Southern Cross Media Group Ltd (ASX: SXL) shares are plummeting this morning after news broke that the company’s agreement with Nine Entertainment Co. Holdings Ltd (ASX: NEC) will not be continued. At the time of writing, the company’s shares have tumbled 13.57% to $1.91.

Let’s take a closer look at what was announced.

What happened?

The Southern Cross share price is taking a dive today after the company (also known as Southern Cross Austereo) stated it has been advised Nine will not be extending its regional affiliation with the broadcasting company after it expires in June.

This morning Nine confirmed it’s discontinuing its affiliation with Southern Cross Media and has instead signed an agreement with WIN Corporation. While losing its affiliation with Nine is a devastating blow for Southern Cross, it still has supply agreements with Seven West Media Ltd (ASX: SWM) and Network Ten.

Southern Cross stated that its ongoing agreements currently contribute around 20% of its television revenue.

The company will continue to broadcast Nine programming in the Spencer Gulf, where it also broadcasts Seven and Ten. Further, it broadcast’s Seven programming in Tasmania, Darwin and central regions in an agreement that expires in 2022.

Broadcasting of Nine programming in regional Queensland, southern New South Wales and regional Victoria by Southern Cross Media will cease on 30 July 2021.

About Southern Cross

Southern Cross Media boasts a reach of 95% of the Australian population, a number that will likely soon fall following today’s news.

The company owns 99 radio stations under the Triple M and Hit network brands.

Southern Cross also provides Australian sales representation for SoundCloud and Sonos Radio, as well as operating LiSTNR, a free audio platform.

Southern Cross Media share price snapshot

Over the past 12 months, the Southern Cross Media share price has fallen by more than 60%. The company’s shares have, however, increased by around 27% over the last six months.

Based on the current Southern Cross share price, the company has a market capitalisation of around $584 million with approximately 264 million shares outstanding.

More reading

• Nine (ASX:NEC) share price edges higher on positive update
• 2 not-so-obvious ASX shares to cash in on the property boom
• Is Nine Entertainment (ASX:NEC) eyeing up regional broadcaster WIN?
• These 4 ASX shares just got upgraded to a ‘buy’ rating
• One person earned $250,000 on Airtasker last year. Now it’s listing

Motley Fool contributor Brooke Cooper has no position in any of the shares 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 Agrimin Ltd (ASX: AMN) share price hasn’t moved in early morning trade after the small-cap ASX minerals explorer reported an agreement with S&P/ASX 200 Index (ASX: XJO) mining giant Rio Tinto Ltd (ASX: RIO).

Rio Tinto’s share price is up 1.5% at the time of writing.

What agreement did Agrimin report with Rio Tinto?

In this morning’s ASX release, Agrimin revealed that private company Tali had entered into a farm-in and joint venture agreement with Rio Tinto.

Agrimin owns 40% of Tali, a mineral explorer operating in Western Australia.

The agreement enables Rio Tinto to earn a joint venture interest in 5 of Tali’s tenements in the West Arunta and Madura regions. Agrimin reported these do not involve any tenements in its Mackay Potash Project.

According to the release, the West Arunta Orogen remains “one of the most under-explored regions in Australia”.

Tali has already conducted ground gravity and airborne magnetic surveys over several promising targets in the tenements (conducted in 2019 and 2020). Tali and Rio Tinto are expected to finalise the 2021 exploration plan over the next few weeks.

Commenting on the agreement, Mark Savich, Agrimin’s CEO, said:

It is pleasing to see a major mining company such as Rio Tinto commit to exploring on Kiwirrkurra lands within the West Arunta region through its farm-in agreement with Tali. We look forward to the commencement of their exploration as well as the prospect of new opportunities being created for the Kiwirrkurra community.

The company is still awaiting native consent to the agreement. Failing native consent Rio Tinto could still terminate the agreement.

Agrimin and Rio share price snapshot

The Agrimin share price has gained strongly over the past 12 months, up 68%. During that time, the Rio Tinto share price gained 52%, while the ASX 200 is up 28%.

Year-to-date Agrimin shares are up 27%, and the Rio Tinto share price is up 2%.

More reading

• Here’s why the Amaero (ASX:3DA) share price rocketed 20% on open
• Is it ok to buy ASX 200 shares at a 52-week high?
• 5 things to watch on the ASX 200 on Thursday
• Why the Rio Tinto (ASX:RIO) share price is among the worst performers today
• Is this a better way to buy into the ASX mining supercycle?

Motley Fool contributor Bernd Struben 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 late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is trading notably higher. At the time of writing, the benchmark index is up 0.8% to 6,765.3 points.

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

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 4% to $115.34. Investors have been buying Afterpay and other tech shares on Friday after a strong night of trade on the Nasdaq index. Thanks to solid gains by the likes of Amazon, Facebook, and Tesla, the tech-heavy index rose a sizeable 2.5%. This has led to the S&P/ASX All Technology Index (ASX: XTX) rising 2.4% this morning.

Piedmont Lithium Ltd (ASX: PLL)

The Piedmont Lithium share price has stormed 7% higher to 89 cents. This appears to have been driven by improving risk sentiment and rising lithium prices. This led to the Global X Lithium & Battery Tech ETF rising a sizeable 6% during overnight trade. A number of other ASX lithium shares are recording solid gains this morning.

ResApp Health Ltd (ASX: RAP)

The ResApp share price has jumped 14% to 6.6 cents. Investors have been snapping up this digital health company’s shares after it announced a deal with AstraZeneca. According to the release, ResApp has secured a one-year, non-exclusive agreement with AstraZeneca’s Japanese subsidiary to license its cough counting technology for use in a program to support asthma patients in Japan.

Santos Ltd (ASX: STO)

The Santos share price has climbed 2.5% to $7.35. The catalyst for this was a solid rise in oil prices overnight. According to CNBC, the Brent crude oil price rose 2.3% to US$69.46 a barrel and the WTI crude oil price rose 2.5% to US$66.02 a barrel. Crude oil prices climbed as vaccine rollouts bolstered the economic outlook and U.S. fuel stocks reduced.

More reading

• Here’s why the Piedmont Lithium (ASX:PLL) share price is jumping 11% today
• ResApp (ASX:RAP) share price jumps 19% on AstraZeneca deal
• 5 things to watch on the ASX 200 on Friday
• ASX 200 unmoved, Flight Centre soars, Afterpay keeps falling
• Will the Afterpay (ASX:APT) share price bounce back?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of 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 Piedmont Lithium Ltd (ASX: PLL) share price is on course to end the week with a bang.

In morning trade the lithium-focused mineral exploration company’s shares are up 11% to 92.5 cents.

This latest gain means the Piedmont Lithium share price is up approximately 150% since the start of the year.

Why is the Piedmont Lithium share price storming higher?

Investors have been buying Piedmont Lithium shares on Friday after investor risk appetite improved.

According to CNBC, this has been driven by three key market drivers that are pointing to further gains ahead.

UBS Global Wealth’s chief investment officer, Mark Haefele, explained: “While we expect conditions to remain volatile, the most recent developments on three of the main market drivers—stimulus, pandemic news, and inflation data— point to further equity upside.”

“The stimulus is substantially larger than had been expected earlier in the year. Its provisions are also likely to be highly supportive for consumption and growth. This windfall comes on top of existing signs of pent-up demand from US consumers.”

This bullish sentiment ultimately led to the Global X Lithium & Battery Tech ETF rising 6% during overnight trade.

What else is supporting Piedmont Lithium’s shares?

In addition to this, rising lithium prices have been giving the Piedmont Lithium share price a lift.

Late last week, for example, China’s domestic battery-grade lithium hydroxide price surged to a 19-month high. According to Metal Bulletin, this was driven by tight spot supply and higher offering prices from most producers. Lithium carbonate prices are also rising strongly.

Metal Bulletin notes that these conditions have supported bullish market sentiment across the other global regions.

How are other lithium producer’s performing?

It isn’t just Piedmont Lithium share price charging higher today. Several other lithium miners are recording strong gains today.

This includes a 5% gain by the Orocobre Limited (ASX: ORE) share price, a 6% rise by the Lake Resources N.L (ASX: LKE) share price, and a 7% jump by the Vulcan Energy Resources Ltd (ASX: VUL) share price.

More reading

• Here’s why the Piedmont (ASX:PLL) share price jumped 10% today
• These 2 ASX mining shares have gained over 8% this week
• Why the Piedmont (ASX:PLL) share price just hit an all-time high
• Did you know Piedmont (ASX:PLL) and Mesoblast (ASX:MSB) are listed on the NASDAQ?

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

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While some Australians are gearing up to take advantage of the government peddling half-price flights as part of its latest stimulus, Standard & Poor’s is watching Australia’s credit rating.

Countries are assigned credit ratings as a reflection of economic stability. A rating downgrade can result in higher interest rates because the country’s government loses access to foreign investors.

GDP forecast not AAA worthy

Today’s The Australian Financial Review cites that S&P’s lead Australia credit analyst Anthony Walker doesn’t think Australia’s current economic outlook will merit the top AAA rating.

Mr Walker predicts that 2021 will see federal and state deficits that equal approximately 14% of GDP. He doesn’t believe a AAA rating will be granted if that’s the case.

To conclude a country’s credit rating, S&P consolidates all government debt to achieve a general estimate. The ratings agency then bases its outlook on that number.

Australia’s current S&P rating is AAA with a negative outlook. The country also boasts the top rating from two other major ratings agencies, Moody’s and Fitch.

Will half-price flights boost our credit rating?

Considering a country’s credit rating is based on its debt, arguable offering half-price airline tickets isn’t likely to address a score axing.

However, rating agencies do take into account the rate of economic growth a country demonstrates. On that note, depending on whether the initiative is effective, Australia may enjoy a spike in consumer spending as the half-price-flights party gets started. In turn, that could help appease S&P.

An editorial in today’s The Australian likes the travel boost concept and thinks the government has made the right decision. It estimates that Australia’s domestic tourism businesses employ 611,000 people and pump over $100 billion into the economy annually.

Foolish takeaway

Credit rating downgrades aren’t the end of the world. Quite often, an entity will put in the necessary work to shape up once it learns an agency has put its rating on watch.

We won’t know if the latest economic stimulus crack is effective until a few months down the road. In the meantime, hopefully, the half-price flight scheme leads to some banger domestic holidays. 

More reading

• Here’s why the Piedmont Lithium (ASX:PLL) share price is jumping 11% today
• Nine (ASX:NEC) share price edges higher on positive update
• Westpac (ASX:WBC) share price higher following APRA update
• ResApp (ASX:RAP) share price jumps 19% on AstraZeneca deal
• Breville (ASX:BRG) share price drops after CEO’s $8.7 million share sale

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Nine Entertainment Co Holdings Ltd (ASX: NEC) shares are edging higher this morning following news the company has signed an affiliation agreement. At the time of writing, the Nine share price is trading 1.65% higher at $3.08

What’s driving the Nine share price?

The Nine share price is on the move today as investors digest the company’s latest update.

According to this morning’s release, Nine has entered into a regional television affiliation agreement with WIN Corporation (WIN).

Founded in 1962, WIN is Australia’s largest regional television network company. The group provides television and radio broadcasting services into 29 markets across six states in Australia.

Terms of the deal

Under the agreement, WIN will broadcast Nine’s metropolitan free-to-air television content from popular channels such as 9, 9Go, 9Gem, and 9Life. This access will be provided across geographical markets in Tasmania, Victoria, Queensland, southern New South Wales, and regional Western Australia.

Nine stated that its television content will now be available across all of metropolitan and regional Australia.

The new agreement will commence on 1 July 2021, and run for a minimum period of seven years.

WIN will pay Nine with an affiliation fee of about 50% of its entire regional advertising revenue. This is expected to positively contribute to Nine’s earnings before interest, tax, depreciation and amortisation (EBITDA) from FY22. Furthermore, WIN will provide airtime to Nine through its television and radio network to promote Nine’s content.

A sales representation service from WIN will also be provided to Nine in northern New South Wales and Darwin for an agreed time.

Management commentary

Nine CEO Hugh Marks welcomed the deal, saying:

While our relationship with Southern Cross has been strong over the last five years, the opportunities presented by the WIN Network to both extend the reach of Nine’s premium content into more regional markets under one agreement, and to work co-operatively with them on a national and local news operation, mean this is the right time for us to return to WIN.

WIN CEO Andrew Lancaster went on to add:

We are pleased to be furthering our already strong relationship with Nine, through this affiliation agreement. Nine has clearly established itself as Australia’s leading media business and we are excited to be returning to carriage of the Nine broadcast content to our regional viewers.

About the Nine share price

Over the past 12 months, the Nine share price has trekked on an upwards slope, with gains of close to 150%. Nine shares are currently within a whisker of reaching their record high of $3.16.

Nine has a market capitalisation of around $5.1 billion, with approximately 1.7 billion shares issued.

More reading

• 2 not-so-obvious ASX shares to cash in on the property boom
• Is Nine Entertainment (ASX:NEC) eyeing up regional broadcaster WIN?
• These 4 ASX shares just got upgraded to a ‘buy’ rating
• Why the Nine (ASX:NEC) share price is up 26% in 2021
• ASX 200 rises, Rio chair will leave, Nine gets a new CEO

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

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The Westpac Banking Corp (ASX: WBC) share price is pushing higher on Friday.

At the time of writing, the banking giant’s shares are up 0.5% to $24.65.

Why is the Westpac share price rising today?

This gain appears to have been driven by a positive investor reaction to an announcement this morning.

That announcement reveals that the Australian Prudential Regulation Authority (APRA) has closed its investigation into matters related to the AUSTRAC proceedings.

This follows the conclusion of ASIC’s AUSTRAC-related investigation in December 2020.

What did APRA say?

APRA advised that it commenced its investigation into Westpac in December 2019 to examine prudential concerns arising from allegations by AUSTRAC that the bank had breached anti-money laundering and counter-terrorism laws.

In addition to this, APRA’s investigation examined the bank’s actions to rectify and remediate the issues after they were identified.

This morning APRA revealed that after carefully considering the results of ASIC’s investigation, it has decided to close its investigation.

However, Westpac remains subject to a court enforceable undertaking to implement an integrated risk governance remediation plan. This has been designed to increase risk governance across its business and will be subject to ongoing independent reviews.

Furthermore, the $1 billion operational risk capital add-on, which reflects the bank’s heightened operational risk prole, will remain in place until Westpac completes its remediation under the court enforceable undertaking to APRA’s satisfaction.

APRA’s Deputy Chair, John Lonsdale, commented: “Although the investigation has not found evidence of breaches of the Banking Act or the BEAR, APRA remains determined to ensure Westpac rectifies its risk governance weaknesses effectively and sustainably.

“Under the enforceable undertaking, Westpac has clearly defined Executive and Board accountabilities for the implementation of its integrated risk governance remediation plan. APRA will be holding Westpac to account for the delivery of the required improvements,” Mr Lonsdale said

More reading

• 3 blue chip ASX shares with dividend yields over 5% today
• Is it ok to buy ASX 200 shares at a 52-week high?
• 2 ASX dividend shares with very generous yields
• Can ASX bank shares keep rallying after hitting 52-week highs?
• Is the Westpac (ASX:WBC) share price a buy for a 6.3% dividend?

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.

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The ResApp Health Ltd (ASX: RAP) share price is surging higher after releasing its second announcement in as many days. You can read about the first announcement here.

At the time of writing, the digital health company’s shares are up 19% to 6.9 cents.

What did ResApp announce?

This morning ResApp announced that it has secured a one-year, non-exclusive licensing agreement with the Japanese subsidiary of global biopharmaceutical company AstraZeneca. The agreement will see ResApp license its cough counting technology for use in a program to support asthma patients in Japan.

According to the release, under the agreement, ResApp’s cough counting technology will be integrated into AstraZeneca’s direct-to-consumer asthma management smartphone application. This will then be used to assist patients in monitoring symptoms in the home setting and support them in managing their asthma.

The release notes that AstraZeneca’s asthma monitoring application is currently under development and is expected to launch in the coming months. In the meantime, ResApp will work with AstraZeneca on its integration into the smartphone application. This includes refining it to the pharmaceutical giant’s specifications for use in the Japanese market.

Management notes that this agreement will be the first time ResApp’s cough counting technology is being used outside of a clinical trial setting. It believes this highlights its broad applicability.

Furthermore, as it is the second agreement with AstraZeneca, it feel it provides further validation from an industry-leading pharmaceutical company.

What are the financial terms?

The release explains that AstraZeneca will pay an annual licence fee to ResApp for each patient provided with AstraZeneca’s asthma management smartphone application.

However, while sales of ResApp’s cough counting technology continue to grow, management does not expect this agreement to have a material impact on the company’s operating results.

ResApp’s Managing Director and CEO, Dr Tony Keating, commented: “With its Asthma Monitoring App, AstraZeneca is seeking to empower and support patients to help them take control of their asthma. Over one million people in Japan live with asthma and AstraZeneca’s app aims to help patients better manage their condition and adhere to their management plans, leading to a better quality of life. We are proud to be an integral part of this initiative and look forward to working with AstraZeneca on the integration process and launch of this important patient support program.”

More reading

• ResApp (ASX:RAP) share price jumps on COVID-19 app plans
• Why Flight Centre, Qantas, ResApp, & Volpara are racing higher
• Why the ResApp (ASX:RAP) share price is sinking 5% today
• Why the ResApp (ASX:RAP) share price opened 10% higher today
• Here’s why the Resapp (ASX:RAP) share price closed 5% lower

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

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The Breville Group Ltd (ASX: BRG) share price is trading lower on Friday morning.

In early trade the appliance manufacturer’s shares are down 1.5% to $26.18.

Why is the Breville share price dropping?

This morning Breville announced that its CEO, Jim Clayton, has sold a large number of shares through an on-market trade.

According to the release, Mr Clayton offloaded a total of 328,338 Breville shares. No sale price has been given, but based on the Breville share price at the close of play on Thursday ($26.53), this stake was worth ~$8.7 million.

Why was the CEO selling share?

Breville has explained that its CEO sold the shares to facilitate the purchase of a residence in Australia.

In addition to this, funds will be used to satisfy personal tax obligations in relation to the vesting of performance and fixed deferred remuneration rights.

The company notes that Mr Clayton retains a significant interest in Breville after this sale. He is left with an interest of 180,393 shares and 427,650 performance and fixed deferred remuneration rights.

This is well in excess of Breville’s guideline of two times base salary included in the Breville ‘Target Shareholding Guideline for KMPs’.

It added that the sale of shares was approved by the company’s Chairman and was conducted in accordance with its Share Trading Policy.

Where next for the Breville share price?

While material insider selling like this rarely goes down well with the market, the CEO cannot be accused of selling at the top. The Breville share price is currently trading 19% below its 52-week high and has been tipped by a number of brokers to go higher.

One of those is Morgans. Last week its analysts put an add rating and $33.90 price target on its shares. Based on the current Breville share price, this price target implies potential upside of almost 28% over the next 12 months.

Morgans believes Breville is well-placed for growth thanks to a number of tailwinds and its investments in growth projects.

More reading

• 4 ASX retail shares that Morgans thinks are a ‘Buy’
• Top brokers name 3 ASX shares to buy today
• Top brokers name 3 ASX shares to buy today
• Why the Breville (ASX:BRG) share price is charging 7% higher today

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

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Big brokers have run the ruler over ASX tech shares after their recent selloff. Here are three that were rated as a buy on Thursday 11 March. 

1. Hansen Technologies Limited (ASX: HSN)

The Hansen share price surged ~20% on Wednesday after the company announced a significant new contract with Telefónica Germany. The agreement is for a fixed initial term of five years and is expected to generate approximately $25 million in revenue. 

Ord Minnett believes this important contract improves Hansen’s organic growth outlook and ability to attract new clients. The deal will also provide a nice lift in FY21 earnings.

The broker rates Hansen as a buy with a $6.00 share price target. This represents a 10.5% premium to the $5.43 at which the Hansen share price closed Thursday’s session.

2. Iress Ltd (ASX: IRE) 

The Iress share price has likely been dragged down by the broader weakness in ASX tech shares, stumbling by 12% year to date. The financial software provider has generated relatively stable earnings for the past decade, albeit with not much growth.

Credit Suisse upgraded Iress to outperform on the basis of its recent share price drop. The broker views the company as one that is more defensible with a solid recurring revenue base. It also noted that, at current share price levels, the company offers a dividend yield of ~4.90%.

The broker believes such a yield is attractive in the current environment. Credit Suisse has an $11.00 price target which represents an upside of 17% on the current Iress share price, excluding dividends. 

3. Nearmap Ltd (ASX: NEA) 

The Nearmap share price came under significant selling pressure on 11 February after the release of a short-seller report by Hong Kong-based J Capital Research. 

The report alleged a number of challenges for Nearmap including a struggling US division, clients dropping the service and weak client churn figures. 

Nearmap has since replied to the short report, claiming, “The report contains many inaccurate statements and makes unsubstantiated allegations of a very serious nature”. While the company has made an attempt to quash the allegations, the Nearmap share price has slumped to near 11-month lows in recent days. 

Citi retained a buy rating for Nearmap shares with a $3.10 share price target, around 48% higher than the current Nearmap share price. But the broker’s commentary was far more neutral and reserved in nature.

It noted that Nearmap competitor Aerometrex Ltd (ASX: AMX) was seeing rising traction with enterprise customers. The broker noted that competition remains a risk and ANZ forecasts could come in at below-trend growth in the near term. 

More reading

• 2 fantastic ASX growth shares to buy immediately
• Why Afterpay, Nearmap, Temple & Webster, & Z Energy are tumbling lower
• These 3 ASX shares have just stormed to record highs
• The Hansen Technologies (ASX:HSN) share price is hitting a 52-week high
• Why Afterpay, Gold Road, Hansen, & Silver Lakes shares are charging higher

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Hansen Technologies and Nearmap Ltd. The Motley Fool Australia has recommended Hansen Technologies, IRESS Limited, and Nearmap 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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