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It’s been a lukewarm day so far for the S&P/ASX 200 Index (ASX: XJO). At the time of writing, the ASX 200 is up by 0.12% after initially rising far more decisively this morning. But that hasn’t stopped the Pointsbet Holdings Ltd (ASX: PBH) share price from enjoying a cracking day this Thursday.

At present, Pointsbet shares are on fire, having rocketed a pleasing 7.7% so far today to $3.07 a share. That comes after the gaming tech company closed at $2.85 a share yesterday and opened at $2.98 this morning.

So why is the Pointsbet share price having such an impressive performance today?

Why is the Pointsbet share price on fire this Thursday?

Well, this is a rather strange occurrence because there has been no new news out from the company so far today. Or indeed this week. In fact, the piece of news we got out of the company was the quarterly activities report Pointsbet released last week on 29 July.

As we went through at the time, this report showed the company’s total net win increasing by 41% year on year to $85.8 million. Sports betting net wins were up 32% to $78.5 million, while overall turnover rose to $1.3 billion for the quarter, coming in far above the $986 million the company recorded in the corresponding quarter of FY2021.

But even so, investors were not impressed with this update at the time. As we noted last week, the release of this report resulted in Pointsbet shares falling 11% on the day it was released, and by a further 14.15% the following day.

So perhaps investors have changed their minds this week, and have decided to give Pointsbet shares another chance.

ASX 200 tech shares shoot the lights out on the ASX today

We are also seeing many other ASX tech shares perform well today though. The S&P/ASX 200 Information Technology Index (ASX: XIJ) is currently the best performing sector on the ASX 200 this Thursday. It’s up more than 2% so far. This has seen many ASX tech shares shoot the lights out.

Take Block Inc (ASX: SQ2). Its shares are up 9.3% at over $126. Life360 Inc (ASX: 360) and EML Payments Ltd (ASX: EML) are both up 5.3% and 7% respectively. Zip Co Ltd (ASX: ZIP) was up close to 10% earlier today but has since cooled off somewhat.

So it’s possible that Pointsbet shares have simply been caught up in a wave of goodwill towards ASX tech shares today too.

Whatever the reasons for Pointsbet’s stellar performance this Thursday, no doubt it is being welcomed by shareholders. 

At the current Pointsbet share price, this ASX 200 tech share has a market capitalisation of $940 million.

The post Why is the Pointsbet share price up 8% on the ASX today? appeared first on The Motley Fool Australia.

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More reading

• Why BrainChip, Fortescue, PointsBet, and Zip shares are dropping
• ASX 200 midday update: Zip crashes, PointsBet tumbles
• Pointsbet share price tumbles 12% despite reported net-win improvements
• Here are the top 10 ASX 200 shares today
• Here’s why the Pointsbet share price tumbled 10% today

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended EML Payments, Life360, Inc., Pointsbet Holdings Ltd, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended EML Payments. The Motley Fool Australia has recommended Pointsbet 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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Interest is picking up again in the Sayona Mining Ltd (ASX: SYA) share price on Thursday after the company’s latest announcement.

While the enthusiasm appears to be fading throughout today, the above-average volume traded of 46 million shares displays the heightened intrigue among investors. At the time of writing, shares in the ASX lithium share are fetching 20.5 cents apiece, up 5.13%.

Accounting for today’s gain, the Sayona share price is approximately 58% above its 13 cents a share rut in mid-July.

Could profits be around the corner?

As the late and great Benjamin Graham said, “In the short run, the market is a voting machine but in the long run, it is a weighing machine.” When it comes to weighing up a company’s value, nothing is as important as earnings.

For Sayona, operational earnings are not yet a reality due to the exploratory and development stage it is currently in. This fact was pointed out in an article penned by my colleague Zach Bristow last week. However, the possibility of profits has taken another step in the right direction today.

According to the release, the restart of the North American Lithium (NAL) operation in Québec, Canada is picking up pace. Approximately 30% of plant and equipment upgrades are said to be completed. This is expected to accelerate with the number of construction workers on site set to double to 100 by September.

As a result, management believes the first spodumene concentrate will be produced in the first quarter of 2023. This is in line with prior timelines, as the company looks to take advantage of the government’s 100% local battery supply chain ambitions.

Furthermore, it appears the update has captured the hopes of investors today. Currently, the Sayona share price is moving up and to the right.

What else is moving the Sayona share price?

The gravity of today’s announcement was emphasised by Sayona managing director Brett Lynch, stating:

It is extremely pleasing to see the rapid progress at NAL as we ramp up towards the recommencement of lithium production.

With virtually all of the NAL operation powered by hydroelectricity, this is truly one of the world’s most sustainable lithium operations, an important ESG differentiator in an industry that aims to facilitate global decarbonisation.

Positively, the lithium price has stabilised at around US$70,500 per tonne according to Trading Economics. The next important aspect investors will be searching for is whether Sayona can produce lithium at an attractive all-in cost.

The Sayona share price is up 58% so far this year. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 6% in 2022.

The post Sayona share price lights up on ‘rapid progress’ toward production appeared first on The Motley Fool Australia.

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More reading

• Up 33% in July, why did the Sayona share price have such a stellar month?
• Is ASX lithium company Sayona Mining profitable?
• Why is the Sayona Mining share price up 35% this week?
• Sayona shares sail 8% ahead amid government’s call to secure energy supply
• Why is the Sayona Mining share price tumbling 6% today?

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

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The All Ordinaries Index (ASX: XAO) is up 0.3% today, but one ASX telco share is leaving those gains in the dust, up a whopping 22.1%.

And no, it’s not Telstra Corporation Ltd (ASX: TLS), which is up 1.3%.

The ASX telco share in question is Vonex Ltd (ASX: VN8).

The microcap company closed yesterday trading for 7.7 cents and is currently trading for 9.4 cents, giving it a market cap just north of $31 million.

So, what’s piquing ASX investor interest today?

ASX telco share soars on cash flow outlook

Investors are bidding up the ASX telco share today after the company reported it had made the final cash payment to Symbio Holdings Ltd (ASX: SYM) to acquire part of its MyNetFone Direct Business.

The final payment sees Vonex complete the full $31 million in consideration payable to Symbio.

The ASX telco share reported this will result in an $833,000 monthly improvement of its net cash flow.

Commenting on the milestone, Vonex CEO Matt Fahey said:

Our completion of the deferred acquisition payments to Symbio Ltd marks the beginning of a new era for Vonex with greater financial flexibility.

We are excited to deliver further growth in the year ahead, fully unencumbered by deferred acquisition payments, as we continue to advance M&A pipeline opportunities which offer the potential to expand Vonex’s customer base, geographic presence and product suite.

Vonex listed on the ASX on 13 June 2018.

How has Vonex been performing?

With today’s intraday leap factored in, the ASX telco share is down 15% year to date. That compares to a 9% loss posted by the All Ordinaries so far in 2022.

Vonex reported some strong quarterly results on 29 July, which saw shares close 1% higher on the day. Highlights included record quarterly gross unaudited revenue of $10.5 million, which was up 81% from the prior corresponding period.

The post ‘New era’: Why this ASX telco share is soaring 22% appeared first on The Motley Fool Australia.

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More reading

• ‘Compelling’ ASX tech share that could grow its user base 1,500%

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 Symbio Holdings Limited. The Motley Fool Australia has positions in and has recommended Symbio Holdings 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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A three to five-year “structural bull market” for ASX mining shares and commodities is yet to play out.

That’s according to energy, mining, and commodities expert Ben Cleary, who manages listed investment company (LIC) Tribeca Global Natural Resources Ltd (ASX: TGF).

Cleary says of all the commodities and battery metals are likely to lead the way in coming years.

What’s the opportunity for ASX investors today?

In an interview with Livewire, Cleary said: “Whether it’s base metals or battery metals, the big supply-demand deficits kick in in 2025-2026”.

Cleary says commodity prices have already dipped to the same lows seen during the global financial crisis and in 2015. That’s despite globally low inventories. And there’s been a flow-on effect to ASX mining shares.

Cleary said:

Think Aluminium, which hit a 30-year low on the LME yesterday. Copper, nickel, iron ore, oil, all these commodities are in very short supply generally.

So the markets are bearish to the point where stocks are trading at these very deeply depressed trough valuation levels, but inventory is low and demand is still strong,” he said.

We’ve stress test demand, and even with a recession in Europe and a slowdown in the US, we’re still getting deficits.

Cleary pointed out that the resources sector is generating record cash flows. This is despite COVID-19 and labour availability challenges, as well as higher oil prices and a tighter supply of mining inputs.

He also said the valuations of various ASX mining shares were “looking more and more attractive”.

Cleary said:

Despite all those headwinds, the sector’s never made more cash flow. And on top of that, I think the delta of those challenges is improving.

While the outlook is somewhat uncertain with Europe and its energy woes and potential recessions, I think generally it’s been a big pullback across all asset classes and there is some very heavy valuation support in the resources industry that is looking more and more attractive.

What’s next for ASX mining shares?

Cleary attended the annual Diggers and Dealers Mining Forum in Kalgoorlie, Western Australia this week.

He said the leaders of various companies he is invested in told him labour shortages were decreasing.

Cleary also believes oil prices won’t remain around US$100 per barrel. He thinks they are likely to decline toward the end of 2022.

However, he said iron ore could face more pressure in the coming months:

The softer property market in China has impacted all things related to building materials, particularly on steel subsidiaries. But iron ore prices have held up pretty well.

That is because, like a lot of these commodities, there’s been a number of supply issues. But if the Chinese property market remains soft, iron ore is going to face some headwinds. But that could very quickly turn into a tailwind depending on the outcome of Chinese monetary policy into the year-end.

Which ASX mining shares might be buys?

When asked to pick the five best presentations at Diggers and Dealers, Cleary nominated Develop Global Ltd (ASX: DVP), Genesis Minerals Ltd (ASX: GMD), Capricorn Metals Ltd (ASX: CMM), Syrah Resources Ltd (ASX: SYR), and Bellevue Gold Ltd (ASX: BGL).

Cleary said all five companies are well funded with impressive production growth, yet not beholden to commodity prices.

He said:

They going to make good margins regardless of whether commodity prices remain high. 

Another common thread through those five stories was that they are all at the bottom of their respective cost curves. And they all have been very focused on keeping their best people as labour is tight. 

The post 5 ASX mining shares with ‘good margins regardless of commodity prices’: fundie appeared first on The Motley Fool Australia.

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More reading

• Move over ASX lithium shares, this commodity will be ‘the biggest beneficiary of electrification’: fundie
• The All Ordinaries gold share ‘in an enviable position’: fundie
• This ASX graphite miner just got a $146m loan from the US Government, and its share price is surging
• Syrah share price charges higher on Ford agreement

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

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The Commonwealth Bank of Australia (ASX: CBA) share price is lifting today amid news it will raise home loan and savings rates.

The major bank’s share price is currently trading at $101.52, a 1.05% jump. For perspective, the the S&P/ASX 200 Index (ASX: XJO) is up 0.18% so far today.

Meanwhile, other AXS bank shares are also trading in the green at the time of writing. National Australia Bank (ASX: NAB) shares are 0.41% higher, Australia and New Zealand Banking Group Ltd (ASX: ANZ) shares are climbing 0.24%, while the Westpac Banking Corporation (ASX: WBC) share price is up 0.74%.

Let’s take a look at what is going on at Australia’s largest bank.

CBA lifts interest rates

CBA has become the first major bank to lift interest rates in response to the Reserve Bank of Australia’s announcement earlier this week.

The RBA lifted Australia’s official interest rate by 0.5% to 1.85% on Tuesday.

In a statement today, CBA advised home loan variable interest rates will lift by 0.5% per annum. NetBank saver variable interest rates will also rise by 0.5%.

Commenting on the news, retail banking group executive Angus Sullivan said:

We have been helping customers understand the changing rate environment and consider what it means for them, and we will continue to be there for them.

However, CBA will also offer a four-year owner-occupier principal and interest fixed home loan rate of 4.99%. This is 1.6% less than the bank’s current fixed package rate, Sullivan highlighted.

Meanwhile, Morgan Stanley analyst Richard Wiles is predicting higher rates and a bigger yield curve will boost CBA’s net interest income by $250 million in the second half of 2022. And he predicts this trend to continue in 2023. In comments cited by the Australian Financial Review, he said:

More importantly, we expect a larger benefit in the first half of 2023, as the full period impact of rate hikes and deposit pricing power easily offsets mortgage competition.

Share price snapshot

The CBA share price has fallen 0.83% in the past year, while it has lifted 0.38% year to date.

For perspective, the ASX 200 benchmark has lost nearly 7% in the past year.

CBA has a market capitalisation of more than $172 billion based on the current share price.

The post First mover: CBA share price rises amid interest rate changes appeared first on The Motley Fool Australia.

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More reading

• 3 ASX 200 shares smashing new 52-week highs on Thursday
• Why is the Block share price charging 10% higher on Thursday?
• Why is the Kogan share price kicking goals on Thursday?
• Why are ASX 200 tech shares having such a stellar run today?
• What’s the outlook for the gold price in FY23?

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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The S&P/ASX 200 Index (ASX: XJO) is back on track today after posting its first loss in more than a week on Wednesday. And some of its favourite constituents are taking advantage of its upwards momentum, posting their highest share prices in at least a year.

Right now, the ASX 200 is trading 0.3% higher.

Let’s take a closer look at the 3 ASX giants surging to their highest point in 52 weeks today.

3 ASX 200 shares soaring to long-forgotten highs

Transurban Group (ASX: TCL)

Shares in ASX 200 toll road operator Transurban leapt to a new 20-month high today, trading at $14.93.

Interestingly, no news has been released by the infrastructure giant over the last six weeks. Though, fundies have tipped to stock as a major inflation beater.

The fees that make up the company’s revenue are linked to Australia’s inflation measure, meaning its profits rise alongside inflation.

Vicinity Centres (ASX: VCX)

ASX 200 real estate investment trust (REIT) Vicinity Centres has also seen its share price reach a 52-week high today. It lifted around 2% to reach $2.12 earlier this morning before slipping to trade slightly in the red.

That marks a new post-COVID high for the stock. The stock has outperformed the S&P/ASX 200 Real Estate Index (ASX: XJO) by a whopping 37% over the last 12 months.

Steadfast Group Ltd (ASX: SDF)

The final ASX 200 share trading at a new 52-week high on Thursday is Steadfast Group. In fact, the stock reached its highest point ever today – leaping to $5.50 in intraday trade.

Steadfast operates a general insurance broker network in Australia and New Zealand.

The market hasn’t heard a word from the company since February.

Still, its share price has surged nearly 300% over the past five years to culminate in today’s new record high.

The post 3 ASX 200 shares smashing new 52-week highs on Thursday appeared first on The Motley Fool Australia.

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More reading

• First mover: CBA share price rises amid interest rate changes
• Why is the Block share price charging 10% higher on Thursday?
• Why is the Kogan share price kicking goals on Thursday?
• Why are ASX 200 tech shares having such a stellar run today?
• What’s the outlook for the gold price in FY23?

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 Steadfast Group Ltd. The Motley Fool Australia has recommended Steadfast Group 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 CSL Limited (ASX: CSL) share price enjoyed a healthy boost in July, finishing the month up 7.7%.

And though the S&P/ASX 200 Index (ASX: XJO) listed global biotech company is dipping into the red today, it’s up another 1.3% so far in August.

With those gains in the bag, investors are now pondering if there’s more upside to come for the CSL share price this earnings season.

For some greater insight into that question, we defer to the experts.

An all-weather company

Andrew Tang is co-head of investment strategy at Morgans Financial.

In Livewire, Tang said CSL is one of “several all-weather companies we think are capable of resisting cost inflation”.

Morgans analyst Derek Jellinek sees further potential upside for the CSL share price.

Jellinek “maintains a solid outlook for the biotech firm, with plasma collections expected to continue improving via numerous initiatives. He tips [earnings per share] EPS growth of 17% for FY2023 and a total shareholder return of 15% over the next 12 months”.

17% upside for the CSL share price

Citi analysts are also bullish on the outlook for the CSL share price.

As The Motley Fool reported yesterday, the broker retained its buy rating and increased its price target for the biotech company to $345 per share.

That’s 16.7% above the current CSL share price of $295.57.

Like Morgans, Citi also pointed to an improved outlook for plasma collections, which were hindered during the pandemic years. Citi noted the strong collection results from CSL competitors Grifols and Takeda in its note:

Results from Grifols (June HY) and Takeda (June Q) show continued improvement overall in the operating environment for the plasma industry – this is as we anticipated and supportive of our CSL forecasts.

The key points from the results were: 1) Demand is very strong, and prices are up mid-single digit, showcasing the pricing power of plasma companies; 2) Plasma collections are now well above pre-covid levels; 3) Plasma donor fees are coming down, helping margins.

Citi added, “The settlement of the Vifor deal, and a positive outlook on plasma collection at the FY22 result will continue to see the share price outperform over the next 12 months.”

CSL reports its full financial year results on Wednesday 17 August.

The post Up 8% in July, is there more upside in the CSL share price this earnings season? appeared first on The Motley Fool Australia.

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More reading

• Why Citi just became even more bullish on the CSL share price
• What’s going on with the CSL share price on Tuesday?
• 5 things to do during ASX results season
• Leading brokers name 3 ASX shares to buy today
• Brokers name 3 ASX shares to buy today

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL Ltd. 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 uranium shares are “down materially and have completely decoupled with the other energy groups for no really good reason at all”, according to energy, mining, and commodities expert Ben Cleary.

Cleary is the portfolio manager of listed investment company (LIC) Tribeca Global Natural Resources Ltd (ASX: TGF).

In an interview with Livewire, Cleary said he was “very bullish” on uranium shares. 

What’s happening with ASX uranium shares?

Cleary said uranium shares have lost value recently but are well-positioned for a big future. This is especially because several governments have recently approved the commodity for energy generation.

Cleary said:

Uranium correlates very well with other energy commodities, whether it’s gas or coal or oil — as it should do because it’s obviously competing as an alternative energy source. 

However, year to date, uranium equities are down materially and have completely decoupled with the other energy groups for no really good reason at all.

In fact, they’ve been correlating more with cryptocurrencies and digital assets, for whatever reason.

Cleary expects to see this trend rapidly reverse course in the next few months. As a result, he reckons most ASX shares in the uranium space have a 30% to 50% upside from here.

He added:

The European Union has just approved uranium as an approved energy source. The American government are very supportive of nuclear generation. So is China. 

So uranium has a really strong governmental backing as a baseload energy source given it produces lower carbon emissions versus other fossil fuels going forward.

Uranium shares have declined in 2022 due to rising concerns about recession, as well as China’s strict COVID-19 policy.

Which ASX uranium share is a buy?

Cleary’s pick of the bunch is Boss Energy Ltd (ASX: BOE).

Boss Energy is one of the larger ASX shares in the uranium sector with a market capitalisation of $853.24 million. It holds interests in the Honeymoon uranium project in South Australia. It also holds interests in nickel-copper exploration projects in Scandinavia as well as gold interests in Burkina Faso.

The Boss Energy share price is up 1,300% over the past 12 months (yep, you read that right). But in the year to date (ytd), it has declined by 2%.

Here is a summary of the performance of the other big players in the uranium space:

• The Paladin Energy Ltd (ASX: PDN) share price is up 44% over 12 months and down 21% ytd
• The Energy Resources of Australia Limited (ASX: ERA) share price is down 4% over 12 months and down 29% ytd
• The Silex Systems Ltd (ASX: SLX) share price is up 243% over 12 months and up 143% ytd
• The Bannerman Energy Ltd (ASX: BMN) share price is up 33% over 12 months and down 27% ytd
• The Deep Yellow Limited (ASX: DYL) share price is up 10% over 12 months and down 18% ytd

The post The ASX shares with 30% to 50% upside: fundie appeared first on The Motley Fool Australia.

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More reading

• Why did the Paladin Energy share price rocket 28% in July?
• 3 ASX All Ordinaries shares hitting new 52-week highs on Wednesday
• Here are the top 10 ASX 200 shares today
• Paladin Energy share price lights up on uranium project restart
• Here are the top 10 ASX shares today

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

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For years many investors have pointed to lithium as the number one beneficiary of the energy transition. Indeed, some of the ASX’s biggest lithium players – like Pilbara Minerals Ltd (ASX: PLS) and Sayona Mining Ltd (ASX: SYA) ­– have seen their share prices double time and time again over the last five years.

But one less obvious commodity has more to gain from the world’s electrification movement than lithium, according to Tribeca Global Natural Resources Ltd (ASX: TGF) portfolio manager Ben Cleary.

And that commodity is copper.

Let’s take a look at why the fundie is bullish on the recently embattled metal and which ASX copper share he thinks has the brightest future.

Copper has most to gain from electrification: fundie

The price of copper hit a 17-month low early last month amid concerns of global recessions and a potential slowdown in China – the world’s largest metals consumer.

The falling price of copper – as well as dips in other commodity prices – has been weighing on many ASX materials shares lately.

But there’s a silver lining. The fall has presented a longer-term buying opportunity, Cleary’s fund noted in its latest monthly update.

On top of that, the fundie apparently thinks copper has more to gain than lithium in the energy transition, telling Livewire.

Copper really is the biggest beneficiary of electric electrification and the world consuming more electricity going forward.

There is just not enough supply coming online to meet that demand growth.

The fund has noted it expects the supply of natural resources to tighten from 2024 onwards.

Meanwhile, Cleary told Livewire “big supply-demand deficits” in base and battery metals will kick off in 2025 to 2026. He said:

Copper, nickel, iron ore, oil, all these commodities are in very short supply generally. So, the markets are bearish to the point where stocks are trading at these very deeply depressed trough valuation levels, but inventory is low and demand is still strong.

We’ve stress test demand, and even with a recession in Europe and a slowdown in the US, we’re still getting deficits.

Which ASX copper share is the fundie tipping?

Cleary’s apparent favourite copper share comes in as one of Tribeca Global Natural Resources’ largest holdings.

It is none other than $395 million copper developer Develop Global Ltd (ASX: DVP).

In mid-July, the fund tipped Develop Global shares to have a valuation of $3.20. That’s 30% higher than where it’s currently trading – $2.45.

The post Move over ASX lithium shares, this commodity will be ‘the biggest beneficiary of electrification’: fundie 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 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 Block Inc (ASX: SQ2) share price is soaring today, following in the footsteps of its US listing.

The ASX buy now pay later (BNPL) company’s share price is up 10.18%, trading at $127.57 at the time of writing. For perspective, the S&P/ASX 200 Index (ASX: XJO) is currently 0.28% higher.

Let’s take a look at why the Block share price is rising today?

Why is the Block share price rising?

Block is not the only BNPL company in the green today. The Zip Co Ltd (ASX: ZIP) share price is up 6.79%, while Sezzle Inc (ASX: SZL) shares are 7.34% higher.

Block’s ASX listing appears to be following a similar path to the company’s US listing on Wednesday. Block Inc (NYSE: SQ) shares leapt 11.35% on the New York Stock Exchange overnight.

Financial and technology shares lifted after PayPal’s results improved optimism, Reuters reported. The NASDAQ Composite Index jumped 2.59%, while the S&P 500 Index gained 1.56%.

Wedbush Securities managing director Sahak Manuelian said in comments cited by the publication:

We’re going through Q2 earnings and, by and large, from the tech complex to consumer discretionary and industrials, we’re seeing a lot of better-than-feared prints, and that’s just good enough right now.

PayPal Holding Inc (NASDAQ: PYPL) reported net revenue lifted 9% year on year to $6.8 billion. The company also confirmed Elliott Investment Management has a $2 billion stake in the company. PayPal shares lifted 9% on the back of the results.

In Australia, the S&P/ASX All Technology Index (ASX: XTX) is 2.85% higher so far today.

Block is due to report its financial results on 4 August, US time.

Block share price snapshot

The Block share price has fallen 28% year to date, however, it has soared 44% in just the past month.

For perspective, the benchmark ASX 200 Index has shed 6% in 2022 so far.

Block has a market capitalisation of about $4.8 billion based on the current share price.

The post Why is the Block share price charging 10% higher on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Why is the Kogan share price kicking goals on Thursday?
• Why are ASX 200 tech shares having such a stellar run today?
• What’s the outlook for the gold price in FY23?
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX 200 shares today

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 Block, Inc., PayPal Holdings, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. The Motley Fool Australia has recommended PayPal Holdings. 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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