The Magnis Energy Technologies Ltd (ASX: MNS) share price is rocketing up today on the back of positive news regarding its partner, Charge CCCV (C4V).

At the time of writing, the Magnis share price is up 8.1% at 20 cents, a retreat after earlier soaring 13.5% to an intraday high of 21 cents.

What’s driving the Magnis share price up?

In today’s release, Magnis advised that C4V has been selected for a United States Department of Energy (DoE) project. Magnis has a 10% stake in the lithium-ion battery company.

The task at hand is to build a solar powered hybrid system for grid stabilisation.

Led by New York’s Binghamton University, the project will seek to develop a two-stage solar plant control structure. This will allow multiple solar plants to form together ensuring energy generated is stable through inverter controls. In addition, the system will have access to a battery storage for excess energy to be put in reserve.

In order to collect a vast amount of renewable energy, the team will develop a framework for hybrid solar power plants. Called ‘asynchronous distributed and adaptive parameter turning’, the technology enables grid services from energy storage platforms that will provided by C4V.

What did management say?

Commenting on the project, C4V president Shailesh Upreti said:

We are very excited to be selected in another US Government project and being the sole partner providing cutting edge lithium-ion battery technology immensely favourable to renewable energy adoption.

We look forward to working with our partners to demonstrate the agility and robustness of out BMLMP technology for the grid stabilisation market.

Magnis chair Frank Poullas added:

C4V’s selection to participate in this US Department of Energy-funded project following a rigorous selection process speaks to the high quality of our technology.

How has the Magnis share price performed?

After dipping over the course of 6 months last year, the Magnis share price has rebounded strongly.

During May 2020, the company’s shares fell to an all-time low of 4.7 cents. Within 2 months, the Magnis share price reached a 52-week high of 28 cents and has been trading fairly evenly since then.

More reading

• Investors caught in crossfire as ASX retailers battle ASX property stocks in 2021
• Why the Redbubble (ASX:RBL) share price is rocketing higher today
• The ikeGPS (ASX:IKE) share price has rocketed up 10% today. Here’s why.
• Why the Cann (ASX:CAN) share price has backflipped today
• Lovisa (ASX:LOV) share price tumbles as pandemic grips UK

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

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First, we had the Supermarket Wars. Now ASX investors will have to brace for a new war that’s about to erupt in retail land.

The new battle front in 2021 is predicted to be a rent war between leading ASX retailers and our giant ASX property stocks.

If you aren’t careful, you might get caught on the wrong side as online shopping is set to accelerate further this year.

ASX property stocks jumping on online revolution

ASX property groups that own malls across the country have come up with their own “online solution” to get a piece of the action.

These landlords are demanding that retailers hand over a portion of their online sales to them, reported the Australian Financial Review.

There’s a lot at stake for ASX income investors who have traditionally been drawn to our largest property stocks for steady dividends.

ASX property stocks vs. ASX retailer stocks

The Scentre Group (AS: ASX: SCG) share price and Vicinity Centres (ASX: VCX) share prices have taken a big hit in 2020. These stocks have lost around 40% of their value since the COVID‐19 outbreak. The new outbreaks hitting NSW and Victoria aren’t helping either.

In contrast, not only have many ASX retailers faired better, but some at trading at or near record highs! These include the Wesfarmers Ltd (ASX: WES) share price, Premier Investments Limited (ASX: PMV) share price and Nick Scali Limited (ASX: NCK) share price – just to name a few.

Despite their much better fortunes, many retailers are pushing landlords to restructure leases as brick-and-mortar locations have lost their lustre.

COVID intensifies the battle

This was already happening before 2020 due to growth in e-commerce, but COVID has accelerated the trend.

Landlords are happy to play ball, reported the AFR. They want tenants to pay a base rent and a percentage of their online sales.

Property groups justify this by claiming that physical stores help drive online sales. This argument is unsubstantiated and tenuous, in my view.

Another justification is that online shoppers increasingly prefer to pick-up their purchases and do returns in-store.

No surrendering from ASX retailers

Regardless of whether you think that’s a valid argument, our large ASX retailers have said they will not acquiesce.

They claim most online orders are fulfilled from warehouses and they say they make skinnier margins from online sales.

I doubt the profit squeeze is true. It’s probably dressed up that way because some retailers may massage their cost base to make it look that way.

Profit margin myth

While the smaller profits may have elements of truth in it, it’s also likely to only apply to the initial start-up phase. As sales increase, margins will expand exponentially due to the higher fixed cost component (IT equipment).

On the other hand, in store sales have higher variable costs, such as rents and wages.

Stay tuned fellow Fools! This war has only just started.

More reading

• ASX 200 down 0.3%: BHP & Rio Tinto rise, big four banks drop, Zip sinks
• Why BHP, Cann, Nick Scali, & Ramelius shares are pushing higher
• Why the Nick Scali (ASX:NCK) share price just hit a new, all-time high
• Why ASX energy stocks are set to be among the worst performers on the ASX today
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor Brendon Lau has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia owns shares of Wesfarmers 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 Redbubble Ltd (ASX: RBL) share price has continued its incredible run in 2021.

After recording a gain of 388% in 2020, the ecommerce company’s shares are already up a further 20% this year to a record high of $6.63.

Why is the Redbubble share price on fire?

Investors have been fighting to get hold of the company’s shares this week despite there being no news out of it.

However, with the UK in lockdown and the US still reporting sky high COVID-19 cases, trading conditions are looking very favourable for Redbubble right now.

In addition to this, I have written previously about a bullish broker note out of Goldman Sachs from last year.

Goldman Sachs has a buy rating and $6.25 price target on its shares. At the close on New Year’s Eve, Redbubble’s shares were trading below this at $5.52.

So why are its shares still going higher?

One interesting thing from that particular broker note was that Goldman Sachs suggested Redbubble’s shares could be worth even more than its price target at the time.

This was if it could demonstrate consistency and potential revenue growth rates more in line with fellow ecommerce company Temple & Webster Group Ltd (ASX: TPW).

Goldman explained: “TPW has a materially more expensive rating reflecting, in our view, its more consistent execution track record as discussed earlier. If RBL were to achieve a revenue CAGR over our 10yr DCF horizon similar to that of TPW (which is 21% vs. 11% for RBL), our DCF value for RBL would increase from A$4.75 to A$10.75 (assuming no change to our EBITDA margin forecasts).”

“Given there is structurally no reason why we believe RBL’s medium-to-long-term growth trajectory should be lower than TPW’s, this would suggest there is arguably more option value in our target price for RBL relative to TPW, but we emphasise that consistency in execution remains key to close this hypothetical discount,” it added.

It’s possible that investors are becoming more confident that Redbubble will achieve this and the market will rerate its shares higher in the future.

More reading

• 2 ASX shares to buy that are growing rapidly
• My biggest regrets from 2020
• Can the Redbubble (ASX:RBL) share price continue its run in 2021?
• These ASX shares are growing rapidly in FY 2021
• Got money to invest? Here are 3 ASX shares to buy

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 Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group 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 ikegps Group Ltd (ASX: IKE) share price opened 10% higher today on news the company has entered an agreement to acquire assets of Visual Globe LLC. 

At the time of writing, the ikeGPS share price is holding today’s 10% gain at $1.10.

So what are the terms of the agreement?

In today’s announcement, the company said the Visual Globe assets were expected to deliver revenue targets totalling US$21 million over the period to March 2024 (80% of the total earn-out). It would also retain key people to 31 March 2024 (20% of the total earn-out).

Following ikeGPS’s initial payment of US$3.3 million, an additional US$4.99 million of cash and up to $2.1 million in ikeGPS shares will be paid to Visual Globe. The additional payments are based on how the Visual Globe assets perform over the three-year period ending 31 March 2024.

Arrangements like this are referred to as ‘earn out payments’. Some investors see these as a nice insurance policy to ensure that the assets acquired perform to expectations.

What type of assets did ikeGPS acquire?

The ikeGPS technology is used to measure and locate utility poles. This information can be then used to improve electrical infrastructure. We spoke more about what ikeGPS technology gets up to back in September.

Through the Visual Globe arrangement, ikeGPS will benefit from additional resources that enable the company to incorporate new tools in its utility pole analysis services. This includes access to drones and smart phone technology. This means that ikeGPS can collect and analyse significantly higher amounts of data, a valuable service to the company’s target markets.

On the topic of target markets, Visual Globe is a US-based company with established relationships in the North American market. Will this new exposure lead to opportunities that keep the ikeGPS share price moving in a positive direction?

What lies ahead for the ikeGPS share price?

Commenting on the deal, ikeGPS CEO Glenn Milnes said:

This transaction with Visual Globe allows IKE to expand our addressable markets and adds important advanced bulk data collection & analysis capability.

This enables IKE to continue to disrupt often inefficient or manual work practices across the electric utility and communications markets.

As ikeGPS stretches its legs into new markets, investors have reacted positively so far. We’ll learn more about how the deal will work out as the company progresses deeper into the three-year arrangement.

More reading

• Why the Cann (ASX:CAN) share price has backflipped today
• Lovisa (ASX:LOV) share price tumbles as pandemic grips UK
• Why Dacian Gold, Lovisa, MyFiziq, & Zip shares are dropping lower
• Why has the Zip (ASX:Z1P) share price gone nowhere in FY21?
• ASX 200 down 0.3%: BHP & Rio Tinto rise, big four banks drop, Zip sinks

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.

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The Cann Group Ltd (ASX: CAN) share price has backflipped this morning after the company reported a strategic investment. At market open, the Cann share price fell to an intraday low of 59.5 cents. However, following release of the announcement during morning trade, Cann shares then stormed more than 9% higher to 65 cents.

At the time of writing, the company’s shares have partially retreated to currently trade at 61.5 cents.

What’s driving the Cann share price?

The Cann share price jumped higher today following news of the company’s latest investment.

According to this morning’s release, Cann Group has invested CAD$1 million into a CAD$5 million capital raise from Iuvo Therapeutics Limited.

Based in Germany, Iuvo is a leading cannabinoid therapy importer and distributor, holding GMP certification licences. The company orders medicinal cannabis products and delivers them to over 20,000 pharmacies across Europe.

The investment will translate into Cann holding roughly 2% of Iuvo’s issued ordinary shares. Once the capital raise is complete, Iuvo will use the funds to expand its sales and marketing channels, and help build a new manufacturing and formulation facility in Malta.

In return for the strategic investment made, Cann will have exclusive rights to supply Iuvo with its external medicinal cannabis extracts. However, from 31 December 2021, the existing agreement will transfer over to preferred, non-exclusive supplier status.

Supply order

As a result of the partnership, Iuvo placed an initial order with Cann Group for 19,000 units of the company’s 30ml extract products. Shipment to Germany is due to be completed some time next month, pending regulatory clearances.

In addition, Cann stated that being compliant with the German monograph for cannabis extracts, it will be one of the first products of its type to market.

Management commentary

Cann Group CEO Mr Peter Crock highlighted the importance of the supply agreement by saying:

We believe this initial order represents the largest shipment of product produced in Australia for export markets and is a tangible sign of Iuvo’s commitment to servicing its growing customer base with safe, quality GMP standard medicinal cannabis.

Adding to Mr Crock’s comments, Iuvo managing director Mr Daniel Seidl said:

This strategic investment will enable Iuvo to expand its patient reach throughout Germany and Europe. Cann Group’s extracts are manufactured from Australian GMP Cannabis flower, providing regulatory, investment and supply security in a market with superior pharmaceutical standards.

Cann share price snapshot

The Cann share price is down 35% since this time last year, reflecting a disappointing result for long-term shareholders.

By late October last year, the company’s shares had fallen to a 52-week low of 29 cents. Since then, the Cann share price has only partially recovered. In contrast, last January, its shares were swapping hands for as much as $1.84 a piece.

More reading

• Why BHP, Cann, Nick Scali, & Ramelius shares are pushing higher
• Cann (ASX:CAN) share price shoots 16% higher on positive update
• 5 top ASX cannabis shares in 2020
• ASX pot stocks have been skyrocketing in December

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

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Australian fashion jewellery company Lovisa Holdings Ltd (ASX: LOV) will temporarily close its stores in the United Kingdom, after a national lockdown was ordered by British Prime Minister Boris Johnson.

The Lovisa share price has fallen 3.6% on the news to $11.20.

UK lockdown

In a short release to the market this morning, Lovisa said its 42 UK stores would be closed temporarily – effective immediately – with the timing for re-opening subject to further government advice.

The company says its other stores globally as well as its online business will remain open and trading.

This follows a British government announcement of a further lockdown in the UK in response to increasing COVID-19 cases.

The country has been gripped by a second wave of the COVID-19 pandemic, with a new mutant strain identified as the main cause of the latest infections.

Just a few hours ago, the UK announced an immediate shuttering of economic, social and educational activity until at least mid-February.

More about Lovisa

Lovisa is a fashion jewellery company operating mainly in Australia, where it has 152 stores; and South Africa, with 62 stores.

The company has attempted a foray into the European market only recently.

In early December, Lovisa acquired the European retail store network of German wholesaler Beeline GmbH, for just 60 Euros (yes 60 Euros, not 60 million).

That purchase is expected to add more than 80 stores to the Lovisa global store network across seven European countries.

Beeline operates 114 fashion jewellery and accessories stores across Germany, Switzerland, the Netherlands, Belgium, Austria, Luxembourg, and France, under the brands Six and I Am.

About the Lovisa share price

The Lovisa share price has lost about 6% in value over the past year. It started 2020 at close to $12, before plunging to $2.34 at the height of the pandemic in March – its 52-week low.

The company commands a market cap of $1.25 billion.

More reading

• Why Dacian Gold, Lovisa, MyFiziq, & Zip shares are dropping lower
• Here’s why this fundie thinks Lovisa (ASX:LOV) share price will rise
• Why CSL, Lovisa, Lynas, & Syrah shares are dropping lower

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

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is out of form and in the red. The benchmark index is currently down 0.3% to 6,665.2 points.

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

Dacian Gold Ltd (ASX: DCN)

The Dacian Gold share price is down over 1% to 45.5 cents following the release of its quarterly update. The gold miner appears to have disappointed investors with its second quarter production of 27,162 ounces. This is down from 32,799 ounces in the first quarter. Though, despite this, Dacian remains on course to achieve its full year production guidance of 110,000 ounces to 120,000 ounces.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price has fallen 3.5% to $11.19. Investors have been selling the fashion jewellery retailer’s shares after it revealed that its UK stores would be closing temporarily because of COVID-19. All 42 UK stores have been closed until further notice. All other stores and its online business remain open.

MyFiziq Ltd (ASX: MYQ)

The MyFiziq share price has fallen 3.5% to $1.23. This follows a subdued response by investors to the release of an announcement this morning in relation to a new app launch using its technology. The Biomorphik app is now available on both Google Play and Apple Store. It allows people to monitor their bodies closely and pre-empt potential issues before they become prohibitive to the user’s health.

Zip Co Ltd (ASX: Z1P)

The Zip share price is down 3.5% to $5.40. This is despite there being no news out of the buy now pay later (BNPL) provider today. However, it is worth noting that short interest is rising strongly. Short sellers appear to be going after the company due to rising competition in the key US market. This follows BNPL launches by giants such as Shopify and PayPal late last year.

More reading

• Why has the Zip (ASX:Z1P) share price gone nowhere in FY21?
• ASX 200 down 0.3%: BHP & Rio Tinto rise, big four banks drop, Zip sinks
• The top performing ASX 200 tech shares of 2020 
• Could the Zip (ASX:Z1P) share price make a comeback in 2021? 
• These are the 10 most shorted shares on the ASX

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 ZIPCOLTD FPO. 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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Zip Co Ltd (ASX: Z1P) shares struggled in the second half of 2020 despite the company’s strong growth performance and positive announcements. With everything that’s going for the buy now, pay later (BNPL) company, why has the Zip share price gone nowhere in the first half of FY21? 

Popularity didn’t translate to a higher Zip share price 

Zip has proven itself to be one of the most popular shares on the ASX. Online broker Superhero revealed that Zip was the most popular stock on its platform in 2020.

Similarly, Commsec’s weekly most traded Australian shares update regularly features Zip shares. In its most recent update for shares traded between 7 to 12 December, Zip shares were the second most traded on the ASX. Buyers accounted for 59% of trades, even though the Zip share price lost ground during that week.  

Major achievements in FY21 

Despite the underperformance of the Zip share price, the company delivered a series of positive achievements in FY21 including:

• 20 July: Signed agreement with Respiri Ltd (ASX: RSH), providing entry into Australian pharmacy segment.
• 26 August: Announced partnership between Zip Business and eBay for Australian SMEs. 
• 1 September: Completed 100% acquisition of QuadPay.
• 20 October: Launched ‘Tap & Zip’ product for use anywhere that accepts Visa.
• 11 December: Partnership between Zip Business and Facebook announced.
• 16 December: Executed $120 million capital raising.

Zip share price not the only underperformer 

While it might feel like there is something fundamentally wrong with Zip, the broader buy now pay later sector also struggled to make headway after the August reporting season. To add some perspective, let’s take a look at the performance of the following ASX BNPL shares between 1 August and 31 December 2020: 

• Openpay Group Ltd (ASX: OPY) down 32% 
• Sezzle Inc (ASX: SZL) down 8% 
• Splitit Ltd (ASX: SPT) down 6%
• Laybuy Holdings Ltd (ASX: LBY) down 36%
• Humm Group Ltd (ASX: HUM) up 2% 

The only outlier was, of course, the Afterpay Ltd (ASX: APT) share price which soared 70% in that timeframe. 

Foolish takeaway

Despite its achievements to date, big brokers are still wary of buy now pay later shares. On 18 December, Macquarie Group Ltd (ASX: MQG) saw Zip’s recent capital raising as a small positive for the business, but maintained a target of just $5.05 for the Zip share price. This represents a 6.1% discount to the $5.38 Zip shares are currently trading at. 

More reading

• ASX 200 down 0.3%: BHP & Rio Tinto rise, big four banks drop, Zip sinks
• The top performing ASX 200 tech shares of 2020 
• Could the Zip (ASX:Z1P) share price make a comeback in 2021? 
• These are the 10 most shorted shares on the ASX
• 3 exciting ASX payment shares to buy in January

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. 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 and recommends Facebook and Visa. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Facebook, Humm Group Limited, and Sezzle Inc. 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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At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is giving back some of Monday’s strong gains. At the time of writing, the benchmark index is down 0.3% to 6,665.2 points.

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

Bank shares act as a drag.

After helping to drive the ASX 200 index higher on Monday, the big four banks are helping drag it lower on Tuesday. At lunch, all four banks are in the red and weighing heavily on the performance of the benchmark index. The worst performer in the group has been the National Australia Bank Ltd (ASX: NAB) share price. Its shares are down 1.3% at the time of writing.

Gold miners charge higher.

One area of the market that is performing particularly well today is the gold sector. Thanks to a rise of almost 3% in the spot gold price, investors have been bidding the gold miners higher. This has led to the likes of Evolution Mining Ltd (ASX: EVN) and Newcrest Mining Limited (ASX: NCM) pushing higher and driving the S&P/ASX All Ordinaries Gold index up 3% at lunch.

Mining giants rise.

BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) shares are defying the market weakness and are storming higher today. Investors have been buying their shares after the iron ore price climbed higher. According to Metal Bulletin, seaborne prices rose due to solid demand in steel markets and positive sentiment after the New Year holiday. The price of 62% fines iron ore lifted 3% to US$165.29 per tonne.

Best and worst ASX 200 performers.

The best performer on the ASX 200 on Tuesday has been Ramelius Resources Limited (ASX: RMS) share price with a 7% gain. This follows the release of a strong second quarter update. The worst performer on the index has been the Zip Co Ltd (ASX: Z1P) share price with a 4% decline. This is despite there being no news out of the buy now pay later provider. Though, it is worth noting that short interest is rising strongly.

More reading

• Why has the Zip (ASX:Z1P) share price gone nowhere in FY21?
• Why BHP, Cann, Nick Scali, & Ramelius shares are pushing higher
• Why the Ramelius (ASX:RMS) share price is storming higher today
• Why ASX energy stocks are set to be among the worst performers on the ASX today
• 5 things to watch on the ASX 200 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 ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is off its lows but still in the red. At the time of writing, the benchmark index is down 0.3% to 6,665.1 points.

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

BHP Group Ltd (ASX: BHP)

The BHP share price is up 2.5% to $44.13. Investors have been buying the mining giant’s shares on Tuesday after the iron ore price climbed higher. According to Metal Bulletin, seaborne prices climbed due to firm demand in steel and positive sentiment after the New Year holiday. The 62% fines iron ore price rose 3% to US$165.29 per tonne.

Cann Group Ltd (ASX: CAN)

The Cann share price has climbed over 3% to 62 cents. This follows the an announcement of a supply order in Europe. Cann will supply Iuvo Therapeutics with medicinal cannabis extracts until 31 December 2021. Iuvo has placed an initial 19,000 unit order for Cann product, which is expected to be shipped to Germany within the next month. Management believes this initial order represents the largest shipment of product produced in Australia for export markets.

Nick Scali Limited (ASX: NCK)

The Nick Scali share price has zoomed 7.5% higher to $10.64 after providing its guidance for the first half of FY 2021. The furniture retailer has performed very strongly during the half and expects to report a net profit of $40.5 million for the six months. This will be double what it achieved in the prior corresponding period.

Ramelius Resources Limited (ASX: RMS)

The Ramelius share price has jumped 7% to $1.90. Investors have been buying the gold miner’s shares following a rise in the spot gold price and the release of its second quarter update. In respect to the latter, Ramelius outperformed its guidance and achieved production of 72,896 ounces. This means the company has also outperformed its first half production guidance.

More reading

• Why the Nick Scali (ASX:NCK) share price just hit a new, all-time high
• Why the Ramelius (ASX:RMS) share price is storming higher today
• 5 things to watch on the ASX 200 on Tuesday
• Will the Fortescue (ASX:FMG) share price double again in 2021?
• 5 things to watch on the ASX 200 on Monday

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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