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The fund manager Wilson Asset Management (WAM) has recently identified some S&P/ASX 200 Index (ASX: XJO) mining shares that it owns (or owned) in one of its main portfolios.

WAM operates several listed investment companies (LICs). Two of these LICs are WAM Capital Limited (ASX: WAM) and WAM Research Limited (ASX: WAX).

There’s also one called WAM Leaders Ltd (ASX: WLE) that looks at the larger businesses on the ASX, often referred to as ASX blue-chip shares.

WAM says WAM Leaders actively invests in the highest quality Australian companies. But does WAM have a good reputation for picking stocks?

The WAM Leaders portfolio has delivered gross returns (before fees, expenses, and taxes) of 14.9% per annum since its inception in May 2016. This compares to the S&P/ASX 200 Accumulation Index average return of 8.4% over the same time period.

These are the ASX 200 mining shares that WAM outlines in its recent monthly update.

South32 Ltd (ASX: S32)

WAM described South32 as a global diversified metals and mining company, with a portfolio of assets producing aluminium, alumina, manganese ore, copper, zinc, lead, silver, nickel and metallurgical coal. Quite the list.

The fund manager noted that South32 reported a “strong earnings result”. Further, it surprised the market with a dividend above what the market was expecting. It also increased its share buyback by $220 million.

WAM is still positive on this ASX mining share because of its “future-facing portfolio optionality”. This includes the expansion of the recently-acquired SierraGorda copper mine and the Hermosa pre-feasibility study on the manganese Clark oxide deposit due later this calendar year. It was also pointed out that further investment in Illawarra Metallurgical Coal is no longer proceeding.

South32 has “transformed the portfolio since its demerger in 2015 and management continues to be proactive in reviewing and optimising their operations”.

OZ Minerals Limited (ASX: OZL)

This is the other ASX 200 mining share that WAM identified. It’s an Australian- and Brazil-based copper, gold and nickel producer.

Last month, BHP Group Ltd (ASX: BHP) lobbed a non-binding, indicative bid to buy OZ Minerals. The offer was at a 32% premium to the closing share price on 5 August 2022.

The board of OZ Minerals decided to reject the offer because of a number of reasons.

Reasons include that it has a high-quality portfolio of assets and the unique proposition that OZ Minerals is the only major primary copper miner on the ASX.

The fund manager agrees with the board that the assets have “strategic appeal” to several players that are seeking greater exposure to future-facing materials. It believe further proposals are “likely”.

The post Why a leading fund manager rates these 2 ASX 200 mining shares as buys appeared first on The Motley Fool Australia.

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More reading

• Why is the South32 share price sinking 7%?
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX 200 shares today
• Keen on bagging the latest South32 dividend? You’ll need to be quick
• Here are 3 ASX 200 shares turning ex-dividend tomorrow

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 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.

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The Auroch Minerals Ltd (ASX: AOU) share price has been a very strong performer on Thursday.

At the time of writing, the junior lithium explorer’s shares are up 29% to 7.5 cents.

Why is the Auroch Minerals share price up 29%?

The catalyst for the rise in the Auroch Minerals share price today has been the release of an update on the company’s 80%-owned Nevada Lithium Project in the United States.

According to the release, the company’s senior management conducted a site visit in late June and early July to further assess the geology of the key prospect areas, together with meeting key stakeholders.

The release reveals that while at the site, the company has established an experienced Nevada-based team. This includes geologists, land management and legal counsel. They will be tasked with driving the project forward.

What is the Nevada Lithium Project?

The Nevada Lithium Project comprises a large area that is considered highly prospective for large sedimentary-hosted lithium deposits across four prospect areas.

It is located close to the mining town of Tonopah in the mining-friendly counties of Nye and Esmeralda in the State of Nevada. The region is home to some very large sedimentary-hosted lithium deposits including the Rhyolite Ridge Project owned by Ioneer Ltd (ASX: INR) and American Lithium Corporation’s TLC Lithium Project.

An initial 1,000m reverse-circulation (RC) drill programme has been designed to selectively test stratigraphic targets within the project area. Drill-holes have been planned in areas of mapped Siebert Formation, the same geological formation which hosts the large TLC Lithium Project.

Permitting for the maiden drill programme has commenced and the approvals process is expected to be completed within four to six weeks.

Finally, local drilling contractors have been approached and the company is in the process of awarding the drilling contract.

Auroch’s managing director, Aidan Platel, commented:

We are pleased with the progress we have made at our Nevada Lithium Project (NLP). Having an experienced local team is critical to the success of the Project, and since establishing our team they have been very busy reviewing all historic data and completing detailed field mapping of our key prospect areas, as we work towards a maiden drill programme.

After reviewing this work to-date and seeing the geology first-hand, we are very excited by the potential of the NLP to host significant lithium mineralisation, especially when looking at the success of our neighbours in the region, most notably American Lithium Corporation’s large TLC Lithium deposit which is very close to our project area. As such, we are working hard to progress through the permitting process towards commencing a maiden drill programme at the NLP.

The post Guess which ASX lithium share is rocketing 27% on project news appeared first on The Motley Fool Australia.

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More reading

• Lake Resources share price continues to dive, down 24% in a week
• Here’s why Nuix shares are hitting the headlines again
• CBA share price edges higher amid acquisition rumours
• Westpac share price lifts amid latest competitive push
• Own Domino’s shares? Get ready for a delivery

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.

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The Lake Resources N.L. (ASX: LKE) share price is continuing to slide on Thursday, dumping another 3.11%.

It follows yesterday’s dire session for the S&P/ASX 200 Index (ASX: XJO) lithium stock, in which it tumbled 16.5%.

The Lake Resources share price is trading at $1.03 at the time of writing. That’s 23.73% lower than it was this time last week.

For context, the ASX 200 has lifted 0.38% over the last seven days despite yesterday’s 2.58% tumble – its worst single-session fall since June.

So, what’s been going wrong for the lithium favourite? Let’s take a look.

What’s going wrong for Lake Resources this week?

The Lake Resources share price is in the red once more today despite the company’s silence.

It follows the stock’s disastrous Wednesday tumble, seemingly spurred by news of conflict between the company and its Kachi Project partner Lilac Solutions amid the market’s sell-off.

The pair have an agreement that could see Lilac earning a 25% stake in the project. However, they have reached a disagreement over the exact terms of the deal.

To receive its share, Lilac must complete at least 1,000 hours of operations of the project’s Lilac Pilot Unit and produce a minimum of 2,500 kilograms of lithium carbonate equivalent from onsite operations.

But the pair are at odds over when such milestones must be reached for Lilac to receive its promised stake.

Lake Resources believes the boxes must be ticked by the end of this month, while Lilac is under the impression it has until the end of November.

If the achievements are not completed by the required date, Lake Resources could choose to exercise certain buy back rights.

The company also announced the appointment of its next CEO and managing director slightly over a week ago.

David Dickson’s employment contract states he will take on the top job at the company today.

Lake Resources share price snapshot

Its recent tumble sees the Lake Resources share price in the longer-term red.

Right now, the stock is trading for 5% less than it was at the start of 2022. Though, it has gained 103% since this time last year.

For comparison, the ASX 200 has slumped 10% year to date and 7% over the last 12 months.

The post Lake Resources share price continues to dive, down 24% in a week appeared first on The Motley Fool Australia.

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More reading

• How are ASX lithium shares faring amid Wednesday’s carnage?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why Lake Resources, Lovisa, Megaport, and St Barbara shares are dropping
• Lake Resources share price slides 18% amid market rout and project dispute
• Why did the Core Lithium share price leap another 6% on Tuesday?

Motley Fool contributor Brooke Cooper 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.

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Nuix Ltd (ASX: NXL) is again in the spotlight. The company’s CEO Jonathan Rubinsztein denies he was aware of a takeover bid from Reveal when he bought Nuix shares between 7 and 8 September, as The Australian reports.

Nuix’s general counsel and company secretary, Ilona Meyer, said that Rubinsztein did not know that Nuix’s non-executive chairman Jeffrey Bleich held a “highly preliminary discussion” with Reveal’s CEO Wendell Jisa on 6 September in the United States. The discussion included a “potential transaction of some of [Nuix’s] assets,” according to a written response to an ASX compliance query.

Meyer said:

Mr Rubinsztein confirms he was not aware of the proposed discussion between Mr Bleich and Reveal’s CEO or its content until he was briefed on the First Discussion with other members of the Board on the morning of 9 September 2022 in Australia.

All above board?

Meyer also noted that in the 6 September meeting in the US, “no actual proposed transaction was outlined”. Furthermore, she said “the inquiry was not reduced to writing”. Meyer stated that the meeting concluded with Nuix uninterested in pursuing the transaction, and Bleich later briefed the Nuix board of the discussion with Reveal on 9 September. It’s at this meeting Rubinsztein claims to have found out about it.

Rubinsztein sought written approval for the purchase of the securities on 1 September. Approval for the share purchase was granted on the same day. Meyer concluded the letter by affirming that its securities trading policy is sufficient to prevent the appearance of insider trading.

Rubinsztein bought 350,000 shares valued at $236,259.60 over a period of two days near the start of September. On September 9, my Fool colleague James noted that its stock price had rallied 26% on takeover rumours published by The Australian before its shares were placed on a voluntary trading halt.

Nuix then dispelled rumours by The Australian that a takeover bid was made by stating that it had not “received a bid or a written proposal from Reveal”.

After the announcement, shares returned to the market once again.

Shares of the software development and distribution company are currently up 3.95% for the past month.

Nuix share price snapshot

The Nuix share price is down 4.24% today.

Shares of the company currently trade for 79 cents each. Earlier today, shares made an intraday high of 82 cents and a low of 78 cents.

The company’s share price is down 64% year to date. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is doing better. It’s only down 10.03% over the same period.

The company’s market capitalisation is $261.78 million.

The post Here’s why Nuix shares are hitting the headlines again appeared first on The Motley Fool Australia.

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More reading

• Up 20% today, what’s new with the Nuix share price?
• Why De Grey, Mineral Resources, Nuix, and Yancoal shares are racing higher
• Nuix share price rockets 26% on takeover speculation before halt
• What’s been happening with the Nuix share price of late?
• Nuix share price tumbles following $23m loss in FY22

Motley Fool contributor Matthew Farley 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.

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The Commonwealth Bank of Australia (ASX: CBA) share price is moving higher in morning trade, up 0.5%.

CBA shares closed yesterday trading for $94.46 and are currently trading for $94.93 apiece.

After a sharp sell-off yesterday, it’s broadly a good day across the markets, with the S&P/ASX 200 Index (ASX: XJO) up 0.3% at the time of writing. And the big financial shares are outperforming, as witnessed by the 0.6% gain posted by the S&P/ASX 200 Financials Index (ASX: XFJ).

That’s the latest price action for you.

So, what’s all this about a potential acquisition?

What acquisition rumours are circulating?

In news unlikely to have a material impact on the CBA share price today, The Australian reports that sources have said the big bank is eyeing Vocus Retail.

Vocus Retail provides broadband, mobile, voice, and energy services. And the company is expected to officially go on the market through UBS over the coming days.

Now if you’re not familiar with all of CommBank’s services, acquiring a company like Vocus might seem a bit odd. However, the bank already offers broadband and certain utility services.

According to CBA:

We’re proud to partner with Australian-owned companies that provide better outcomes for our customers and the community, such as more NBN.

More are a forward-thinking, customer-focused provider of internet and phone plans that can get your household or business connected and help you save money.

You may also recall the days when Vocus was listed on the ASX. Those days came to an end in June 2021, when the company delisted after accepting a takeover proposal from a consortium comprised of Macquarie Infrastructure and Real Assets and its managed funds and Aware Super.

But CBA isn’t the only big name that appears to be eyeing Vocus Retail.

According to The Australian, Origin Energy Ltd (ASX: ORG), Aussie Broadband Ltd (ASX: ABB) and AGL Energy Ltd (ASX: AGL) all may be interested in acquiring the company.

CBA share price snapshot

The CBA share price hasn’t been immune to the forces dragging on global equities this year (we’re looking at you, soaring inflation and interest rates), though it has outperformed the benchmark.

Year-to-date CBA shares are down 7%. That compares to a 10% loss posted by the ASX 200 so far in 2022.

The big four bank is also a popular income stock. At the current share price, CBA pays a trailing dividend yield of 3.9%.

The post CBA share price edges higher amid acquisition rumours appeared first on The Motley Fool Australia.

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More reading

• ASX 200 shares dump $60 billion in horror session. Here’s how Wednesday unfolded
• Macquarie shares bear the brunt of bank sell-off amid inflation bomb
• Expert predicts stock market will crash 20% lower in the next four weeks as US inflation rages out of control
• Why are ASX 200 shares tumbling like dominos on Wednesday?
• Why this fund manager is not banking on CBA shares right now

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 positions in and has recommended Aussie Broadband Limited. The Motley Fool Australia has recommended Aussie Broadband Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Westpac Banking Corporation (ASX: WBC) share price is on the rise today.

Westpac shares are rising 1% and are currently trading at $21.40 apiece. For perspective, the S&P/ASX 200 Index (ASX: XJO) is lifting 0.52% today.

Let’s take a look at what is going on at Westpac.

New digital push

Westpac shares may be rising today, but they are not alone among ASX bank shares. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is up 1.92% at the time of writing, while Commonwealth Bank of Australia (ASX: CBA) is 0.59% higher. The National Australia Bank Ltd (ASX: NAB) share price is also up 1.12%.

Today, Westpac advised it has updated its banking app as part of its strategy to build a “digital first bank”.

The changes are part of the company’s digital strategy outlined in a market update in July. The update follows Westpac’s acquisition of budgeting and cashflow tool MoneyBrilliant late last year.

Commenting on the news, consumer and business banking chief executive Chris de Bruin said:

We are building a digital first bank and today’s announcement is another step forward in making banking simpler and more intuitive for our five million digitally active customers.

The updated app includes a spend tracker, top expenses feature, and budgeting tool.

In the future, the app will include a carbon tracker, tax help, and the ability to see financial information from other banks.

Westpac research data shows 76% of Australians believe digital banking will help them keep track of their money. De Bruin added:

We want to empower our customers through enabling them to better understand where their money is going to help them reach their financial goals. 

Share price snapshot

The Westpac share price has dropped nearly 17% in the past year and is up just 0.37% year to date.

For perspective, the benchmark ASX 200 index has lost nearly 8% in the past year and around 8% in 2022 so far.

Westpac has a market capitalisation of about $75 billion based on the current share price.

The post Westpac share price lifts amid latest competitive push appeared first on The Motley Fool Australia.

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More reading

• Macquarie shares bear the brunt of bank sell-off amid inflation bomb
• Down 16% in a year, can the Westpac share price become a successful turnaround story?
• What will the Westpac dividend be in 2023?
• Billions in liabilities could be set to hit CBA and other ASX banks: expert
• Westpac shares stepped into the green today amid RBA’s softer tone

Motley Fool contributor Monica O’Shea 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 recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Do you own Domino’s Pizza Enterprises Ltd (ASX: DMP) shares? Well, it’s a good day for you.

Not that it would seem like it. At the time of writing, the Domino’s Pizza share price has taken a major hit. After surviving yesterday’s carnage on the S&P/ASX 200 Index (ASX: XJO) with just a 0.36% fall, today Domino’s Pizza shares have taken a far chunkier 5.5% hit and are down to $62.32 a share.

But that’s not what we’re talking about. So let’s instead discuss the payday that is coming shareholders’ way today.

Show me the money: It’s dividend day for Domino’s Pizza shares

When Domino’s released its FY22 full-year earnings report last month, the company declared a final dividend of 68.1 cents per share for the year.

This dividend, which comes partially franked at 70%, might have been something of a disappointment, considering FY21’s final dividend came in at 85.1 cents per share. The interim dividend that was doled out back in March was higher still at 88.4 cents per share.

Even so, cash is cash. And today is payday. Yes, Domino’s traded ex-dividend for this payment back on 30 August. But today is the day that this payout will finally hit shareholders’ bank accounts.

This dividend is still significantly higher than prior Domino’s dividends. For example, the company paid out a final dividend of 52.6 cents per share for FY20 and a final payment of 52.8 cents per share in FY19.

Investors will all be receiving cash dividends though. Domino’s does not currently run a dividend reinvestment plan (DRP), so investors did not have the option of receiving additional shares in lieu of the cash payment.

Domino’s Pizza shares remain down a painful 48.3% in 2022 thus far, and by 61.5% over the past 12 months. However, the company remains up by almost 49% over the past five years.

At the current Domino’s Pizza share price, this ASX 200 share has a dividend yield of 2.51%. That’s along with a market capitalisation of $5.7 billion, and a price-to-earnings (P/E) ratio of 36.1.

The post Own Domino’s shares? Get ready for a delivery appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today
• Leading brokers name 3 ASX shares to buy today
• Down 50% in 2022: Is the Domino’s share price a bargain buy?
• 2 of the best ASX shares to buy now according to Morgans

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 recommended Dominos Pizza Enterprises Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Select Harvests Limited (ASX: SHV) share price is having a stellar day on Thursday.

In morning trade, the ASX 300 almond producer’s shares are up almost 18% to $5.78.

Why is the Select Harvest share price going nuts?

Investors have been bidding the Select Harvests share price higher today following the release of a market update.

According to the release, 80% of the company’s 2022 crop has now been processed and management is forecasting between 28,800 MT and 29,200 MT of almonds. This is a touch below its previous estimate due to wetter than normal harvest conditions, which have resulted in lower volume, reduced inshell, plus additional drying and operational costs.

Positively, though, this crop will still be an improvement on 2021’s crop volume of 28,250 MT.

Another positive is the price the company is commanding for its almonds. Approximately 72% of the 2022 crop is committed with a forecast fair value sales price of $6.75/kg. This compares favourably to its previously advised fair valuation sales price of $6.64/kg.

Furthermore, management notes that 100% of the 2022 crop is covered at 0.72AUD/USD and shipping challenges have eased.

Finally, despite facing challenges from bee hive shortages, management is guiding to further volume growth in 2023. It is forecasting a 2023 crop of approximately 30,000 MT.

What else?

Also potentially giving the Select Harvests share price a boost is an update on market conditions in the United States.

The United States Department of Agriculture’s 2022 Objective Measurement crop estimate is for 2.6 billion pounds, which is down 11% on the 2021 crop of 2.92 billion pounds.

The company notes that harvest climatic conditions in California (and also in Spain) have been extremely hot. Early reports are indicating that volumes are down significantly in both regions with almond sizing and quality adversely impacted. This bodes well for market pricing.

Select Harvests’s managing director, Paul Thompson, commented:

The strengthening of almond pricing is pleasing. The Select Harvests’ team have had to manage some difficult market and operational challenges over the last eighteen months. Market demand is beginning to build, and the Select Harvests’ team continues to focus on the basics: cost, quality, volume and price realization. The pollination of our 2023 crop is just another example of how having the right team makes the difference.

The post Up 18% today, why this ASX 300 share is going nuts appeared first on The Motley Fool Australia.

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More reading

• CBA share price edges higher amid acquisition rumours
• Westpac share price lifts amid latest competitive push
• Own Domino’s shares? Get ready for a delivery
• Why is ASX lithium share Anson Resources on ice today?
• Why is the Woodside share price surging 4% on Thursday?

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.

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The share price of ASX lithium explorer Anson Resources Ltd (ASX: ASN) is in the freezer on Thursday as the company prepares to release news of a capital raise.

The Anson Resources share price closed Wednesday’s session at 43 cents.

And there it will stay until either the market hears news from the company or the ASX opens on Monday, whichever comes first.

Let’s take a closer look at the latest from the lithium-focused mineral explorer and development company.

ASX lithium share Anson Resources frozen on Thursday

The Anson Resources share price is on ice today as the company prepares to inform the market of capital raising activities.

The trading halt comes just one day after the stock dodged a broader market sell-off with news of its Paradox Lithium Project.

The Anson Resources share price hit a new record high of 47.5 cents on Wednesday on the back of encouraging assay results from the project’s Cane Creek 32-1 well.

Additionally, the company’s latest quarterly report described its balance sheet as “strong”.

It boasted around $5.72 million of cash and $14.7 million of unused finance facilities as of the end of June. That saw it with an estimated seven quarters of funding available.

The last time the company underwent a capital raise was almost exactly 12 months ago. Then, it raised around $7.35 million, issuing new shares for 9.1 cents apiece.

The Anson Resources share price has since gained 325% over the last 12 months. It has also surged 165% since this time last month.

Of course, that means a measure of its volume weighted average price (VWAP) might come up considerably lower than its current level.

The post Why is ASX lithium share Anson Resources on ice today? appeared first on The Motley Fool Australia.

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More reading

• How are ASX lithium shares faring amid Wednesday’s carnage?
• Anson Resources share price surges to ASX all-time high on lithium news
• Vulcan Energy share price is one of the worst ASX lithium performers so far this year. Why?
• 4 ASX lithium shares that have rocketed more than 100% in 2022
• 4 ASX lithium shares hitting all-time highs on Thursday

Motley Fool contributor Brooke Cooper 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.

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The Woodside Energy Group Ltd (ASX: WDS) share price is on the move this morning on no news.

At the time of writing, shares in the oil and gas giant are up 4.17% to $33.69 each.

In broader market moves, the S&P/ASX 200 Energy Index (ASX: XEJ) is 3.68% higher, spiking 2% immediately from the open today.

Let’s check what’s going on.

What’s up with the Woodside share price?

There are a number of factors impacting the Woodside share price today.

Futures on Brent Crude oil – the world’s oil pricing benchmark – have inched higher overnight to now trade at US$94.5/Bbl.

Meanwhile, European natural gas contracts [TTF EU Dutch gas] have gained around 10% overnight, and now trade back in line with their March 2022 peaks.

The latest gas price surge comes amid a dire forecast from the International Energy Agency (IEA). It now expects a lift in gas-to-oil switching for heating purposes, as gas prices continue to rocket heading into the European winter.

The IEA predicts this may provide some buoyancy to the oil price which, it predicts, will be hit by falling demand by the end of 2022.

According to reporting by Reuters, “The [IEA] expects the deepening economic slowdown and a faltering Chinese economy to cause global oil demand to grind to a halt in the fourth quarter of the year. That has kept prices under pressure of late, and may inhibit further rallies.”

Meanwhile, Woodside shares have been pushing north in an uptrend for most of 2022, lifting 53% year to date.

Chief to this year’s handsome gain has been the rising prices of oil and natural gas, with each commodity rocketing to multi-year highs at some point in 2022.

The Woodside share price has shot from 52-week lows of $21.27 on 20 December last year to a 12-month peak of $35.95 on 26 August. It’s dropped back in range so far this month.

But into today’s session so far, it looks to be a case of ‘trend is our friend’, as the saying goes, meaning the share is still attracting buyers at current prices.

And finally, analysts at Citi have upgraded their forecasts for liquid natural gas (“LNG”) and note that Woodside is “best placed” to benefit from the increase in spot prices.

“Due to fuel switching, impacts of high European natural gas and power prices have reverberated across the entire energy sector globally,” the broker also added.

It rates Woodside a buy with a $36.50 per share valuation.

Woodside shares are up 63% this year to date.

The post Why is the Woodside share price surging 4% on Thursday? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Thursday
• Why is the Woodside share price faring better than the ASX 200 today?
• 5 things to watch on the ASX 200 on Wednesday
• Up 50% so far this year, is it too late to buy Woodside shares?
• 5 things to watch on the ASX 200 on Monday

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 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.

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