price is falling today

Motley Fool contributor Kerry Sun 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 RedHill Education Ltd (ASX: RDH) share price has been a very strong performer on Monday.

In afternoon trade, the education and agency services provider’s shares are up 18% to 91 cents.

Why is the RedHill Education share price storming higher?

Investors have been bidding the RedHill Education share price higher today after it provided yet another takeover update.

Hot on the heels of the collapse in talks between RedHill Education and UCW Ltd (ASX: UCW) last week, this morning the company announced its entry into an indicative, non-binding term sheet with iCollege Ltd (ASX: ICT).

According to the release, this follows iCollege’s decision to increase its off-market takeover offer from 7.6 to 9.5 iCollege shares for each RedHill share, subject to satisfaction with the findings of due diligence.

Based on the iCollege share price at the close of play on Friday of 11 cents, this implies an offer of ~$1.045 per share.

The release notes that both the iCollege and RedHill boards and management teams have held several collaborative discussions to better understand the contribution of each business to a potential merged entity. These discussions culminated in an agreement to further investigate what appears to be a sound strategic rationale including synergies, geographic spread and education sector expansion.

iCollege’s Chairman, Simon Tolhurst, commented: “iCollege has been encouraged by the collaborative approach taken by the RedHill Board which has seen agreement reached on next steps. iCollege has considered all additional stakeholder feedback and decided, that subject to entering into a Bid Implementation Agreement with RedHill and satisfactory mutual due diligence the share exchange ratio will be increased to 9.5 iCollege shares ($1.05 per RedHill share). iCollege believes that this agreement provides RedHill shareholders with a reasonable and fair value.”

What now?

RedHill’s directors note this is only an indicative offer. As such, it warned that there is no binding agreement and no certainty a transaction will ultimately be agreed with iCollege.

In light of this, it recommends shareholders continue to take no action in relation to the offer. In the meantime, the company advised that it will continue to keep shareholders informed of any material developments and is committed to acting in the best interests of all shareholders and to maximising shareholder value.

The post Why the RedHill Education (ASX:RDH) share price is rocketing 18% higher appeared first on The Motley Fool Australia.

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• Talga (ASX:TLG) share price slides 7% despite positive update
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• Afterpay (ASX:APT) share price tumbles nearly 7%
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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 Talga Group Ltd (ASX: TLG) share price is backtracking today despite announcing a positive update to the ASX.

At the time of writing, Talga shares are swapping hands for $1.325, down 7.02%.

What did Talga announce?

In its release, Talga advised that LKAB and Mitsui have extended a Letter of Intent (LOI) for the Swedish graphite anode project.

Established since 1890, LKAB, or known as Luossavaara- Kiirunavaraa Aktiebolag is an international mining and minerals group based in Sweden. The company is focused on mining and processing iron ore for the steel industry.

Mitsui, on the other hand, is one of the largest general trading companies headquartered in Japan. Its businesses cover energy, machinery, chemicals, food, textile, logistics, finance and more.

Under the agreement, LKAB and Mitsui will work together in co-developing Talga’s European green anode project for lithium-ion batteries. This includes the construction of a 19,000 tonnes per annum (tpa) anode production facility and an integrated mining operation in northern Sweden. The latter will provide an additional 85,000tpa capacity of the anode material.

The extension of the LOI follows both joint venture partners engaging in customer interactions, and advanced discussions on the potential development. Talga noted that the terms of the agreement are being progressed by all parties involved.

The LOI has an expiry date for 30 November 2021 for LKAB and Mitsui to enter into a formal arrangement.

Talga managing director, Mark Thompson commented:

Talga is very pleased to progress JV partner discussions with LKAB and Mitsui for the development of our European anode supply chain to serve the lithium-ion battery market from our Swedish operations. We look forward to continue exploring potential synergies across operations, investment and global sales/distribution in our partnership negotiations.

Talga share price summary

Since the middle of November, Talga shares have barely made any significant movement, hovering around the $1.50 mark. The company’s share price however is up more than 130% when looking at the last 12 months.

On valuation grounds, Talga presides a market capitalisation of roughly $410 million, with approximately 303 million shares outstanding.

The post Talga (ASX:TLG) share price slides 7% despite positive update appeared first on The Motley Fool Australia.

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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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ASX lithium shares have been among the top performers on the S&P/ASX 200 Index (ASX: XJO) and All Ordinaries Index (ASX: XAO) over the past year.

Though many factors impact a company’s share price, ASX lithium shares have enjoyed strong tailwinds from the soaring price of lithium.

This time last year, a tonne of lithium was selling for about US$130 (AU$171). Today lithium is trading at north of US$210 per tonne.

We’ll take a look at 2 top-performing ASX lithium shares held by boutique fund manager Ausbil Investment Management in a tick. But first…

What’s driving lithium prices higher?

Though lithium is still below its all-time highs of some US$290 per tonne seen in June 2018, the price has been marching steadily higher for 12 months now.

Demand is growing alongside the expansion of electric vehicles (EVs) and home and grid-scale battery storage for renewable sources, both generally reliant on lithium-ion battery technology.

On the other side of the equation is a notable lack of increasing supply to meet the ramp-up in demand.

Wang Xiaoshen is the vice-chair of Ganfeng Lithium Co, a major producer of lithium chemicals. According to Xiaoshen (quoted by Bloomberg), “The industry is rapidly growing and we have a very upbeat forecast on lithium consumption. I can’t rule out the possibility for lithium prices to bounce back to the 2018 level.”

Strategic research provider BloombergNEF forecasts a 900% increase in demand for lithium-ion batteries by 2030.

Xiaoyi Liu, an analyst at Shanghai Metals Market, also believes lithium prices could run higher from here, saying, “Prices for lithium chemicals will still have room to rise by the end of the year, demand for EV batteries and energy storage is still strong.”

Fund manager says lithium demand will outpace supply

Ausbil’s global resources fund has had a banner 12 months by most any standards, returning 88.3% over the past year.

James Stewart is the co-portfolio manager of Ausbil’s global resources fund, alongside Luke Smith.

As quoted by the Australian Financial Review, Stewart says part of his secret to success is “staying on top of the news but importantly, not always reacting to it”.

Pointing to rapidly increasing commodity demand in other parts of the world, Stewart says China is no longer the key driver for commodity demand:

Now the rest of the world is really driving commodity demand which will only increase as the US, Europe, Asia and South America open up. So there’s this huge restock that’s going through global economies… The volume of electric vehicles sales going through Europe and the US is phenomenal.

As mentioned up top, the ramp-up in demand for many commodities, including lithium, hasn’t been met with increased exploration and new production. According to Stewart:

Over the last seven years, we’ve had almost no investment in new projects and particularly over the last 12 to 18 months with COVID-19, there’s been no investment at all… Because of the terrible environment over the last few years with weak pricing, driven by supply, but also weak demand from COVID, it means there’s been no investment in lithium.

The Ausbil global resources fund is weighted towards ASX lithium shares, with Stewart believing demand will continue to outpace supply over the next 6 to12 months.

In fact, 2 of the funds top 5 long positions are Pilbara Minerals Ltd (ASX: PLS), 5.7%, and Orocobre Ltd (ASX: ORE), 6.2%.

How have these 2 ASX lithium shares been performing?

Shareholders of Pilbara and Orocobre will have little to complain about over the past 12 months.

Orocobre shares have gained around 170% since this time last year, while ASX 200 listed Pilbara shares have gained an eye-popping 500%. Over that same time, the ASX 200 has gained around 24%.

Year to date, both ASX lithium shares have continued to outperform. The Orocobre share price is up around 43% so far in 2021. The Pilbara share price is up almost 67%.

Of course, there are no guarantees these shares will continue to trounce the benchmark in the future.

One risk to consider before investing in ASX lithium shares is a potential oversupply of lithium down the road, as happened in the leadup to the 2018 lithium price crash.

Another is the development of economically viable alternate clean energy sources, like hydrogen fuel cells.

Happy investing!

The post 2 high performing ASX lithium shares tipped by top fund manager appeared first on The Motley Fool Australia.

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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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

It’s been a rocky number of weeks for cryptocurrency investors, and now a number of popular digital coins, like Bitcoin and Ethereum, are down substantially from where they were just a month prior.

Of course, volatility is something all seasoned investors have experience with. The stock market, for example, has had its fair share of crashes throughout the years, and the cryptocurrency market, even more so.

But should the latest crypto crash cause you to rethink your strategy? Or should you stay the course as a cryptocurrency investor?

What the latest crash means

Just as stocks have the potential to crash when negative news comes out, so too can cryptocurrency values plummet whenever there’s the slightest bit of negative press. Last week, China’s central bank furthered its crackdown on cryptocurrency mining, which sent the value of digital coins on a downward spiral, to the point where Bitcoin had actually wiped out its 2021 gains.

But while a cryptocurrency crash can be unsettling the same way a stock market crash can, ultimately, this really isn’t anything new. Crypto crashes happen often, and digital coins have recovered from them many times over, just as stocks have recovered in their own right.

As such, you don’t necessarily need to change your investing strategy unless you come to the realization that digital currencies are too volatile given your personal risk tolerance (and to be clear, there’s nothing wrong with acknowledging that you don’t have the stomach for them). But what you should do is take steps to make sure a short-term cryptocurrency crash doesn’t hurt you.

For the most part, that really means having an adequate amount of cash reserves on hand for emergencies. If you make a point to stock away three to six months’ worth of living expenses in the bank, you’ll put yourself in a much better position to ride out future cryptocurrency crashes. That way, if you end up needing money in a pinch, you won’t have to sell the cryptocurrencies you hold — potentially at a loss — to get it.

That said, if you’re fairly new to cryptocurrency, you should know that digital coins can be far more volatile than stocks, and for that reason alone, you may want to invest only a small portion of your assets in that market. In fact, a good rule of thumb is to go into cryptocurrencies assuming you’ll lose all of your money.

Obviously, that’s not what you want — and that may not happen at all. But if you adopt that mindset, then you’ll also end up stressing out a lot less if there’s a massive crypto crash.

Remember, there’s no such thing as a risk-free investment. It’s possible to lose money even with so-called safe investments like bonds if circumstances happen to align that way. But cryptocurrency is particularly risky, and so it’s important to make sure you’re protected against periods of volatility. If you arm yourself with enough money in the bank, a crypto crash like the one that happened this past week shouldn’t be something to lose sleep over.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Cryptocurrency values plunged this past week. Should you change your investing strategy? appeared first on The Motley Fool Australia.

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• Following another wild night, the Ethereum price is gaining…for now

Maurie Backman 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 Bitcoin. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Afterpay Ltd (ASX: APT) share price has taken a tumble in early trade.

Shares in the buy-now-pay-later behemoth are trading nearly 7% lower in the morning session. At the time of writing the Afterpay share price has recovered slightly, currently trading at around $120.90.

Read on to find out why the Afterpay share price is taking a dive today.  

Why is the Afterpay share price falling?

Afterpay has not released any price-sensitive news to explain the bearish price action. As a result, the company’s falling share price could be investors taking profits. Shares in Afterpay have surged more than 24% in the past 2 weeks, which could be prompting investors to cash in.

In addition, Afterpay has also been on the receiving end of negative broker coverage. Last week analysts from UBS slapped a ‘sell’ rating on the Afterpay share price. Analysts cited concerns over the company’s expansion and its existing merchant partners. As a result, analysts retained a price target of $37 for Afterpay shares.

Snapshot of the Afterpay share price

As noted previously, the Afterpay share price has surged in the past 2 weeks, hitting 4-month highs.  

The initial catalyst could be traced back to strength in the global tech sector. In addition, a bullish note from broker Morgan Stanley 2 weeks ago could have also prompted the rise in Afterpay’s share price.

Recently, shares in Afterpay received an extra boost after the company expanded its ‘one-time card’ for US customers. As a result, customers will be able to shop at retailers such as Amazon.com, Inc. (NASDAQ: AMZN), Nike Inc (NYSE: NKE), Target Corporation (NYSE: TGT).

According to Afterpay, these notable merchants account for almost half of all e-commerce volume in the United States. The company’s ‘one-time’ card offers users the same split payment service and is generated through the Afterpay app, allowing customers to use it at checkout.

The post Afterpay (ASX:APT) share price tumbles nearly 7% appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram 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 AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended 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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The Autosports Group Ltd (ASX: ASG) share price has ramped into fifth gear today after Autosports announced an earnings update and a new acquisition.

At the time of writing, shares in the retail automotive company are up 6.56%, trading at $2.60. For context, the S&P/ASX 200 Index (ASX: XJO) is currently 0.27% lower.

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

What did Autosports announce?

Full-year earnings update

In its first statement to the ASX, Autosports advised it was expecting revenue for FY21 to be between $1.92 billion and $1.96 billion, an increase of 13%-15% on FY20. The company expects net profits before tax to be between $68 million and $70 million – an increase of around 200% on FY20.

Autosports says these better-than-expected results are due to 37.5% growth in the car market. Despite some issues around semi-conductor computer chips in cars, supply is as anticipated.

The company said easing of COVID-19 restrictions, especially in Victoria, has seen a recovery in its vehicle servicing and spare parts sales.

John Newell Mazda purchase

In its second statement today, the company announced it will buy an 80% interest in John Newell Mazda, Alexandria. The John Newell dealership is opposite the Autosports Group luxury car dealership in Alexandria, an inner suburb of Sydney.

The purchase will cost Autosports $16 million – comprising $12 million “for goodwill” and $4 million for 80% of the net assets. Autosports expects the purchase to be completed by 1 July 2021. It’s conditional on several factors including a new lease and the “release of encumbrances and vendor securities”.

Autosports share price snapshot

Over the past 12 months,  the Autosports share price has increased 127%. Since the beginning of this year, the value of the company’s shares has risen by almost 79%. Shares reached a record high of $2.77 in February this year.

Autosports Group has a market capitalisation of around $511 million.

The post The Autosports (ASX:ASG) share price is up 6%. Here’s why appeared first on The Motley Fool Australia.

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Motley Fool contributor Marc Sidarous 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a small decline. At the time of writing, the benchmark index is down 0.1% to 7,301.9 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:

Atomo Diagnostics Ltd (ASX: AT1)

The Atomo Diagnostics share price has rocketed 41% to 19 cents. This morning the medical device company announced that its partner, Access Bio, has received Emergency Use Authorisation from the U.S. Food and Drug Administration (FDA) for point-of-care use of its CareStart EZ COVID-19 test. CareStart EZ COVID-19 is a rapid antibody test made by combining an integrated device developed by Atomo and a rapid COVID-19 antibody test strip from Access Bio.

Metcash Limited (ASX: MTS)

The Metcash share price is up 1.5% to $3.74. This morning the wholesale distributor released its full year results and reported a 9.9% increase in revenue to $14.3 billion. Things were even better on the bottom line thanks to margin expansion, with the company delivering a 27.1% jump in underlying profit after tax to $252.7 million. This allowed Metcash to declare a full year fully franked 17.5 cents per share dividend, up 40% on the prior corresponding period. The company also announced a $175 million share buyback.

Temple & Webster Group Ltd (ASX: TPW)

The Temple & Webster share price has jumped almost 9% to $11.36. Investors have been buying the shares of online retailers today in response to the Sydney lockdown and concerns that COVID-19 could be spreading into other states.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is up almost 3% to $37.77. This gain appears to have been driven by a number of factors. This includes panic buying because of COVID-19 and a broker note out of Macquarie. In respect to the latter, although the broker has only retained its neutral rating, its price target of $38.40 was notably higher than where its shares were last trading. This new price target takes into account the Endeavour demerger.

The post Why Atomo, Metcash, Temple & Webster, & Woolworths are pushing higher appeared first on The Motley Fool Australia.

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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 Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group 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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