The BrainChip Holdings Ltd (ASX: BRN) share price is under pressure on Wednesday.

In afternoon trade, the artificial intelligence technology company’s shares are down 3.5% to 55 cents.

Why is the BrainChip share price under pressure?

Investors have been selling the company’s shares on Wednesday following the release of its annual general meeting presentation this morning.

One thing that was included in the presentation that could be weighing on the BrainChip share price was its progress, or lack thereof, in finding a replacement CEO.

Two and a half months ago BrainChip announced the surprise exit of its CEO, Louis DiNardo, by mutual agreement. However, an appointment doesn’t appear to be imminent.

Chairman Emmanuel T. Hernandez commented: “For the first couple of months since Mr DiNardo’s departure, management and the Board focused on tapping our individual networks for potential candidates. We are pursuing certain people on our list and in parallel have evaluated search firms that we might engage after exhausting our own network of candidate.”

Given how the company is currently at an important stage in its journey, not having a captain to steer the ship poses risks.

What else was said at the meeting?

There were a few potential positives from the meeting that failed to have an impact on the BrainChip share price. One of those is its market opportunity.

Interim CEO, Peter AJ van der Made, explained: “You can see that by 2025 the market size [for edge devices] reaches nearly $58 billion distributed over industrial uses, mobile uses, consumer goods, automotive systems (ADAS, preventative and safety systems), and drones. I expect that air and space craft will also be included in this group.”

“The prospects for the Brainchip Akida technology are huge. Many, if not most of these systems will need an Artificial Intelligence processor that is small, light, fast and power efficient. We deliver all those capabilities in the AKD1000.”

“The number of ‘Internet of Things” devices will triple between today and 2025. All these devices will be competing for internet bandwidth. IoT is a category of machines and this is different from the ‘Internet of People’. With on-device near-sensor processing, enabled by Akida, internet bandwidth problems can be solved, even when metadata – that is processed already by Akida is uploaded to a central system.”

“We expect that many of today’s ‘dumb’ devices will be replaced during over [sic] this period by intelligent, Akida based devices. In addition, there will be some 20 billion new devices. This is another great opportunity for the BrainChip Akida technology. You can tell we are excited about those prospects,” he concluded.

What’s next?

BrainChip isn’t stopping at AKD1000 and already has plans for future products.

Mr van der Made explained: “The AKD1000 chip is in production and we expect sales to take off soon after. Initially, we expect to sell complete modules while our clients are developing their own products and boards. Those modules will contain the AKD1000 chip and the MetaTF tools.”

“This is where we expect the first production chips to be absorbed. Sales are expected to increase once clients have finished their development work and are integrating the AKD1000 into their products.”

“Module sales are likely to continue into the future, followed by new products such as the AKD2000, which will be a chip with additional features to execute sequence learning networks, known in the industry as LSTM and Transformer networks. Important parts of the AKD2000 are already working now in the lab here in Perth. The AKD3000 chip is in development and will be aimed at capsule networks that are under development at Google and the cortical neural networks of the future,” he concluded.

While this is all very promising, with the current BrainChip share price giving the company a market capitalisation of almost $1 billion, there certainly is a significant amount of future growth being priced in.

This is despite the company’s technology being largely unproven and BrainChip facing competition from huge tech giants with materially larger budgets.

More reading

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The WA Kaolin Ltd (ASX: WAK) share price is firmly in positive territory today. This comes after the company announced it has signed a long-term agreement to fuel its kaolin processing operations.

At the time of writing, the mineral company’s shares are fetching 21.5 cents, up 16.22%.

What’s pushing the WA Kaolin share price higher?

Investors are snapping up WA Kaolin shares after the company released a positive update.

According to its release, WA Kaolin has signed a massive 15-year contract with Mid-West LNG Pty Ltd, a subsidiary of Clean Energy Fuels Australia (CEFA).

Based in Perth, CEFA is an integrated energy solutions provider, developing small scale LNG infrastructure assets for regional mining, industrial, and commercial energy users.

Under the agreement, WA Kaolin will receive liquefied natural gas (LNG) for its Wickepin kaolin project. The LNG will be used to fire a rotary kiln to dry kaolin ore. It’s the first step in the company’s patented K99 dry processing method.

The deal will officially commence on 1 January 2022 and run for a period of 15 years, with reviews at each 5-year block. The contract includes two options that allow the parties to extend for another 5 years each.

In addition, the agreement includes the supply of commissioning gas from 1 September until 31 December 2021.

The contract value is estimated at around $22 million for the initial 15 years.

Words from the CEO

WA Kaolin CEO Andrew Sorensen welcomed the new deal, saying:

We are thrilled to have entered into a 15 -year contract with CEFA, one of WA’s leading energy solution providers. As we continue to progress our Stage 1 work program towards our target to be producing by year end 2021, it is vital for our development program that we lock in such important long term supplier agreements like this.

The Stage 1 work program at Wickepin continues on track and within budget and I look forward to providing the market with a further update of progression from on-site shortly.

About WA Kaolin

WA Kaolin is a mineral exploration, extraction and processing company aiming to develop kaolin products. The group hopes to market the soft white clay mineral to Asia and global markets.

Kaolin has a variety of applications, including in the paper industry where it serves as a paper coating. The mineral product is also used to make china, porcelain, tableware, rubber, cable insulation, specialty films, and fertilisers.

During the past 12 months, the WA Kaolin share price has fallen by around 14%. However, year-to-date performance has seen the company’s shares climb by more than 23%.

More reading

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Qantas Airways Limited (ASX:QAN) and Webjet Limited (ASX: WEB) are among the companies whose share price has seemingly been impacted by Victoria’s spike in COVID-19 cases.

Shares in Qantas have fallen 0.42% today, after more restrictions on Victorian’s ability to travel were implemented. The Qantas share price is currently $4.69.

Webjet shares are also down, trading for $4.95. That’s 0.5% lower than their closing price yesterday.

The Flight Centre Travel Group Ltd (ASX: FLT) share price has fallen 1.33%. Currently, shares in the company are swapping hands for $14.89.

The Auckland International Airport Limited (ASX: AIA) share price has also fallen 2.2% to trade for $6.66. This fall comes as New Zealand pauses the quarantine-free travel bubble between it and Victoria.

Let’s take a closer look at the spike in COVID-19 cases facing Victoria.

Victoria’s latest outbreak

Since yesterday, Victoria has recorded 15 COVID-19 cases, all linked to a positive case in Whittlesea.

The new cases have been genetically linked to the Wollert case. The Wollert case occurred earlier this month, when a man who spent two weeks in hotel quarantine in South Australia tested positive for COVID-19 in Victoria.

Contract tracers are still looking for the missing link between the Wollert case and the Whittlesea man.

A travel ban is now in place. This new ban disallows most Victorians who have been in Whittlesea to travel to Queensland, South Australia, or Tasmania. Anyone who has been in a COVID-19 hot spot must get tested. Additionally, they must self-isolate for 14 days upon arriving in New South Wales, the ACT, Western Australia, or the Northern Territory.

Today, acting Premier James Merlino told a press conference the next 24 hours will be critical for the state.

Of whether further restrictions will be imposed on the state, Merlino said:

I cannot rule out taking some further action but we’ll update people as soon as we know.

Merlino said 301 people have been identified as close contacts of positive COVID-19 cases. Of those, only 80 COVID-19 tests results have been returned at this point in time.

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Trends… Some investors play to them, others steer well clear of them. But there’s no avoiding that they influence markets in some shape or form. CommBank’s inaugural Consumer Insights Report has unveiled a trend that could give neighbourhood real estate shares a boost.

The report gives a wide-ranging analysis of the Australian consumer. No surprise, this edition reflects how we changed our lifestyle and behaviours because of the COVID-19 pandemic.

Times are a-changing

Some changes are unsurprising, such as an increase in online shopping across nearly all channels and categories. However, other shifts are a little unexpected – such as the high priority for Australian products, and a desire for spacious layouts. It seems even with all that time separated from people, we still like our space.

Another interesting arising trend is that consumers have developed an increased desire to shop locally. Rather than making the trip to the mega-mall, or city centre, Australians want to shop more at their local suburban shopping centre/neighbourhood store.

Based on CommBank’s research, 16% of respondents said they were likely to shop more at local suburban shopping centres in 2021 than pre-pandemic. Comparatively, only 10% said they were likely to shop more at large shopping centres.

Firstly, I’ll point out there’s a difference between what people ‘think’ they will do and what they actually do. However, if consumers follow the reported trend, we may see a longer-term uptick in foot traffic at local shopping centres. This might be beneficial to the Real Estate Investment Trusts (REIT) that have strong exposure to convenience-focused retail.

Real estate shares that might benefit

There are many ASX-listed REITS and property groups with exposure to suburban shopping centres, some more so than others. Here’s a couple that could stand to benefit from the shift in consumer behaviour.

The first cab off the rank is HomeCo Daily Needs REIT (ASX: HDN), HomeCo is an A-REIT that invests in convenience-based assets. The trust’s portfolio is spread across three sub-sectors – neighbourhood, large format retail, and health and services.

The neighbourhood portion that we’re interested in constitutes 50% of REITs targeted portfolio. Furthermore, the trust held $959.3 million worth of investment properties at 31 December 2020.

In the last year 12 months, HomeCo Daily Needs has returned 2.22% excluding dividends. It is worth noting that the trust is currently trading at a 1.87% premium to its reported net tangible asset (NTA) value.

The next ASX-listed investment that might be set to benefit is SCA Property Group (ASX: SCP). With 88% of its portfolio being neighbourhood investments, SCA might experience a tailwind from consumers.

At the end of the group’s first half, its NTA per unit was $2.25. Therefore, based on the property group’s current share price of $2.405, it is trading at a 6.9% premium to NTA.

Foolish takeaway

Investing solely based on an expected or perceived trend may not be the soundest decision. However, the data in the Consumer Report can add to making a more informed investment decision. Only time will tell whether shopping local is a long-term change or a short-term fad. 

More reading

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• Why is the Dacian Gold (ASX:DCN) share price frozen today?

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,122.7 points.

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

ALS Ltd (ASX: ALQ)

The ALS share price has jumped 11.5% to $12.15. The catalyst for this was the release of the global testing, inspection, and certification company’s full year results. ALS 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 doesn’t include government subsidies. This was a significant improvement on its first half performance.

AMA Group Ltd (ASX: AMA)

The AMA share price has risen 6.5% to 56 cents following the release of a market update. This morning the smash repairer revealed that vehicle volumes in its workshops in recent months has continued to improve. This is being driven by wet weather, more traditional pre-Covid driving customs, and the reluctance of many people to use public transport.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price has jumped 8% to $8.80. This is despite there being no news out of the gold explorer today. However, it could be due to a rise in the gold price to a four and half month high and a delayed response to a presentation given on Tuesday.

Jumbo Interactive Ltd (ASX: JIN)

The Jumbo share price has climbed 3.5% to $14.14. This may have been driven by a broker note out of Morgan Stanley this morning. According to the note, following the lottery ticket seller’s appearance at a conference, its analysts have retained their overweight rating and $15.20 price target on its shares. It notes that the company sees growth opportunities in the UK market.

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The post Why ALS, AMA, Chalice Mining, & Jumbo shares are pushing higher appeared first on The Motley Fool Australia.

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The Commonwealth Bank of Australia (ASX: CBA) share price has finally passed the landmark $100 milestone.

CBA shares reached $100.20 in mid-morning trade today.

At the time of writing, the CBA share price has retreated slightly to trade at $100.09, 0.46% higher than its closing price yesterday.

By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.12% today.

The bank’s share price rally is particularly impressive given this time last year, it traded at $61.31 while battling the COVID-19-induced recession.

Let’s take a closer look at this new record high for Commonwealth Bank shares.

6 years in the making

Market watchers have been waiting for Commonwealth Bank shares to break through the $100 ceiling for some time.

The last time the share price tantalised ASX investors with the promise of reaching the century was in 2015.

On 20 March 2015, Commonwealth Bank shares hit what was then an all-time high of $96.50. It was a price the bank was unable to crack again until 13 May this year. Then, the bank smashed through its previous record 12 days ago when it hit $97.38 per share in intraday trade.

It’s been gaining almost continuously since, hitting multiple new highs on its way to reaching today’s breakthrough price.

ASX watchers will no doubt be keeping an eye on the CBA share price this afternoon to see if it can close the day at more than $100.

Commonwealth Bank share price snapshot

It goes without saying the CBA share price is having a fantastic year on the ASX.

Currently, it’s gained around 22% since the beginning of 2021. It’s also around 63% higher than at this time last year.

The bank has a price-to-earnings (P/E) ratio of 21.19 and a market capitalisation of around $177 billion. It has approximately 1.7 billion shares outstanding.

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The National Australia Bank Ltd (ASX: NAB) share price is edging higher this afternoon despite reports of another staffing pay scandal. The Australian reported today the banking giant is about to face legal action from the Finance Sector Union (FSU) over the underpayment of full-time staff.

At the time of writing, shares in the banks are trading at $26.91, up 0.11%. At the same time, the S&P/ASX 200 Index (ASX: XJO) is 0.13% higher.

Let’s take a closer look at today’s news and how it might be affecting the NAB share price.

NAB and FSU headed to court

In what The Australian says could be Australia’s largest underpayment claim, the FSU and NAB are heading to court to battle over “hundreds of millions of dollars” in alleged staff underpayments.

NAB has previously had to repay part-time and casual staff $55 million in compensation from underpayment claims. According to a source quoted in the paper, this case could affect many more people.

The FSU claims said senior staff were working in excess of 50 or 60 hours a week, well above their contracted 40 hours per week.

NAB countered by saying senior staff were not paid for their hours worked, but rather “modelling against the banking, finance and insurance award where relevant and market analysis for equivalent full-time roles,” as quoted in The Australian.

According to the report, the FSU will soon begin legal proceedings in Federal Court.

NAB share price snapshot

The NAB share price has increased 61.1% over the past 12 months but is the second-worst performer of the big four banks over that time. Taking an extended look at the banking industry, Nab shares have performed better than Macquarie Group Ltd (ASX: MQG) and Suncorp Group Ltd (ASX: SUN) in the past 12 months, but worse than Bendigo and Adelaide Bank Ltd (ASX: BEN).

The NAB share price reached a 52-week high of $27.84 earlier this month and has since fallen 3.7%. Back in 2017, shares in the bank were valued at above $30 each. They have not reached that level since then.

NAB has a market capitalisation of $88.4 billion.

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The Peninsula Energy Ltd (ASX: PEN) share price won’t be going anywhere today. Securities in the uranium miner entered a trading halt before today’s session at the request of the company.

Here’s why shares in Peninsula are halted and what it could mean for the company’s share price.

Why is the Peninsula share price in a trading halt?

Earlier today, Peninsula requested that securities in the company be placed in a trading halt.

According to the company’s market update, Peninsula has requested the trading halt pending capital raising. The company expects the trading halt to last until either an announcement is made or before trading commences on Friday 28 May.

Peninsula did not provide any official details on the capital raising. However, an article in the Australian Financial Review provided some insight.

According to the article, brokers Canaccord and Shaw and Partners will be participating in the placement. In addition, Peninsula is aiming to raise $15 million at a price of 15 cents per share followed by a $2 million share purchase plan. The article also noted that the capital raising will be used for working capital and to finance Peninsula’s recent acquisition of 300,000 pounds of uranium concentrate.  

At the end of yesterday’s trading session, the Peninsula share price closed at 18.5 cents per share.

More on the Peninsula Energy share price

Peninsula is an ASX-listed uranium mining company. The company’s flagship Lance Project located in Wyoming, USA is the only US-based uranium project using a low pH, in-situ recovery (ISR).

The Peninsula share price has bolted more than 50% since the start of May. Earlier this month, shares in Peninsula received a boost after providing a field demonstration update for its wholly-owned Lance Project. Before making a final investment decision, Peninsula conducted an ISR in order to generate site-specific data. The company noted that achieving and maintaining the correct operational pH is critical to successful uranium operations.

In late April, Peninsula also released a promising quarterly activities report. For the March quarter the company reported an operating cash loss of US$2.2 million with no sales recorded. However, for the 9 months to 31 March, Peninsula noted an operating cash loss of US$5.7 million on sales of US$3.4 million.

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The Dacian Gold Ltd (ASX: DCN) share price has entered a trading halt today for a $40 million capital raising to accelerate its gold production and extend mine life. Its shares are expected to resume trading on or before market open on Friday.

Dacian Gold runs its flagship Mt Morgans open-pit gold operation near Laverton, Western Australia, and this year acquired the Redcliffe Gold project in WA. The company believes this prospect provides it with an attractive land position to pursue new discoveries.

Dacian Gold announces capital raising to drive growth

The company today announced a $40 million institutional placement at 28 cents per share. This represents an 11% discount to its last closing price of $31.5 cents per share on Tuesday. Investors will be eyeing the Dacian Gold share price when it resumes trading to see how its shares are impacted by the capital raising discount.

Dacian Gold believes FY21 has established the foundations for the company to accelerate gold production and growth opportunities.

Its capital raising presentation highlighted FY21 achievements including investments in open pit operations to drive towards its 110,000 to 120,000 oz production at an all-in sustained cost (AISC) of $1,400 to $1,550 at Mt Morgans. The company has also increased its regional presence at its Redcliffe project, with exploration activities adding 679,000 oz of high-grade mineral resource.

With the $40 million raised, Dacian Gold intends to allocate $20 million to accelerate a significant exploration investment across both Mt Morgans and Redcliffe. This includes approximately 300,000 metres of air core, diamond core and reverse circulation drilling. The drill program will help the company cover a significant area of its underexplored southern tenements.

The company will allocate $10 million to push its discoveries around Mt Morgans, otherwise known as its Greater Westralia Mining Area, into production.

Another $10 million will be allocated to advance its prospective Redcliffe into preliminary production. This will include the completion of mining studies, site establishment and initial pre-stripping activities.

The Dacian Gold share price so far

The Dacian Gold share price fell off a cliff in 2020 after it announced a capital raising on 14 April to “recapitalise” the company. Its shares fell a sharp 59% from $1.045 to 42.5 cents on the day.

Its shares haven’t been able to retest its previous highs so far, chopping between lows of 30 cents and highs of 55 cents.

More reading

• The Dacian Gold (ASX:DCN) share price has slumped 5%. Here’s why.

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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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