The Mosaic Brands Ltd (ASX: MOZ) share price is picking up steam in mid-morning trade. This comes after the company provided investors with an update on its business performance.

At the time of writing, the fashion retailer’s shares are rocketing 21.74% to 70 cents.

Let’s take a closer look at what the company announced.

What’s driving the Mosaic share price higher?

Investors are driving Mosaic shares higher after digesting the company’s upbeat trading update and outlook.

In a statement to the ASX, Mosaic advised it has successfully completed a series of strategic initiatives to support growth. Previously, the COVID-19 pandemic impacted the company and created unique challenges which saw a severe decline in instore customer numbers.

However, Mosaic turned its attention to improving its internal metrics to offset the damage done. The group reshaped its cost base, inventory holding, and focused on margin rather than chasing sales. As a result, the company is seeing a gradual return to profitability and growth.

Recently, Mosaic renewed its $25 million working capital facility with Australia and New Zealand Banking Group Ltd (ASX: ANZ). However, the credit facility is expected to be reduced to $15 million in January 2022.

In addition, the company also secured a credit approved term sheet for a further $10 million with majority shareholder, Alceon.

FY21 outlook

Following the positive post Easter and Mother’s Day trading period, Mosaic anticipates a continued rebound in customers. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) is projected to be around $48 million. This is provided that there are no significant changes in the current operating environment such as government mandated lockdowns.

Looking further ahead, the group is forecasting an improved EBITDA for FY22 due to its more efficient business model. In the next financial year (FY22), underlying EBITDA is assumed to be roughly $50 million.

EziBuy acquisition update

Mosaic noted that it has renegotiated the terms to extend the Option expiry date until 30 September 2021. This is 3 months longer than the original date, with the company also postponing the payment terms until 31 December 2021.

Should the deal go through, Mosaic’s digital revenue is estimated to be over $200 million, or 30% of its total income. EziBuy is forecasted to deliver a normalised EBITDA of about NZ$2.5 million in FY21, rising to NZ$5 million in FY22. This is before processes are fully integrated with Mosaic operations.

What did the CEO say?

Mosaic CEO Scott Evans touched on the company’s progress, saying:

After the toughest 18 months imaginable including the bushfires and COVID-19 pandemic, we are confident that Mosaic Brands has come through stronger and better with a very clear path to returning to our year-on-year track record of profitability and growth.

Aligned with the vaccine roll-out, since Easter, every week sees more and more of our customers heading back into store. Encouragingly even with the gradual return to normalised shopping behaviour, our online sales continue to perform well and grow

Despite today’s gain, the Mosaic share price is down more than 20% for the past 12 months.

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The Fonterra Shareholders’ Fund (ASX: FSF) share price is rising today, up 2% to $3.56 per share.

We take a look at the dairy co-operative’s updated forecast for the farmgate milk price and its Q3 performance for the nine months ending 30 April.

What results did Fonterra report?

Fonterra’s share price is moving higher after the co-op reported a 61% increase in normalised net profit after tax (NPAT) from the previous corresponding period. Normalised NPAT came in at $587 million. Fonterra credited its stronger balance sheet and improving underlying business performance for the boost.

Reported NPAT was $603 million, up 2% year on year.

Fonterra also reported an 18% year-on-year increase in its total group normalised earnings before interest and tax (normalised EBIT) of $959 million. It said lower operating expenses and higher margins helped drive the higher earnings.

Commenting on the results, Fonterra’s CEO Miles Hurrell said:

Greater China continues to be an important performer for us, delivering year-to-date normalised EBIT of $457 million, up 30% or $106 million year-on-year. Foodservice, once again, was the big driver behind this result, contributing $93 million of the growth. In the third quarter, the team continued to improve the strong gross margins we saw in Foodservice at half year by shifting milk into higher value products, for example cream cheese. As a result, the year-to-date margin increased from 21.5% to 28.6%.

Regarding the balance sheet, Hurrell added:

Fonterra’s operating expenses are down 5% year-to-date but we are planning some additional expenditure in the final quarter to support our brands and product initiatives for next year. Our debt reduction over the last couple of years and lower interest rates have reduced our interest bill by $69 million for the nine months ending 30 April 2021.

Looking ahead Fonterra maintained its normalised earnings guidance of 25 to 35 cents per share. The co-op noted that normalised earnings per share is currently sitting at 34 cents, but it expects the full-year results will fall in the middle of its guidance range as earnings come under some pressure during the fourth quarter.

Farmgate milk price update

Fonterra also revealed its opening forecast farmgate milk price range for the 2021–22 season. It forecasts a price of NZ$7.25–8.75 per kilogram of milk solids (kgMS), with a midpoint of NZ$8.00 per kgMS.

“Based on… supply and demand dynamics, along with where the NZ dollar is sitting relative to the US dollar, we’re expecting whole milk prices to remain at current levels for the near future,” Hurrell said.

Fonterra share price snapshot

Fonterra’s shares have lagged the wider All Ordinaries Index (ASX: XAO) over the past year, up 5.3% compared to a 24.5% gain on the All Ords.

Year-to-date the Fonterra share price is down 15.2%.

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At lunch on Wednesday, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. The benchmark index is currently up 0.2% to 7,130.7 points.

Here’s what is happening on the market today:

CBA share price cracks $100

The Commonwealth Bank of Australia (ASX: CBA) share price broke through the $100 mark for the first time and hit a record high of $100.30 this morning. When Australia’s largest bank hit that level, it meant its shares were up an impressive 20% since the start of the year. This has been driven by improving investor sentiment in the banking sector following recent result releases.

ALS result impresses

The ALS Ltd (ASX: ALQ) share price is storming higher today after its full year result impressed investors. The global testing, inspection, and certification company reported a 5% decline in revenue to $1,761.4 million and a 1.5% reduction in underlying net profit after tax to $185.9 million. The latter does not include government subsidies. This was a huge improvement on its first half performance.

Tech shares rise

The tech sector is playing a key role in driving the ASX 200 higher on Wednesday. The likes of Afterpay Ltd (ASX: APT) and WiseTech Global Ltd (ASX: WTC) are recording solid gains. As a result, at the time of writing, the S&P/ASX All Technology Index (ASX: XTX) is up a solid 2%. This appears to have been driven by easing bond yields and Nasdaq futures pointing higher on Wall Street.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Wednesday is the Chalice Mining Ltd (ASX: CHN) share price with a 10% gain. This is despite there being no news out of the gold explorer. The worst performer has been the Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price with a 3.5% decline. Investors appear nervous ahead of the medical device company’s results release tomorrow.

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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.

On Tuesday, Moderna (NASDAQ: MRNA) reported highly successful results from a clinical trial of its COVID-19 vaccine in patients ages 12 to 17. Depending on how you look at the top-line data from the TeenCove study, mRNA-1273 was found to be between 93% and 100% effective at preventing new cases.

The TeenCOVE trial enrolled over 3,700 12- to 17-year-old participants. Going by the primary case definition of COVID-19, from a period starting 14 days after their second dose, none of the volunteers who received the vaccine have tested positive. And although new case numbers are plummeting across the country, four of the volunteers who received the placebo did test positive for COVID-19.

Since teenagers are far less likely to present symptoms of COVID-19 when they’re infected, investigators also used a more sensitive definition of COVID-19 positivity that requires just one symptom plus a positive nasal swab test. Based on those looser criteria, the vaccine was still 93% effective at preventing new cases.

The TeenCove trial results Moderna reported Tuesday stack up nicely against those reported in March by Pfizer (NYSE: PFE) and BioNTech (NASDAQ: BNTX) for their rival mRNA vaccine, Comirnaty. That said, comparisons between the two teen trials should be taken with a grain of salt. Pfizer and BioNTech ran their U.S.-based clinical trial in 12- to 15-year-olds at a time when far more Americans were contracting the virus.

Moderna plans to submit a completed data package from the TeenCOVE study to the FDA in early June. Given that its top-line results are roughly in line with those that earned Pfizer and BioNTech a green light for their vaccine to be administered to teens, we can reasonably expect a similar response from the regulator within a few days of its receiving Moderna’s submission.

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

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

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Shares in Odyssey Gold Ltd (ASX: ODY) are wobbling today after the company announced a new discovery and a successful drilling program. At the time of writing, the Odyssey share price is 16 cents, down 3.13%.

This morning, the Odyssey share price broke its 2-day trading halt, opening 5% higher than its previous close. Despite the positive reception, it quickly plunged 11% before returning to trade at 16 cents.

The mineral exploration company released news it has found visible gold at the newly discovered Blue Gino Prospect. it’s also finished its maiden drill program.

Let’s take a closer look at the news driving the Odyssey share price today.

Odyssey’s new findings

Bottle Dump

This morning Odyessy announced that drill holes from its Bottle Dump Mine – located within its Tuckanarra Project – have returned positive results.

From 30 holes drilled, 28 intersected the mine’s gold-hosting banded iron formation, while only 20 were assayed.

All assays returned gold mineralisation, with results including:

• 6 metres at 2.8 grams of gold per tonne from 118 metres.
• 12 metres at 1.6 grams of gold per tonne from 172 metres.
• 9 metres at 1.1 grams of gold per tonne from 143 metres.
• 7 metres at 1 grams of gold per tonne from 113 metres.
• 4 metres at 3.3 grams of gold per tonne from 124 metres.

Stakewell Project

A maiden diamond drilling program at Odyssey’s Stakewell Project has also returned significant assay results.

The program targeted mineralisation extensions from the historical Kohinoor gold mine.

Assay results from the program include:

• 4 metres at 5.2 grams of gold per tonne 281 metres.
• 4 metres at 1.8 grams of gold per tonne from 289 metres.

Blue Gino Prospect

According to Odyssey, it was unaware of Blue Gino until it recently discovered visible gold within near-surface quartz at the prospect.

Exploration at Blue Gino will be fast-tracked so it can be included in the company’s next phase of drilling.

The Blue Gino prospect is located within the company’s Stakewell Project.

What’s next?

Going forward, Odyssey will be focusing on ground magnetics over the Bottle Dump Mine and the Blue Gino Prospect, as well as a second drilling program.

In addition, it will be continuing to map, test, and develop target areas. This will also include previously unexplored areas.

Finally, the company has recently applied for a new tenement near its two existing projects. It stated the new tenement houses potentially fertile greenstone geology with limited previous exploration.

Commentary from management

Odyssey’s executive director Matt Syme commented on the findings, saying:

The new discovery of high-grade visible gold in a previously unknown quartz vein system at Blue Gino, highlights again the excellent exploration potential which led us to acquire Stakewell and Tuckanarra… We are looking forward to receiving the remaining assay results and the re-mobilisation of the drill rigs to continue unlocking this exciting exploration potential.

Odyssey Gold share price snapshot

Despite today’s instability, the Odyssey Gold share price is having a great year on the ASX.

Currently, the Odyssey share price is 121% higher than it was at the start of 2021.

The company has a market capitalisation of around $72 million, with approximately 532 million shares outstanding.

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Despite the rollercoaster ride Bitcoin (CRYPTO: BTC) has been on over the past year, some Australians want at least part of their salary paid in the popular cryptocurrency. A survey of 1,000 Aussies by comparison website Finder found that nearly 25% of the respondents were interested in the idea.

As we enter this brave new world of digital currencies, more and more of our compatriots are willing to take the plunge.

Your salary in cryptocurrency?

According to the Finder survey, more men were interested in being paid in Bitcoin than women. 34% of men said they were willing to receive part of their salary in the cryptocurrency while only 16% of women said the same.

The most popular reason Australians cited for wanting to be paid in Bitcoin was what they perceived as its appreciating value. 14% of all respondents gave this answer. 10% said a Bitcoin payment would help them invest before taxes.

55% of respondents, including 61% of women, said they were not interested in the cryptocurrency. 13% said they thought it was too volatile while a further 8% stated they need access to their pay straight away.

Finder personal finance specialist Taylor Blackburn said cryptocurrencies were becoming more mainstream.

Bitcoin has seen impressive growth in the past year, despite its recent drop and sometimes volatile nature.

With more Australians looking for inflation hedges, yield-bearing assets and alternative investment opportunities, it’s not surprising that this many people are willing to be paid part of their salary in Bitcoin.

The survey also revealed that men who made more than $100,000 a year were the most interested in being paid in Bitcoin. Millennials and Gen Xers were the most receptive generations, with a respective 19% and 22% responding in the affirmative. Just 1% of Baby Boomers agreed.

Blackburn urged Australians to do their research before buying cryptocurrency or agreeing to be paid partly in Bitcoin.

Like with any investment, there are risks involved with cryptocurrencies. But with high risk can come high reward.

Be sure to do your due diligence so you know what you’re getting into.

Bitcoin market value snapshot

Just in the past week, Bitcoin price has bounced between a high of almost US$43,000 and a low of just over US$31,000. The cryptocurrency is currently trading for US$38,000. In percentage terms, that’s a fall of 28% followed by a rise of 23% in just 7 days!

The Chinese government’s recent crackdown on cryptocurrencies and tweets by Tesla Inc (NASDAQ: TSLA) founder Elon Musk are among events that have impacted the Bitcoin price recently.

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The Afterpay Ltd (ASX: APT) share price and the Zip Co Ltd (ASX: Z1P) share price are both pushing higher on Wednesday morning.

At the time of writing, the buy now pay later (BNPL) providers’ shares are up 3% to $95.44 and 1% to $7.29, respectively. This is despite the release of a bearish broker note out of UBS this morning.

What did UBS say?

According to a note out of UBS, for Afterpay, its analysts have retained their sell rating but improved their incredibly low price target to $37.00. Based on the current Afterpay share price, this implies potential downside of 61% over the next 12 months.

The broker remains bearish on Afterpay due to its belief that its returns could be eroded by increasing competition. Particularly given the low barriers to entry in the BNPL market and the threat from payments giant PayPal.

And while it acknowledges that Afterpay’s product is popular with consumers and that management is executing well, it still feels its platform is easy to replicate.

Another negative that UBS believes the market is overlooking is the capital required to fuel its growth. It points out that PayPal is spending almost $3 billion on marketing compared to $100 million by Afterpay.

What about Zip?

For Zip, the broker has retained its sell rating but cut its price target by 17% to $5.60. Based on the latest Zip share price, this would mean downside of 23% over the next 12 months.

Once again, it feels increasing competition could be a problem and weigh on Zip’s margins. Particularly in the United States, where it believes its QuadPay business is enjoying higher margins that Afterpay.

It also suspects that a US bank could follow the lead of Commonwealth Bank of Australia (ASX: CBA) by entering the BNPL market.

And, as with Afterpay, it feels that market underestimates the amount of capital required to support its growth, especially if competition increases.

It is, however, worth noting that UBS has been negative on the companies for some time, particularly Afterpay. And if you had followed their recommendations, you would have missed out on some incredible returns over the last couple of years.

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The post Where next for Afterpay (ASX:APT) and Zip (ASX:Z1P) shares? appeared first on The Motley Fool Australia.

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The IVE Group Ltd (ASX: IGL) share price is on the rise during morning trade.

This follows the release of the print communications company’s business update and earnings guidance for the 2021 financial year.

At the time of writing, IVE Group shares are swapping hands for $1.38, up 11.29%.

How is IVE Group performing?

According to this morning’s release, IVE Group advised ongoing business momentum is continuing its run into the second-half of 2021.

In particular, the 5-year Australian Community Media contract is expected to be fully transitioned into the business by the end of next month. It’s worth around $20 million per year for IVE Group.

As well, the Spotlight Retail Group has now become a significant letterbox distribution client across Australia and New Zealand.

IVE Group’s customer retention also delivered a robust performance, with healthy contract renewals. The most significant deals of note included L’Oréal and Westpac Banking Corp (ASX: WBC). The latter signed on for another 5 years with an estimated contract value of $20 million per annum.

The company revealed its other revenue sectors, such as travel, catalogues, exhibitions and events, are consistent with H1 FY21.

For the end of April, IVE Group declared a cash balance of $95.1 million. This is after the company’s share buyback program ($5.2 million) and interim dividend payout ($10.3 million).

Projected net debt for the upcoming end of this financial year is anticipated to come in at between $90 million and $100 million.

Investors are seemingly upbeat about the company’s performance, sending IVE Group shares significantly higher during Wednesday’s session.

Outlook for FY21

In response to the impacts COVID-19 had on the business, management focused on streamlining its cost base.

As a result, underlying earnings before interest, tax, depreciation and amortisation (EBITDA) is forecast to be in the range of $98 million to $100 million.

IVE Group share price snapshot

Over the last 12 months, IVE Group shares have lifted by more than 38%. However, year-to-date performance has gone in reverse, with the company’s shares down by around 4% so far in 2021.

Based on today’s share price, IVE Group has a market capitalisation of roughly $200 million, with approximately 144 million shares outstanding.

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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.

While crypto assets rose to new heights earlier this year, and there are now meme-inspired tokens like Dogecoin (CRYPTO: DOGE) being touted by Elon Musk, the recent crash of crypto assets is not so different from the one in 2017, says one analyst.

Josh Younger, who leads interest rate derivatives strategy at JPMorgan Chase (NYSE: JPM), wrote in a recent research note that he sees similarities between the big sell-off in 2017 and the one that recently occurred in which Bitcoin (CRYPTO: BTC) fell as much as 50% from its high of around $65,000 per token.

Similar to what happened in 2017, Younger noted that investors have steered away from the popular tokens like Bitcoin and Ethereum (CRYPTO: ETH) and into riskier altcoins and stablecoins as well.

Younger wrote that this turn and the negative sentiment “should caution any view that the worst is clearly behind us.” He added that cryptocurrencies are undergoing a “sizable correction” and that he was unsure of whether the correction is done just yet.

Among the many similarities between 2017 and now, Younger certainly sees differences as well. Notably, there hasn’t been the same kind of activity around initial coin offerings as there was in 2017, and there is much more institutional interest in cryptocurrencies now as tokens like Bitcoin are much more ingrained into the traditional financial system. In his research report, Younger wrote:

We continue to see evidence of resilient microstructure in cryptocurrency markets: the volatility spike appears somewhat regionally localized, market depth is down but has not cratered despite these moves, and derivatives pricing has managed to adjust quickly enough to retain a decent fraction of the levered long base … This all argues against the view that we are in the midst [of a] self-reinforcing vicious cycle of price declines — a classic run scenario.

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

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• Would you pay 10% more for a ‘green Bitcoin’?
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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

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:

Nitro Software Ltd (ASX: NTO)

According to a note out of Morgan Stanley, its analysts have retained their overweight rating and $3.70 price target on this document productivity software company’s shares. Morgan Stanley notes that Nitro has reiterated its guidance at a recent conference and revealed that it continues to experience strong demand for its offering. Its analysts also see opportunities for stronger returns from cross selling and upselling to enterprises. The Nitro share price is currently fetching $2.79.

Rio Tinto Limited (ASX: RIO)

A note out of Macquarie reveals that its analysts have retained their outperform rating and $140.00 price target on this mining giant’s shares. According to the note, the broker acknowledges that iron ore prices have pulled back meaningfully over the last couple of weeks. Despite this, Macquarie remains very positive on miners with exposure to iron ore and is expecting strong free cash flow yields thanks to high prices. This bodes well for dividends in the near future. The Rio Tinto share price is trading at $119.55.

TechnologyOne Ltd (ASX: TNE)

Analysts at Morgans have retained their add rating and lifted their price target on the enterprise software company’s shares slightly to $10.00. This follows the release of TechnologyOne’s half year results earlier this week. Morgans notes that the company delivered a strong result and full year guidance in line with its expectations. In addition to this, based on new customer addition rates and current average spending, it believes TechnologyOne is on a path to achieving its $500 million annualised recurring revenue (ARR) target by FY 2026. The TechnologyOne share price is trading at $9.17 on Wednesday morning.

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