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The Tyranna Resources Ltd (ASX: TYX) share price has had a cracking week, up 53% since market close on 5 September.

Shares in the ASX mineral explorer are certainly outpacing the 6.04% gain in the S&P/ASX 200 Materials Index (ASX: XMJ) over the same period.

And Tyranna is also outperforming its peer group. Cannindah Resources Ltd (ASX: CAE) is up 6.82% while Bougainville Copper Limited (ASX: BOC) is 3.23% higher.

Tyranna shares hit an all-time high of 6.7 cents apiece shortly after market open today and are currently trading 10.71% lower at 5 cents a share.

While there are no announcements from the company today, some significant developments have accompanied the surge in the Tyranna share price. Let’s investigate.

ASX Lithium shares are surging

On 22 August, the company reported “outstanding results” from its Namibie lithium project in Angola, Africa.

Tyranna executive director Paul Willams said:

We are very excited by these results which provide further encouragement and confirmation that the Namibe Lithium Project contains substantial high grade spodumene mineralisation and justifies Tyranna’s acquisition of what is proving to be a valuable project. We have defined a larger drill-target area at the site known as 21n, and these results in particular provide further confidence in designing our maiden drilling program. We are looking forward to the next phase of exploration to test these areas at depth.

Meanwhile, ASX lithium shares, on the whole, are surging amid upgraded analyst price targets for the element.

Today, Bell Potter lifted its lithium price targets through to 2024. It expects prices to be underpinned by strong demand and slower-than-expected supply increases. It commented:

Over the next five years, growth in Australian supply will at best meet only one third of total growth in lithium demand.

Analysts also see no slowdown in demand for electric vehicles (EVs).

Certainly, ASX lithium shares are benefiting from the boosted sentiment, with one commentator dubbing lithium stocks “the buy now, pay later of 2022“.

Nabtrade’s Gemma Dale said it seemed lithium shares are “the one[s] that everyone wants a piece of when the market is not that exciting,” as reported by The Age.

Certainly, the current market enthusiasm for lithium is doing Tyranna shares no harm.

Tyranna share price snapshot

The Tyranna share price is up 643% year to date and 940% in the past 12 months. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 5.8% and 5.6% over the corresponding periods.

The company’s current market capitalisation is $122 million.

The post Why has the Tyranna Resources share price rocketed 53% in a week? appeared first on The Motley Fool Australia.

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More reading

• Why is ASX lithium share Tyranna rocketing 26% today?

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 Dogecoin (CRYPTO: DOGE) price is up just under 1% over the past 24 hours, currently trading for 6.35 US cents.

That also puts the dog-themed crypto, with a Shiba Inu for its virtual mascot, up roughly 1% since the clock struck midnight on 31 August, according to data from CoinMarketCap.

While it’s still early in September, that’s certainly better than the 12% decline in the Dogecoin price last month.

What’s supporting the Dogecoin price?

Most cryptos have had a stronger run so far this month than they enjoyed in August.

Part of that is the current reset in investor expectations over the size and pace of interest rate rises from the US Federal Reserve and, to a lesser extent, other global central banks. A reset that could send the Dogecoin price higher.

While uncertainty remains the name of the game, markets are beginning to price in the potential of a more dovish Fed moving forward. There’ll still be some rate rises to bring inflation back under control, to be sure. But perhaps fewer and smaller hikes than investors had been pricing in last month.

This optimism has seen risk assets rally over the past week, with the tech-heavy NASDAQ up 3.8% over the past five trading days.

Is Ethereum helping lift the meme token?

The Dogecoin price could also be receiving some broader support from the upcoming Merge on the Ethereum (CRYPTO: ETH) network. That process is scheduled to go fully live this week.

According to eToro’s market analyst and crypto expert Simon Peters:

Crypto asset markets have staged a rally in the past week as we enter the final 72 hours ahead of the Merge of the Ethereum network. The event is focusing all minds in the sector as investors and users wait to see its impact on the market.

If you’re unfamiliar with the Merge, it represents the long-awaited transition in the Ethereum blockchain away from proof of work (PoW) to proof of stake (PoS). If all goes as planned, this will see a massive reduction in energy used required to secure the blockchain and verify transactions, with far fewer computers involved.

Like Bitcoin (CRYPTO: BTC), however, Dogecoin will continue to operate a PoW protocol for the foreseeable future.

How that may impact the Dogecoin price longer term, remains unclear.

The post What’s supporting the Dogecoin price in September? appeared first on The Motley Fool Australia.

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More reading

• Why Bitcoin and Solana jumped on Monday
• Can the Bitcoin price reach US$1 million?
• Will the Ethereum price continue to outperform in 2022 post Merge? Expert panel weighs in
• Why the Bitcoin price is not having a ‘whale of a time’ lately
• Why Bitcoin, Ethereum, and Solana were up Thursday morning

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

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The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday. In afternoon trade, the benchmark index is up 0.7% to 7,010.9 points.

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

Allkem Ltd (ASX: AKE)

The Allkem share price is up 3% to $16.00. This appears to have been driven by a broker note out of Bell Potter this morning. According to the note, the broker has retained its buy rating and lifted its price target on the lithium miner’s shares to $20.04. Bell Potter made the move after increasing its earnings estimates by 20% for both FY 2023 and FY 2024 to reflect stronger than expected lithium prices.

MA Financial Group Ltd (ASX: MAF)

The MA Financial share price has rebounded and is up almost 8% to $4.30. This financial services company’s shares were hammered on Monday amid concerns over changes to significant investment visas. However, MA Financial, formerly known as Moelis, doesn’t appear overly concerned. It revealed that 63% of its assets under management (AUM) are non-migration related.

Neuren Pharmaceuticals Ltd (ASX: NEU)

The Neuren Pharmaceuticals share price is up 5% to $6.53. This morning the biotech revealed that the US Food and Drug Administration (FDA) has accepted for review the New Drug Application of trofinetide for the treatment of Rett syndrome. The FDA has also granted a Priority Review and assigned a Prescription Drug User Fee Act action date of 12 March 2023.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan Energy share price is up 6.5% to $8.47. Investors have been buying this lithium developer’s shares after it provided an update on the progress of its Zero Carbon Lithium Project. Today’s update reveals that the company has commenced the onsite construction of a demo plant. The plant is scheduled to start cold commissioning in late 2022 and start operation in early 2023.

The post Why Allkem, MA Financial, Neuren, and Vulcan Energy shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• Are Yamaha and Toyota about to upend the ASX lithium share party?
• Top broker tips 25% upside for Allkem share price
• ASX lithium stocks are ‘the buy now, pay later of 2022’: expert
• Here’s the lithium price forecast through to 2024
• MA Financial share price leaps 8% following Monday’s bloodbath

Motley Fool contributor James Mickleboro has positions in Allkem Limited. 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 S&P/ASX 200 Index (ASX: XJO) is once again flying this Tuesday, in what is turning out to be a very pleasing week thus far for investors. At the time of writing, the ASX 200 has put on another 0.65% today, taking the index back over 7,000 points for the first time this month.

So let’s dive deeper into these pleasing market moves and check out the shares currently topping the ASX 200’s share trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Tuesday

Incitec Pivot Ltd (ASX: IPL)

ASX 200 chemical, fertiliser and explosives manufacturer Incitec Pivot is our first share to take a look at this Tuesday. So far today, a notable 20.52 million Incitec shares have pivoted to a new owner. There’s been no news out of the company itself that could explain this volume.

However, the Incite Pivot share price has taken a heavy beating today. It’s currently down 1.8% at $3.76 a share. That comes despite some recent love from ASX brokers too. It seems this dip is responsible for the high volumes we are witnessing.

Core Lithium Ltd (ASX: CXO)

Core Lithium is our next share worth a look at today. This ASX 200 lithium share has seen a chunky 22 million shares traded on the markets so far. Again, it looks like the share price movement is the culprit for these elevated volumes, seeing as there isn’t any news out of Core Lithium either.

Continuing its recent run of gains, Core Lithium shares are up another pleasing 5.16% today at $1.67 a share. The company is up almost 20% over this month so far.

South32 Ltd (ASX: S32)

Our final and most traded share of the day is the ASX 200 diversified mining company South32. This Tuesday has seen a significant 32.26 South32 shares change hands as it currently stands. South32’s healthy share price gains could explain this volume.

The company has put on a decent 1.53% so far today to $4.32 a share. South32 has also been doing regular on-market share buybacks lately, which could also be influencing this share’s trading volume.

The post Here are the 3 most heavily traded ASX 200 shares on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Are Yamaha and Toyota about to upend the ASX lithium share party?
• ASX lithium stocks are ‘the buy now, pay later of 2022’: expert
• The Core Lithium share price has soared 150% in 2022, but is the company actually producing?
• Here are the 3 most heavily traded ASX 200 shares on Monday
• 2 ASX 200 shares named as buys by a top broker

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 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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Pinnacle Investment Management Group Ltd (ASX: PNI) recently held its annual Investment Summit for 2022.

At the event, a number of CIOs and portfolio managers from within Pinnacle’s network of affiliated asset managers provided insights. This includes portfolio managers from specialist small cap fund managers Spheria Asset Management and Longwave Capital.

Two small cap ASX shares that these portfolio managers rate highly right now are listed below. Here’s what they are saying about them:

Imdex Limited (ASX: IMD)

David Wanis from Longwave Capital Partners picked out mining technology company Imdex at the event. Its technology allows drilling contractors and resource companies to safely find, mine, and define orebodies with precision and at speed.

The portfolio manager highlights that Imdex is a technology business generating earnings and cash flow as well as spending big on research and development activities. Yet despite this, the company is valued materially less than some tech companies that are built largely on hope. Brainchip Holdings Ltd (ASX: BRN) with its $1.7 billion market capitalisation springs to my mind here.

Wanis commented:

Imdex is a mining technology business. It’s a real business – real revenues, real earnings, real cash flow – but it’s also a business that’s invested almost $100 million in R&D over the past five years in new products to grow their business into new markets. And if we think about how the market values a company like Imdex versus some of these ‘tech hope stocks’ in the market today, there’s a massive disconnect. There’s a big disconnect between the doers – the companies who are actually innovating and executing – versus those that are promising and are built off hype.

We think what we’ll see in the very short term is an improvement in their mining technology as a percentage of their revenue that will lead to an expansion in their EBITDA margins. But strategically longer term it’ll also potentially expand their market size by four times – doubling from existing into new exploration, and then from exploration into production.”

NZME Ltd (ASX: NZM)

Spheria’s Asset Management portfolio manager, Matthew Booker, picked out NZME (New Zealand Media and Entertainment) at the event. He highlights that NZME is going from old world to new with the growth in the digital side of their business.

Booker points out that the New Zealand market is behind Australia by a few years in respect to real estate listings. This bodes well for NZME’s OneRoof platform.

He explained:

The big kicker, we believe, is the digital aspect to the business – so they’ve got a business called OneRoof and it’s similar to Domain here. It’s the number two player in the market. It’s going from print, it’s going to digital, it’s probably 5 – 10 years behind the Aussie market. So, there is going to be a lot of money made in that space.

With OneRoof NZME have the number two platform, they’ve got the number two audience, they’ve got the number two inventory, they are going to be that number two player in that market and that’s a valuable position going forward. “NZME is a structural growth story. We think there’s lots of money to be made here. The balance sheet is gone from $100 million of debt to net cash. The risk is very low, there’s a rerate opportunity with this business.

The post Portfolio managers name 2 small cap ASX shares to watch appeared first on The Motley Fool Australia.

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More reading

• Why these 2 ASX shares rocketed 40% last month
• Guess which ASX All Ords share just inked a new deal with Fortescue

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 Imdex Limited. The Motley Fool Australia has positions in and has recommended Imdex 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 ASX share market has been through a lot of volatility in 2022. Inflation and higher interest rates may have been the cause of the pain.

But, while some ASX shares have bounced back – like Pilbara Minerals Ltd (ASX: PLS) – others are still languishing at much lower prices.

It’s perhaps unsurprising that the ASX retail share segment of the market is still hurting. While for some businesses it’s only the valuation that has been hit, there are some companies that could face more difficult trading circumstances.

But, sometimes the market can become too pessimistic and this can open up opportunities. So, let’s look at two of those that have been hit heavily.

Best & Less Group Holdings Ltd (ASX: BST)

Best & Less describes itself as a leading value apparel specialty retailer with 244 stores and a fast-growing online platform. Its aim is to be the number one choice for mums and families buying baby and kids’ value apparel in Australia and New Zealand through Best & Less in Australia and Postie in New Zealand.

The Best & Less share price has dropped by around 40% since the beginning of the year.

FY22 did see some difficulties as lockdowns caused many of its stores to close. Even so, revenue only fell by 6.2% and the net profit after tax (NPAT) declined 12.6%. Compared to FY20, NPAT was 155% higher.

In FY22, the company’s online sales increased by another 15.6%, making up 11.3% of total sales.

The ASX share is experiencing cost inflation, though it has increased prices and it’s taking other measures to keep costs down.

It paid out around 80% of its net profit as a dividend, at 23 cents per share. At the current Best & Less share price that represents a grossed-up dividend yield of 13.6%.

In the first eight weeks of FY23, total sales were up 38% as it cycles against locked-down periods. Management thinks that more customers could be attracted to its value offer. It’s also planning to grow its store footprint, with 11 new stores planned (and three stores to be upsized).

I think the Best & Less share price is a longer-term buy at the current depressed level, with a large dividend that could offer strong returns during this uncertain period. It’s only priced at 8x FY22’s earnings.

Dusk Group Ltd (ASX: DSK)

Dusk is a retailer of home fragrance products that are sold exclusively in its stores and website. It sells things like candles, ultrasonic diffusers, reed diffusers and essential oils and fragrance-related homewares.

The Dusk share price has dropped 37.5% since the start of 2022. Ouch.

The retail ASX share reported a bigger hit to its profit. FY22 sales were down 6.9% to $138.4 million and pro forma earnings before interest and tax (EBIT) dropped 31.1% to $26.5 million. During the year it opened 10 new stores.

It also paid a full-year dividend of 20 cents per share. At the current Dusk share price that translates into a grossed-up dividend yield of 14.3%.

In terms of a trading update, the company said that in the first eight weeks of FY23, its total sales were up 33.2%, with trading “notably stronger” in August compared to July. The gross margin is trending “in line” and the inventory is currently “well balanced” to meet demand.

Dusk has a market capitalisation of $124 million according to the ASX. But, the ASX share has net cash of $21.3 million at the end of FY22, with no debt.

It’s planning to open five new stores in Australia before Christmas, with a three-store trial entry into New Zealand.

The ASX retail share is priced at under 7x FY22’s earnings.

I’m not sure how candle sales will go over the next year or two, but it now seems cheap enough that the balance sheet, share price and dividend make up for uncertainty.

The post Is it time to buy these 2 beaten-up ASX shares in September? appeared first on The Motley Fool Australia.

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More reading

• Why Dexus, Dusk, Macquarie, and Qantas shares are pushing higher
• Dusk share price soars 9% on resilient full-year results
• Why is the Best & Less share price crashing 15% on Wednesday?
• ASX dividend windfall continues but it’s not just Woodside and ASX 200 energy stocks splashing the big cash
• Best & Less share price surges 7% on sharp FY22 results

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 recommended Dusk Group 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 Qantas Airways Limited (ASX: QAN) share price is remaining steady following the latest ploy by its competitor, Virgin Australia.

At the time of writing, the airline operator’s shares are slightly down by 0.19% or 1 cent to $5.27 apiece.

Let’s take a closer look at what its biggest rival is up to.

Virgin announces partnership with Myer to compete with Qantas

Investors are shrugging off the latest news circling media outlets with the Qantas share price relatively flat for today.

As reported by The Age, Virgin Australia has teamed up with Australia’s largest department store operator, Myer Holdings Ltd (ASX: MYR).

Under the partnership, members of Virgin’s frequent flyer program will be able to spend their points to shop at Myer.

This comes as Virgin has been busy behind the scene in an effort to boost its partnership credentials.

In the past 18 months, the company has expanded its program benefits with Qatar Airways, 7-Eleven and Medibank.

For example, Virgin Velocity members can earn points and status credits and redeem points to over 150 destinations with Qatar Airways.

The Gulf-based carrier was recently named the world’s best airline for the second year in a row by Australian-based aviation safety and product rating agency, AirlineRatings.com.

Virgin announced the move with Myer as a “playful campaign” to give consumers more options for those wanting a change.

Commenting on the latest ploy, Virgin Velocity boss Nick Rohrlach said:

We’ve been in growth mode since coming out of COVID-19 as more people seek out rewards programs.

The Switch-A-Roo was developed in response to a number of people saying they’ve historically flown with other airlines, want to change but don’t want to lose their status.

Currently, there’s around 10.9 million Velocity members compared to Qantas’ 12 million frequent flyers.

Qantas share price snapshot

Since the start of 2022, Qantas shares have travelled on a rollercoaster to post a gain of 5%.

However, when looking at a larger time frame such as the last 12 months, its shares are relatively flat.

Based on today’s price, Qantas commands a market capitalisation of roughly $9.96 billion.

The post Qantas share price holds firm despite Virgin ‘Switch-A-Roo’ play appeared first on The Motley Fool Australia.

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More reading

• What’s boosting the Qantas share price on Monday?
• Qantas share price ends week in the red despite green update
• Qantas share price edges lower amid Alan Joyce’s $2.3 million FY22 pay packet
• Could you be holding onto ‘zombie’ ASX shares hoping for new life?
• ‘Reckless?’ Why the $400 million Qantas share buyback is dividing experts

Motley Fool contributor Aaron Teboneras 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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Flight Centre Travel Group Ltd (ASX: FLT) shares have been the most shorted on the ASX every week of this year so far.

After starting the year out at around 12.6%, short interest in its stock reached a high of 18% in April. It has since settled to come in at 14.6%, as of the latest data available earlier this week.

While that’s a definite improvement on its intra-year high, it still means a significant number of the company’s shares are being used to bet against it.

So, what might be behind Flight Centre’s notable short position? Let’s take a look.

Why are short sellers piling on Flight Centre shares?

Flight Centre shares have topped The Motley Fool Australia’s weekly short-selling breakdown every week of 2022 so far.

That means short sellers are borrowing stock in the company before selling it on the market for cash. When those stocks are due to be returned to their owner, the short seller will snap them back up on the market and return them.

Thus, any drop in the Flight Centre share price is a win for short sellers who pocket the fall as profit. Of course, it can go the other way as well. Short sellers take a financial hit from any gains posted by a stock they’ve shorted.

But short sellers targeting the Flight Centre share price have likely had a fair run so far this year.

The company’s share price has fallen nearly 9% in 2022 to date. Though, that’s only slightly worse than the broader market’s performance. The S&P/ASX 200 Index (ASX: XJO) has slumped close to 8% year to date.

So, what might be driving short sellers to target the Flight Centre share price?

Well, they assumably expect the company’s post-COVID recovery to be bumpy. If that’s the case, they’re not alone.

Indeed, as my Fool colleague reported in late August, no major brokers have buy ratings on Flight Centre shares. Though, some are tipping notable upside for its share price.

Flight Centre’s leisure and corporate businesses returned to profit in the final half of financial year 2022, buoyed by a strong final quarter. However, the company hasn’t provided guidance for financial year 2023.

Meanwhile, Morgans expects cyclical factors to weigh on the company’s bottom line while Goldman Sachs was disappointed by its United States performance, as The Motley Fool Australia reported.

The post Why have Flight Centre shares been the most shorted on the ASX every week so far in 2022? appeared first on The Motley Fool Australia.

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More reading

• Here are the 10 most shorted ASX shares
• Is now a good time to buy Flight Centre shares?
• Broker gives its verdict on the Flight Centre share price
• These are the 10 most shorted ASX shares
• Why did the Flight Centre share price beat the ASX 200 in August?

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 recommended Flight Centre Travel Group 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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Multiple ASX 200 consumer shares are in the green today amid new retail and business sentiment data.

The Harvey Norman Holdings Limited (ASX: HVN) share price is lifting 1.81%, while Breville Group Ltd (ASX: BRG) is rising 0.66%. Meanwhile, Lovisa Holdings Ltd (ASX: LOV) shares are jumping 0.86% and Super Retail Group Ltd (ASX: SUL) is rising 1.39%. The JB Hi-Fi Limited (ASX: JBH) share price is 0.07% in the red today. The S&P/ASX 200 Consumer Discretionary Index is rising 0.7%.

Let’s take a look at what could be impacting these ASX 200 consumer shares.

What’s happening?

The latest ANZ-Roy Morgan Consumer Confidence data shows that confidence fell 0.5% to 85.7 in the past week. Confidence in Victoria and South Australia improved, while it fell in NSW, Queensland and Western Australia.

However, ANZ Economics head David Plank noted the drop was “a relatively small decline” given the RBA raised interest rates by 50 basis points. He added:

This is the smallest decline after a 50bp increase this year. The previous three 50bp increases in June, July and August saw an average decline in confidence of about 5%.

It is possible that Lowe’s suggestion that the size of future rate increases might be smaller helped support confidence somewhat. 

Meanwhile, NAB has also released its monthly business survey for August today. Business confidence lifted 3 points while business conditions lifted 1 point. NAB noted with demand strong, companies are continuing to pass on costs to consumers.

NAB group chief economist Alan Oster said the “recent strength in business conditions” carried into August. He added:

Official data for retail sales in July confirmed spending remained robust, as suggested by the previous survey, and today’s release shows little sign that August was much different.

Conditions are strong across most industries other than construction, where profitability remains a challenge.

Finally, the Westpac Melbourne Institute Index of Consumer Sentiment lifted by 3.9% in September to 84.4. This was the first rise in the index since November last year.

However, Westpac chief economist Bill Evans noted consumer sentiment “remains near historic lows”. He said:

The improvement is a little surprising, especially given continued sharp rises in the cost of living and the RBA’s decision during the survey week to make another 50bp increase in the official cash rate.

Consumers may be a little less fearful, but confidence remains very weak. Index reads in the 80-85 range mean pessimists still greatly outnumber optimists.

The post What’s driving ASX 200 consumer shares on Tuesday? appeared first on The Motley Fool Australia.

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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 positions in and has recommended Harvey Norman Holdings Ltd. and Super Retail Group Limited. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. and Super Retail Group Limited. The Motley Fool Australia has recommended JB Hi-Fi Limited and Lovisa Holdings Ltd. 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 Star Entertainment Group Ltd (ASX: SGR) share price is trading higher this afternoon despite a regulator finding the company is unfit to hold a casino licence in New South Wales.

The company’s shares came out of a trading halt just after 2pm, with the share price immediately leaping 4.14% to $2.77 at the time of writing.

Earlier today, the NSW Independent Casino Commission (NICC) released a report finding the casino operator repeatedly breached the law, misled banks, and was infiltrated by criminal activity over many years.

The NICC appointed Adam Bell SC to conduct a review into Star’s NSW casino operations in September last year.

As a result of the findings, the report said:

The NICC has issued The Star with a show cause notice and is considering its options for disciplinary action in response to Bell’s findings and recommendations

Star Entertainment issued a statement this afternoon, saying it intends to respond to the notice within 14 days. It says it is currently considering the report and the matters raised in the notice.

The NICC investigation followed allegations of criminal activity including money laundering and organised crime, as reported by Nine Entertainment Group publications.

NICC chief commissioner Philip Crawford commented on the report’s findings (as quoted by WA Today):

The report is, quite frankly, shocking. It provides evidence of an extensive compliance breakdown in key areas of The Star’s business. Not only were huge amounts of money disguised by the casino as hotel expenses, but vast sums of cash evaded anti-money laundering protocols in numerous situations, most alarmingly through Salon 95 – the secret room with a second cash cage.

Star shares were halted yesterday at $2.66 apiece amid rumours today’s report would be scathing of the company.

Meantime, a separate independent review is underway into Star’s Queensland casino operations.

Star Entertainment share price snapshot

Shares in Star Entertainment are down 28% year to date and 38% over the past 12 months.

The company’s current market capitalisation is $2.53 billion.

The post Star Entertainment share price jumps despite ‘shocking’ report appeared first on The Motley Fool Australia.

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More reading

• Star Entertainment share price halted amid licence probe
• ASX falls, eyes on the Fed and huge petrol profits. Scott Phillips on Nine’s Late News
• Star Entertainment share price slides on $32 million loss

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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