This Wednesday, the Australian Bureau of Statistics (ABS) will release the outcomes of November’s detailed labour force survey. The release of the ABS labour force data usually gains a round of attention, because the unemployment numbers it covers are a widely referenced economic indicator.

When unemployment spiked to 7.1% in June, we spoke a bit about what this can mean for markets and the economy.

What else should I look out for, besides unemployment?

In addition to covering unemployment statistics, ABS labour force data covers things like who actually is working, what they’re doing and for which industries. Details like this can potentially help create an economic roadmap for what lies ahead.

For example, if we consider how the data breaks statistics down by age, we can determine what industries are presently adequately staffed, and which might require further support in the future.

Let’s also not forget the value this information offers the government when it reviews and assesses financial initiatives such as the JobKeeper program.

Does my portfolio care about the ABS labour force data?

This is a tricky question to answer. Put simply, share markets react to these type of announcements in a ‘business as usual’ type of way — with volatility and unpredictability.

On 4 December, the US announced that its November jobs number had missed the mark, although unemployment was slightly down. The S&P 500 opened higher the following session and has continued its bumpy ride upward since.

Closing thoughts?

I personally find the the ABS labour force data to be a large stack of spreadsheets that take a very long time to download! Usually the announcements that circulate alongside the data’s release clue us all in on the highlights, so I’ll just wait for those.

But if you’re someone with the time and desire to dig into the current trends, there is a lot of information there that paints a big picture of what’s going on with Australia’s labour market.

More reading

• Why the Bod (ASX:BDA) share price is rising 5% today
• Starpharma (ASX:SPL) share price dips despite positive update
• ASX company busted allegedly misleading customers
• Leading brokers name 3 ASX shares to sell today
• Here’s why a big broker thinks you should avoid these ASX gold shares 

Motley Fool contributor Gretchen Kennedy 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.

The post Should I pay attention to the ABS labour force data tomorrow? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/34z8NRs

Starpharma Holdings Limited (ASX: SPL) shares are edging lower despite the company announcing a positive update on its Viraleze antiviral nasal spray. At the time of writing, the Starpharma share price is down by 0.65% cents to $1.53.

What did Starpharma announce?

The Starpharma share price is sliding today despite the fact the Melbourne-based biopharmaceutical company reported it has now received all necessary approvals to commence the clinical study for its COVID-19 nasal spray product, Viraleze.

The study will commence enrolment of healthy volunteers in Perth in early January 2021, and is expected to be completed in the first quarter of calendar year 2021.

Starpharma says the study is being undertaken to support commercialisation activities for Viraleze, and is not a requirement to achieve EU product registration. The study will be conducted in 40 healthy volunteers, who will use the product four times a day for 14 days.

The company has advised it will continue to aggressively pursue an expedited regulatory approval pathway for the product, leveraging the extensive data already available for SPL7013 in Viraleze.

SPL7013 is an astrodimer sodium ingredient used in the nasal spray, with laboratory studies showing it to have significant antiviral activity against the coronavirus that causes COVID-19.

Starpharma reported the EU regulatory dossier is now more than 90% complete, and Viraleze is on track to be registered and ready for market in the first quarter of 2021.

The company’s CEO, Dr Jackie Fairley, commented:

We continue to make excellent progress towards the launch of this important product, including manufacturing campaigns of Viraleze early in the new year.

Starpharma is working hard to bring this product to market as quickly as possible, in the first quarter of 2021.

The worsening situation of COVID- 19 in Europe in particular clearly highlights the need for preventative strategies for use alongside PPE and vaccines. Not surprisingly, our recent consumer research in Europe indicates strong demand for Viraleze.

More about the Viraleze antiviral nasal spray

The product was already announced to the market on 10 December, sending the Starpharma share price 15% higher that day.

Viraleze will be marketed as an antiviral nasal spray for SARS-CoV-2, and will also be marketed as an antiviral nasal spray for other respiratory viruses such as influenza and RSV. RSV is also a common and very contagious virus that affects the lungs and airways.

According to Starpharma, the broad spectrum antiviral activity of Viraleze is a compelling differentiating feature, and means the product could have an important role to play in helping fight future pandemics.

About the Starpharma share price in 2020

The Starpharma share price has had a good year, rising by 25% year to date.

The higher share price is reflective of Starpharma’s progress this year. For the 12 months ended 30 June 2020, the company reported a 162% increase in revenue to $7.1 million.

That was driven by VivaGel product sales and royalties and a $4.34 million milestone payment by AstraZeneca for the first dose of AZD0466 administered in the phase 1 trial of its first DEP product.

At the current price, the company commands a market capitalisation of $635 million.

More reading

• Why Asaleo Care, Fortescue, Perpetual, & Starpharma shares are storming higher
• Starpharma (ASX:SPL) share price jumps 15% after COVID-19 nasal spray update

Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Starpharma (ASX:SPL) share price dips despite positive update appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/38rpkrP

Energy provider Origin Energy Ltd (ASX: ORG) has paid a $126,000 penalty after the consumer watchdog accused it of misleading customers.

The Australian Competition and Consumer Commission (ACCC) revealed Tuesday the fine was paid in response to an infringement notice for a letter Origin sent to Victorian clients.

The letter stated that electricity prices were rising and the reason for it was the Victorian Essential Services Commission’s increase to the Victorian Default Offer.

But in reality, the default offer has no impact on what energy retailers charge most consumers, who are on market offers.

“Electricity retailers must be clear when making price increase announcements so consumers aren’t given the misleading impression that government changes that don’t apply to them are the reason for the increase,” said ACCC chair Rod Sims.

“The decision of whether or not to increase the electricity prices of customers on market offers was entirely in Origin’s hands, and they chose to increase prices for the majority of these customers.”

The vast majority of electricity customers in Victoria, NSW, South Australia and south-east Queensland are on market offers. These are the familiar plans put out by retailers with customised discounts on set contracts.

The default offer only applies to the very small minority of customers who choose not to enter the retail market.

The Victorian Essential Services Commission decided to increase the default offer by 7.8% in November last year. The power company then sent the allegedly misleading letter in December 2019.

Origin acknowledges the mistake

Origin retail executive general manager Jon Briskin told The Motley Fool that, for simplification, rates for all Victorian customers were raised by the same 7.8%.

“Within two days of issuing the first batch of letters to customers in early December 2019, we realised we were not clear enough about the reason for our price change and took immediate action to address this, which included adding a message to all residential customer bills from January to May 2020,” he said.

“We aim to achieve the highest standards of customer service across Origin… so it is disappointing we didn’t meet these standards on this occasion.”

Briskin added that Origin acknowledged the mistake and accepted the ACCC’s findings.

The payment of the financial payment is not an admission of a legal breach.

Origin’s share price was down 1.35% in early trade Tuesday, selling for $4.74.

The Motley Fool reported Monday that the stock price had fallen more than 40% this year due to a COVID-induced export earnings crash.

More reading

• Why the Origin Energy (ASX:ORG) share price has dipped today
• Which ASX 200 sectors performed the best in November? 
• Brokers name 3 ASX shares to buy right now
• Origin Energy (ASX:ORG) share price on watch after investor update
• Why Origin, Qantas, Webjet, & Westpac shares are storming higher

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.

The post ASX company busted allegedly misleading customers appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3mAQscZ

On Monday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three that have just been given sell ratings are listed below.

Here’s why these brokers are bearish on these ASX shares:

A2 Milk Company Ltd (ASX: A2M)

According to a note out of Citi, its analysts have retained their sell rating and $14.20 price target on this infant formula company’s shares. The broker was disappointed but not surprised by a2 Milk’s recent update which revealed significant weakness in the daigou channel and led to a sizeable guidance downgrade. Citi doesn’t appear to believe these headwinds will ease quickly and holds firm with its sell rating, even though its shares are now trading well below its price target. The a2 Milk share price is trading at $10.50 this afternoon.

Bendigo and Adelaide Bank Ltd (ASX: BEN)

Analysts at Morgan Stanley have retained their underweight rating but lifted the price target on this regional bank’s shares to $7.70. It notes that its housing loan growth is well ahead of forecasts, recent changes from APRA are favourable, and its growth strategy appears well-supported. However, it doesn’t believe its shares offer value for money at the current level and prefers other options in the space. The Bendigo and Adelaide Bank share price is fetching $9.48 on Tuesday.

QBE Insurance Group Ltd (ASX: QBE)

A note out of Macquarie reveals that its analysts have retained their underperform rating and $8.00 price target on this insurance giant’s shares. This follows the release of a market update which revealed that QBE is expecting to post a significant loss in FY 2020. It doesn’t appear to believe the worst is over for the company and notes that its return on capital expectations in North America are below its cost of capital. The QBE share price is trading at $8.76 today.

More reading

• Why a2 Milk, Doctor Care Anywhere, McPherson’s, & Volpara are pushing higher
• ASX 200 down 0.85%: ANZ CFO resigns, tech shares tumble, iron ore jumps
• Why brokers slashed their A2 Milk (ASX:A2M) share price target
• What does China have to do with the a2 Milk (ASX:A2M) share price?
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Leading brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3hbaFoA

The gold spot price has pushed higher to almost US$1,900 after dipping as low as US$1756 in November.

Despite gold holding never before seen levels, and US Federal Reserve continuing to expand its balance sheet, Citi believes that gold prices will peak in 2021 and weaken through 2022.

Here are the ASX gold shares that have had share price targets adjusted to reflect lower gold prices. 

Newcrest Mining Ltd (ASX: NCM) 

The Newcrest Mining share price target was lowered  from $35.50 to $32.00 with a buy rating. Its shares are currently trading at $26.74, so the price target still represents an upside of 19%. 

Newcrest is Australia’s largest gold producer with one of the lowest all-in sustaining costs (AISC) in the world of just US$980 per ounce.

The company continues to explore a number of organic growth opportunities to leverage its low costs and current gold prices. This includes a secondary listing on the Toronto Stock exchange to support its growth strategy in the Americas and broaden its access to the large North American capital pool. 

Saracen Mineral Holdings Limited (ASX: SAR) and Northern Star Resources Ltd (ASX: NST) 

Saracen and Northern Star are currently working through a proposed merger under which Northern Star will acquire all shares of Saracen. This merger is forecast to be completed by 15 February 2021. 

Saracen was upgraded from neutral to buy, but its share price target was lowered from $6.20 to $5.30 to reflect lower gold prices. The lower price target still represents a 13% upside to its price of $4.68 at the time of writing.

Northern Star was also upgraded from neutral to buy, with its price target lowered from $15.90 to $13.90. At its current price of $12.40, this represents an 12% upside. 

Evolution Mining Ltd (ASX: EVN) 

The Evolution Mining share price target was lowered from $5.50 to $4.90 with a neutral rating. This represents a downside of 2.4% to its current price of $5.02. 

Evolution is often regarded as one of the lowest cost gold producers in the world with its September quarter AISC of A$1,198 per ounce (US$857/oz). 

While the company’s growth might not be as explosive as Northern Star or Saracen, it has flagged that its Cowal and Red Lake projects will drive significant organic growth over the next three years.

Evolution delivered total gold production of 746,463 ounces in FY20 and looking ahead, expects to deliver: 

3-year outlook	FY21	FY22	FY23
Production (oz)	670,000–730,000	700,000–770,000	790,000–850,000
AISC ($/oz)2	1,240–1,300	1,220–1,280	1,125–1,185
Sustaining Capex ($/M)	112.5–137.5	110.0–135.0	95.0–120.0
Major Capital ($M)	260.0–290.0	250.0–280.0	220.0–260.0
Discovery ($M)	75.0–100.0	70.0–100.0	70.0–100.0

More reading

• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 Weekly Wrap: ASX hits new post-March high
• 5 things to watch on the ASX 200 on Monday
• Brokers name 3 ASX shares to buy right now
• Why Bapcor, Fortescue, Nufarm, & Saracen shares are pushing higher

Motley Fool contributor Lina Lim 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.

The post Here’s why a big broker thinks you should avoid these ASX gold shares  appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3p6xJI6

Asaleo Care Ltd (ASX: AHY) shares jumped 0.4% higher on open, before falling 1.1% only to rebound and retrace again. At time of writing, the Asaleo share price is down 0.3%.

The moves in the Asaleo share price come after the personal hygiene company announced a new acquisition agreement along with updated advice to shareholders on Essity‘s takeover offer. That offer was delivered earlier this month.

What was announced?

In this morning’s ASX announcement, Asaleo reported it has entered into an agreement to acquire TOM Organic for $12.75 million in cash. TOM Organic produces a range of organic feminine hygiene projects.

Asaleo expects the business to align well with its own Libra brand of feminine care products. The company stated it is well placed to grow the presence of TOM Organic products in markets where it already has a strong presence.

Asaleo forecasts that the transaction will be immediately accretive. It expects first year net revenue of at least $11 million and underlying earnings before interest and tax (EBIT) of $1.7 million. Once scale and supply chain benefits fully materialise in the second year, it forecasts EBIT of $3.5 to $4 million.

Commenting on the acquisition, Asaleo Care’s CEO Sid Takla said:

TOM’s much-loved brand, sustainable product range, innovation pipeline, and digital and e-commerce capabilities align strongly with the company’s strategy to operate in higher growth, higher margin personal care categories. TOM Organic delivers profitable product diversification and significant additional financial benefits by leveraging our existing scale and supply capabilities.

In updated advice on the takeover offer received from major shareholder Essity on 10 December to acquire all of Asaleo Care’s ordinary shares, the company reported that a board committee of independent directors, excluding Essity nominated directors, is considering the proposal.

Asaleo Care Chair Harry Boon said:

Our Board Committee is carefully reviewing the Essity proposal and expects to be in a position to comment further early in the new year. Prior to then, shareholders are advised to take no action. Meanwhile, today’s announcement of the acquisition of TOM Organic reflects our commitment to creating long-term value for our shareholders through our strategic growth plans, including sensible acquisitions that take advantage of our scale and core capabilities.

Asaleo Care share price snapshot

After a turbulent year, which saw the Asaleo share price fall 22% over two weeks in March during the wider COVID selloff, the company’s shares really blasted off on 10 December following on Essity’s takeover offer.

As of this morning, the Asaleo Care share price is up 33% since the closing bell on 9 December and it’s now up 27% year to date. For comparison the wider All Ordinaries Index (ASX: XAO) is up 1% in 2020.

More reading

• Why the Asaleo (ASX:AHY) share price is up 26% in two days
• Asaleo Care (ASX:AHY) share price shoots 22% higher following takeover bid
• Why Asaleo Care, Fortescue, Perpetual, & Starpharma shares are storming higher

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.

The post What’s moving the Asaleo Care (ASX:AHY) share price today? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/34yv5mB

In afternoon trade the S&P/ASX 200 Index (ASX: XJO) looks set to record a disappointing decline. At the time of writing, the benchmark index is down 0.65% to 6,626.6 points.

Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:

A2 Milk Company Ltd (ASX: A2M)

The a2 Milk share price is up 1.5% to $10.40. This appears to be down to bargain hunters swooping in today to take advantage of a significant pullback in the infant formula company’s share price. Its shares were sold off last week after it was forced to downgrade its guidance due to weakness in the daigou channel.

Doctor Care Anywhere Ltd (ASX: DOC)

The Doctor Care Anywhere share price has jumped 7% higher to $1.29. This has been driven by an announcement that revealed that the UK-based telehealth company has signed a new channel agreement with Allianz Partners. It is one of the world’s largest insurance and assistance companies. This agreement will give Allianz Partners international private medical insurance policyholders and their dependents based in Europe access to Doctor Care Anywhere’s digital health services.

McPherson’s Ltd (ASX: MCP)

The McPherson’s share price is up 5% to $1.39. Investors have been buying the beauty products company’s shares following the release of an update after the market close on Monday. That update revealed that McPherson’s is on track to achieve its previous first half underlying profit before tax guidance which was recently withdrawn. It is expecting underlying profit before tax in the range of $6.5 million to $7.5 million. This represents an 11.8% to 23.5% decline on the prior corresponding period.

Volpara Health Technologies Ltd (ASX: VHT)

The Volpara share price has risen 3.5% to $1.37. This solid gain has been driven by news that it has signed a five-year software-as-a-service (SaaS) contract with BreastScreen Queensland following a successful pilot trial. BreastScreen Queensland is the third largest public breast screening program in Australia. The contract is initially for Volpara’s quality assurance platform, VolparaEnterprise. But allows for the expansion of services to include VolparaDensity and VolparaLive.

More reading

• ASX 200 down 0.85%: ANZ CFO resigns, tech shares tumble, iron ore jumps
• Volpara (ASX:VHT) share price jumps 5% in morning trading. Here’s why
• Why brokers slashed their A2 Milk (ASX:A2M) share price target
• Why the Doctor Care Anywhere (ASX:DOC) share price is surging 11% higher
• Why the McPherson’s (ASX:MCP) share price could charge higher on Tuesday

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 VOLPARA FPO NZ. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia has recommended VOLPARA FPO NZ. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why a2 Milk, Doctor Care Anywhere, McPherson’s, & Volpara are pushing higher appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3riBX10

The Archer Materials Ltd (ASX: AXE) share price leapt higher on open this morning on news the company has sold 2 mineral exploration licenses. 

At the time of writing, the Archer share price is trading 1.9% higher at 53.5 cents. Here’s what you need to know.

What did Archer Materials report?

Today, Archer Materials advised it has entered into a legally binding agreement to sell 2 of its mineral exploration licenses on South Australia’s Eyre Peninsula. The sale does not need Archer shareholder approval.

Baudin Minerals, a private company, will pay $2.0 million for the licenses, along with a bonus share payment after it lists on a stock exchange, as planned. In addition, Archer will receive a 2% net smelter return royalty if Baudin discovers and begins mining for minerals.

Archer also revealed it will retain the right to explore for, and mine, graphite on both tenements.

The company said the sale matched its business strategy to sell off non-core mineral exploration assets, using the funds for its materials technology development. Its core focus is developing its CQ room temperature quantum computing chip and graphene-based A1 Biochip.

Commenting on the sale, Archer chairman Greg English said:

We believe this is a good deal for our shareholders. The proceeds from the sale of the tenements will assist in the funding of our tech-related activities.

In addition to the upfront payment at completion, Archer will also receive royalty payments should the buyer discover minerals and commence mining on the tenements. The royalty would allow the company to financially benefit from any future development of these projects.

Archer share price and company snapshot

Archer is a materials technology company. It focuses on developing cutting edge technology in quantum computing, reliable energy and biotechnology. Archer’s Australian-based mineral exploration projects span critical minerals like graphite, copper, tungsten, cobalt, and more. Archer Materials’ shares listed on the ASX in August 2007.

Despite plummeting 48% in the first weeks of February during the COVID-19 market panic, Archer shareholders are well into the green in 2020. Year-to-date, the Archer share price is up a whopping 234%. By comparison the All Ordinaries Index (ASX: XAO) is up just over 1%.

More reading

• Why the Think Childcare (ASX:TNK) share price is up 2% today
• The Pensana (ASX:PM8) share price shot up 14% higher today. Here’s why
• ASX 200 Weekly Wrap: ASX hits new post-March high
• Why the CleanSpace (ASX:CSX) share price is climbing today
• Recent development sends the Antisense (ASX:ANP) share price soaring 45%

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.

The post Why the Archer Materials (ASX:AXE) share price is up 2% today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2KtWDCP

Respected fund manager Wilson Asset Management (WAM) has recently identified two ASX shares that it owns in its portfolio.

WAM operates several listed investment companies (LICs). Two of those LICs are WAM Capital Limited (ASX: WAM) and WAM Leaders Ltd (ASX: WLE).

There’s also one called WAM Active Limited (ASX: WAA) which looks at businesses it thinks are the most undervalued.  

WAM says WAM Active invests in market mispricing opportunities in the Australian market.  

The WAM Active portfolio has delivered gross returns (that’s before fees, expenses and taxes) of 12% per annum since inception in January 2008, which is superior to the Bloomberg AusBond Bank Bill Index return per annum of 3.1%.  

These are the two ASX shares that WAM outlined in its most recent monthly update:

Graincorp Ltd (ASX: GNC)

According to the ASX, Graincorp has a market capitalisation of $980 million.

The fund manager describes GrainCorp as a business that handles, receives and stores agricultural commodities including grain and assists with the transporting, testing, storing and marketing of agricultural products.

Graincorp recently released its FY20 results for the year to September 2020 that showed a “significant lift” in financial performance despite the impact of the drought with underlying earnings before interest, tax, depreciation and amortisation (EBITDA) from continued operations of $108 million and a fully franked dividend of 7 cents per share.

The company also reported that its underlying net profit after tax (NPAT) for continuing operations was a $16 million loss, although this was improved from the $158 million loss in FY19. The statutory net profit was $343 million.

WAM Active said that the FY21 outlook for the company is strong with a record east coast crop tracking ahead of expectations. Graincorp is leveraged to an increase in crop volumes and the fund manager believes that the efficiency gains and cost savings implemented by management over the past years will materialise in financial performance.

Management said that the 2020/2021 winter crop will be similar size to the FY17 harvest (subject to ongoing weather conditions and other variables).

At the current Graincorp share price, it’s valued at 15x FY21’s estimated earnings according to projections on Commsec.

Adore Beauty Group Ltd (ASX: ABY)

According to the ASX, Adore Beauty has a market capitalisation of $480 million.

Adore Beauty recently listed on the ASX at the end of October 2020. It’s Australia’s only exclusively-online beauty retailer. WAM said the company was launched in 2000 in the founder’s backyard.

The company has grown to now stock more than 230 leading beauty brands, offering customers access to more than 11,000 products. The company had more than 18.5 million website users across its Australian and New Zealand websites in FY20. At 30 June 2020 it had serviced more than 590,000 active customers.

WAM pointed out that in November, promotional sales during the Black Friday and cyber weekend proved stronger than Adore Beauty’s initial forecasts. That’s why Adore Beauty increased its forecast revenue guidance for the FY21 first half to approximately $95.2 million, which was more than the prospectus forecast by 7%.

At the time of the update, Adore Beauty CEO Tennealle O’Shannessy said: “We are pleased to report strong sales ahead of our prospectus forecasts. The business has continued to scale, deliver content and meet the needs of our customers at a time when they need it most.”

The expected uplift in revenue is also anticipated by the company to have a positive impact on the EBITDA forecast for the first half of the 2021 financial year.

More reading

• 2 exciting mid cap ASX shares to buy for the long term
• Here’s how Nuix (ASX:NXL) and these recent IPOs are performing since listing
• 2 highly rated mid cap ASX shares to buy for 2021
• Wilson Asset Management (WAM) thinks these 2 ASX shares are a buy
• Westpac (ASX:WBC) tips Australian dollar to hit 80 US cents in 2021

Motley Fool contributor Tristan Harrison 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.

The post 2 top ASX shares to buy according to WAM appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2WzPUK7

At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. The benchmark index is down 0.85% to 6,613 points.

Here’s what has been happening on the market today:

ANZ CFO resigns.

The Australia and New Zealand Banking GrpLtd (ASX: ANZ) share price has come under pressure on Tuesday after announcing the exit of its chief financial officer (CFO). According to the release, the bank’s CFO, Michelle Jablko, has decided to leave the company and take up a senior role at toll road operator Transurban Group (ASX: TCL). Ms Jablko will transition her duties over the coming months to current Group General Manager Internal Audit Shane Buggle, who will be appointed Acting Chief Financial Officer.

Tech shares tumble.

Many of Australia’s leading tech shares are trading lower on Tuesday. The likes of Nearmap Ltd (ASX: NEA) and Zip Co Ltd (ASX: Z1P) are trading notably lower and weighing heavily on the the S&P ASX All Technology Index (ASX: XTX). The tech index is down a sizeable 1.2% lower at the time of writing. This follows a soft night of trade on Wall Street’s tech-focused Nasdaq index.

Iron ore price hits a nine-year high.

Mining giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) are all dropping lower today despite the iron ore price jumping higher overnight. According to CommSec, the spot iron ore price jumped a massive 7.8% higher to a nine-year high of US$176.90 a tonne. This has been driven by concerns over a supply outage at one of Vale’s mines in Brazil.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been the A2 Milk Company Ltd (ASX: A2M) share price with a 1.5% gain. Bargain hunters appear to be snapping up shares after a heavy decline last week. The worst performer has been the Ramelius Resources Limited (ASX: RMS) share price with a 7% decline. A number of gold miners are dropping lower today, but Ramelius is leading the pack.

More reading

• Transurban (ASX:TCL) share price wobbles on new CFO announcement
• Why brokers slashed their A2 Milk (ASX:A2M) share price target
• The Unibail Rodamco Westfield (ASX:URW) share price has dipped 3% today
• Iron ore hits 9-year high: What this means for BHP, Fortescue, & Rio Tinto
• Is the Zip (ASX:Z1P) share price a buy yet?

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 Nearmap Ltd. and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia owns shares of Transurban Group. The Motley Fool Australia has recommended Nearmap Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 down 0.85%: ANZ CFO resigns, tech shares tumble, iron ore jumps appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3mFnMj5