Magellan Financial Group Ltd (ASX: MFG) shares have surged by 7% on Thursday and are currently swapping hands at $9.12 per share at the time of writing.

The spike follows an update on the company’s funds under management (FUM) for June.

Magellan shares have been in an uptrend in the last month. They lifted off their monthly lows of $8.13 on 17 June and have advanced more than 12% since then.

This rally is accompanied by a trailing dividend yield of over 8%, based on the company’s trailing dividend of 59 cents per share. Let’s take a closer look.

Magellan shares higher on FUM update

The primary driver behind the rise in Magellan shares today is its FUM and performance fee update for June 2024. Money flows are integral to the performance of Magellan shares.

In it, the company advised that new flows of money into and out of its funds were flat on the prior month.

Magellan said that retail investors pulled a net $0.2 billion out of the fund in June. Money managed for retail clients hit $17.1 million for the month.

But institutional flows – those investments and redemptions made from institutional investors, which are entities such as Super funds, mutual funds, hedge funds, and other large-scale asset managers – were a net positive $0.2 billion.

As a result, institutional funds under Magellan’s management came to $19.6 billion at the end of the month.

Aside from that, the fund will “pay distributions (net of reinvestment) of approximately $0.2 billion in
July”. This could be another catalyst behind the movement in Magellan shares today.

Magellan also said it was entitled to estimated performance fees of approximately $19 million for FY24.

The firm’s June FUM flows see it now managing $36.7 billion of client money, slightly up from $36.3 billion in April.

Additionally, the trend in Magellan’s FUM has been turning more positive in 2024. This has been positive for its shares lately.

In its May FUM update, Magellan experienced net outflows of $0.1 billion, consisting of $0.2 billion in net retail outflows and $0.1 billion in net institutional inflows.

April flows, on the other hand, were positive, rising by 2.5%.

Director transactions and analyst views

A significant point of interest is that insiders have been buying and selling Magellan shares recently. Deputy chair and non-executive director Hamish McLennan recently sold nearly $545,000 of his shares in recent filings, over 60% of his interest in the listed investment company.

The sale was tendered at an average price of $8.515 per share. A month prior, director Cathy Kovacs purchased $100,000 of Magellan shares.

Analysts also have mixed views on Magellan shares. According to my colleague Bronwyn, UBS remains bullish on Magellan with a buy rating and a target of $10.25.

But Macquarie has an underperform rating with a price target of $8.40, while Morgans rates the stock as a hold with a target of $9.67.

Magellan shares in focus

Magellan shares have spiked during Thursday’s session following an update on the company’s June FUM and money flows. In the last 12 months, the stock is down 6%.

The post Inflows: Magellan shares spike 7% as institutions pile in appeared first on The Motley Fool Australia.

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• Why Arafura Rare Earths, Magellan, Metro Mining, and Santos shares are racing higher
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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 1% to 7,818.3 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are falling:

Dimerix Ltd (ASX: DXB)

The Dimerix share price is down 4% to 45 cents. This is despite the release of an update from the biopharmaceutical company this morning. It advised that the independent data monitoring committee has confirmed the dose of DMX-200 to be used in adolescent patients aged 12-17 years participating in the ACTION3 clinical trial. This trial is for patients with focal segmental glomerulosclerosis (FSGS). Dimerix’s Chief Medical Officer, Dr David Fuller, said: “This is especially important as paediatric FSGS remains an area of high unmet need with limited therapeutic options and a high risk of progression to end-stage kidney disease.”

New Hope Corporation Ltd (ASX: NHC)

The New Hope share price is down 4% to $5.06. This follows news that the coal miner has raised $300 million via a convertible notes offering. The initial conversion price of the notes is $6.63 per share, which represents a conversion premium of 30% over the reference share price. New Hope’s CEO, Rob Bishop, commented: “The capital provided by this global investor base at favourable terms will be instrumental to our pursuit of initiatives that are consistent with our strategy to maximise shareholder returns.”

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is down 4% to $130.86. This may have been driven by profit taking after very strong gains from the health imaging technology company’s shares in the last financial year. In addition, this morning Citi retained its sell rating on the company’s shares but lifted its price target from $80.00 to $95.00. While the broker is forecasting very strong growth, it feels that Pro Medicus’ share price indicates that even stronger growth is expected by the market.

West African Resources Ltd (ASX: WAF)

The West African Resources share price is down 13% to $1.38. This morning, this gold miner announced that it has received firm commitments from institutional and sophisticated investors for a placement. It is raising $150 million through the issue of 109.5 million new shares at a discount of $1.37 per new share. Management notes that there was strong support from both domestic and offshore institutions for the placement. The proceeds will support development activities at the Kiaka Gold Project.

The post Why Dimerix, New Hope, Pro Medicus, and West African Resources shares are sinking today appeared first on The Motley Fool Australia.

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• 3 best-performing ASX 200 mining shares of FY24
• Shares vs. property: Which delivered the best growth in FY24?
• How ASX shares vs. property performed in June
• Here are the top 10 ASX 200 shares today

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Pro Medicus. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Pro Medicus. The Motley Fool Australia has recommended Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Zip Co Ltd (ASX: ZIP) shares are rocketing today, up 9.8% to a new 52-week high of $1.68 in lunchtime trading.

This continues an uptrend over the past month that has seen Zip shares rally more than 55% off lows of $1.07 apiece on 4 June. In contrast, the broader S&P/ASX 200 Index (ASX: XJO) has lifted 1.1% higher in the past month.

Here’s a closer look at what’s behind the rally in Zip shares.

Why are Zip shares soaring?

Investors appear to be bullish on Zip’s turnaround story under its new management. The buy now, pay later (BNPL) company has shifted from an aggressive growth strategy to a more sustainable, profitable model.

That is the opinion of Tyndall Asset Management portfolio manager James Nguyen, who recently spoke to the Australian Financial Review.

As Nguyen explained:

While the macro environment is now more supportive, it is the company-specific turnaround under new management that sets Zip apart from its BNPL counterparts.

Growth for growth’s sake has been abandoned, as has its international domination aspirations, and in place is a sustainable, profitable growth strategy.

The money manager expects Zip to produce nearly $100 million in earnings before interest, taxes, depreciation, and amortisation (EBITDA) within 18 months due to the transformation.

As a result, the company’s enterprise value-to-EBITDA ratio is “not too dissimilar to the broader market”, Nguyen says, despite Zip having “one of the highest available growth rates”.

Zip shares received an additional boost following the news that Apple Inc. (NASDAQ: AAPL) will discontinue its Apple Pay Later service in the United States.

This move reduces competition in the lucrative US market, potentially benefiting Zip’s market share. As my colleague James noted, Apple’s integration of third-party services into its upcoming iOS 18 software could also present an opportunity for Zip, depending on whether it becomes one of the integrated providers.

What’s the outlook for Zip shares?

Zip’s financial performance could further propel its share price. In Q1 FY 2024, the company reported a 15% year-on-year increase in transaction volume to $2.2 billion.

This came as Zip’s business grew to 7.4 million active customers during the quarter, an increase of 17% on the prior corresponding period.

Analysts remain optimistic about Zip’s prospects. UBS and Ord Minnett each rate Zip shares as a buy. But their price targets are $1.55 on the stock. Today’s price action brings us past this mark.

Will they increase their targets further? Who knows. We shall wait and see.

Foolish takeaway

Zip shares have surged to new 52-week highs today, driven by several recent developments. In the last 12 months, shares in the BNPL player have rallied more than 270%.

The post Zip shares surge 10%, bringing gains to 55% in a month appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Zip Co. 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 Scott Phillips.

A little-known ASX mining stock is setting the bar high these past two days.

Very high.

At market close on Tuesday shares in Waratah Minerals Ltd (ASX: WTM) – previously known as Battery Minerals Limited – closed trading for 12.5 cents apiece. Which would have been an excellent time to buy them!

Yesterday shares in the ASX mining stock rocketed an eye-popping 96%, closing the day at 24.5 cents.

But the rally looks to have some legs.

At the time of writing on Thursday, the Waratah Minerals share price is up another 16.3% in intraday trading at 28.5 cents.

That sees the ASX mining stock up 128% in just two days.

To put that in some perspective, the S&P/ASX 300 Metals & Mining Index (ASX: XMM) is up 3.4% over this same time.

Here’s what’s been spurring investor interest.

What’s boosting the ASX mining stock?

ASX investors are sending the Waratah Minerals share price through the roof after the miner yesterday reported on promising drill results from its on-going exploration program at the Spur gold-copper project, Lachlan Fold Belt, located in New South Wales.

The latest batch of results stem from six reverse circulation (RC) drill holes.

The ASX mining stock is drawing attention after noting that the drilling has identified an open zone of shallow high-grade mineralisation.

Highlights of the results include:

• 89 metres at 1.73 grams of gold per tonne and 0.08% copper from 115 metres
• Including 57m at 2.50g/t Au, 0.11% Cu from 115m

The company said these results confirm the potential for significant shallow gold resources with grades increasing with depth.

Waratah’s Spur Project is located five kilometres west from the Cadia Valley Project, owned by global gold mining giant Newmont Corp (ASX: NEM). Cadia is reported to hold more than 50 million ounces of gold and 9.5 million tonnes of copper.

And for our geologically minded readers, Waratah notes that Spur is hosted in “equivalent Late Ordovician aged geology of the Molong Belt within the wider Macquarie Arc”.

Commenting on the results sending the ASX mining stock rocketing, Waratah managing director Peter Duerden said:

Spur continues to deliver exceptional drilling results, the results from hole 7 are pivotal, demonstrating a dramatic increase in grades downdip and an association with copper as predicted by our epithermal-porphyry exploration model.

The miner said that additional exploratory drill holes are planned to immediately follow up on these results and further expand its RC drilling program.

The post Why has this ASX mining stock exploded 128% in 2 days? appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

Lendlease Group (ASX: LLC) shares are running in the opposite direction to the rest of the market today.

Shares in the embattled real estate investment group are down 1.8% to $5.59 in morning trade. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is ratcheting up 1.1% after Wall Street enjoyed another record high last night.

Only 27 of the top 200 companies included in the benchmark index are in the red today, and Lendlease is one of them. The nonconforming move follows an update from the Australian Competition and Consumer Commission (ACCC) this morning, throwing a cat among the pigeons at Lendlease.

Competition concerns

On 18 December 2023, Lendlease struck a deal with Stockland Corporation Ltd (ASX: SGP) and Thailand property company Supalai to sell 12 Australian masterplanned community projects for $1.3 billion.

The asset sale is subject to regulatory approvals, which might be a sticking point.

Today, the ACCC — Australia’s corporate watchdog — has raised preliminary concerns about the proposed sale. Specifically, the regulator is wary of a lack of competition in masterplanned community projects on a Lendlease exit.

ACCC commissioner Liza Carver detailed the competitive dynamics at play, stating:

We are concerned that the proposed acquisition would remove one of Stockland’s closest and largest competitors in the supply of residential masterplanned community housing lots in four regions — the Illawarra, North West Perth, Ipswich, and Moreton Bay.

The ACCC is concerned that the proposed acquisition may increase Stockland’s incentive to raise the price, delay the supply, or reduce the quality of housing lots in these regions, to the detriment of prospective homeowners.

Furthermore, Carver explained that the regulator was concerned that other developers may not compete sufficiently with Stockland following Lendlease’s sale.

Such concerns are possibly magnified by Australia’s ongoing housing crisis. The 2024-2025 Federal Government Budget highlights Australia’s below-OECD average housing supply of 420 per 1,000 people, as shown above.

The ACCC has yet to decide whether to allow, block, or amend the deal.

Are Lendlease shares walking a tightrope?

A snapshot of the Lendlease balance sheet on 31 December 2023 shows a business sitting in $3.74 billion of net debt.

The real estate group posted $331 million in negative cash from operations for the 2023 calendar year. If Lendlease is in a large amount of debt and not producing cash from its operations, how will it cover its interest payments?

Part of the push to liquidate some of the group’s assets might be due to the questionable financial position. So, if Lendlease was betting on a $1.3 billion payday, a hold-up by the ACCC might pose a financial threat to the company.

Fortunately for Lendlease shares, the group has other asset sales on the go. After a 49% fall in the share price over three years, the last thing a Lendlease investor would want is to raise capital now.

The post Lendlease shares crack as watchdog growls at $1.3 billion payday appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

Buying Australian Foundation Investment Co Ltd (ASX: AFI) (AFIC) shares comes with a lot of different underlying investments.

Although an individual company, a listed investment company (LIC) invests in other shares for shareholders. Some LICs invest in areas like Asian shares, global shares, or ASX shares.

AFIC is one of the largest and oldest LICs in Australia and primarily invests in ASX shares. It aims to provide shareholders with “attractive investment returns through access to a growing stream of fully franked dividends and enhancement of capital invested over the medium to long term.”

Which ASX shares is AFIC invested in?

The LIC has dozens of holdings, but AFIC tells the market its top 25 holdings every month, which amount to around 80% of the portfolio’s overall value.

Before getting to the individual names, let’s consider the sector allocations. At 30 June 2024, the business had the following weightings: banks (20.8%), materials (14.3%), healthcare (13.2%), industrials (10.8%), other financials (9.2%), consumer discretionary (7.9%), communication services (6.5%), real estate (5%), consumer staples (4.1%), energy (3.8%), IT (2.7%), and cash (1.7%).

The AFIC portfolio has a much smaller allocation to banks and miners than its benchmark, the S&P/ASX 200 Accumulation Index (ASX: XJOA), which has a weighting of around 50% to those two sectors.

I’ll now list each position in the portfolio with a weighting of at least 2%:

• Commonwealth Bank of Australia (ASX: CBA) – 10.1%
• BHP Group Ltd (ASX: BHP) – 8.1%
• CSL Ltd (ASX: CSL) – 7.8%
• Macquarie Group Ltd (ASX: MQG) – 4.7%
• National Australia Bank Ltd (ASX: NAB) – 4.6%
• Wesfarmers Ltd (ASX: WES) – 4.6%
• Westpac Banking Corp (ASX: WBC) – 4.1%
• Goodman Group (ASX: GMG) – 3.6%
• Transurban Group (ASX: TCL) – 3.5%
• Woodside Energy Group Ltd (ASX: WDS) – 2.4%
• ANZ Group Holdings Ltd (ASX: ANZ) – 2.4%
• Telstra Group Ltd (ASX: TLS) – 2.3%
• Woolworths Group Ltd (ASX: WOW) – 2.3%
• Rio Tinto Ltd (ASX: RIO) – 2.3%
• James Hardie Industries plc (ASX: JHX) – 2.2%
• CAR Group Limited (ASX: CAR) – 2.1%

Many of these stocks are some of the largest and strongest ASX blue-chip shares in Australia, so the portfolio is representative of Australia’s economy.

AFIC performance

According to AFIC, its net asset per share growth plus dividends return, including franking, over the past five years was an average of 9.3% per year, compared to 8.7% for the ASX 200 Accumulation Index, including franking.

Despite that outperformance, at the end of June 2024, the AFIC share price was trading at the biggest discount to the net tangible assets (NTA) of the past decade. That might imply there’s a bargain here.

The post Considering AFIC shares? Here’s what you’re buying appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL, Goodman Group, Macquarie Group, Transurban Group, and Wesfarmers. The Motley Fool Australia has positions in and has recommended Macquarie Group, Telstra Group, and Wesfarmers. The Motley Fool Australia has recommended CSL, Car Group, and Goodman Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Santos Ltd (ASX: STO) share price is racing higher today.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy stock closed yesterday trading for $7.68. In late morning trade on Thursday, shares are swapping hands for $8.16 apiece, up 6.2%.

For some context, the ASX 200 is up 1.08% at this same time, while shares in rival oil and gas giant Woodside Energy Group Ltd (ASX: WDS) are up 1.3%.

So, what’s sending the Santos share price soaring?

Santos share price takes off on Middle Eastern interest

ASX 200 investors are bidding up the Santos share price after Bloomberg reported that both Saudi Aramco and Abu Dhabi National Oil Co (Adnoc) are considering lobbing takeover bids.

Bloomberg noted that Middle Eastern energy companies were looking to increase their international gas exposure, citing people “with knowledge in the matter” who wished to remain anonymous.

The sources also revealed that “other potential buyers” could be interested in acquiring Santos.

As yet, there has been no comment from Santos, Adnoc or Saudi Aramco.

At the current Santos share price, the company has a market cap of just over $26 billion.

ASX 200 oil company’s near merger with Woodside

The latest takeover rumours come just six months after Woodside’s acquisition talks came to naught.

On 7 December, Santos responded to media rumours of the potential Woodside merger.

The company stated, “Santos confirms it has engaged in preliminary discussions with Woodside regarding a potential merger. Santos continuously reviews opportunities to create and deliver value for shareholders.”

Between 7 December and 7 February, the Santos share price rallied 15%, with investors expecting Santos would be the bigger beneficiary of any merger.

But on 7 February, investors learned that the deal was off.

And Santos shares fell 11% over the following two weeks.

At the time, Woodside CEO Meg O’Neill said:

We continue to be disciplined in our approach to mergers and acquisitions and capital management to create and deliver value for shareholders. While the discussions with Santos did not result in a transaction, Woodside considers that the global LNG sector provides significant potential for value creation.

Santos CEO Kevin Gallagher added, “Following an initial exchange of information, sufficient combination benefits were not identified to support a merger that would be in the best interests of Santos shareholders.”

Judging by today’s rocketing Santos share price, investors believe a potential merger with one of the Middle Eastern energy giants could well be in the best interest of shareholders.

However, should any concrete deals materialise, I’ll be keen to see what Australia’s Foreign Investment Review Board (FIRB) makes of this.

The post Santos share price smashing the benchmark amid new takeover rumours appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

The DroneShield Ltd (ASX: DRO) share price has surged to another new all-time high in early trade on Thursday. At the time of writing, the stock is around 4% higher, swapping hands at $1.98 apiece.

This marks yet another all-time high since April for the counter-drone technology company, extending its rally to a staggering 440% this year to date.

Just 12 months ago, in July 2023, investors valued the DroneShield share price at around 30 cents per share. The stock has since increased in multiples since then. Let me explain.

Why is the DroneShield share price soaring – again?

Investors continue showing strong interest in the DroneShield share price. This has been driven by a series of positive developments, including the company’s financial results.

The most recent catalyst was an announcement on 20 June. DroneShield advised it had secured a $4.7 million order from a “non-government Swiss international customer”.

DroneShield will provide multiple vehicle-based counter-drone (C-UxS) systems – it’s flagship technology – to this customer.

This will also offer protection for VIP personnel and convoys in what are known as “On-The-Move (OTM)” missions.

According to the US Army Corps, OTM missions are typically used in military operations, where communication is required whilst continuously moving. Given the nature of these missions, highly specialised equipment is needed. DroneShield’s technology was chosen in this instance.

CEO Oleg Vornik – who has made some seemingly bullish comments in recent weeks, including the prospect for growth to $500 million in annual revenues – was “excited” about the new customer.

Investors were excited too, driving the DroneShield share price to another record soon afterwards. The trend continues today.

Significant contracts and revenue growth

DroneShield’s drone detection and disablement technology has attracted global demand. For instance, in Q1 FY 2024, revenues were up 900% year over year to $16.4 million.

This extraordinary growth was fuelled by several contract wins. This includes a $5.7 million repeat order from a US Government customer and the first counter-small UAS procurement framework agreement from the NATO Support and Procurement Agency (NSPA).

DroneShield has also successfully raised capital in 2024 to support its growth. In April, it completed a share purchase plan, raising $15 million from investors. It was heavily oversubscribed.

It then completed a share placement and raised $30 million by selling around 38 million shares at 80 cents each. Already, these investors have locked in sturdy gains.

What’s next for DroneShield?

Analysts are optimistic about what’s in store for the DroneShield share price. Bell Potter rates DroneShield shares a buy, forecasting $97 million in sales and $24.4 million in earnings for FY24.

CEO Oleg Vornik is even more bullish, as mentioned. But it looks as if investors are the most optimistic. The 4-week average trading volume in DroneShield is over 12.03 million shares, equal to around 1.5% of its entire share float.

Additionally, recent price gains of other aerospace and defence stocks such as AML3D Ltd (ASX: AL3) suggests that investors are paying close attention to the broader space.

DroneShield continues to be a standout performer on the ASX. Investors are buoyed by the company’s strategic contract wins. The stock has climbed more than 730% into the green over the past 12 months.

The post DroneShield share price roars to yet another all-time high in 2024 surge appeared first on The Motley Fool Australia.

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Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended DroneShield. 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 Scott Phillips.