The Carpentaria Resources Ltd (ASX: CAP) share price has rocketed today after the company provided an update about its flagship project.

Near the close of trading, the mineral exploration company’s shares are swapping hands for 15 cents apiece, up 20%.

This comes after a statement to the ASX about its Hawsons Iron Project in New South Wales.

What did Carpentaria announce?

Investors are pushing the Carpentaria share price higher following the news of potential development partners stepping up.

In today’s update, Carpentaria advised it has received significant interest in relation to its product offtake for the Hawsons Project.

This follows the company’s recent acquisition of its flagship project from Pure Metals.

According to Carpentaria, the Hawsons project, near Broken Hill, has been identified by independent analysts as the world’s leading undeveloped high-quality iron ore concentrate and pellet feed project.

A pre-feasibility study completed in 2017 revealed the open pit mine had a probable magnetite iron ore reserve of 755 million tonnes.

Carpentaria has a 68.69% interest in the project, with the remaining 31.31% owned by Pure Metals.

Pleasingly, both national and international third parties have signalled their interest to be a preferred offtake partner. Carpentaria said it had begun the process of selecting its development partner for the project.

Furthermore, Carpentaria noted that negotiations with Mitsui & Co. Ltd have restarted, along with other interested parties.

Carpentaria executive chair, Mr Bryan Granzien commented:

Carpentaria has a clear path to development and production and will select its development partners based on a number of criteria.

A key aim is to unlock the full value of the Hawsons Iron Project, as efficiently and cost-effectively as possible, to the benefit of Carpentaria shareholders

How has the Carpentaria share price performed?

Carpentaria shares have performed particularly well since the acquisition announcement in May. While there was not much movement in the 12 months prior, the Carpentaria share price has jumped close to 600%.

On valuation grounds, Carpentaria commands a market capitalisation of about $76 million, with more than 475 million shares on its registry.

More reading

• Here’s why the Carpentaria (ASX:CAP) share price is sliding 9% today
• Why the Carpentaria (ASX:CAP) share price is rocketing 54% today

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The Ramsay Health Care Limited (ASX: RHC) share price was out of form on Thursday.

The private hospital operator’s shares fell 3.5% to $62.30.

Why did the Ramsay share price tumble?

The Ramsay share price came under pressure on Thursday after the market responded cautiously to the announcement of a new acquisition.

After the market close on Wednesday, Ramsay announced that it had made an offer of 1 billion pounds (A$1,822 million) to acquire 100% of Spire Healthcare. It is a London Stock Exchange-listed independent hospital group in the United Kingdom with a focus on the private patient market. It is also a leading provider of high-acuity care.

The Spire Board is unanimously recommending its shareholders vote in favour of the scheme. It also notes that major shareholders and directors, accounting for 30.4% of its shares, have made irrevocable undertakings to vote in its favour.

Management believes the acquisition will be transformational for Ramsay’s UK business. It also expects to deliver benefits of at least 26 million pounds per annum from procurement savings, improved capacity utilisation, and cessation of UK listing costs. This is forecast to result in high single digit earnings per share accretion in FY 2024.

What was the response?

One leading broker that gave the acquisition a lukewarm response was Citi. In response to the news, the broker has held firm with its neutral rating and $67.00 price target.

Citi notes that the deal will increase its market share in the UK to 25% and is expected to generate decent synergies. However, the broker has some doubts over whether those synergies will be realised.

Commenting on the acquisition, Citi said: “Guiding to high single digit EPS accretion in FY24 Ramsay Healthcare has announced that it has bid 240p per share for Spire Healthcare Group, a 24% premium to the last close in an agreed deal. This values the equity of Spire at ~£1bn (A$1.822bn) and the EV post AASB16 at £2.064bn.”

“The combined group would have ~25% of the UK private hospital market, with Spire currently having ~17% market share (~£1bn revenue in CY19) and RHC ~8% market share (~£540m revenue in FY19).”

“In CY19, Spire reported EBIT of £98m and RHC said its CY19 (pre-exceptional items) EBIT was £42m (but reported £26m in FY19). The company is forecasting “at least” £26m in synergies for the combined group, which seems reasonable on a combined revenue of ~£1.5b, although when Ramsay acquired Capio it made similar statements, and it is not obvious that those synergies have been realised (although in a different market).”

More reading

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• ASX 200 flat: Costa crashes & Fisher & Paykel Healthcare tumbles
• 5 things to watch on the ASX 200 on Thursday
• Ramsay Health Care (ASX:RHC) share price on watch after announcing major UK acquisition
• ASX 200 drops, ALS jumps, Fletcher Building rises

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Retail giant Mosaic Brands Ltd (ASX: MOZ) has paid a $630,000 penalty after admitting to making misleading claims on advertising for hand sanitisers and face masks.

Mosaic runs more than 1200 clothing stores across Australia under brands such as Katies, Millers, Rivers, Noni B, Autograph and Rockmans.

The Australian Competition and Consumer Commission (ACCC) announced Thursday that the company had confessed to breaching Australian Consumer Law (ACL) with misleading advertising for its “Health Essential” hand sanitisers and protective masks.

The alleged offences occurred at the height of the first wave of COVID-19 in Australia between March and June 2020.

NoniB’s sanitiser claimed 70% alcohol content, Millers’ sanitiser claims 75% and another sold online claimed they were “WHO-approved”. None of these claims were true.

“Independent testing of the hand sanitisers commissioned by the ACCC found that one of the sanitisers tested contained an alcohol content of 17% and another had an alcohol content of 58%,” said ACCC deputy chair Delia Rickard.

“This was also below the minimum 60% alcohol concentration recommended by Australian health authorities.”

Mosaic also advertised its KN95 Kids Safety Masks as “CE/FDA certified” and that KN95 Adult Face Masks were “non-refundable”. Both these claims were false.

“Our investigation also found that Mosaic Brands’ Kids KN95 mask was not certified by European and US standard authorities as they had advertised,” said Rickard.

Mosaic did not respond to The Motley Fool’s request for comment. The Mosaic share price was down 1.47% on Thursday afternoon, to trade at 67 cents.

Mosaic’s ‘outrageous’ ads designed to ‘make a quick buck’

Consumer advocacy body Choice originally tipped off the ACCC to investigate Mosaic.

According to Choice campaigner Dean Price, the company is now paying the price for misleading the public at the height of health fears.

“It’s never ok to make a quick buck by misleading people and Mosaic Brand’s actions were particularly outrageous when people were doing their best to protect themselves from a deadly pandemic,” he said.

“This action by the ACCC is a win for people and a reminder to businesses that they cannot get away with misleading consumers.”

Mosaic would have got away with it if it weren’t for the actions of one person.

“A supporter tipped us off that they didn’t think the hand sanitiser they bought from Mosaic Brands was up to scratch,” Price said.

“Independent testing that was funded by Choice supporters confirmed their suspicion and led us to make a formal complaint to the ACCC.”

Refunds for customers

In addition to paying the fine, Mosaic has entered a court-enforceable undertaking that it would refund customers who bought the affected COVID protective gear.

The company will identify and contact customers who bought the products to offer a refund — even those who previously were refused.

The undertaking also compels Mosaic to execute a 3-year program of ACL compliance.

More reading

• Mosaic Brands (ASX:MOZ) share price rockets 21% on business update

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Australia’s top brokers have been busy adjusting their estimates and recommendations once again. This has led to the release of a number of broker notes.

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

BHP Group Ltd (ASX: BHP)

According to a note out of Macquarie, its analysts have retained their outperform rating and $57.00 price target on this mining giant’s shares. Although the iron ore price has pulled back notably from recent highs, the broker remains positive on miners with exposure to the steel making ingredient. Particularly given the strong free cash flow that BHP is generating at current prices even after recent weakness. This is expected to support generous dividend payments. The BHP share price is currently fetching $46.90.

Nearmap Ltd (ASX: NEA)

Analysts at Morgan Stanley have retained their overweight rating and $3.20 price target on this aerial imagery technology and location data company’s shares. According to the note, the broker was pleased to see Nearmap provide more colour on rival Eagleview’s legal claim. It notes that Eagleview’s patent infringement claim relates to roof-management techniques and not all elements of its product. Morgan Stanley estimates that this accounts for less than a quarter of its US business. In addition to this, it points out that the company hasn’t experienced any material sales impacts because of the claim. The Nearmap share price is trading at $1.85 this afternoon.

Straker Translations Ltd (ASX: STG)

A note out of Ord Minnett reveals that its analysts have retained their buy rating and lifted their price target on this translation services company’s shares to $2.46. This follows the release of a strong full year result by Straker earlier this week. Ord Minnett believes the company is well placed for growth as trading conditions improve. Particularly given its Lingotek acquisition, which provides cross-selling opportunities. It also sees opportunities for the company to grow through further acquisitions as the industry consolidates. The Straker share price is fetching $2.11 on Thursday.

More reading

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• The Champion Iron (ASX:CIA) share price lifts on 419% profit news
• The ASX dividend party’s here: how to get yours
• ASX miners on edge as investors ask how low can the iron ore price go?
• Broker tips Nearmap (ASX:NEA) share price to climb 77%

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The Dacian Gold Ltd (ASX: DCN) share price is in reverse today following the completion of its fully underwritten placement.

During afternoon trading, the gold miner’s shares are down 4.92% to 29 cents. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.38% at 7,359 points.

Details of the placement

Investors are fleeing today as the company is set to add more shares to its registry, diluting shareholder value.

According to its announcement, Dacian advised it has successfully completed its fully underwritten two-tranche institutional placement of $40 million. The offer received strong support from both existing and new domestic and international investors.

The placement sees approximately 142.9 million ordinary shares issued at a price of 28 cents apiece.

The funds raised will be put towards a number of company initiatives to drive its growth strategy. These include:

• Accelerating a 300-kilometre drill program across Mt Morgans and Redcliffe, targeting new base load opportunities
• Advancing the high-grade Redcliffe deposits into production
• Re-starting underground production from the Greater Westralia Mining Area
• Funding general working capital.

Dacian managing director Leigh Junk commented:

We are very pleased with the equity raising result and thank our existing shareholders for their ongoing support and welcome the new shareholders to the register. Dacian looks forward to pursuing its three-pillar growth strategy, focused on exploration success and advancing further deposits into production.

In addition to the completed placement, Dacian launched a Share Purchase Plan (SPP) for eligible investors. The SPP will be offered on the same terms as the placement, and will seek to raise $5 million.

About the Dacian share price

It has been a rollercoaster ride for Dacian shareholders. The Dacian share price hit a 52-week high of 56.5 cents in early January following positive results from its phase 2 drilling campaign at McKenzie Well, but its shares have lost more than 36% year to date.

At the current share price, Dacian has a market capitalisation of roughly $235 million, with around 811 million shares outstanding.

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• ASX 200 Weekly Wrap: ASX whipsaws in volatile week

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The Bitcoin (CRYPTO: BTC) twittersphere is blowing up today, after Apple Inc (NASDAQ: AAPL) posted a job advertisement for a business development manager in “alternative payments”. A specific mention of cryptocurrency has led to speculation spreading like wildfire.

Ironically, it all sounds quite cryptic – so let’s have a look at the details.

Partnerships, not development

The ad, which was posted yesterday on Apple’s website, states that the role is for a person to help lead the charge in partnering with alternative payment partners. That addresses one area of speculation: Apple still doesn’t plan to create its own cryptocurrency.

Instead, Apple’s wallets, payments, and commerce team is seeking to partner with alternative payment providers. What kind of payment providers? Well, the ad requests more than 5 years of experience working in or with the likes of digital wallets, BNPL, fast payments, and cryptocurrency.

Retweet if you want @Apple to integrate #Bitcoin wallets into the iPhone!

— Bitcoin Archive (@BTC_Archive) May 26, 2021

https://platform.twitter.com/widgets.js

It’s probably no coincidence that Apple is rumoured to be working with Coinbase Global Inc (NASDAQ: COIN) to offer Apple Pay integration. An article from Apple Insider on 28 April reported that code found in the Coinbase app indicated that Apple Pay support for its debit card might be coming soon.

The most recent job listing may relate to working on similar partnerships in the future. However, unfortunately for crypto-enthusiasts, it doesn’t necessarily spell out Bitcoin adoption by Apple.

Other Bitcoin developments outside Apple

While the Apple and Bitcoin news is mere speculation, the latest update from Paypal Holdings Inc (NASDAQ: PYPL) regarding the cryptocurrency is factual.

Paypal will allow users in the near future to withdraw their Bitcoin to move to third-party wallets. While the payments giant has offered purchasing cryptocurrencies since October 2020, withdrawals have not been supported.

Paypal vice president Jose Fernandez da Ponte said:

They want to bring their crypto to us so they can use it in commerce, and we want them to be able to take the crypto they acquired with us and take it to the destination of their choice.

At the time of writing, the price of Bitcoin is hovering around A$48,886. Despite a resurgence in the last week, Bitcoin is still more than 40% off from its all-time high of A$83,819.60 set on 14 April 2021.

More reading

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• Here are the US shares ASX investors were buying last week

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Australia and New Zealand Banking Group Ltd (ASX: ANZ) and BHP Group Ltd (ASX: BHP) are among the first 10 signatories of the 40:40 Vision gender diversity initiative. The 40:40 Vision initiative aims to see women make up at least 40% of leadership roles in S&P/ASX 200 Index (ASX: XJO) companies. Signatories must commit to reach the goal by 2030.

They’ve also agreed to publicly set gender targets for 2023 and 2027, disclose plans made to meet said targets, and report their progress each year.

 Also included in the 40:40 Vision’s first 10 ASX 200 signatories are:

• BlueScope Steel Limited (ASX: BSL)
• Domino’s Pizza Enterprises Ltd (ASX: DMP)
• IGO Ltd (ASX: IGO)
• Ramsay Health Care Limited Fully Paid Ordinary Shares (ASX: RHC)
• SkyCity Entertainment Group Limited (ASX: SKC)
• South32 Ltd (ASX: S32)
• Tabcorp Holdings Limited (ASX: TAH)
• Webjet Limited (ASX: WEB).

Let’s take a closer look at the 40:40 Vision initiative.

ASX 200 companies aiming for 40% female leadership

According to industry super fund HESTA, which oversees the 40:40 Vision initiative, last year, the WGEA and the Bankwest Curtin Economics Centre found increasing the amount of female senior managers by 10% led to a 6.6% increase in an ASX-listed company’s market value.

BHP is already kicking goals gender diversity goals, with 50% of its executive leaders being women.

Currently, only 4 of ANZ’s 11-strong executive committee are women.

HESTA’s CEO and 40:40 Vision steering committee chair, Debby Blakey, today welcomed the ASX 200 signatories, saying:

Changing our national culture cannot be achieved without courageous leadership. This must involve more women in leadership as well as men who value the perspective they bring…

By creating more equitable and inclusive workplaces, these companies will reap the rewards, because there’s compelling evidence that better gender balance in leadership is not just fairer, but also good for business – resulting in better performance, better profits and better corporate governance.

ANZ’s CEO Shayne Elliott commented on the bank’s involvement in the 40:40 Vision initiative, saying:

[By including more women in ANZ’s senior executive team], not only will we continue to attract great talent to our organisation, but our team will better reflect the community we live in, including more women in leadership roles, and committing to the 40:40 Vision helps reinforce that focus

BHP’s CEO Mike Henry also commented:

Inclusive, diverse teams are safer, more productive, and make better decisions. They improve performance… BHP has a balanced senior executive team and we support the 40:40 Vision and the goal of achieving gender balanced corporate leadership in Australia.

More reading

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• The ASX dividend party’s here: how to get yours
• ASX miners on edge as investors ask how low can the iron ore price go?
• Mosaic Brands (ASX:MOZ) share price rockets 21% on business update
• Is the ANZ (ASX:ANZ) share price a buy for June 2021?

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Brokers have been searching the ASX for potential opportunities. The two ASX shares in this article have rated as buys.

Businesses that multiple brokers like could be interesting to look at. The below two stocks are liked by several analysts:

Reject Shop Ltd (ASX: TRS)

Reject Shop has been rated as a buy by at least three analysts. The discount retail store ASX share is rated as a buy by the broker Morgan Stanley, which has a price target on Reject Shop of $10.

The broker likes Reject Shop for its roll-out targets, careful management of money and improving margins. After seeing the FY21 half-year result, the Morgan Stanley decided to increase its expectations of FY21 earnings by more than a third.

Looking at that actual interim result, Reject Shop reported flat comparable store sales and a overall sales decline of 0.3% to $434.3 million. However, before AASB 16 lease accounting, earnings before interest, tax, depreciation and amortisation (EBITDA) rose 20.8% to $31.1 million, earnings before interest and tax (EBIT) grew 44.9% to $23.3 million and net profit after tax (NPAT) grew 46.5% to $16.3 million.

The ASX share is currently working on the “fix” phase of its strategy as it looks to reduce costs, exit expensive store leases and make stores more efficient.

Once the cost base has been established, the business will open more stores and work on an online offering. Management believe the discount variety sector presents a significant opportunity for growth over the medium to long term.

According to Morgan Stanley, the Reject Shop share price is valued at 17x FY22’s estimated earnings.

Bega Cheese Ltd (ASX: BGA)

Bega Cheese is one of Australia’s largest dairy businesses. It sells a variety of products including cheese, butter, peanut butter, vegemite, ZoOsh dips, mayonnaise and dressings.

It’s currently rated as a buy by three brokers including UBS which has a price target on Bega Cheese of $6.80 over the next 12 months.

The broker was pleased by the HY21 result thanks to the bulk business. It noted the comments by management that seemed positive.

In the first six months of FY21, the ASX share normalised EBITDA grew 51% and profit after tax rose 98%.

The dairy business said that it has made significant progress in its ambition to develop the branded segment of its business. That’s why it spent $534.1 million on acquiring Lion Drinks and Dairy which expanded it into other categories including yoghurt, white milk and flavoured milk.

Bega Cheese believes that the acquisition will create the opportunity for significant synergies. The company also said that the international branded food business continues to grow despite COVID-19 affecting some key export markets. The acquisition provides a platform for further growth in international markets according to management.

According to UBS, Bega Cheese is valued at 19x FY22’s estimated earnings.

More reading

• The ASX’s China problem is getting worse… and quickly
• 3 ASX shares to buy in May 2021

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The Costa Group Holdings Ltd (ASX: CGC) share price is leading the S&P/ASX 200 Index (ASX: XJO) in losses on the market today.

The Costa share price is down 22.07% at the time of writing to $3.46 a share. That comes after Costa shares closed at $4.46 each yesterday, and opened at $3.74 a share this morning.

The Costa Group share price has been on something of a wild ride over the past 5 years.

Shares in the fruit and vegetable company last peaked in mid-2018, when the price got up to a high of more than $8 a share.

Deteriorating growing conditions and supply issues then battered the company, and by December 2019, Costa was down to just $2.44 a share.

In the year-and-a-half since, Costa had been on something of a recovery.

The company rose close to 100% by the middle of April this year, and topped out at $4.89 a share on 16 April. After today’s move, shares are down close to 30% from those highs.

So what’s going on today?

As we discussed this morning, Costa’s slide seems to have been in response to the company’s annual general meeting.

The highlights (or in this case, lowlights) were released to the markets this morning before open.

Costa told investors its guidance for 2021 would need to be revised.

While berry and avocado sales have reportedly been solid, the company warned its domestic mushroom, citrus and tomato productions were all experiencing issues.

Even so, Costa expects its 2021 first-half performance to be slightly ahead of the same period in 2020. Still, the markets were evidently expecting a bit more, and have seemingly punished Costa as a result.

Are Costa shares a buy today after the dip?

A share price fall of this magnitude might have some investors wondering if this is a buy-the-dip kind of opportunity today.

Well, one broker who agrees is investment bank Goldman Sachs. According to CommSec, Goldman has reiterated a ‘buy’ rating on Costa after today’s announcement, with a 12-month price target of $5.35 a share.

Goldman thinks Costa will manage to improve its domestic production in the second half of the year, which will supplement strong international markets.

That target would imply a share price upside of roughly 54% on today’s Costa share price.

More reading

• Why ALS, Costa, Fisher & Paykel Healthcare, & Ramsay shares are falling
• ASX 200 flat: Costa crashes & Fisher & Paykel Healthcare tumbles
• Costa (ASX:CGC) share price crashes 23% on AGM update
• The ASX’s China problem is getting worse… and quickly

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ASX lithium shares made another run between late March and early May into multi-year highs. But early May soon became the tipping point for many lithium shares, with heavyweights Pilbara Minerals Ltd (ASX: PLS), Galaxy Resources Limited (ASX: GXY) and Orocobre Limited (ASX: ORE) all falling roughly 20%.

However, ASX lithium shares are on the move again today, with the Pilbara share price up 6.60% to $1.21, the Galaxy Resources share price up by 6.44% to $3.80 and the Orocobre share price up 5.28% to $6.58 (at time of writing).

Elsewhere, US-based Piedmont Lithium Ltd (ASX: PLL) has edged 0.87% higher to 81 cents, soon-to-be producer Core Lithium Ltd (ASX: CXO) has dipped 2.08% to 24 cents and Vulcan Energy Resources Ltd (ASX: VUL) shares are running hot again, up 4.90% to $7.50 after announcing another key project milestone.

A winding road for ASX lithium shares

The run from multi-year lows to multi-year highs for ASX lithium shares has been filled with healthy pullbacks.

Take the Galaxy share price, for example. Its shares have run from lows of around 70 cents in May 2020 to highs above $4 in May 2021. During this time, its shares have experienced 4 pullbacks greater than 20%. These pullbacks occurred during June and September last year, and January/February and May this year. Since then, Galaxy shares have been trending strongly.

Commodity prices continue to edge higher

The resurgence and hype behind ASX lithium shares hasn’t just come out of thin air. Both explorers and producers have been supported by a sharp increase in lithium spot prices.

Fastmarkets provides regular lithium price updates across major regions including China, Europe and the US. Its more recent update observes higher lithium hydroxide prices in China on “tight supply and robust buying appetite” and higher prices across Europe and US.

Lithium in demand on all fronts

The tailwinds for ASX lithium shares continue to come from both countries and companies alike.

In Vulcan’s project milestone announcement, its managing director Dr Francis Wedin noted:

With the International Energy Agency last week declaring the need for annual battery production of 6,600 GWh by 2030, implying an annual lithium chemicals requirement of 22 times current total global production, Vulcan is leading the charge to reduce large carbon emissions currently embodied in the traditional production of lithium.

Elsewhere, ASX lithium shares could benefit from US President Joe Biden’s US$2.3 trillion infrastructure project with a focus on renewable energy. According to Mining.com.au, the program includes US$174 billion to promote electric vehicles, which could see Australia and other countries becoming the US’ battery metal suppliers.

On Wednesday, the Ford Motor Company (NYSE: F) share price jumped 8.55% after the company announced the acceleration of its electric vehicle efforts. The company expects approximately 40% of its sales to be electric vehicles by 2030 and plans to lift electric vehicle investment to more than US$30 billion by 2025.

More reading

• Why AMP, Champion Iron, EOS, & Vulcan shares are storming higher
• Stock markets stay strong; can Ford and Tesla both win?
• Up 5%, here’s why the Vulcan (ASX:VUL) share price is running higher
• Why the Core Lithium (ASX:CXO) share price jumped 7% today
• 3 ASX shares that could benefit from Biden’s Aussie electric vehicle swing

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