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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At the time of writing, the benchmark index is down 1.6% to 6,874.7 points.

Four ASX shares that have managed to avoid the selloff are listed below. Here’s why they are rising:

Coles Group Ltd (ASX: COL)

The Coles share price is up 1.5% to $17.81. This is despite there being no news out of the supermarket giant. However, given its defensive qualities, investors appear to have been buying its shares during today’s broad market selloff.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)

The Fisher & Paykel share price is up 1.5% to $17.79. This morning the medical device company announced that it has entered into a sale and purchase agreement to acquire a 105 hectare site in Karaka, Auckland for NZ$275 million. The company will construct a second New Zealand campus on the site to complement its existing location at the Highbrook development in Auckland.

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is up 3% to $5.04. Investors have been buying New Hope and other coal miners today after the coal price climbed overnight. According to CommSec, the thermal coal price rose 2.5% to US$425 per tonne. This is good news for its Bengalla thermal coal mine, which is generating significant free cash flow with prices at these levels.

Nitro Software Ltd (ASX: NTO)

The Nitro share price is up 1.5% to $1.60. On Wednesday, this document productivity software company received and rejected a takeover approach. Judging by its current share price, investors appear to be betting that the Potentia consortium will improve its $1.58 per share offer to acquire Nitro.

The post Why Coles, Fisher & Paykel, New Hope, and Nitro shares are rising appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares defying today’s sell-off to surge higher
• Hoping to bag the boosted Coles dividend? Here’s what you need to do
• Here are 5 ASX 200 shares going ex-dividend tomorrow
• Why Deep Yellow, Nitro, Tyro, and Webjet shares are storming higher
• Nitro share price rockets 40% on takeover approach

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 positions in and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Nitro Software 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 S&P/ASX 200 Index (ASX: XJO) is currently having a rough day. At the time of writing, it’s down by 1.8%.

If it finishes like this, then it’ll be one of the most painful days in 2022 for the ASX 200.

What’s happening to the index?

Well, changes in the value of an index are dictated by movements in the share prices of the underlying businesses.

ASX shares drop

There are some big movements today by many of the ASX’s biggest blue chips.

The BHP Group Ltd (ASX: BHP) share price is down by 6.3%.

The Commonwealth Bank of Australia (ASX: CBA) share price is down 2%.

The Macquarie Group Ltd (ASX: MQG) share price is down 2.2%.

The Goodman Group (ASX: GMG) share price is down 3%.

The National Australia Bank Ltd (ASX: NAB) share price and the Westpac Banking Corp (ASX: WBC) share price are both down around 1.7%.

But those are just the declines of some of the biggest names.

There are a few bigger negative movements within the ASX 200 by some of the smaller names. For example:

The Pointsbet Holdings Ltd (ASX: PBH) share price is down 10%, Perseus Mining Limited (ASX: PRU) shares are falling 8%, the Evolution Mining Ltd (ASX: EVN) share price is sinking 8%, Sandfire Resources Ltd (ASX: SFR) shares are sliding 7.5%, the Ramelius Resources Limited (ASX: RMS) share price is down 6.8%, and the Northern Star Resources Ltd (ASX: NST) share price is falling 5%.

It’s a hard day in the gold sector. According to Commsec, gold futures dropped by 0.6% overnight.

But, some of the ASX 200’s decline could be explained by the fact that some businesses have gone ex-dividend. That simply means that investors buying shares of those specific companies today won’t be entitled to the recently announced dividend.

BHP is one of those businesses that went ex-dividend today. That could explain the majority of the BHP share price decline.

What else could be affecting the ASX 200?

The different share markets around the world often take cues from each other.

Last night, the S&P 500 (INDEXSP: .INX) fell by 0.8%. This index represents 500 of the biggest US businesses, which are also among the biggest in the world.

However, more falls are indicated for the US share market. According to CNN, the S&P 500 futures is currently in the red, with an implied opening drop of 0.7%. The NASDAQ futures currently show a drop of 1.2% at the open. But, the market movement could be different by the time the US share market opens.

Sizeable declines for the US share market over two consecutive trading sessions may also be unnerving ASX investors. Time will tell whether this is a short-term dip or a return to longer-term declines like we saw in the first half of 2022.

The post Why is the ASX 200 diving 2% on Tuesday? appeared first on The Motley Fool Australia.

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More reading

• How did ASX 200 dividend shares stack up in August?
• How did the Westpac share price beat the other ASX 200 banks in August?
• Reason for hope as ‘worst month of the year’ starts off badly
• 3 mining ASX shares ripe for buying now: experts
• Why is the BHP share price sinking 8% today?

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 Pointsbet Holdings Ltd. The Motley Fool Australia has recommended Macquarie Group Limited, Pointsbet Holdings Ltd, and 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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The Newcrest Mining Ltd (ASX: NCM) share price hit a fresh multi-year low of $17.02 during late morning trade today.

This means that shares in the gold miner have now hit a new bottom 3 times this week.

While there has been a slight recovery since, Newcrest shares are now trading at $17.13, down 3.38%.

Why are Newcrest shares losing their shine?

Investors have continued to sell off Newcrest shares following negative sentiment across the gold sector.

The S&P/ASX All Ordinaries Gold Industry (ASX: XGD) is the worst performer on the ASX Indices today, falling by 4.76%.

It appears investors are bracing for an impending rate hike this month from the US Federal Reserve to combat inflation.

This comes after the central bank’s chair Jeremy Powell reiterated his policy stance to return inflation to 2%.

Currently, the annual inflation rate is sitting at 8.5% for the 12 months ended July 2022 after rising 9.1% previously.

Evidently, this has led the gold price to deteriorate to around US$1,700 per ounce.

When interest rates increase, investors tend to shift investments away from the yellow metal into safer asset classes.

In Australia, consumer prices have surged at the fastest annual pace over the last 21 years.

The Reserve Bank of Australia updated its statistics, indicating that inflation has risen 6.1% in the June quarter of 2022.

This is being blamed on a combination of factors such as the recovery from COVID-19, as well as surging fuel and property prices.

Next Tuesday, the Reserve Bank of Australia meets to decide on whether they will lift the official cash rate again.

Newcrest share price summary

It has been a whirlwind year for Newcrest shareholders.

The company’s shares touched a 52-week high of $28.96 in April before plunging 40% in the following months.

Year to date, the share is down 30%.

Based on today’s price, Newcrest presides a market capitalisation of approximately $15.30 billion.

The post The Newcrest share price has hit 3 multi-year lows this week alone. What’s going wrong? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Monday
• Why is the Newcrest share price having such a lowsy end to the week?
• 5 things to watch on the ASX 200 on Friday
• Hoping to bag the next Newcrest dividend? Here’s what you need to do
• These ASX 200 shares will trade ex-dividend tomorrow

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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The Novonix Ltd (ASX: NVX) share price is plummeting today despite no word having been released by the tech giant.

It comes just one day after the battery technology and materials company posted its annual report, driving the stock nearly 4% higher on Wednesday.

Sadly, it’s handing back that gain – and then some – today. The Novonix share price is $2.275 at the time of writing, 5.99% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is down 1.8% right now, while the S&P/ASX 200 Information Technology Index (ASX: XIJ) is outperforming, falling just 1%.

Let’s take a closer look at what’s going on with Novonix’s stock today.

What’s weighing on the Novonix share price today?

Thursday is proving to be a rough one for ASX 200 tech stock Novonix. It’s currently its home sector’s worst performing constituent.

Though, its 6% tumble isn’t far behind the 5.59% fall currently exhibited by the EML Payments Ltd (ASX: EML) share price. EML is coming in as the tech sector’s second worst performer.

Novonix’s day in the red comes after its full-year results were released to the market yesterday afternoon.

It posted $8.4 million of revenue for the 12 months ended 30 June – a 61% year-on-year increase. Meanwhile, its loss for the period came in at $71.4 million. That’s 295% deeper than the $18 million loss it posted for financial year 2021.

The company also provided an overview of an eventful year that saw it admitted to the ASX 200 and float on the Nasdaq Stock Market.

Interestingly, the company’s NASDAQ listing lifted 1.7% overnight as the United States market digested the company’s results.

Sadly, despite such an exciting year for the company, the stock has underperformed over the last 12 months.

The Novonix share price has more than halved since this time last year. That’s despite it peaking at $12.47 in December – 82% higher than where it’s trading today.  

For comparison, the ASX 200 has slumped 9% over the last 12 months, while the tech sector has fallen 34%.

The post Why is the Novonix share price slumping 6% on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Novonix share price lifts despite full-year loss deepening to $71 million
• Here are the top 10 ASX 200 shares today
• Why is the Novonix share price tumbling 6% on Monday?
• Why is the Novonix share price getting hammered on Wednesday?
• How close is ASX tech share Novonix to becoming profitable?

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 positions in and has recommended EML Payments. The Motley Fool Australia has positions in and has recommended EML Payments. 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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Three ASX mining shares are flying high this afternoon. This is despite the major indexes that track these companies being down across the board.

The S&P/ASX 200 Materials Index (ASX: XMJ) is down 4.16% Meanwhile, the related S&P/ASX 300 Metals and Mining Index (ASX: XMM) is down more by 4.51%.

Zooming out further, the S&P/ASX 200 Index (ASX: XJO) is also down by 1.68%.

Let’s cover which ASX mining shares are charting their own destiny on Thursday.

Desert Metals Ltd (ASX: DM1)

The Desert Metals share price is up 14.86% at the time of writing. Shares of the mineral explorer are currently trading for 42.5 cents each, having earlier hit an intraday high of 48 cents apiece — a gain of nearly 30% on Wednesday’s close.

There’s no news today from Desert Metals to make sense of the surge in green for its share price. However, on Tuesday the company reported that a possibility of a new rare earth system is emerging at its Innouendy site in Western Australia, giving promise to additional production yields. Shares rallied to 46 cents yesterday amid the announcement.

American West Metals Ltd (ASX: AW1)

The American West Metals share price is currently up a staggering 81.48% today. Shares of the progressive miner are trading hands for 24.5 cents each. They previously closed at 20 cents each.

American West Metals announced its first assay, or analysis results of its diamond drilling initiative for its Storm Copper Project in Canada. The drilling reportedly uncovered high grades and thicknesses of copper.

As part of the release, American West Metals managing director Dave O’Neill commented:

These results immediately validate the historical high-grade intersections within the 2750N Zone, highlighting the quality of the Storm mineral system. These kinds of grades and thicknesses are exactly what we want to see as we work to define a shallow high-grade copper resource.

Parabellum Resources Ltd (ASX: PBL)

The Parabellum Resources share price is another big gainer this afternoon, up 16.12% to 36 cents.

There’s been no news today from Parabellum. However, earlier in the week, the company announced that it had started environmental baseline monitoring studies at the Khotgor project in Mongolia. The wider view is that these studies will introduce disclosures for its progress in implementing environmental, social and governance (ESG) policies.

Parabellum Resources non-executive chairman Mark Hohnen said:

We greatly value ESG considerations as they enable us to better identify material risks and growth potential, leading to better-informed decisions and business outcomes.

The post 3 ASX mining shares rocketing by more than 14% on Thursday appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX mining share is exploding 74% on a new copper find
• 2 ASX mining shares that rocketed between 16% and 108% on Tuesday
• Guess which ASX mining share just exploded 48% on a major copper discovery

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 Australian superannuation industry could be set for one of its biggest shake-ups in decades. That’s what the entry of the massive fund management company Vanguard into the super sector could mean. Vanguard is one of the largest asset managers in the world.  

Many ASX investors would be familiar with some of Vanguard’s popular exchange-traded funds (ETFs). Indeed, the Vanguard Australian Shares Index ETF (ASX: VAS) remains the most popular ASX ETF on our share market today.

But until now, Vanguard has not been directly involved in the Australian superannuation industry. Until a few years ago, the company did offer its products indirectly through other super providers. But the company has ditched these avenues in preparation for its entry into the market itself.   

Vanguard primed to announce new superannuation products

This may have just gotten one step closer too. According to reporting in The Australian today, Vanguard has just received regulatory approval to “launch a suite of superannuation products” in the Australian market from the Australian Prudential Regulation Authority (APRA).

Vanguard’s Australian chief executive, Daniel Shrimski, told The Australian that “our journey is just beginning… We think the simplicity, the low cost and the (investment) expertise that we will provide will resonate”.

As a well-known provider of ETFs, many investors might assume that these ETFs may play a major role in what Vanguard will offer super customers.  

That would be a safe assumption, according to Shrimski. He said that Vanguard’s products will be “more fund-based but we think ETFs will certainly be a part of the longer-term solution”.

So what ETFs might Aussies be able to invest in under a Vanguard superannuation product? Well, the Vanguard Australian shares ETF would be a good start.

As Vanguard’s most popular product, and the only one that covers either the S&P/ASX 200 Index (ASX: XJO) or the S&P/ASX 300 Index (ASX: XKO), it would be a safe bet that VAS is among the flagship ETFs that Vanguard will offer up.

Which Vanguard ETFs could be on offer?

But the Vanguard MSCI Australian Small Companies Index ETF (ASX: VSO) would be another strong candidate. VSO covers around 210 of the smaller shares on the ASX.

Forget BHP Group Ltd (ASX: BHP) and the big four banks. VSO’s largest holdings include companies like Lynas Rare Earths Ltd (ASX: LYC), Carsales.com Ltd (ASX: CAR) and Bendigo and Adelaide Bank Ltd (ASX: BEN).  

That could complement Vanguard’s other ASX offer, the Vanguard MSCI Australian Large Companies Index ETF (ASX: VLC) nicely. VLC is an ETF that covers only the top 20 largest companies on the ASX.

Income investors might appreciate the inclusion of the Vanguard Australian Shares High Yield ETF (ASX: VHY).

But Vanguard has many other ETFs that look to shares beyond our shores.

The Vanguard MSCI International Shares Index ETF (ASX: VGS) is another probable shoo-in. This is Vanguard’s flagship international shares ETF. VGS covers almost 1,500 individual shares hailing from more than 20 different advanced economies.   

These include Canada, France, Japan, the United Kingdom and Germany. Saying that, it is heavily dominated by US tech giants like Apple Inc (NASDAQ: AAPL), Microsoft Corporation (NASDAQ: MSFT) and Amazon.com Inc (NASDAQ: AMZN).

Looking outside the ASX and the US

But we could also see the Vanguard FTSE All-World ex-US ETF (ASX: VEU) offered as well. This fund is similar to VGS, but excludes US shares. In their place, many emerging economies are represented, including India, Brazil, and Saudi Arabia. Overall, this ETF has more than 3,500 individuals holding within it.  

Ethically-minded investors might appreciate if there was the option to select the Vanguard Ethically Conscious International Shares Index ETF (ASX: VESG).

More regionally specific ETFs from Vanguard are also possibilities for inclusion in its superannuation offerings. This includes the Vanguard FTSE Europe Shares ETF (ASX: VEQ), the Vanguard FTSE Asia ex-Japan Index ETF (ASX: VAE) and the Vanguard FTSE Emerging Markets Shares ETF (ASX: VGE).

Other Vanguard ETFs covering different asset classes outside shares could also be potentially available. These might be the Vanguard Global Infrastructure Index ETF (ASX: VBLD). As well as the Vanguard Australian Fixed Interest Index ETF (ASX: VAF) for access to fixed-interest bond investments.  

So it’s likely that new Vanguard super customers will have a plethora of ETFs to choose from when the company eventually brings its new superannuation products online. We don’t yet know when this will be. But with Vanguard now gaining regulatory approval, it’s probably going to be sooner rather than later.  

The post Could these ASX ETFs soon play a bigger role in Aussie super funds? appeared first on The Motley Fool Australia.

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More reading

• 2 of the best ETFs for ASX investors to buy in September
• Why are the VAS ETF’s dividends so erratic?
• How does VGS stack up against other ASX index funds?
• 3 top ETFs for ASX investors to buy
• 2 wonderful ETFs to buy for portfolio diversification

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen has positions in Amazon, Apple, Microsoft, and Vanguard Australian Shares High Yield Etf. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Amazon, Apple, Microsoft, and Vanguard MSCI Index International Shares ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has positions in and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool Australia has recommended Amazon, Apple, Vanguard Australian Shares High Yield Etf, Vanguard MSCI Index International Shares ETF, and carsales.com 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 S&P/ASX 200 Index (ASX: XJO) is sliding 1.85% today, but three ASX 200 shares are soaring higher.

Fisher & Paykel Healthcare Corp Ltd (ASX: FPH), Coles Group Ltd (ASX: COL), and Endeavour Group Ltd (ASX: EDV) shares are all lifting today.

Let’s take a look at why these ASX 200 shares are performing so well.

Fisher & Paykel

The Fisher & Paykel share price is currently lifting 1.77%. In news today, Fisher & Paykel has entered a sale and purchase agreement to acquire land for a new campus in New Zealand.

Subject to approval from the Overseas Investment Office, the company will acquire a 105-hectare site in Karaka, Auckland. This will cost $275 million.

Commenting on the news, Fisher & Paykel CEO Lewis Gradon said:

Over time, this world-class campus will house a large number of employees in R&D, pilot manufacturing and related roles, providing a major boost to the local area.

Coles

The Coles share price is currently rising 1.31%. Woolworths Group Ltd (ASX: WOW) shares are also rising 0.46% today.

Some investors may be buying up Coles shares before it trades ex-dividend tomorrow. New shareholders will not be eligible for the final FY22 fully franked dividend of 30 cents per share after the ex-dividend date.

Coles is paying total dividends of 63 cents per share in FY22, 3.3% more than the previous financial year. The final FY22 dividend will be paid on 28 September. Coles reported a 2% lift in earnings before interest, tax, depreciation and amortisation (EBITDA) in FY22 to $3.4 billion, while sales revenue lifted 2% on the previous year to $39.4 billion.

Endeavour Group

It’s also proving a good day for the Endeavour share price, which is climbing 2.68% to $7.47 at the time of writing. The ASX 200 Consumer Staples Index (ASX: XSJ) is also climbing 0.89% today.

Recently, Goldman Sachs rated the Endeavour share price as a buy with an $8.10 price target. Goldman said, “we continue to see that EDV has one of the most loyal consumer bases in retail”.

Endeavour’s net profit after tax (NPAT) lifted 11.2% on the previous year in FY22 to $495 million. Endeavour traded ex-dividend on Thursday. A final fully franked dividend of 7.7 cents is due to be paid on 16 September.

The post 3 ASX 200 shares defying today’s sell-off to surge higher appeared first on The Motley Fool Australia.

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More reading

• Hoping to bag the boosted Coles dividend? Here’s what you need to do
• Here are 5 ASX 200 shares going ex-dividend tomorrow
• Keen to pocket the Woolworths dividend? You’d better be quick!
• 5 ASX 200 shares turning ex-dividend on Wednesday
• 2 ASX 200 dividend shares to buy now according to analysts

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 positions in and has recommended COLESGROUP DEF SET. 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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Earnings season is officially over for S&P/ASX 200 Index (ASX: XJO) shares and, as always, it brought with it heaps of dividend-related news.

Plenty of dividend hikes and special cash offerings were declared in August, but new analysis shows the market saw an above average amount of dividend cuts.

So, how did the market’s biggest dividend shares stack up against the competition? Let’s take a look.

How did ASX 200 dividend shares stack up in August?

The 2022 August reporting season occurred against a backdrop of volatility in global equity markets, mostly driven by soaring inflation and rising rates across much of the world.

And that may have influenced ASX 200 dividend payers. CommSec analysis found dividends were down across the index last month as cash levels slipped and many companies balanced payouts against growth.

The index’s aggregate dividends fell 6.1% to a total of $42.3 billion in August after rising 5.9% in February. Just 61% of ASX 200 companies boosted payouts last month while 27.4% dropped them.

Here’s how some of the market’s biggest dividend payers stacked up in the earnings season just been.

BHP Group Ltd (ASX: BHP)

BHP dropped its final dividend to US$1.75 in financial year 2022, marking a 12.5% year-on-year decrease.

However, its total dividends for financial year 2022 ended up 8% higher than those of financial year 2021 at US$3.25 per share.

Woodside Energy Group Ltd (ASX: WDS)

ASX 200 energy giant was a major dividend winner in August, more than tripling its half-year payout to US$1.09 per share.

Last month’s earnings marked the first from the company since it merged with BHP’s petroleum assets earlier this year.

Rio Tinto Limited (ASX: RIO)

Rio Tinto technically didn’t participate in the August earnings season, instead dropping its half-year results in late July.

However, its notable dividend dump made it worthy of this list. The company dropped its interim dividend by 52% to $3.837 per share.

Woolworths Group Ltd (ASX: WOW)

Sadly, Woolworths also cut its dividend. The company’s full-year payout was slashed to 92 cents per share after it declared a 35-cent final dividend.

Wesfarmers Ltd (ASX: WES)

Finally, ASX 200 retail-focused giant Wesfarmers posted a final dividend of $1 per share – marking an 11% year-on-year increase after a period of strong profits.

The post How did ASX 200 dividend shares stack up in August? appeared first on The Motley Fool Australia.

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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 positions in and has recommended Wesfarmers 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 iCandy Interactive Ltd (ASX: ICI) share price is flying 19.74% higher today to 9.1 cents after the company posted its results for the first half of FY22.

The ASX-listed freemium mobile games developer’s shares are currently trading for 9.1 cents each after closing on Wednesday at 7.6 cents.

Let’s check if the iCandy result is as sweet as it sounds.

What did iCandy report in 1H FY22?

Here is a snapshot of the key highlights for 1H FY22, which are sending the iCandy share price through the roof today.

• Revenue skyrocketed 1,600% from $0.93 million in 1H FY21 to $15.69 million in 1H FY22
• Earnings before interest, taxation, depreciation and amortisation (EBITDA) jumped to a record $4.41 million — the first time it has achieved profitability
• Net loss reversed from $1.19 million in 1H FY21 to a net profit after tax (NPAT) of $0.23 million in 1H FY22
• Current cash balance of $28.3 million

The astronomical jump in revenue was due to iCandy’s new subsidiary, Lemon Sky Studios. This game and animation studio is known for developing games such as Call of Duty Infinite Warfare, Need for Speed Hot Pursuit, Spider-Man and Marvel’s Avengers.

Lemon Sky Studios has assisted iCandy with developing three non-fungible token (NFT) Generative Art projects, as well as nine NFT/Metaverse gaming projects.

ICandy paid $44.5 million comprised of cash and shares for this acquisition.

Prior to this, iCandy also acquired 51% of Storms, a Southeast Asian-based game developer.

ICandy’s ultimate goal is to become the leading integrated metaverse gaming platform globally.

Due to the acquisitions, iCandy’s employee expenditures lifted from $0.3 million in 1H FY21 to $3.05 million in 1H FY22. This was the biggest uptick in operational expenses.

Operating cash flow went up from negative $1.06 million in 1H FY21 to $3.86 million in 1H FY22. However, iCandy spent $21.3 million in cash on acquisitions for 1H FY22.

What else happened in 1H FY22?

In March, iCandy announced its NFT project with Froyo Games and is expected to be finished in the last quarter of FY22.

ICandy is still developing its signature metaverse game Metal Genesis and hopes a playable demo will be ready by the last quarter of FY22.

Metal Genesis is an armoured robo-suit war machine-themed and player-vs-player metaverse virtual world game being developed by Lemon Sky Studios.

Management confident about outlook

ICandy management advised it has a pipeline of three years for work. Management plans to lift the company headcount by 20% by the end of the year.

Outside of game development, iCandy is seeing demand for animation development services from global streaming and content providers.

Management said it expects the recent revenue trend to continue.

iCandy share price snapshot

In the last year, the iCandy share price has risen by 53% but has dropped 8% in the past month. In contrast, the S&P/ASX 200 Index (ASX: XJO) is down 9% in the last year and 2% in the last month.

The market capitalisation of iCandy is around $113 million.

The post Guess which ASX share is booming on 1600% revenue growth appeared first on The Motley Fool Australia.

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Motley Fool contributor Raymond Jang 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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ASX rare earths shares have been among the top performers over the past 12 months.

Lynas Rare Earths Ltd (ASX: LYC) shares, for example, are up 31% since this time last year.

But while Lynas is slipping today, down 0.7%, it’s another ASX rare earths miner that’s shooting higher.

Namely, American Rare Earths Ltd (ASX: ARR), which is up 6.4% at the time of writing but went 12.5% higher in earlier trading.

Why is this ASX rare earths share rocketing today?

Investors are bidding up the American Rare Earths share price today after the company reported a 328% increase to the exploration target at its Halleck Creek project.

The JORC-compliant exploration target estimate is based on the explorer’s latest surface sampling and 2022 maiden drilling results.

Located in the state of Wyoming in the United States, American Rare Earths said its new estimates confirm the potential for Halleck Creek to be one of the largest rare earths projects in the US.

According to the release, the new exploration targets outline between 1.01 billion tonnes and 1.27 billion tonnes of rare earths mineralised rocks. That’s up more than three-fold from the previously reported targets of 308 million tonnes to 385 million tonnes.

The miner noted that the potential quantity and grade of its Halleck Creek resource are conceptual in nature. It said that to date there has been “insufficient exploration to estimate a Mineral Resource” at the project.

Commenting on the upgraded estimates, American Rare Earths CEO Chris Gibbs said:

The Halleck Creek project is shaping up to become a world class asset. The maiden drill campaign was a resounding success, and the new exploration target is massive. Assay results exceeded our expectations with consistent rare earth mineralisation observed throughout the deposit.

We continue to expand the project footprint and the deposit remains open at depth and laterally.

How has the ASX explorer been tracking?

Like many ASX rare earths shares, the American Rare Earths share price has been a strong performer over the past 12 months, up 39%.

That compares to a full-year loss of 9% posted by the All Ordinaries Index (ASX: XAO).

The post Guess which ASX rare earths share is rocketing 13% on a ‘resounding success’. Hint: not Lynas appeared first on The Motley Fool Australia.

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Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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