Copper and gold exploration company Native Mineral Resources Holdings Ltd‘s (ASX: NMR) share price is shooting higher today, up 17% in late afternoon trading.

Shares of the microcap stock only began trading on the ASX last week, on 16 November. Since then the share price is up 25%, giving the company a market cap of $21 million.

For comparison, the All Ordinaries Index (ASX: XAO) is up 1.7% since 16 November.

We take a look at why Native Mineral’s is soaring below. But first…

What does Native Mineral Resources do?

Native Mineral Resources is a 100% Australian owned copper and gold exploration company. It has extensive minerals exploration tenements in Queensland  and Western Australia.

The company raised $5.7 million via its initial public offering (IPO), issuing 28.7 million shares for 20 cents per share. Native Mineral Resources holds a large portfolio of advanced exploration tenements in Queensland (Palmerville Project and Mount Morgan Project) and Western Australia (Eastern Goldfields Project). It’s currently conducting drilling tests at its Leane’s Copper Prospect in Queensland.

Why is the Native Mineral share price leaping higher today?

In an announcement to the ASX this morning, Native Mineral Resources revealed it has received “excellent initial results” from its test drilling program at its Leane’s Copper Prospect in Queensland.

Drilling started in mid-November, with 6 of the 15 planned drill holes now complete. The company expects to finish drilling by mid-December.

Five of the drillholes testing for shallow skarn-mineralisation intersected near-surface iron-rich breccia with elevated copper.

Native Mineral Resources also reported that its plans to start exploration in other areas of its Palmerville Project and Eastern Goldfield Project in early 2021 were well-advanced.

Commenting on the drill results, Native Mineral Resources managing director Blake Cannavo said:

Following these encouraging early results from shallow drilling, our field crew is now ready to commence a diamond drillhole to test mineralisation at depth as the current drillhole has intersected porphyry veins suggesting the presence of a larger intrusive system below the skarn-breccia zone.

The first tranche of samples has been dispatched for analysis and we look forward to receiving the results in December. In Parallel, we are also planning our 2021 exploration programs for both the Palmerville and Eastern Goldfields Projects, and look forward to testing several other priority targets over the coming months.

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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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Air New Zealand Limited (ASX: AIZ) share price is bucking the trend today, rising against the overall ASX market sentiment. This comes after the company released its monthly traffic update for October and announced an extended contract award for cargo flights.

At the time of writing, the Air New Zealand share price is up 2.3% to $1.76. The S&P/ASX 200 Index (ASX: XJO) is 0.6% down to 6,809 points.

What’s moving the Air New Zealand share price?

The Air New Zealand share price is pushing higher today following an update that highlights recovering passenger traffic in its domestic market.

According to the update, the company advised that passenger numbers are down 50.6% to 690,000 from the prior corresponding period. While total passenger traffic is still sitting at around half, the latest results indicate an improvement in the travel market.

In addition, revenue passenger kilometres (a transportation industry metric that shows the number of kilometres travelled by paying passengers) sank to $442 million, reflecting an 85.5% drop. Again, this is a slight recuperation from last month’s revenue levels against its comparable period, which saw an 87.3% fall.

While Tasman and long-haul flights still remain off for some time, the company’s short-haul business is coming back online. Passenger numbers in this sector have been increasing in the past few months, and are down just 44.2% from October last year. In contrast, long-haul flights are down 96% over the same period.

Cargo flight contract award

Further to the traffic report, Air New Zealand announced it has been awarded four months of additional international cargo flights. The second phase under the New Zealand Government’s International Air Freight Capacity (IAFC) scheme will see the contract run until 31 March 2021.

Under the agreement, the government provides financial assistance in supporting the cost of flying to ensure freight aviation remains free-flowing. In light of the new award, Air New Zealand is now operating an average 55 flights per week. It is expected that the company will receive somewhere between NZ$100 million and NZ$145 million towards cargo revenue.

As COVID-19 has thrown curveballs at the airline industry, the IAFC has indicated it will continue to provide support until international borders reopen. With this in mind, Air New Zealand anticipates its cargo revenue segment for FY21 to exceed FY20 levels.

Interestingly, the company said that its cargo revenue has grown from 10% to almost half of the group’s entire monthly revenue. Despite the growth, Air New Zealand is still forecasting a loss in FY21.

Air New Zealand share price summary

Shareholders for Air New Zealand will be hoping for a full recovery in 2021, as the company was hit hard during COVID-19. The Air New Zealand share price fell to as low as 80 cents in March and has been slowly climbing its way back since then.

Today’s share price represents its highest mark since the dramatic fall 8 months ago, but is still well off its $3 highs reached in 2019. The Air New Zealand share price is currently trading at $1.76, valuing the company at close to $2 billion.

More reading

• Why Air NZ, Bega Cheese, Fisher & Paykel Healthcare, & Galaxy are pushing higher

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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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.

It’s been a wild year for Wall Street and the investment community. The unprecedented coronavirus (COVID-19) pandemic wiped away over a third of the S&P 500 Index (INDEXSP: .INX) value in about a month earlier this year, with the benchmark index logging its 10 largest single-day point losses and 8 biggest single-session point gains in history in 2020. 

These wild vacillations in equities have been akin to financial whiplash for investors.

The ‘Big Three’ of cryptocurrency are unstoppable, once again

But not all assets received the memo that it was time to panic. Digital cryptocurrencies have been on fire since March, with the three largest digital tokens by market cap – bitcoin, Ethereum, and Ripple – leading the way. Since the stock market bottomed out on March 23, 2020, bitcoin, Ethereum, and Ripple have respectively gained 187%, 356%, and 289%, through the early evening of Nov. 23.

Why the resurging interest in cryptocurrencies after 2017’s price run and burst bubble? The best guess I can offer is the continued push toward cashless and digital payments. The COVID-19 pandemic has made consumers question their payment choices, with cash viewed as a potential harbinger of germs. As millennials and Generation Z have aged, they’ve grown into a larger percentage of the consumer pool. They’ve been far more willing than Gen Xers or boomers to embrace digital payment options.

Investors are also likely excited about the real-world applications for certain cryptocurrencies and their underlying blockchain technology. Blockchain is the digital and decentralised ledger responsible for recording all transactions without the assistance of a third-party provider. The expectation is that blockchain can improve security via its decentralisation, as well as expedite the settlement of transactions – especially international payments.

Individual stories are at play, too. Bitcoin has become the go-to intermediary on crypto trading platforms for virtually all activity. If investors want to buy tokens of anything other than a major cryptocurrency, they’re going to first have to purchase bitcoin for exchange purposes.

Bitcoin’s trading popularity has been especially evident with digital payment platforms PayPal and Square. In October, PayPal announced that it would be launching a new service that’ll allow its customers to buy, sell, and hold cryptocurrency directly in their PayPal account.  Meanwhile, Square has seen its revenue skyrocket due to bitcoin exchange on peer-to-peer payment platform Cash App. Square also acquired about $50 million worth of bitcoin tokens.  Cryptocurrency stocks have been skyrocketing right along with digital tokens.

Another example is Ethereum’s smart contracts, which are built into its blockchain. These smart contracts help verify transactions and enforce contract negotiations. As an example, products for a business could be automatically reordered once total sales reach a certain level, if multiple parties agree. These smart contracts could completely revamp supply chain management.

This hasn’t ended well before, and this time won’t be any different

For millennial and novice investors, cryptocurrencies like bitcoin, Ethereum, and Ripple are like a dream come true. They vacillate wildly on a regular basis and can yield triple-digit gains in a matter of weeks if investor sentiment behind a token is strong enough.

But we’ve seen digital tokens go vertical a few times before, and it hasn’t ended well for crypto investors. The way I see it, crypto investors are fighting an uphill battle against three very real problems.

First, at least with regard to bitcoin, there’s a perceived scarcity problem. Bitcoin is often viewed as a direct threat to gold as a store of value and potential stock market hedge given its “cap” of 21 million mined tokens (there are currently 18.55 million tokens in circulation). The issue is that these circulating supply caps aren’t tangible like gold. This is to say that we can only mine the amount of gold found on planet Earth. By comparison, programming is all that keeps bitcoin’s virtual cap in place.

A second but far more concerning issue for bitcoin, Ethereum, and Ripple is utility. In 2017, global gross domestic product totaled $81 trillion. Yet as of Monday, Nov. 23, all circulating bitcoin had a market value of roughly $340 billion. Of this $340 billion, approximately 40% is being held by investors and is not in circulation for payments. This essentially means that only around $200 billion worth of bitcoin is available for transactional purposes. Aside from the fact that only between 1% and 3% of businesses accept crypto as a form of payment (according to Matthew May, the co-founder of financial firm Acuity), roughly $200 billion in circulating supply has little chance of becoming mainstream. 

There’s also zero guarantee that crypto tokens will be necessary. Brand-name financial service and technology companies are developing blockchain technology of their own that may be able to operate with fiat currencies, thus rendering arbitrary digital tokens obsolete.

The third big concern here is security. Although blockchain is designed to be more protective of users’ digital assets, a number of large-scale token thefts have occurred over the past decade. The issue isn’t so much that thieves are out to get your crypto tokens so much as that the Securities and Exchange Commission (SEC) can’t do much to stop it or help those affected. With most crypto trading and payments occurring outside the US, the SEC has no way to pursue action against these cybercriminals.

I believe that what we’re seeing in the crypto market is nothing more than sentiment-driven trading without any substance behind it. More than a century of investing history has shown that investor sentiment is impossible to predict, and it can shift at the drop of a dime. Ether and Ripple have previously undergone extended declines of more than 90%, and bitcoin retraced well over 80% on a handful of occasions. It’s happened before, and it’s quite possible it could happen again.

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

More reading

• Why the Lynas (ASX:LYC) share price just hit a 52-week high
• Treasury Wine (ASX:TWE) share price crashes 11% lower on China tariff news
• Can these fund managers drive the Coca-Cola Amatil (ASX:CCL) share price 10% higher?
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• Why is the Douugh (ASX:DOU) share price in trading halt today?

Sean Williams owns shares of Square and has no position in any cryptocurrencies mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends PayPal Holdings and Square and recommends the following options: long January 2022 $75 calls on PayPal Holdings. The Motley Fool Australia has recommended PayPal Holdings. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Lynas Corporation Ltd (ASX: LYC) share price reached a new yearly high of $3.85 yesterday as the company announced positive drill results. In today’s trade, the Lynas share price has given up a little of its gains, falling 0.95% lower to $3.66.

Shares in the rare earth miner have now returned 60% since the start of the year, easily outpacing the All Ordinaries Index (ASX: XAO) which is down 0.03% over the same period.

What Lynas does

Lynas is an Australian company involved in the exploration and mining of rare earth metals. The company has a long history and first listed on the ASX in 1986.

It is currently the world’s second largest producer of rare earths and only significant producer outside China. Rare earth metals have many manufacturing uses, including in electric cars and phones.

Lynas currently boasts a market capitalisation of $3.32 billion.

What did Lynas announce?

Yesterday, Lynas announced that its exploration team had identified a potential rare earth element below its Mt Weld mine. The news comes as the company was drilling deeper in the fresh carbonatite below areas of mineral resources and ore reserves.

Lynas CEO and director Amanda Lacaze explained the significance of the find, saying:

A cornerstone of Lynas’ 2025 growth strategy is ongoing access to high-quality Rare Earth feedstock. Our Mt Weld mine in Western Australia is recognised as one of the world’s highest grade operating Rare Earth mines and has 25 plus year mine life. We are encouraged by these new Exploration Results which go beyond the area of the 2018 Mineral Resources and Ore Reserves Statement. We are committed to exploring below the current mineral resource to understand the potential for primary REE (Rare earth element) mineralisation below the weathered zone.”

The Lynas share price is trading slightly lower today, falling by 0.95%. However, shares in the company reached a 52-week high yesterday and are up 30% in the last month.

More reading

• ASX 200 events this week that could move the market
• Which 5 ASX shares hit 52-week highs on Friday?
• Top ASX shares to buy in November 2020

Motley Fool contributor Daniel Ewing has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Treasury Wine Estates Ltd (ASX: TWE) share price crashed lower on Friday before being hurriedly placed into a trading halt.

The wine company’s shares were down 11% to $9.23 before being halted from trade.

This latest decline means the Treasury Wine share price is now down 43% since the start of the year.

Why is the Treasury Wine share price crashing lower today?

Investors were hitting the sell button in a panic today after the Chinese Ministry of Commerce made a major announcement.

According to the ABC, the Ministry has decided to place tariffs on all Australian wine imports from tomorrow.

This decision was made in response to the preliminary findings of an anti-dumping investigation into Australia’s wine exports. That investigation found that dumping was going on and had caused substantial harm to Chinese winemakers.

Fellow wine company Australian Vintage Limited (ASX: AVG) has also come under pressure following the news. It is down 4% to 60 cents at the time of writing.

What will the damage be?

It is worth noting that the investigation is still ongoing and is not expected to complete until next year. In light of this, there is still a small chance the decision could be reversed upon completion.

However, until then, Treasury Wine and other Australian winemakers will have to face some significant temporary anti-dumping security deposits.

These deposits, which are essentially the same as tariffs, will range from between 107% to more than 200% according to the report.

This could put a real dent into Treasury Wine’s exports into China. In FY 2020 the company generated $243.7 million of earnings from the Asia market, with the majority of this coming from China. This represents almost half of its full year earnings of $533.5 million.

What now?

Treasury Wine has requested a trading halt until the earlier of the release of a response to this announcement or 1 December.

It commented: “Treasury Wine Estates Limited requests a trading halt of its securities pending the preparation and release of an announcement by TWE regarding the decision announced today by the Chinese Ministry of Commerce to apply provisional anti-dumping measures to Australian wine imports into China. TWE is reviewing the details of the provisional measures as a matter of urgency in order to update the market.”

More reading

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Coca-Cola Amatil Ltd (ASX: CCL) share price is up 0.4% in early afternoon trading today. That puts shares up 1.4% since 26 October, when Coca-Cola European Partners (NYSE: CCEP) made its $9.3 billion takeover offer, valuing the shares at $12.75.

The S&P/ASX 200 Index (ASX: XJO) is up 7.2% in that same period. And it’s this resurgence in the wider market that has some of the Amatil’s larger shareholders demanding more. At least 10% more.

We’ll look at their rationale below. But first…

What does Coca-Cola Amatil do?

Coca-Cola Amatil is the authorised bottler and distributor of Coca-Cola Co‘s (NYSE: KO) beverages in Australia and 5 other Asia Pacific regions. Amatil provides a range of popular beverages including Coke, Sprite, Fanta, Kirks, Mount Franklin, Powerade, and Mother. The company also has a portfolio of alcoholic beverages, comprising a mix of company-owned and partner brands across beer, cider and spirits.

Coca-Cola Amatil has access to around 270 million potential consumers through more than 630,000 active customers.

How can these fundies send Coca-Cola Amatil’s share price 10% higher?

As the Australian Financial Review reports:

Four Amatil shareholders – Dublin-based Setanta Asset Management, Martin Currie Australia, Antares Capital and Pendal Group – have said CCEP’s offer is opportunistic and the price undervalued the business.

Together the 4 fund managers hold some 9–10% of Amatil’s shares. A formidable voting block that could derail the current offer when it comes to a vote in March. Some of the fundies believe the offer should value Amatil for at least $14 per share, 10% more than the current deal on the table.

According to one hedge fund manager (quoted by the AFR):

It would have been very hard to do this prior to COVID-19 and trying to do it next year when the world opens back up again would be extremely difficult. Markets could be higher [in March] than where they are today, which would certainly justify a higher bid.

If the past months have taught investors anything, it’s that the global economic outlook can change almost overnight. With that in mind, a lot could happen between now and March.

In the meantime, the Coca-Cola Amatil share price will be one to keep an eye on.

More reading

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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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a disappointing fashion. In afternoon trade the benchmark index is down 0.6% to 6,595.2 points.

Four shares that have fallen more than most today are listed below. Here’s why they are dropping lower:

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is down 3.5% to $1.77. Investors have been selling energy shares on Friday after oil prices pulled back. According to Bloomberg, the WTI crude oil price is currently down 1.4% to US$45.06 a barrel. This has led to the S&P/ASX 200 Energy index falling 2.3% in afternoon trade.

Bravura Solutions Ltd (ASX: BVS)

The Bravura share price is down over 1% to $3.28. This appears to have been driven by a broker note out of Wilsons this morning. Its analysts remain concerned with the financial technology company’s near term prospects. As a result, they have reiterated their underweight rating and $2.97 price target on the company’s shares. Earlier this week Bravura advised that its profits would be weighted 80% to the second half in FY 2021.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is down almost 4.5% to $17.15. Investors have been selling travel shares today amid concerns over the data from the AstraZeneca COVID-19 vaccine candidate. As an effective dosing regimen was given purely to a group filled with under 55s, which are classed as lower risk, there are concerns that the vaccine may not be as effective for higher risk individuals.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine share price has crashed 11% lower to $9.23. This follows an announcement by the Chinese Ministry of Commerce which reveals that it will apply provisional anti-dumping measures on Australian wine imports into China. The wine giant has requested a trading halt, pending the release of a response to the announcement.

More reading

• Why the Helloworld (ASX:HLO) share price is sinking lower today
• ASX 200 down 0.35%: Bega Cheese jumps, Flight Centre & Webjet tumble lower
• This expert thinks the oil price could surge to US$196 a barrel in 2021
• 5 things to watch on the ASX 200 on Friday
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bravura Solutions Ltd and Treasury Wine Estates Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Douugh Ltd (ASX: DOU) share price is in a trading halt today over a proposed partnership agreement with a leading full service payments company, and capital raising. This follows the company’s ASX debut on 6 October 2020 after a $6 million initial public offering (IPO) at an offer price of 3 cents per share. 

About Douugh 

Douugh is a fintech company, taking an artificial intelligence first approach to disrupting traditional banking. It operates a subscription based financial wellness platform which helps customers spend wisely, save more and build wealth via a smart bank account and Mastercard debit card. 

The Douugh share price more than doubled on its ASX debut to close at 7 cents but that was just the beginning of a run to a peak of 49 cents just two weeks later. The Douugh share price was trading at 26.5 cents at close of trade yesterday.

The company is currently in the early stages of establishing its presence in the US and Australia. On 17 November, Douugh announced its official launch in the US after a successful 18-month beta trial. Its go-to-market growth strategy will be its utilisation of Google’s AI-powered ad bidding platform to target profitable customers. In addition, the introduction of a viral member-get-member affiliate distribution channel to grow the community via word-of-month, and expanded marketing program across online and social media platforms. The company indicated that 45.5% of its IPO funds would be allocated to marketing. 

Douugh will now look to scale up its US customer base. Features such as Autopilot and Investment Jars will be rolled out in the coming months, prior to the introduction of a monthly subscription fee. 

Capital raising right after IPO? 

Pointsbet Holdings Ltd (ASX: PBH) is an example of a company that initiated a capital raising just months after its IPO. Pointsbet debuted on the ASX in mid June 2019 after it raised $75 million at an offer price of $2.00 per share. Four months later, the company raised another $122.1 million to support product development, US business development, marketing and client acquisition.  

Proposed partnership agreement 

Along with the capital raising, Douugh today announced a proposed partnership agreement with a leading full service payments company. An example of a classic leading full service payments company that many ASX fintech companies have partnered with is PayPal.

More reading

• Why Douugh, Mirvac, Oil Search, & Westpac shares are charging higher
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• Here are the 3 best performing IPO shares in 2020

Lina Lim has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Magnis Energy Technologies Ltd (ASX: MNS) share price is rising today. This comes after the company announced that a three-party MoU has been signed for its ‘big battery’ project. At the time of writing, the Magnis share price is up 5.7% to 18.5 cents. In comparison, the All Ordinaries Index (ASX: XAO) is down 0.4% to 6,820 points.

What’s moving the Magnis share price higher

The Magnis share price is on the move today after the company announced a tripartite collaboration between Magnis, The University of Newcastle (UoN) and Fletcher International Exports to deploy a battery at Fletcher’s Dubbo meat processing facility. 

The project, due to commence in mid-2021, will see the battery transported from the company’s New York inventory. From there, the 2.2 MWh ‘plug and play’ battery will be installed using the best possible option for integration.

An R&D program overseen by the UON’s Institute of Energy and Resources will seek to explore cost and efficiency gains. In addition, the project may include renewable energy inputs to further enhance its operational power profile. Magnis noted that Fletcher has struggled to improve its energy use due to prohibitive costs and risk of disruption to its operations.

Management commentary

Deputy Prime Minister, The Hon. Mr Michael McCormack, welcomed the partnership by saying:

It is good to see the agriculture sector working closely with some of our brightest minds to develop new technology that will help the $31 billion industry grow.

Further to his comments, UoN’s deputy vice chancellor, research and innovation, Professor Janet Nelson added:

This partnership will provide the pathways for industry partners of O2N to tap into the expertise and multidisciplinary capabilities of the University’s researchers, specialised equipment and infrastructure.

Our aim is to have our researchers and students integrated with local industry, building on regional successes and unique attribute to drive innovative outcomes for these key sectors.

Lastly, Magnis executive chair Mr Frank Poullas said:

Agreements like these are a vital element in the company’s strategic plan to expand Lithium-ion battery cell offtake partnerships, as production in New York and then our plans for Australian manufacturing scales up.

About the Magnis share price

Over the past six months, the Magnis share price has risen more than 140% to its current level of 18.5 cents. Although the short-term picture appears rosy, looking at a larger time period, the Magnis share price is down 43% across the past two years.

More reading

• Why is the Douugh (ASX:DOU) share price in trading halt today?
• Why Air NZ, Bega Cheese, Fisher & Paykel Healthcare, & Galaxy are pushing higher
• Maggie Beer (ASX:MBH) is brewing up some solid support
• The Orcoda (ASX:ODA) share price has rocketed up 24% today. Here’s why.
• Why investors should look beyond ASX shares for outsized gains

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) looks set to end the week with a day in the red. At the time of writing, the benchmark index is down 0.55% to 6,600.3 points.

Four shares that haven’t let that hold them back today are listed below. Here’s why they are pushing higher:

Air New Zealand Limited (ASX: AIZ)

The Air New Zealand share price is up over 2% to $1.76. This morning the airline operator announced that it has been awarded four months of additional cargo flights under the New Zealand Government’s International Air Freight Capacity (IAFC) scheme. This comes after the government announced Phase Two of the IAFC scheme which runs from 1 December 2020 through to 31 March 2021.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price has surged 8% higher to $5.48. This follows the completion of its institutional placement and the institutional component of its entitlement offer. Bega Cheese raised $284 million at a 9.1% discount of $4.60 per new share. These funds will be used to acquire Lion Dairy & Drinks for $534 million. This will add popular brands such as Dare, Farmers Union, Yoplait yoghurts, Pura milk, and Juice Brothers juices to its portfolio.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

The Fisher & Paykel Healthcare share price is up 2.5% to $31.55. This could be in response to a broker note out of Goldman Sachs. Its analysts were impressed with the medical device company’s half year results. The broker retained its buy rating and bumped its price target higher to $37.60. Goldman notes that high-flow therapy continues to build momentum and it sees an attractive penetration runway ahead.

Galaxy Resources Limited (ASX: GXY)

The Galaxy share price has jumped 7.5% higher to $2.10. Investors have been buying the lithium miner’s shares after it successfully raised a total of $124 million from institutional investors at $1.70 per new share. The proceeds from the offer will be applied to Sal de Vida Stage 1 and fund pre-development activities to progress James Bay to a construction ready status.

More reading

• ASX 200 down 0.35%: Bega Cheese jumps, Flight Centre & Webjet tumble lower
• Bega Cheese (ASX:BGA) share price jumps 10% on Lion Dairy & Drinks acquisition
• 5 things to watch on the ASX 200 on Friday
• ASX 200 falls on Thursday
• Top brokers name 3 ASX shares to sell today

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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