The Westpac Banking Corp (ASX: WBC) share price will be one to watch on Thursday.

This follows the release of an announcement this morning which reveals that further civil proceedings have been brought against the banking giant.

What did Westpac announce?

This morning Westpac acknowledged that ASIC has commenced civil proceedings against the bank in relation to the sale of consumer credit insurance (CCI) between 7 April 2015 to 28 July 2015.

According to the release, the proceedings relate to the sale of CCI products to approximately 384 of the bank’s customers. The corporate watchdog alleges that Westpac supplied CCI to certain customers who had not requested or agreed to acquire these products.

The bank advised that ASIC is seeking, among other things, declarations of contraventions of certain civil penalty provisions and unspecified monetary penalties.

Westpac is carefully considering these claims and stated that it is committed to working constructively with ASIC through the Court process.

It also notes that it has not sold these products since 2019.

What did ASIC say?

ASIC went into a lot more detail than Westpac and has provided a thorough breakdown of the allegations.

It explained: “ASIC has commenced civil penalty proceedings in the Federal Court against Westpac Banking Corporation (Westpac), alleging it mis-sold consumer credit insurance (CCI) with credit cards, and other credit facilities, to customers who had not agreed to buy the policies.”

“ASIC’s action relates to Westpac’s Credit Card Repayment Protection and Flexi-Loan Repayment Protection policies which are add-on insurance products sold with credit cards and lines of credit.”

Between the aforementioned dates, ASIC alleges that Westpac made false or misleading representations that customers had agreed to acquire, were liable to pay for and that Westpac had a right to charge for, CCI products.

It also alleges that the bank asserted a right to payment for the CCI premiums which customers were not liable to pay.

In addition, it claims that Westpac failed to ensure that its financial services were provided efficiently, honestly, and fairly when it supplied CCI to customers who had not agreed to acquire them.

This ultimately means the bank failed to comply with financial services laws.

ASIC Deputy Chair, Karen Chester, said, “ASIC’s deep dive investigations in late 2018 and into 2019 found lenders had disappointingly not changed policies and conduct to stem harms from the design and sale of CCI. As a result, we’ve commenced civil proceedings against Westpac.”

More reading

• ASX 200 up 0.25%: EML surges on acquisition news, Westpac’s APRA update
• Westpac (ASX:WBC) share price lower on APRA update
• Top broker picks the best ASX shares to buy for the new quarter
• 2 blue chip ASX dividend shares you can buy in April
• Brokers name 3 ASX shares to buy right now

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. 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 Westpac (ASX:WBC) share price on watch after ASIC launches civil proceedings appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3mv113a

The Orocobre Limited (ASX: ORE) share price is one to keep a close eye on right now. Shares in the Aussie lithium chemical producer jumped 7.4% higher yesterday and are now up 20.1% in 2021 alone.

Why is the Orocobre share price surging right now?

It usually pays to look at ASX announcements when shares are on the move. For Orocobre, however, there have been no major announcements since its half-year results released on 26 February 2021.

Orocobre reported significant cost reduction for the half-year ended 31 December 2020 with the cost of sales coming in at US$3,777 per tonne thanks to increased operational efficiency.

Production levels fell 9% to 6,079 tonnes due to coronavirus restrictions while sales soared 21% higher to 7,738 tonnes. Heightened focus on the electric vehicle market has put lithium producers like Orocobre back in the spotlight after years of weakening market conditions.

The Orocobre share price has soared 139.7% higher in the last 12 months compared to a 33.1% gain for the S&P/ASX 200 Index (ASX: XJO).

One of the biggest factors driving Orocobre’s valuation higher is macro rather than micro. Global lithium prices have been surging and are approaching a 2-year high. This comes as the electric vehicle push gains momentum around the world from producers, consumers and regulators.

March 2021 saw a particularly strong period for lithium prices. That helped propel the Orocobre share price towards its current $5.37 per share level.

It’s not just Orocobre that is experiencing gains. Australia has a number of large lithium companies including Galaxy Resources Ltd (ASX: GXY) and Pilbara Minerals Ltd (ASX: PLS).

All three of these lithium producers have been surging in value with strong support for the electric vehicle movement from US President Joe Biden and a growing frenzy around Tesla Inc (NASDAQ: TSLA) shares in the last 12 months.

Foolish takeaway

Anytime an ASX 200 share surges 7.4% in one day, it’s worth keeping an eye on. The Orocobre share price has performed strongly in 2021 and is now just 12.8% shy of a new 52-week high.

More reading

• The National Storage (ASX:NSR) share price is at a 52-week high. Here’s why
• ASX 200 rises, EML jumps, Zip falls
• Why the Bubs (ASX:BUB) share price is up 5% today
• ASX stock of the day: Tassal Group (ASX:TGR) shares rise 5%
• Nova Minerals (ASX:NVA) share price sinks as gold estimate grows

Motley Fool contributor Ken Hall 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 Why the Orocobre (ASX:ORE) share price is surging appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3fSHQPk

The Regional Express Holdings Ltd (ASX: REX) share price is on watch this morning following its procurement announcement late yesterday afternoon. At Wednesday’s market close, the regional airline operator’s shares finished the day at $1.59.

Founded in 2002, Regional Express is Australia’s largest independent regional airline that operates more than 1,500 weekly flights across 60 destinations. The company is widely recognised as servicing remote areas within Australia that are not offered by other airlines.

What did Regional Express announce?

The Regional Express share price could be on the move today as investors weigh up the company’s latest update.

In yesterday’s release, Regional Express advised its subsidiary, Pel-Air, had secured a deal with New South Wales Ambulance (NSWA).

The Fixed Wing Patient Transport Services contract will see Pel-Air provide 5 fixed-wing aircraft, pilots and engineering support. This will enable the aerial transport of NSW Ambulance medical personnel and patients throughout NSW regional communities.

Regional Express expects operations to start on 1 January 2022 and run for a 10-year period.

Pel-Air will assign 5 King Air 350 planes to service the agreement. In addition, 2 Pilatus PC 24 jets will be acquired, replacing 2 King Air 350 aircraft in September 2023.

It’s worth noting that Regional Express currently has a similar contract with Ambulance Victoria. That deal, entered in 2009, recently was extended until 2023.

Regional Express chair, the Hon. John Sharp AM commented:

This award is a clear recognition of Pel-Air’s undisputed ability to provide safe, reliable and high-quality aeromedical services on fixed-wing aircraft at the most competitive prices.

We solemnly commit to the NSW Government that we will spare no efforts in achieving the satisfaction levels which Ambulance Victoria has experienced for the last decade.

Regional Express share price snapshot

In the past 12 months, the Regional Express share price has gained more than 160% off the back of its COVID-19 lows. However, year-to-date, the company’s shares are down more than 20%.

Last December, Regional Express shares hit a multi-year high of $2.50 following an approved investment from Asian company PAG.

Regional Express has a market capitalisation of roughly $175 million, with 110 million shares on issue.

More reading

• The Regional Express (ASX:REX) share price has fallen after fresh Qantas challenge
• Qantas (ASX:QAN) holds 74% of domestic flight market
• Why the Regional Express (ASX:REX) share price is flying high today
• Qantas (ASX:QAN) successfully trials COVID vaccine app in preparation of return to international travel

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.

The post Why the Regional Express (ASX:REX) share price is in focus appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2PIV0DU

The National Storage REIT (ASX: NSR) share price jumped 2.4% higher on Wednesday to close at a new 52-week high.

Shares in the self-storage real estate investment trust (REIT) closed at $2.13 per share with a $2.2 billion market capitalisation.

Why is the National Storage share price surging higher?

Yesterday’s strong gains came as the S&P/ASX 200 Index (ASX: XJO) managed another strong day of trade. The benchmark Aussie index climbed 0.6% higher to 6,928.00 points on Wednesday.

National Storage was one of many high-profile shares pushing higher yesterday. Shares in the Aussie REIT are now up 3.7% in 2021 and 33.1% in the last 12 months. All of this comes as National Storage pushes ahead with its growth and expansion strategy.

National Storage advised in December that it now has 206 self-storage centres across Australia and New Zealand. There were also plans announced to add 5 expansion and development projects that were nearing completion or recently completed.

The National Storage share price fell lower towards the end of the year as investors hoped for stronger FY2021 guidance. The Aussie REIT is forecasting earnings per share at the upper end of the 7.7 to 8.3 cents per share range.

This week’s announcement of the trans-Tasman travel bubble has helped to boost investors hopes for Australia’s economy. New Zealand Prime Minister Jacinda Ardern announced plans to allow quarantine-free travel between Australia and New Zealand from April 19 onwards.

That saw ASX 200 shares climb higher in the hopes of further tourism activity and general economic optimism. The National Storage share price has jumped higher despite no announcements since March 5 and appears to be caught up in the momentum.

Foolish takeaway

The National Storage share price closed at a new 52-week high of $2.13 per share on Wednesday. The group’s current $2.2 billion valuation is notably close to or higher than some of the takeover offers received in 2019 and 2020.

US-based Public Storage made a $2.40 per share offer for the REIT while private equity groups Warburg Pincus and Gaw Capital both offered $2.20 per share for National Storage.

More reading

• ASX 200 rises, EML jumps, Zip falls
• Why the Bubs (ASX:BUB) share price is up 5% today
• ASX stock of the day: Tassal Group (ASX:TGR) shares rise 5%
• Nova Minerals (ASX:NVA) share price sinks as gold estimate grows
• Are ASX tech shares like Afterpay (ASX:APT) back to the races?

Motley Fool contributor Ken Hall 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 The National Storage (ASX:NSR) share price is at a 52-week high. Here’s why appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2RfJS1M

The Scentre Group (ASX: SCG) share price is one to watch this morning ahead of the company’s annual general meeting (AGM) as Aussie retailers push for rent agreement changes across the country.

Why is the Scentre share price on watch?

The Aussie REIT will hold its AGM at 10am this morning. Shareholders attending the virtual event will hear from CEO Peter Allen and chair Brian Schwartz AM. Three Scentre directors will stand for election, giving shareholders the chance to vote on the board composition.

The Scentre share price is one to watch after a big year on the ASX. The impact of the coronavirus pandemic smashed Scentre shares in 2020. Shares in the retail real estate group slumped lower as widespread lockdowns hit bricks and mortar retail hard. Tightening restrictions put tenants under pressure to continue with lease payments as some decided to break leases altogether.

That saw the introduction of a new National Code of Conduct for commercial leases. According to an article in the Australian Financial Review (AFR), retailers are now “winning the battle for lower rents“. That might see a knock-on effect from changing leases on earnings and the Scentre share price.

Landlords such as Scentre are reportedly being brought to the negotiating table on the issue of rent. Tough negotiations from major retailing groups like Premier Investments Limited (ASX: PMV) is seeing rents be reset to lower base rates amid lower foot traffic following the COVID-19 peak.

According to the article, the online retail boom is causing a rethink of arrangements. That includes some retailers agreeing to pay rent on Click and Collect online sales in return for other concessions in their agreements, said Australian Retailers Association chief executive Paul Zahra.

Scentre declined to comment to the AFR, but CEO Peter Allen confirmed in February’s full-year results release that Scentre had maintained its lease arrangements structure. That structure broadly consists of tenants paying fixed base rents with annual incremental adjustments.

Foolish takeaway

The Scentre share price is one to watch today after the latest lease agreement article in the AFR and the Aussie REIT’s AGM. 

More reading

• Vanguard Australian Property ETF (ASX:VAP) announces dividend
• Retail shares: buy what you know, but who owns what you buy?
• 2 ASX retail shares delivering strong growth
• 2 ASX REITs to grab (and 2 to avoid): fundie

Motley Fool contributor Ken Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why the Scentre (ASX: SCG) share price is on watch appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/328woap

With the Australian share market in such positive form, it will come as no surprise to learn that a number of shares have been pushing higher.

Some of these shares have been pushing so hard they have reached 52-week highs or better. Here’s why these shares are on fire right now:

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat share price was on form and climbed to a 52-week high of $35.95 on Wednesday. Investors have been buying this gaming technology company’s shares on the belief that it is well-placed for growth over the medium term once the pandemic passes. This is due to its industry-leading poker machines and its growing digital business. Also giving its shares a lift was its analyst briefing last week which saw management speak very positively about its recovery from the pandemic. It revealed a stronger than expected recovery and market share gains.

EML Payments Ltd (ASX: EML)

The EML share price surged to a record high of $5.80 yesterday. The catalyst for this was the announcement of the acquisition of Sentenial Limited for up to 110 million euros (~A$170.7 million). Sentenial is a leading European Open Banking and Account-to-Account (A2A) payments provider, utilising a cloud-native, API-first, full stack enterprise grade payment platform. Management sees the acquisition as an opportunity to deepen customer relationships, enter new industry verticals, and diversify its revenue streams.

Life360 Inc (ASX: 360)

The Life360 share price hit a 52-week high of $4.99 on Wednesday. Investors have been buying the family social networking app provider’s shares since the release of a strong full year result in February. For the 12 months ended 31 December, Life360 reported a 39% year-on-year increase in normalised revenue to US$81.6 million. This was at the upper end of its guidance range of US$79 million to US$82 million. At the end of the period, the Life360 app had 26.5 million monthly active users, which was close to its pre-COVID high of 27.2 million. Also giving the Life360 share price a boost this year has been the appointment of Randi Zuckerberg as an independent non-executive director. She is the sister of Facebook founder Mark Zuckerberg.

More reading

• 2 quality ASX shares to buy this week
• ASX 200 rises, EML jumps, Zip falls
• Leading broker names its best ASX share ideas for April
• ASX 200 up 0.25%: EML surges on acquisition news, Westpac’s APRA update
• Why EML, NextDC, Qantas, & Recce shares are racing higher

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 EML Payments. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Life360, Inc. The Motley Fool Australia has recommended EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post EML Payments (ASX:EML) and these ASX shares just hit new highs appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3d0a4pi

Are you looking for some dividend shares to add to your portfolio? Then take a look at the ones listed below.

Here’s why these dividend shares could be great options for income investors right now:

Aventus Group (ASX: AVN)

The first ASX dividend share to consider is Aventus. It is a fully integrated owner, manager, and developer of large format retail centres.

Thanks to its focus on the household goods sector and everyday needs, which have been performing positively during the pandemic, Aventus has been able to collect rent largely as normal in FY 2021.

In fact, the company reported a 6.5% increase in funds from operations (FFO) to $55.9 million during the first half. Positively, more of the same is expected in the second half.

One broker that was pleased with its result was Goldman Sachs. Following the release, the broker reiterated its buy rating and $3.04 price target on its shares. Goldman is also forecasting a 16.6 cents per share full year dividend in FY 2021.

Based on the latest Aventus share price of $2.91, this represents a generous 5.7% dividend yield.

Wesfarmers Ltd (ASX: WES)

This conglomerate could be another ASX dividend share to buy. Wesfarmers has been a very positive performance during the pandemic, with the majority of its businesses delivering solid sales and profit growth.

This underpinned a very strong first half performance, which saw Wesfarmers report a 16.6% increase in revenue to $17,774 million and a 25.5% jump in net profit after tax to $1,414 million.

Goldman Sachs was also pleased with this result. In response to it, the broker put a buy rating and $59.70 price target on its shares. Goldman is also forecasting a fully franked dividend of $1.88 per share in FY 2021.

Based on the latest Wesfarmers share price of $53.53, this represents an attractive 3.5% yield.

More reading

• How are these ASX 200 retail shares tracking after JobKeeper’s end?
• 2 great ASX 200 blue chip shares for dividends
• 2 COVID-19 ASX shares to buy
• Why the Wesfarmers (ASX:WES) share price is up today
• 2 high yield ASX dividend shares to buy right now

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Wesfarmers Limited. The Motley Fool Australia has recommended AVENTUS RE UNIT. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 2 ASX dividend shares with generous yields to buy now appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3wE6rgT

More reading

• Should income investors buy Sonic Healthcare (ASX:SHL) shares?
• 5 things to watch on the ASX 200 on Thursday
• 3 great reasons to own Pro Medicus (ASX:PME) shares
• 2 quality ASX shares to buy this week
• ASX 200 rises, EML jumps, Zip falls

Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Kate O’Brien owns shares of Apple and Rio Tinto Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool Australia has recommended Alphabet (A shares), Alphabet (C shares), and Apple. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post LIVE COVERAGE: ASX to rise; tech shares on watch appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2Arppiz

Based on comments out of the Reserve Bank of Australia this week, interest rates look likely to remain at ultra low levels for some time to come.

In light of this, if you’re looking to earn a passive income, then dividend shares might be the answer.

But which dividend shares should you buy? One quality option to consider is listed below:

Sonic Healthcare Limited (ASX: SHL)

Sonic Healthcare is one of the world’s leading providers of medical diagnostics. Over the years, it has earned itself a reputation for excellence in laboratory medicine, pathology, diagnostic imaging, radiology, and primary care medical services across operations in Australasia, Europe, and North America.

This excellence has been on display for all to see over the last 12 months, with Sonic playing a big role in COVID-19 testing globally.

Positively, this and a solid performance across the rest of the business, has led to the company delivering stellar earnings growth so far in FY 2021. During the first half, Sonic reported a 33% increase in revenue to $4.4 billion and a 166% increase in first half net profit to $678 million.

Analysts at Credit Suisse have been impressed with its performance. So much so, they have recently retained their buy rating and $40.00 price target on its shares. The broker is also forecasting dividends of 93 cents per share in FY 2021 and 97 cents per share in FY 2022.

Based on the latest Sonic share price of $36.31, this will mean dividend yields of 2.6% and 2.7%, respectively, over the next two years.

In addition to this, the broker’s price target of $40.00 implies potential upside of just over 10% over the next 12 months. This stretches its total potential return to just under 13%.

Overall, this could make Sonic Healthcare a dividend share to consider buying this month.

More reading

• Why the Sonic (ASX:SHL) share price could be a hidden opportunity
• 2 top quality blue chip ASX shares to buy in April
• 2 quick-growing ASX dividend shares to buy
• 2 COVID-19 ASX shares to buy
• Top brokers name 3 ASX shares to buy today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Should income investors buy Sonic Healthcare (ASX:SHL) shares? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3mscMqQ

On Wednesday the S&P/ASX 200 Index (ASX: XJO) was on form again and continued its ascent. The benchmark index rose 0.6% to 6,928 points.

Will the market be able to build on this on Thursday? Here are five things to watch:

ASX 200 futures pointing higher

The Australian share market looks set to continue its positive run on Thursday despite a mixed night of trade on Wall Street. According to the latest SPI futures, the ASX 200 is poised to open the day 33 points or 0.5% higher. Over in the United States, the Dow Jones rose 0.05%, the S&P 500 climbed 0.15%, and the Nasdaq edged 0.1% lower.

Oil prices rise

Energy producers Beach Energy Ltd (ASX: BPT) and Woodside Petroleum Limited (ASX: WPL) could trade higher today after oil prices strengthened. According to Bloomberg, the WTI crude oil price is up 0.6% to US$59.70 a barrel and the Brent crude oil price has climbed 0.6% to US$63.11 a barrel. Global economic recovery optimism supported oil prices.

Tech shares on watch

ASX tech shares such as Xero Limited (ASX: XRO) and Zip Co Ltd (ASX: Z1P) will be on watch on Thursday after US tech stocks softened overnight. The tech-focused Nasdaq index dropped 0.1% during the session, compared to small gains by the Dow Jones and S&P 500. As the local tech sector has a tendency to follow its lead, today could be a day in the red.

Gold price softens

Gold miners Newcrest Mining Ltd (ASX: NCM) and Resolute Mining Limited (ASX: RSG) could edge lower today after the gold price softened. According to CNBC, the spot gold price is down 0.25% to US$1,738.70 an ounce. The safe haven asset came under pressure amid hopes of a swift global economic recovery from the pandemic.

Dividends being paid

A number of companies will be paying their latest dividends to shareholders later today. Among the companies making payouts are Brambles Limited (ASX: BXB) Costa Group Holdings Ltd (ASX: CGC), Iluka Resources Limited (ASX: ILU), Qube Holdings Ltd (ASX: QUB), and South32 Ltd (ASX: S32).

More reading

• ASX 200 rises, EML jumps, Zip falls
• 88 Energy and Airtasker were among the most traded ASX shares last week
• Is Canva coming to the ASX?
• Are ASX tech shares like Afterpay (ASX:APT) back to the races?
• Acquisitions and spin-offs put these 3 ASX shares on brokers’ “buy” list

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

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3fRDwja