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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing, the benchmark index is up 1.5% to 7,872.1 points.

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

Aristocrat Leisure Limited (ASX: ALL)

The Aristocrat Leisure share price is up almost 12% to $45.50. Investors have been buying this gaming technology company’s shares following the release of its half year results. Aristocrat reported a 6.1% increase in revenue to $3,269.6 million and a 16.8% jump in net profit after tax to $723.3 million. This was significantly better than the market was expecting, which explains why its shares are rallying so strongly today. Another positive was that the company boosted its dividend and announced an additional $350 million share buyback.

Graincorp Ltd (ASX: GNC)

The Graincorp share price is up 2% to $8.25. This follows the release of the grain exporter’s half year results. Although the company posted a 57% decline in underlying EBITDA to $164 million for the half, this was a little ahead of expectations. The market also appears pleased that management has reaffirmed its full year underlying EBITDA guidance of $250 million to $280 million.

Incitec Pivot Ltd (ASX: IPL)

The Incitec Pivot share price is up 3% to $2.91. This has been driven by the release of the fertiliser and commercial explosives company’s half year results. Incitec Pivot delivered underlying EBIT growth of 18% compared to the prior corresponding period after adjusting for re-basing items, which relate primarily to the closure of manufacturing at Gibson Island and the sale of Waggaman. Management advised that this reflects growth in all customer-facing businesses, including record first half EBIT for the Dyno Nobel Asia Pacific business and the Fertilisers Distribution business.

Patriot Battery Metals Inc. (ASX: PMT)

The Patriot Battery Metals share price is up 9% to 87.2 cents. Investors have been buying the lithium developer’s shares following the release of a new batch of core assay results for drill holes completed this year at the CV5 spodumene pegmatite at its Corvette Lithium Project in Canada. Patriot Battery Metals’ vice president of exploration, Darren L. Smith, commented: “Another round of CV5 core assays from our infill program and it continues to deliver to expectations. Coupled with the new high grade discovery at CV13, the 2024 winter program’s results continue to demonstrate the quality and scale on show at Corvette.”

The post Why Aristocrat Leisure, Graincorp, Incitec Pivot, and Patriot Battery Metals are rising today appeared first on The Motley Fool Australia.

More reading

• Patriot Battery Metals share price rockets 11% on new lithium drilling results
• Guess which ASX 200 stock is surging 11% on an ‘outstanding’ result
• Graincorp share price lifts off as dividend is maintained and debts plunge
• 5 things to watch on the ASX 200 on Thursday
• Guess which ASX lithium stock dived 9% after parting ways with Albemarle

Motley Fool contributor James Mickleboro 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.

An under-the-radar ASX healthcare stock is rocketing today.

To be sure, Thursday is proving to be a good day for most ASX shares.

The All Ordinaries Index (ASX: XAO) is up 1.5% at the time of writing as easing inflation in the United States and rising unemployment in Australia increase the odds of central bank interest rate cuts (details here).

But this ASX healthcare stock is leaving those gains in the dust.

Shares in the company, which specialises in medical devices, closed up 3.9% yesterday at 2.7 cents. In earlier trade today, shares were swapping hands for 4.4 cents apiece, up an eye-watering 63.0%.

After some likely profit-taking, shares are currently trading for 3.2 cents apiece, up 18.5%.

Any guesses?

If you said Atomo Diagnostics Ltd (ASX: AT1), go to the head of the virtual class.

Here’s why the Atomo Diagnostics share price is rocketing today.

ASX healthcare stock lifts off on Federal budget news

The Atomo Diagnostics share price is soaring after the company lauded the new Federal budget’s commitment to fund the expansion of HIV self-testing.

That’s important for shareholders, as the ASX health care stock supplies the only HIV self-test that’s included on the Australian Register of Therapeutic Goods (ARTG).

Management noted the key role the company has played in implementing the pilot programs, which will now be scaled up nationally with government funding support.

Atomo shares are surging, and the company says it anticipates that “a significant portion of the funding committed to these expanded HIV self-test programs” will be used to buy its HIV tests.

The ASX healthcare stock highlighted that under the new Federal budget:

• People with or at risk of HIV will receive unprecedented support ($43.9 million) through better prevention, testing, workforce training and information, with the government committed to eliminating HIV transmission by 2030.
• More people in at-risk groups will get free HIV self-test kits through the expanded national HIV self-test mail-out program.
• And people around Australia will get wider access to HIV testing by extending the South Australia-based HIV testing vending machine pilot to every state and territory.

What did management say?

Commenting on the new funding that’s sending the ASX healthcare stock soaring today, Atomo CEO John Kelly said:

We are delighted to see the government recognise the critical need to ensure HIV self-test availability across the community and fund the rapid expansion of the national HIV self-test mail-out program and the HIV self-test vending machine pilots.

Both have proven extremely successful in increasing testing rates among groups not currently testing via healthcare facility-based services.

With today’s intraday moves factored in, the ASX healthcare stock is up 60% year to date.

The post Guess which ASX healthcare stock just exploded 63% on Federal budget funding news! appeared first on The Motley Fool Australia.

More reading

• What’s the outlook for ASX iron ore shares after the federal budget?
• Why Goldman Sachs just upgraded Coles shares
• Why Aristocrat Leisure, Graincorp, Incitec Pivot, and Patriot Battery Metals are rising today
• What this top broker is saying about IAG shares
• Why IDP Education, JB Hi-Fi, PYC, and Renascor shares are falling today

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.

Insurance Australia Group Ltd (ASX: IAG) shares are up 2.77% to $6.50 apiece on Thursday.

The ASX insurance stock is trading just a few cents off its four-year high of $6.54 set on 10 April.

There is no official news from Australia’s biggest general insurer today.

IAG shares are likely riding higher because the whole market is up. In earlier trading, the S&P/ASX 200 Index (ASX: XJO) leapt to an intraday high of 7,891.5 points, up 1.78%.

The ASX 200 is rising following a strong night on Wall Street with the S&P 500 hitting a new closing high.

This was on the back of encouraging new US inflation data which has renewed hopes of an earlier interest rate cut from the US Federal Reserve.

IAG shares better than Suncorp

As reported in The Australian today, Citi analyst Nigel Pittaway prefers IAG shares to fellow insurance stock Suncorp Group Ltd (ASX: SUN), but only just.

In a note to investors, Pittaway said:

The winner in our head-to-head analysis is IAG, although the winning margin is slight.

The broker explained that both ASX insurance stocks had positive short-term prospects, including strong top-line growth and the likelihood of expanding margins.

He said:

In our view, both have strong earnings momentum and we expect the market to continue to buy this for now, even as valuation concerns become more paramount.

Pittaway noted that Suncorp had the best premium growth in Australia, the best capital return, and likely the better dividend potential of the two.

He commented that IAG had an opportunity to cut costs, and currently offered relatively better market value than Suncorp shares.

Citi has a 12-month share price target of $6.75 on IAG, implying a potential 3.7% upside.

The consensus among 14 analysts on CommSec is that IAG shares are a moderate buy. Four say the stock is a strong buy, nine say it’s a hold, and one says IAG shares are a moderate sell at today’s share price.

Goldman Sachs has a neutral rating on IAG with a 12-month share price target of $6.30. This implies a potential 3.2% downside on the ASX insurance stock.

What’s next for IAG?

My colleague Tristan recently discussed the earnings outlook for IAG through to 2026 based on a new note out of broker UBS.

As for dividends, the consensus forecast on CommSec is for IAG to pay 26 cents per share in 2024, 30 cents in 2025, and 32 cents in 2026.

That means dividend yields of 3.99%, 4.6% and 5.7%, respectively, plus some franking.

In 2023, the annual dividend had 30% franking, and this year’s interim dividend had 40% franking.

The post What this top broker is saying about IAG shares appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX 200 shares today
• Here is the earnings forecast out to 2026 for IAG shares

The S&P/ASX 200 Index (ASX: XJO) is having a day to remember on Thursday. In afternoon trade, the benchmark index is up a sizeable 1.55% to 7,873.9 points.

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

IDP Education Ltd (ASX: IEL)

The IDP Education share price is down 2% to $16.66. This appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has retained its hold rating on the language testing and student placement company’s shares with a reduced price target of $20.00. Morgans is concerned about how restrictive policies could impact the company’s key markets and lead to lower than expected demand for its services.

JB Hi-Fi Ltd (ASX: JBH)

The JB Hi-Fi share price is down over 1% to $57.38. This morning, analysts at Goldman Sachs downgraded the retail giant’s shares to a sell rating with a new $50.00 price target (from $56.50). This implies potential downside of approximately 13% from where its shares trade today. Goldman notes that the company is facing “stronger competition on JBH AU from several fronts including expanding range at Amazon, recovery of execution from HVN, and intensifying competition from Officeworks.”

PYC Therapeutics Ltd (ASX: PYC)

The PYC Therapeutics share price is down almost 5% to 10 cents. This follows the release of a trial update from the clinical-stage biotechnology company. PYC is developing a pipeline of first-in-class precision medicines for patients who have genetic diseases and have no treatment options available. Today’s update revealed that the company has completed dosing in patient cohort 4 of the ongoing Single Ascending Dose (SAD) study. This is for its trial of patients with a blinding eye disease called Retinitis Pigmentosa type 11 (RP11). Judging by the share price reaction, investors appear to have seen something in the update that didn’t meet their expectations.

Renascor Resources Ltd (ASX: RNU)

The Renascor Resources share price is down 11.5% to 11.5 cents. This may have been driven by profit taking from some investors after the battery materials company’s shares surged on Wednesday. Investors were buying the company’s shares in response to the Federal Budget. They appear to believe that the company’s proposed vertically integrated Battery Anode Material Manufacturing Project in South Australia could benefit from the Budget. The Government is investing $8.8 billion over the decade to strengthen critical minerals supply chains. This Budget establishes a production tax incentive for processing and refining critical minerals at an estimated cost of $7 billion over the decade.

The post Why IDP Education, JB Hi-Fi, PYC, and Renascor shares are falling today appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX 200 shares today
• Which ASX shares could be set to benefit from the federal budget?
• 3 ASX All Ords shares going gangbusters on Wednesday
• Why BHP, Boss Energy, Domino’s, and Renascor shares are racing higher

Motley Fool contributor James Mickleboro 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 Goldman Sachs Group and Idp Education. The Motley Fool Australia has recommended Idp Education and Jb Hi-Fi. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

It’s fair to say that it’s not peak dividend season on the ASX boards right now. With most ASX All Ords shares announcing their latest earnings over February and March, and with the dividends from those announcements hitting investors’ bank accounts over March and April, the back half of this month of May looks relatively dry when it comes to passive income paycheques.

But that doesn’t mean no ASX All Ords shares are scheduled to dole out their latest dividends. In fact, next week will see four All Ords shares trade ex-dividend for their latest shareholder payments.

Remember, when a dividend share trades ex-dividend, it rules a line in the sand regarding who gets to receive the dividend payment in question.

Put simply, any investor who is on the record as owning a company’s shares as of the market close the day before that company trades ex-dividend is eligible to receive the latest dividend payment. But anyone who buys shares on or after the ex-dividend date misses out.

So if you want to bag any of the dividends from the four ASX All Ords shares we’re about to discuss, you know what you have to do.

4 ASX All Ords shares set to trade ex-dividend next week

WAM Leaders and Amcor

First up is the listed investment company (LIC) WAM Leaders Ltd (ASX: WLE). WAM Leaders is set to pay out an interim dividend of 4.6 cents per share, fully franked, on 31 May at the end of this month.

But the company’s ex-dividend date has been set for Monday, 20 May. That means that anyone wishing to bag this dividend will need to own WAM Leaders shares as of Friday’s market close.

This LIC currently sports a dividend yield of 6.52%.

Let’s discuss All Ords share and packaging giant Amcor plc (ASX: AMC) now. Amcor is a dual-listed company that pays quarterly dividends rather than the usual biannual schedule. Its latest payment, covering the three months to 31 March 2024, is set to be distributed on 11 June next month. It will be worth 19.3 cents per share but will come unfranked.

Amcor is currently trading on a dividend yield of 4.91%.

Orica and Whitefield

Next up, we have All Ords chemical and explosives manufacturing share Orica Ltd (ASX: ORI). Orica shares will deliver an interim, unfranked dividend of 19 cents per share on 3 July. But the company is set to go ‘ex-div’ for this latest payment on Thursday, 23 May next week. That means Wednesday is the last day you can buy Orica shares with the rights to this dividend attached.

Orica is trading on a dividend yield of 1.63% at present.

Last but not least, let’s dive into another All Ords share and LIC in Whitefield Industrials Ltd (ASX: WHF). Whitefield is the ASX’s oldest LIC, and has a very long history of paying out chunky dividends. The company’s next interim dividend will come in at 10.2 cents per share, with full franking credits attached.

However, investors must buy Whitefield shares by next Thursday, 23 May, to receive this payment. The LIC is set to trade ex-dividend next Friday, 24 May. The dividend payday will then roll around for eligible investors on 13 June next month.

At current pricing, Whitefield can boast of a 3.93% dividend yield.

The post 4 ASX All Ords shares with ex-dividend dates next week appeared first on The Motley Fool Australia.

More reading

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• Why 4DMedical, Orica, PSC Insurance, and REA shares are rising today
• Guess which 3 ASX 200 stocks just earned major broker upgrades!
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Sebastian Bowen 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 positions in and has recommended Amcor Plc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Betashares Nasdaq 100 ETF (ASX: NDQ) is one of the leading ASX exchange-traded funds (ETFs) to own, in my opinion.

It’s invested in 100 of the largest businesses on the Nasdaq, a stock exchange in the US where many of the largest American tech businesses are listed.

Let’s look at some very good reasons to like this fund.

Very strong businesses

When we look at the top holdings within the NDQ ETF, it owns many of the world’s best and strongest businesses for what they do. I’m talking about names like Microsoft, Apple, Nvidia, Alphabet, Amazon.com, Broadcom, Meta Platforms, Costco, Tesla and Netflix.

Collectively, these companies have a strong position in their respective markets, and they continue to reinvest in their businesses. This can unlock the next device, service, or expansion into a new country and create stronger shareholder returns.

The businesses generally have strong returns on equity (ROE) and great balance sheets, so they’re in a really good position to continue their success.  

Underlying global diversification

The businesses are all listed in the US, which may initially seem quite undiversified geographically. However, I think the most important thing is that the portfolio generates profit from across the world; it’s not necessarily about where they are listed.

I think the NDQ ETF offers good underlying diversification.

Apple’s iPhones are used in almost every country in the world. Microsoft software is used by computers around the world. Google and Facebook are internet powerhouses used by billions of people. Netflix is gaining global subscribers. And so on.

The size of these businesses’ underlying profits is very impressive, and the diversification of the earnings is stronger than it seems from the outside.

Excellent long-term returns for the NDQ ETF

Making returns is what it’s all about. The NDQ ETF has been one of the best-performing ASX ETFs over the last few years. Since inception in May 2015, the Betashares Nasdaq 100 ETF has generated an average return per annum of 19.2%.

Of course, past performance is not a guarantee of future performance. Volatility occurs sometimes, and one or two of these businesses could suffer if their growth goes off track.

But, the NDQ ETF is invested in 100 leading businesses which, as a group, could keep doing well for a long time if they keep re-investing in their operations as much as they have done historically.

I’m not expecting the next decade to be as good as the last decade, but I believe the NDQ ETF can outperform the S&P/ASX 200 Index (ASX: XJO) because of its focus on global profit growth, good margins, and profit re-investment.

The post 3 reasons the Betashares Nasdaq 100 ETF (NDQ) is a great ASX ETF pick appeared first on The Motley Fool Australia.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. John Mackey, former CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to Meta Platforms CEO Mark Zuckerberg, is a member of The Motley Fool’s board of directors. 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 Alphabet, Amazon, Apple, BetaShares Nasdaq 100 ETF, Costco Wholesale, Meta Platforms, Microsoft, Netflix, Nvidia, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2026 $395 calls on Microsoft and short January 2026 $405 calls on Microsoft. The Motley Fool Australia has positions in and has recommended BetaShares Nasdaq 100 ETF. The Motley Fool Australia has recommended Alphabet, Amazon, Apple, Meta Platforms, Microsoft, Netflix, and Nvidia. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The Errawarra Resources Ltd (ASX: ERW) share price is on fire again on Thursday and rocketing higher.

At the time of writing, the ASX lithium stock is up an impressive 32% to 18.5 cents.

This latest gain means that the company’s shares are now up 200% since this time last week.

Why is this ASX lithium stock on fire?

Investors have been fighting to get hold of the company’s shares since the release of very promising exploration results from the Andover West project in the West Pilbara region.

This project comprises over 100km2 of prospective ground located approximately 40km east-southeast of Karratha and south of the Azure Minerals Ltd (ASX: AZS) owned Andover LCT Pegmatite project, which was recently acquired by Sociedad Química y Minera de Chile (NYSE: SQM) and Hancock Prospecting.

The release reveals that the ASX lithium stock has identified a large (~ 1.6km x 1km) stacked pegmatite swarm at Andover West. It also notes that there was highly anomalous Li Soil trend (peak 325ppm Li2O).

These anomalous lithium soil trends are along strike and 1.7km from the Raiden Resources Ltd (ASX: RDN) lithium pegmatite discovery that reported 3.8% Li2O rock chip.

Management also notes the fertility of pegmatite swarm, highlighted by extensive background Li soil anomalism (>100ppm Li2O).

An Andover Heritage Clearance Survey is now scheduled to be undertaken this month with planning for a drill program also underway. Field teams have been mobilised to the Pinderi Hills JV with sampling underway.

Management commentary

The ASX lithium stock’s executive chairman, Thomas Reddicliffe, appeared to be delighted with the exploration update. He commented:

We are excited not only by the recognition of this large pegmatite swarm which lies adjacent to Azure minerals Andover project but also because we can now focus in on the lithium fertile zones within these broad pegmatite packages.

Reddicliffe believes this update may have only “hit the tip of the iceberg” and is looking forward to digging deeper into the Andover West project in the coming months. He adds:

We believe that we may have only hit the tip of the iceberg with these lithium fertile zones within the pegmatite packages and with their shallow dips we have the opportunity to explore for higher grades down dip. Being along strike and in proximity to the Raiden lithium pegmatites we are optimistic of our chances and keen to do some exploratory drilling.

Errawarra Resources shares are now up over 350% on a monthly basis.

The post  ‘Tip of the iceberg’: Why this ASX lithium stock has exploded 200% in a week appeared first on The Motley Fool Australia.

More reading

• 4 ASX All Ords shares with ex-dividend dates next week
• 3 reasons the Betashares Nasdaq 100 ETF (NDQ) is a great ASX ETF pick
• How the latest Aussie jobs figures just lit the ASX 200 on fire
• Patriot Battery Metals share price rockets 11% on new lithium drilling results
• Guess which ASX 200 stock is surging 11% on an ‘outstanding’ result

Motley Fool contributor James Mickleboro 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 S&P/ASX 200 Index (ASX: XJO) is smoking hot today.

The benchmark index was already up a very impressive 1.5% at 11.30am AEST.

That strong run was driven by some encouraging inflation data out of the United States.

With inflation ticking lower in the world’s top economy, investors are increasingly optimistic about the prospects of one or more 2024 interest rate cuts from the US Federal Reserve.

Investors reacted by sending the S&P 500 (INDEXSP: .INX) up 1.2% to close at a new all-time high.

And with the ASX 200 surging another 0.3% between 11.30am and noon, putting it up 1.8% in intraday trading, the Aussie benchmark is within spitting distance of resetting its own all-time closing high.

That record was set on 28 March when the index closed at 7,896.9 points. At time of writing, the ASX 200 stands at 7,890.5 points.

Here’s why investors are bullish on the latest Aussie jobs data.

ASX 200 leaps on unemployment figures

The Australian Bureau of Statistics (ABS) released the latest jobs data for the month of April at 11.30am.

April saw the nation’s seasonally adjusted unemployment rate hit 4.1%, up from 3.9% in March.

“With employment rising by around 38,000 people and the number of unemployed growing by 30,000 people, the unemployment rate rose to 4.1%, and the participation rate increased to 66.7%,” Bjorn Jarvis, ABS head of labour statistics said.

While that’s not good news for job seekers, it indicates a slowing economy. And the jobs data looks to have sent the ASX 200 even higher today as it also ups the odds of interest rate cuts from the RBA in 2024.

However, Jarvis noted that the Aussie labour market still remained tight by historic standards.

According to Jarvis:

The employment-to-population ratio remained steady at 64.0% in April, indicating that recent employment growth is broadly keeping pace with population growth. This suggests that the labour market remains tight, though less tight than late 2022 and early 2023.

Sell in May and go away?

Sell in May and go away?

I don’t think so!

With today’s smoking hot intraday gains, the ASX 200 is almost certain to close well into the green today. That will see the benchmark index closing up for nine out of the last 11 trading sessions!

And at the time of writing, the ASX 200 is up 4.1% since the closing bell rang on 1 May.

Indeed, loyal readers (I know you’re out there!) may recall the piece I penned this Tuesday.

In the article, I highlighted both the overnight US inflation print and today’s Aussie jobs data as potentially setting the ASX 200 up for a “huge day” today.

I don’t generally toot my own horn.

So please forgive the following.

Toot!

The post How the latest Aussie jobs figures just lit the ASX 200 on fire appeared first on The Motley Fool Australia.

More reading

• 4 ASX All Ords shares with ex-dividend dates next week
• 3 reasons the Betashares Nasdaq 100 ETF (NDQ) is a great ASX ETF pick
•  ‘Tip of the iceberg’: Why this ASX lithium stock has exploded 200% in a week
• Patriot Battery Metals share price rockets 11% on new lithium drilling results
• Guess which ASX 200 stock is surging 11% on an ‘outstanding’ result

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 Patriot Battery Metals Inc. CDI (ASX: PMT) share price soared 11.25% higher on Thursday after the company released new lithium drilling results.

The ASX lithium stock rose to an intraday high of 89 cents before settling back to 87 cents, up 8.7%, at the time of writing.

Today’s rise means Patriot Battery Metals has more than recovered its share price losses from yesterday.

The miner’s shares fell 5.39% on Wednesday following news that a nine-month memorandum of understanding (MOU) with Albemarle Corp (NYSE: ALB) had concluded and would not be extended.

Let’s take a look at those drilling results.

Patriot Battery Metals share price rises on drilling results

Patriot Battery Metals has released a new batch of core assay results for drill holes completed this year at the CV5 spodumene pegmatite at its Corvette Lithium Project in Quebec.

The results show “continued strong lithium mineralization over wide intervals” from infill drilling.

Here are some details:

• 122.5 m at 1.42% Li2O, including 35.8 m at 2.15% Li2O (CV24-405)
• 71.4 m at 1.57% Li2O, including 14.2 m at 3.15% Li2O (CV24-435)
• 68.7 m at 1.56% Li2O and 22.5 m at 1.04% Li2O (CV24-414)
• 74.9 m at 1.28% Li2O, including 28.1 m at 2.28% Li2O (CV24-423A)
• 53.0 m at 1.22% Li2O, including 25.0 m at 1.65% Li2O (CV24-450).

The CV5 spodumene pegmatite has a maiden mineral resource estimate (MRE) of 109.2 Mt at 1.42% Li2O inferred. Patriot Battery Metals is hoping for results that will support an upgrade from an inferred to an indicated MRE. The company is now awaiting results from 67 more drill holes in the C5 zone.

The company is also waiting for results from 44 drill holes in the newly discovered high-grade C13 zone. Patriot is targeting a maiden C13 resource estimate in the third quarter of this year.

What did management say?

Darren L. Smith, Vice President of Exploration, commented:

Another round of CV5 core assays from our infill program and it continues to deliver to expectations.

Coupled with the new highgrade discovery at CV13, the 2024 winter program’s results continue to demonstrate the quality and scale on show at Corvette.

What’s next for the Corvette Lithium Project?

As we covered yesterday, Patriot Battery Metals and Albemarle had been assessing partnership opportunities to study the viability of a downstream lithium hydroxide plant in Canada or the United States for the Corvette Project.

Albermarle is Patriot’s biggest shareholder with a 6.4% stake.

With the MoU concluded, Patriot now intends to talk to other downstream companies in the lithium supply chain.

Management said interest from other potential partners had risen as the scale and quality of the Corvette Project had become increasingly clear.

Patriot Battery Metals president and CEO Ken Brinsden said they were “excited by the intense market interest in the Corvette project”.

Brinsden said:

As we move forward, Patriot is eager to expand its operations and explore new partnerships that support the growing demand for lithium raw materials and chemicals in North America and Europe.

We also look forward to continuing our productive relationship with Albemarle in a flexible, non-exclusive format.

The post Patriot Battery Metals share price rockets 11% on new lithium drilling results appeared first on The Motley Fool Australia.

More reading

• Guess which ASX lithium stock dived 9% after parting ways with Albemarle
• Why AGL, HMC Capital, Megaport, and Patriot Battery Metals shares are racing higher

Motley Fool contributor Bronwyn Allen 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 S&P 500’s record high overnight appears to be rubbing off on the Australian share market today. However, one ASX 200 stock is stealing the show after delivering its FY2024 half-year results.

Shares in slot machine maker Aristocrat Leisure Limited (ASX: ALL) are up 11.2% to $45.31 at the time of writing. The next closest best-performer among the top 200 is a lesser 5.8% higher.

Let’s peer into the figures flinging this ASX giant higher.

What did this surging ASX 200 stock report?

Short on time? Here’s the no-fluff takeaways from Aristocrat’s results:

• Revenue up 6.1% (4% on constant currency) to $3,269.6 million
• Earnings before interest, taxes, depreciation, and amortisation (EBITDA) up 17.6% to $1,195.7 million
• Net profit after tax (NPAT) up 16.8% to $723.3 million
• Interim fully franked dividend of 36 cents per share, up 20% from the prior corresponding period
• An additional $350 million in on-market share buybacks

Aristocrat Leisure’s strong half-year performance coincides with the company retaining market-leading position in gaming cabinets (i.e. slot machines) across the United States and the Australia and New Zealand region.

However, the Aristocrat Gaming segment saw a 9% decline in outright sales in the half. Meanwhile, the ‘rest of world’ market performed solidly, with revenue increasing 7% and profit jumping 29%. Management attributed this growth mainly to Asia as replacement unit sales recovered.

Who’s at the helm of this ASX 200 stock? That would be CEO Trevor Croker, who described today’s result by saying:

This was once again an outstanding result, reflecting Aristocrat’s resilience and ability to grow share and drive profitability through different operating environments.

Perhaps one of the weaker areas was the Pixel United segment, which encompasses mobile-first games RAID: Shadow Legends and Mech Arena. Bookings slipped 1% to US$877 million, while the broader mobile games market grew 4%.

Lastly, revenue in the Aristocrat Interactive segment soared 49% compared to the prior corresponding period. The iGaming and iLottery division benefitted from greater revenue from customer experience solutions (CXS).

What else?

It all sounds relatively good, but is it a ‘10% boost in share price good’?

The cherry on top bringing all the investors to the yard is arguably the $350 million share buyback increase.

Aristocrat Leisure launched a buyback program in May 2022 for up to $500 million. A year later, the company raised the buyback bar by another $500 million. Fast-forward to today, and shareholders are being graced with another $350 million.

In addition, the company will conduct a strategic review of its casual and mid-core gaming assets, including Big Fish Games (excluding the Big Fish Social Casino assets) and Plarium Global. There’s no verdict yet, but any sale could mean more cash for investors in this ASX 200 stock.

The Aristocrat Leisure share price is now up 14% in the last year amid its May green streak.

The post Guess which ASX 200 stock is surging 11% on an ‘outstanding’ result 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.