It has been a volatile day, but in late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the month with a gain. At the time of writing, the benchmark index is up 0.2% to 6,805.4 points.

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

AMP Ltd (ASX: AMP)

The AMP share price is up 4.5% to $1.32. This follows the announcement of the exit of its CEO Francesco De Ferrari. Mr De Ferrari will be replaced by Alexis George from Australia and New Zealand Banking GrpLtd (ASX: ANZ). Ms George is the Deputy CEO at ANZ and was previously the Group Executive Wealth Australia. She oversaw the sale of the latter business in 2018. The new CEO will join the company in the third quarter of 2021.

Boral Limited (ASX: BLD)

The Boral share price has jumped 6% to $5.82. This morning the building products company announced the completion of the sale of its 50% share in the USG Boral joint venture to Gebr Knauf KG. Boral has commanded a price of US$1.015 billion (A$1.33 billion) for the business. While some of the proceeds will be used to pay down debt, a good portion will go towards a share buyback for up to 10% of its issued capital.

Rhipe Ltd (ASX: RHP)

The Rhipe share price has surged 7% higher to $1.67. Investors have been buying the cloud and technology solutions provider’s shares after it announced agreements to acquire EMT Distribution (Australia) and EMT Distribution (Singapore) for $11 million in cash. EMT is an Australian headquartered cyber security distribution specialist. It focuses on sourcing innovative security software vendors and working with channel partners to deliver both on-premise and cloud-based security solutions.

Zoono Group Ltd (ASX: ZNO)

The Zoono share price has rocketed 31% higher to 78.5 cents following the release of a company update. This morning the biotech company announced that its flagship product, Zoono Microbe Shield, has now been successfully tested against the Human Coronavirus 229E and now meets the US EPA Standard ASTM E1053.

More reading

• Rhipe (ASX:RHP) share price rises on cyber security acquisition
• Here’s why the Boral (ASX:BLD) share price is storming 5% higher
• AMP (ASX:AMP) share price on watch after announcing CEO change
• BlueScope (ASX: BSL) share price could get cut of Biden’s US$3tn boost
• AMP (ASX:AMP) share price slides on Ares update

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 Macquarie Group Ltd (ASX: MQG) share price is sinking today. The negative movement comes after the Australian Prudential Regulatory Authority (APRA) found Macquarie Bank breached certain regulations.

At the time of writing, shares in the financial giant were trading for $151.08 – down 1.15%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.41%.

Let’s take a closer look at APRA’s announcement.

Macquarie share price down after APRA crackdown

The banking regulator found between the years of 2018 and 2020, Macquarie Bank committed multiple breaches of APRA prudential and reporting standards.

The bank was found to have committed multiple breaches on liquidity reporting and funding arrangements within companies in the group “for the purposes of calculating capital and related entity exposure metrics.”

APRA did point to the fact the breaches are historical and “do not impact on the current overall soundness of Macquarie Group’s capital or liquidity positions.” Yet, the regulator says the infringements raise “serious questions” about risk management practice at the bank. Risk is an important factor when investors decide if the Macquarie share price stacks up.

APRA will now increase Macquarie Bank’s liquidity and operational risk capital requirements. Specifically, APRA will now require the bank:

• To hold a capital overlay of $500 million.
• Add 15% to its cash flow when calculating its liquidity coverage ratio.
• Make a 1% adjustment to the available stable funding component when calculating its net stable funding ratio.

The regulations take effect from today. Macquarie will also have to resubmit and restate regulatory forms to APRA.

Statement by both parties

APRA Deputy Chair John Lonsdale did not mince his words when commenting on today’s action.

APRA’s legally-binding prudential and reporting standards play an essential role in enabling APRA to adequately monitor risks to financial safety and stability. For one of the country’s largest financial institutions to have committed breaches of this nature is disappointing and unacceptable.

He added:

Alongside the enforcement actions, APRA will subject Macquarie Bank to intensified supervision to address the bank’s persistent difficulties in complying with its prudential obligations. We cannot rule out further action as more information comes to light about the root causes of these breaches.

Macquarie Group said in a statement today it has systems in place to avoid a repeat of today’s actions:

Macquarie has a number of programs in place to strengthen capital and liquidity reporting and its risk management framework. These ongoing programs will further assist in addressing issues and improvements going forward.

Macquarie Group Managing Director and CEO, Shemara Wikramanayake, said:

We note the actions announced by APRA and share their disappointment. [The Bank] recognises that while specific historical matters leading to these actions have been addressed, we have continued work to strengthen our operating platform and risk governance. We will work with APRA through a period of intensified supervision to advance this work as quickly as possible.

Macquarie Group share price snapshot

Over the past 12 months, the Macquarie share price has increased by 69.11%. The financial group hit its 52-week record only a few days ago.

The company’s value shot up 7% on the release of its half-year results for FY21.

At its current level, Macquarie Group has a market capitalisation of $54.6 billion.

More reading

• Here’s why the Macquarie (ASX:MQG) share price is attractive
• Why the South32 (ASX:S32) share price is outperforming today
• ASX 200 Weekly Wrap: ASX 200 gets its mojo back
• How do brokers rate the Fortescue (ASX:FMG) share price?
• The ANZ (ASX:ANZ) share price is Macquarie’s top big four bank pick

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. 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 Webjet Ltd (ASX: WEB) share price has dumped this morning after the digital travel company announced its plans to raise $250 million through a convertible note offering. At the time of writing, the Webjet share price is down 4.66% to $5.32 per share.

Additionally, the downward movement comes after Queensland Premier Annastacia Palaszczuk announced the lifting of lockdown across the Greater Brisbane region at noon today.

Positioning for success

As hopes rise of a return to some level of normalcy, Webjet doesn’t want to be underprepared for the situation. Although Australia’s COVID-19 vaccine rollout is behind schedule, the good news is CSL Limited (ASX: CSL) will begin ramping local production of the AstraZeneca vaccine.

The mothballed tourism sector could soon be on track once more. For that reason, Webjet wants to be well-placed to capture the global business-to-business opportunity and accelerate growth in its business-to-consumer market.

The additional funds will allow the company to de-risk the refinancing of the current $130 million term debt due November 2022, resulting in a materially lower cash interest cost than the current arrangement, and allow Webjet to pursue strategic opportunities. Net proceeds will also repay $43 million of existing term debt.

Additionally, the notes will hold a term of 5 years and pay 0.75% per annum on a semi-annual basis. Noteholders will also be able to convert into fully paid ordinary shares at a share price of $6.35. This represents a conversion premium of 22.5% over the reference share price of $5.18.

Why is the Webjet share price falling?

Despite the potential of additional capital, the market is selling off the Webjet share price. There’s a couple of reasons this might be.

Firstly, the reference share price in the note offering is $5.18, compared to the pre-open price of $5.50. Almost 6% lower than the open share price. However, this likely doesn’t hold all too much significance.

Potentially, the note offering today has reminded shareholders of the company’s financial position. Based on the financial position at the end of last year, Webjet held $364.1 million in debt. As a result, the company’s debt to equity ratio was 57.2%. This is typically considered high – particularly when the ratio hovered around 30% prior to the pandemic.

Lastly, it brings the dilution from its $275 million equity raising last year back in focus. Consequently, shareholders have been diluted by 150% – with shares outstanding growing from 186.8 million to 339 million.

The Webjet share price is underperforming the S&P/ASX 200 Index (ASX: XJO), with the index up 0.18% at the time of writing.

More reading

• Qantas (ASX:QAN) share price takes off after latest COVID updates
• ASX 200 dips lower, Webjet drops, REA bids for Mortgage Choice
• Flight Centre, Qantas, & Webjet shares fall on Brisbane COVID lockdown news
• These are the 10 most shorted shares on the ASX
• Why Lynas, Oil Search, Pushpay, & Webjet shares are tumbling lower

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet 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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The Vimy Resources Ltd (ASX: VMY) share price is charging higher today, up 8% in morning trade.

Below we look at the latest market announcement from the ASX uranium share.

What did Vimy Resources announce to the ASX this morning?

The Vimy Resources share price is moving higher after the company reported it has been added to a second uranium tracking index.

After completing its “reconstitution and rebalance” for the first quarter of 2021, Vimy has been added to the North Shore Global Uranium Mining Index. This index is intended to track the performance of uranium explorers, miners and producers. It also includes companies that hold physical uranium.

This index provides the composition for the North Shore Global Uranium Mining ETF (NYSEARCA: URNM). Investors can buy and sell shares in the exchange traded fund (ETF) just as they would with any specific uranium shares.

Vimy reported that it is one of 8 uranium companies added to the index.

The North Shore Global Uranium Mining Index marks the second uranium tracking index Vimy has been added to in 2021. In January the company was added to the Solactive Global Uranium Pure-Play Index. This index provides the composition for the Horizons Global Uranium Index ETF (TSE: HURA).

Commenting on the company’s inclusion in the new indexes, Vimy’s Managing CEO Mike Young said:

Inclusion in these indices raises Vimy’s profile and is recognition for the progress made at our flagship Mulga Rock Project in Western Australia and ongoing development of our high-grade Alligator River Project in the Northern Territory. Investor sentiment continues to improve in the uranium sector and the influx of funds into these indices allows for greater portfolio exposure.

Vimy Resources share price snapshot

With the world seemingly reawakening to the potential of uranium to provide power with virtually zero carbon emissions, uranium and ASX uranium shares are largely enjoying a great run over the past year.

Vimy Resources is no exception.

Over the past 12 months Vimy Resource shares have soared 367%, compared to a gain of 33% on the All Ordinaries Index (ASX: XAO). Year-to-date the Vimy Resource share price is up 75%.

More reading

• Macquarie (ASX:MQG) share price lower after APRA crackdown
• Webjet (ASX:WEB) share price falls on $250m recovery-readying offer
• What’s with the Splitit (ASX:SPT) share price today?
• Commonwealth Bank (ASX:CBA) sued over ‘misleading’ conduct
• Why the South32 (ASX:S32) share price is climbing

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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The Splitit Ltd (ASX: SPT) share price has returned to its starting point in mid-morning trade today despite announcing a new market entry.

After falling lower at the open, the buy now, pay later (BNPL) company’s shares have regained ground and are back to their opening price of 74 cents at the time of writing.

What did Splitit announce?

In this morning’s release, Splitit advised it has expanded into the Japanese market with the launch of its services on the Google Store. Customers are now able to use instalment plans to make purchases.

In addition, the company noted that Japanese customers who bought selected Google-operating phones could now use Split’s payment options. This allows customers to turn their payments into equal monthly instalments on their linked credit card. The offer includes Google’s new 5G phone, the Pixel 5, or Nest products and Chromecast streaming devices.

Splitit could not provide any indication on what revenue it would likely receive from its offer. This was due to the unpredictable variable of customer uptake on specific Google products.

Words from management

Splitit CEO Brad Paterson touched on the company’s geographical expansion, saying:

I’m excited to announce that Splitit is now live in Google Store Japan, providing the best possible experience for Google Japan’s customers.

The seamless integration of Splitit in the Google platform means shoppers never have to navigate away from the Google site to complete their transaction when using Splitit. Even more significantly, Splitit allows shoppers to make instalment payments on their existing credit cards without incurring additional debt or fees.

Splitit share price in review

The Splitit share price has gained more than 100% over the past 12 months but fallen more than 40% year-to-date. The company’s shares have been treading significantly lower since the beginning of February.

Splitit commands a market capitalisation of roughly $338 million, with 456.7 million shares outstanding.

More reading

• Is the Affirm share price dragging ASX BNPL shares lower?
• Why the Flexiroam (ASX:FRX) share price opened 7% higher today
• Why Austal, Boral, Spark NZ, & Splitit are tumbling lower
• Splitit (ASX:SPT) share price lower following update
• ASX 200 unmoved, Flight Centre soars, Afterpay keeps falling

Motley Fool contributor Aaron Teboneras owns shares of Splitit Ltd. 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 corporate watchdog has started legal action against the Commonwealth Bank of Australia (ASX: CBA), accusing it of misleading or deceptive conduct.

The Australian Securities and Investment Commission (ASIC) will also allege that the bank has violated its Australian financial services licence requirements.

The accusations revolve around almost $55 million in fees charged to more than 800,000 accounts, affecting almost a million customers.

ASIC will allege in the Federal Court that Commonwealth Bank incorrectly charged monthly fees to customers who were actually entitled to have it waived. The waiver criteria were stated in their contracts with the bank.

This allegedly occurred over more than 9 years between June 2010 and September 2019.

The corporate regulator will attribute the erroneous charges to 30 instances of “inadequate or improperly configured” systems, plus manual mistakes by bank staff.

Commonwealth Bank acknowledged the court case in a statement to the ASX on Thursday morning.

“CBA has cooperated fully with ASIC during its investigation, however it does not accept the way that the alleged contraventions have been formulated in the proceedings and therefore will defend the matter.”

ASIC has a problem with not just the fees

As well as the actual erroneous fees, ASIC accuses the bank of making “false or misleading” representations to customers that the charges were legitimate. 

CBA is also accused of “misleading or deceptive conduct” for telling newly contracted customers that adequate systems were in place to calculate waivers.

ASIC alleges CBA’s failure to investigate the “multiple systemic issues” amounts to a breach of its obligations to “provide financial services efficiently, honestly and fairly”.

The bank apologised to impacted customers in its statement.

“Remediation payments of $64.2m (including interest) have been sent to customers. Of the total remediation payments, approximately 90% related to two fee waiver issues that were identified in 2017 and 2019,” the company stated.

“The remediation of customers affected by the issues in these proceedings has been completed. CBA continues to invest in strengthening its systems and procedures.”

The court can legally only penalise for violations between April 2015 and September 2019, which equate to 2.4 million monthly charges totalling $11.5 million.

“ASIC commenced this proceeding because financial institutions need to have robust compliance systems to meet their obligations to customers,” stated the watchdog.

“Financial institutions need to put customers first, and customers should have confidence that the banks they deal with charge fees correctly.”

A date for the hearing has not yet been set.

At the time of writing, the CBA share price is trading flat at $86.02, down just 0.09%

More reading

• The A2 Milk (ASX:A2M) share price was down almost every day in March
• Here’s why the Spirit (ASX: ST1) share price is up 5% this morning
• Here are the US shares ASX investors have been buying
• Are red-hot house prices good for ASX 200 shares?
• ASX banks are facing millions of cyber attacks each day

Motley Fool contributor Tony Yoo 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 South32 Ltd (ASX: S32) share price has climbed higher in early trade following a pre-market open announcement. At the time of writing, the South 32 share price is trading at $2.85, up 1.4%.

The South32 share price is climbing higher this morning on the back of the news in line with the S&P/ASX 200 Index (ASX: XJO).

Why is the South32 share price climbing?

The Aussie mining group this morning provided an update on its South Africa Energy Coal divestment. South32 had previously said it expected to conclude the transfer of its shareholding in South32 SA Coal Holdings Proprietary Limited to Seriti Resources Holdings Proprietary Limited (Seriti) by the end of the March quarter.

Furthermore, South32 has now become aware that key information has ceased to be confidential ahead of finalising transaction terms. The company will also provide additional support to underpin the sustainability of the South Africa Energy Coal business under Seriti’s ownership.

Key elements of that support include:

• Amending the original share price agreement by adjusting the upfront cash payment and removing the deferred consideration.
• Entering into a US$50 million facility with a Seriti subsidiary to fund costs incurred for restructuring.
• Providing US$200 million to fund rehabilitation activity at the South Africa Energy Coal operations.

The restructuring facility is expected to be drawn down before the end of FY22 with a 10-year repayable period. South32 CEO Graham Kerr said, “Securing the long-term sustainability of the South Africa Energy Coal business has been our key objective in transitioning the business to black ownership, consistent with South Africa’s transformation imperative”.

The latest changes move South32 closer to a completed sale, simplifying the business and reducing South32’s capital intensity.

Foolish takeaway

The South32 share price has edged higher in early trade following the latest update. Today’s update indicates South32 is moving closer to a divestment of its SA Energy Coal shareholding. South32 hopes for completion by 30 June 2021.

More reading

• These were the best performing ASX 200 shares in March
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• Is the ASX tech sector in for more pain?
• Why the Wesfarmers (ASX:WES) share price is up today
• ASX 200 jumps 1.35%: Zip inks deal with JB Hi-Fi, Suncorp’s flood update

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

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The Pro Medicus Limited (ASX: PME) share price has been a strong performer on Thursday.

In early trade, the health imaging company’s shares were up as much as 5% to $43.44.

The Pro Medicus share price has pulled back a touch since then but remains up 3% to $42.61 currently.

Why is the Pro Medicus share price charging higher?

Investors have been buying the company’s shares after it provided an update on its share buyback.

One year ago, Pro Medicus commenced an on-market share buyback for a period of 12 months. This allowed the company to buy back up to 10% of its shares on issue over the period.

However, this buyback has now completed without the purchase of a single share.

What now?

The good news for shareholders is that in light of its failure to buy shares over the last 12 months, the Pro Medicus board has announced the commencement of a new on-market share buyback today.

Once again, this will run for a period of 12 months and allows the company to acquire up to 10% of its shares on issue. This buyback program will commence in approximately 14 days and be handled by Goldman Sachs Australia.

Will Pro Medicus buy shares this time?

It remains unclear at what level the Pro Medicus share price would have to be trading at for the company to begin buying shares.

However, with its shares trading within sight of its all-time high, it seems unlikely that Goldman Sachs will be buying shares in the near term. Particularly given how they were trading below $30.00 for much of last year when its previous buyback program was in place.

Though, it is also worth noting that Goldman currently has a buy rating and $53.80 price target on the company’s shares. So clearly its analysts see a lot of value in them at the current level.

More reading

• 2 exciting ASX growth shares to buy next month
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• 3 ASX Healthcare shares feeling a little under the weather
• The Pro Medicus (ASX:PME) share price is up 23% in 2021: Can it go higher?

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Pro Medicus Ltd. The Motley Fool Australia has recommended Pro Medicus 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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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.

What happened

Shares of electric-car maker and green-energy specialist Tesla Inc (NASDAQ: TSLA), soared on Wednesday, jumping about 4.7% by 1:30 p.m. EDT.

The stock’s gain is likely fueled by both an optimistic day in the overall market and an analyst note expressing a bullish view for the auto company’s first-quarter deliveries.

So what

In an upbeat day on Wall Street, the S&P 500 was up about 0.8% as of this writing on Wednesday. The tech-heavy Nasdaq Composite had gained more than 1.8%. Many growth stocks like Tesla were up even more.

For two trading days in a row, growth stocks generally seem to be rebounding from a brutal sell-off that occurred between mid-February and late March.

Relating to Tesla specifically, Wedbush analyst Daniel Ives said on Wednesday that he believes Tesla’s first-quarter deliveries will exceed analyst expectations for the period. 

Now what

There’s a lot of uncertainty around Tesla’s first-quarter deliveries due to semiconductor supply shortages that have weighed on broader auto production. But Ives thinks that strong deliveries in the U.S. and China will help the company report better-than-expected deliveries.

Though Tesla’s quarterly deliveries are expected to be lower sequentially, analysts are generally modeling for extremely strong year-over-year growth of around 80% to 90%.

Tesla will likely report its first-quarter vehicle deliveries on Friday or Saturday.

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

More reading

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• Here’s an ASX tech share flying under the radar: fundie

Daniel Sparks has no position in any of the stocks mentioned. His clients may own shares of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Tesla. 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Evolve Education Group Ltd (ASX: EVO) share price is spiralling lower in morning trade, down 5%.

Evolve, which trades on both the ASX and New Zealand exchange, entered a trading halt at its request on Wednesday so it could undertake the placement of new shares.

This morning Evolve announced the successful completion of that capital raising. We look at the details of the ASX education share’s placement below.

What did Evolve Education report on its capital raising

The Evolve share price is moving lower in morning trade after the company reported a successful $21.7 million institutional share placement.

The childcare and education centre operator will issue roughly 19.7 million shares ay AU$1.10 per share. That’s 8.3% below the closing price of $1.20 per share prior to the trading halt but still 2.7% above the current price of $1.13 per share.

Commenting on the capital raising, Evolve’s Managing Director Chris Scott said:

We are delighted with the support for the placement, confirming the investment community’s belief in Evolve’s value proposition and growth trajectory… The capital raising will contribute to further implementing our Australian expansion strategy, as we believe the current market conditions are highly favourable for centre acquisitions and market consolidation. We look forward to putting investors’ money to work.

The company reported that Canaccord Genuity Limited and Petra Capital Pty Limited acted as Joint Lead Managers and Joint Bookrunners to the placement. Settlement on the ASX is expected on Monday, 12 April.

Evolve Education share price snapshot

Evolve has a market cap of $167 million. The company has recently been acquiring numerous new child care centres.

2021 hasn’t been off to a great start for Evolve shareholders, with the share price down 12%.

But if you’d bought shares 12 months ago, you’d have watched the Evolve share price rocket 109%. That compares to a gain of 33% on the All Ordinaries Index (ASX: XAO).

More reading

• Evolve (ASX:EVO) share price lifts after centre settlement, CEO retirement
• Why the Evolve Education (ASX:EVO) share price is jumping 8%

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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