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S&P/ASX 200 Index (ASX: XJO) gold shares initially outperformed the benchmark index following yesterday’s 0.5% interest rate hike from the Reserve Bank of Australia.

Yesterday marked the fourth consecutive month that the RBA increased Australia’s cash rate.

The official interest rate stood at all-time lows of 0.1% heading into May this year, after more than a decade that had seen only rate cuts from the central bank. The cash rate now stands at 1.85%, with RBA governor Philip Lowe forecasting additional rate increases ahead.

Here’s how gold stocks are faring.

ASX 200 gold shares surge, then wane

The RBA reported on its rate hike decision at 2:30pm AEST.

In the hour or so immediately after the bank’s media release, the ASX 200 first shot up 0.5% before finishing the day up 0.4% from the time of the announcement.

But ASX 200 gold shares reacted even more positively, at first.

The S&P/ASX All Ordinaries Gold Index (ASX: XGD) – which contains gold stocks outside of the ASX 200 – initially leapt 0.9% before finishing the day up 0.3% from the RBA’s announcement.

Today, gold stocks are broadly heading the other way, with the Gold Index down 0.8% in afternoon trade today compared to a 0.3% loss posted by the ASX 200.

As for the biggest gold stocks

Investors bid up the prices of ASX 200 gold shares in the hour or so immediately after news of the RBA’s rate hike hit the wires.

The Newcrest Mining Ltd (ASX: NCM) share price initially leapt 0.9% before finishing yesterday flat. Newcrest shares are down 2.4% today.

Shares in Northern Star Resources Ltd (ASX: NST) followed a similar trend, first jumping 0.9% before finishing yesterday up 0.6%. Today the Northern Star share price is down 1.3%.

As for Evolution Mining Ltd (ASX: EVN), the ASX 200 gold share jumped 1.3% higher on news of the rate hike before closing the day up 0.4.% The Evolution Mining share price is flat in afternoon trade today.

While gold, and gold stocks, have historically tended to hold their value well during inflationary periods, investors are keenly aware that gold doesn’t pay a yield.

With interest rates heading sharply higher across most of the world, gold prices have dropped some 4% this calendar year, in US dollar terms.

That’s sent all three of the ASX 200 gold shares mentioned above deep into the red in 2022.

The post How are ASX 200 gold shares reacting to the RBA rate hike? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Wednesday
• The Newcrest share price tumbled 8% in July. What went wrong?
• 5 things to watch on the ASX 200 on Tuesday
• Evolution Mining share price higher on gold and copper resource boost
• 5 things to watch on the ASX 200 on Monday

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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The S&P/ASX 200 Index (ASX: XJO) is again slipping this Wednesday. As it currently stands today, the ASX 200 has lost a notable 0.42% and is back to around 6,970 points.

But let us dive deeper into the movements of the ASX and have a look at the ASX 200 shares currently at the top of the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Wednesday

South32 Ltd (ASX: S32)

First up today is diversified ASX 200 mining share South32. So far this Wednesday, a hefty 10.15 million South32 shares have been traded on the markets.

South32 has not made any ASX announcements since its quarterly report on 25 July. So today’s volumes are probably a result of the indecisive movements of South32 shares themselves.

The company initially fell sharply upon market open this morning, but has since recovered to record a gain of 1.2% at $3.78 a share right now. It’s this bouncing around that has probably elicited this elevated volume.

Pilbara Minerals Ltd (ASX: PLS)

Next up this Wednesday is ASX 200 lithium stock Pilbara Minerals. So far today, a sizeable 18.07 million Pilbara shares have been bought and sold. In this case, it might be the results of the battery metals exchange auction that Pilbara released this morning that is influencing trading volumes today.

As we covered earlier, Pilbara announced that it received strong prices for its lithium spodumene at this auction and that it is expecting higher demand and revenue in the future.

Pilbara shares have responded positively to this news after a brief dip this morning, and are currently up 2.2% at $2.80 a share.

Zip Co Ltd (ASX: ZIP)

Finally today, we have ASX 200 buy now, pay later (BNPL) share Zip. As it currently stands, a whopping 32.17 million Zip shares have changed hands.

This appears to be the byproduct of Zip’s stellar share price performance this Wednesday. As we looked into earlier, Zip shares are currently up by 11.9% at $1.36 a share, despite the absence of any news or announcements from the company.

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

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More reading

• Why BWP, Lynas, Pilbara Minerals, and Pinnacle shares are charging higher
• Why is the Sezzle share price surging 8% on Wednesday?
• Up 10%, what’s going on with the Zip share price today?
• Pilbara Minerals share price dips despite upbeat lithium outlook
• Pilbara Minerals share price on watch following lithium auction price update

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 ZIPCOLTD FPO. 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 Polynovo Ltd (ASX: PNV) share price is trading in the green during the afternoon session on Wednesday.

At the time of writing, shares in the medical devices company are trading 6.33% higher at $1.68 apiece. Earlier this afternoon, they hit an intraday high of $1.695 a share despite no market-sensitive news. It’s worth noting though the company hosted a webcast with its new CEO Swami Raote today.

In broader market moves, the S&P/ASX 200 Health Care index (ASX: XHJ) is rangebound today but has strengthened by around 10% since rolling into the new financial year.

What’s up with the Polynovo share price?

The company’s webcast with CEO Raote was held at 9:30 this morning. Raote was appointed CEO, effective immediately, on 29 July and comes with 30 years’ experience at pharmaceuticals giant Johnson & Johnson.

Most recently, he was “worldwide president for J & J’s Vision Car, a business with 5,600 employees across 120 countries and 2 manufacturing and research and development sites,” the company said in a separate note.

Those tuned in to the webcast today saw Raote answer prepared questions from Polynovo’s chair. There was no price-sensitive information released, nor was the webcast itself seen as price sensitive.

Nonetheless, investors look to have responded positively. Certainly, healthcare shares continue to catch a bid today, especially at the smaller end of town.

Regenerative medicine player Avita Medical Inc (ASX: AVH) is also surging almost 20% on the day, for instance.

As well, there’s a wave of momentum behind the broad sector right now.

As seen below, the healthcare benchmark is leading the way after taking off in June, even outperforming the energy and mining sectors.

With these factors in mind, the stage is set for the Polynovo share price to catch a bid today. In fact, 2022 has been a good year for the share so far.

It has clipped a 9.3% gain, despite trading down more than 27% over the past 12 months.

The post Why is the Polynovo share price popping 7% on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• These are the 10 most shorted ASX shares
• ‘Transformation growth’: Polynovo share price jumps 7% on new leadership
• Why IDP, PolyNovo, Sezzle, and St Barbara shares are pushing higher
• Why is the Polynovo share price down over 12%?
• These are the 10 most shorted ASX shares

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended POLYNOVO FPO. 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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It’s been a fairly average day so far for the S&P/ASX 200 Index (ASX: XJO) so far this Wednesday. At the time of writing, the ASX 200 has lost 0.42% and is back to around 6,968 points. But no one seems to have told the Block Inc (ASX: SQ2) share price.

Block (formerly known as Square) shares are having a cracking day today. The fintech company is presently enjoying a 5.05% gain, which puts it at $115.82 a share. This latest rise means that Block has now put on a pleasing 11.09% over the past five trading days, and an even more gratifying 25% or so over the past month.

So what might be behind Block’s stellar ASX performance so far today?

Why is the Block share price surging on Wednesday?

Well, unfortunately, the answer is unclear. Today’s moves have nothing to do with any news or announcements out of Block, seeing as there are none. In fact, Block hasn’t released any price-sensitive news in over two months.

So our most likely explanation for Block’s performance today is the broader performance of ASX tech shares. ASX tech shares are currently the best performing sector on the ASX 200 today, with the S&P/ASX 200 Information Technology Index (ASX: XIJ) currently up a healthy 1.8%.

As one might expect, this means that there are several ASX tech shares recording strong gains today. Take Megaport Ltd (ASX: MP1) shares, up more than 6% today. It’s a similar story with EML Payments Ltd (ASX: EML), which is up more than 7%. Zip Co Ltd (ASX: ZIP) shares are up nearly 12%, as we looked into earlier.

So it seems Block shares are getting caught up in this burst of goodwill towards the ASX tech sector this Wednesday. No doubt shareholders won’t be complaining.

At the current Block share price, this ASX 200 tech share has a market capitalisation of US$41.8 billion.

The post Why is the Block share price leaping 5% on Wednesday? appeared first on The Motley Fool Australia.

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More reading

• Why is the Sezzle share price surging 8% on Wednesday?
• Can ‘Operation Blue Sky’ take Zip shares up the path to profitability?
• Friend or foe? Could inflation give ASX BNPL shares a new lease on life?
• These are the 10 most shorted ASX shares
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Block, Inc., EML Payments, MEGAPORT FPO, and ZIPCOLTD FPO. The Motley Fool Australia has positions in and has recommended Block, Inc. and EML Payments. The Motley Fool Australia has recommended MEGAPORT FPO. 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 broader market has dipped into the red today, but ASX tech shares are still posting a strong performance.

The S&P/ASX 200 Information Technology Index (ASX: XIJ) is leading the S&P/ASX 200 Index (ASX: XJO) with a 1.87% gain while the S&P/ASX All Technology Index(ASX: XTX) is lifting 1.52%.

For context, the ASX 200 is currently down 0.34% and the All Ordinaries Index (ASX: XAO) has dumped 0.23%.

And these ASX tech shares are reaping the rewards of their sector’s gains.

They’re each surging more than 10% on Wednesday. Let’s take a look at why.

3 ASX tech shares gaining more than 10% today

Splitit Ltd (ASX: SPT)

ASX buy now, pay later (BNPL) provider Splitit is gaining today. Its share price is lifting 11.5% at the time of writing to trade at 26.2 cents.

There’s been no news from the company to explain its rise. However, many of its BNPL peers are also well and truly in the green.

The Zip Co Ltd (ASX: ZIP) share price is currently up 9% while that of Sezzle Inc (ASX: SZL) is gaining 5%.

Webcentral Ltd (ASX: WCG)

Meanwhile, ASX digital services provider Webcentral is also getting in on tech’s day in the green, surging 13% to trade at 26 cents today.

The company announced an on-market share buyback on Wednesday. It said the buyback highlights its strong balance sheet, cash flow generation, and disciplined capital management.

Dotz Nano Ltd (ASX: DTZ)

The final ASX tech share to be posting a notable gain today is Dotz Nano. The stock has leapt 11% to reach 30 cents right now.

There’s been no news from the anticounterfeiting and tracing solutions-focused tech company to explain today’s gains.

However, it tumbled 10% over the course of Monday and Tuesday. Thus, its Wednesday gains might be representing a rebound of sorts.

The post 3 ASX tech shares surging more than 10% today appeared first on The Motley Fool Australia.

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More reading

• Why is the Sezzle share price surging 8% on Wednesday?
• Why are ASX buy now, pay later shares rocketing higher today?
• Why did some ASX BNPL shares plummet more than 90% in FY22?

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 ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Webcentral Limited. 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and dropped into the red. At the time of writing, the benchmark index is down 0.45% to 6,967.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher:

BWP Trust (ASX: BWP)

The BWP share price is up 1.5% to $4.30. Investors have been buying this Bunnings-focused commercial property company’s following the release of its full year results. BWP reported modest revenue and profit growth before investment property gains. But including these gains, its profits rose 85% to $486.6 million.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas Rare Earths share price is up 7% to $9.52. This morning this rare earths company announced plans for a $500 million capacity-expansion at Mt Weld Global. This is being undertaken due to forecasts for demand for rare earth materials and NdFeB magnets more than doubling over the next 10 years.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is up 2% to $2.79. Investors have been buying this lithium miner’s shares after it revealed the results of its latest BMX auction. According to the release, the price it commanded at this month’s digital auction rose month on month to US$6,350 per dry metric tonne (SC5.5, FOB Port Hedland basis). On a pro rata basis for lithia content (inclusive of freight costs), this equates to a price of ~US$7,012 per dmt (SC6.0, CIF China basis).

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price has jumped almost 15% to $11.55. The catalyst for this was the release of the investment company’s full year results, which revealed a 14% increase in net profit after tax to $76.4 million. Analysts at Morgans were forecasting a profit after tax of $75.3 million.

The post Why BWP, Lynas, Pilbara Minerals, and Pinnacle shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• BWP Trust share price lifts as net profit soars 85% in FY22
• Pinnacle share price surges 13% on 2022 financial year profit growth
• Pilbara Minerals share price dips despite upbeat lithium outlook
• Making money even while stock markets fall
• ‘Essential foundation for success’: Lynas share price leaps on $500 million expansion

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 PINNACLE FPO. The Motley Fool Australia has positions in and has recommended PINNACLE FPO. 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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Fortescue Metals Group Limited (ASX: FMG) shares are in focus after the company’s CEO presented at the Diggers & Dealers Mining Conference.

The company has a goal of “taking a global leadership position in green energy and technology and is committed to producing zero-carbon green hydrogen.”

Fortescue’s plan is to produce industrial levels of hydrogen by using water and renewable energy.

It is transitioning to become an integrated, global green energy and resources company, together with Fortescue Future Industries (FFI).

The company has already signed a number of different deals for its future production of green hydrogen.

Global energy markets were rocked a few months ago when Russia invaded Ukraine, meaning that the energy landscape has “changed dramatically” and “energy security is now the world’s greatest concern.”

But, Fortescue’s CEO, Elizabeth Gaines, said that the energy crisis shouldn’t lead to a worsening of the climate crisis. She noted that crude oil was around US$70 a barrel 12 months ago, compared to US$100 per barrel now. This is having wide-reaching impacts.

But, Gaines said that in light of the situation, there is increased demand for green energy, particularly in Europe.

Green deals signed

By 2030, FFI wants to produce 15 million tonnes of green, renewable hydrogen annually.

E.ON, one of Europe’s largest operators of energy networks and energy infrastructure with 50 million customers, has signed a memorandum of understanding (MoU) with FFI to execute on the ambition to deliver up to five million tonnes of green hydrogen per annum. So, that’s a third of FFI’s planned production.

Gaines said that the E.ON deal is a “significant opportunity”. Green energy can ensure energy independence. This could play its part in supporting the Fortescue share price in the future.

FFI has also signed a MoU with Covestro, a Germany-based supplier of high-tech polymer materials. FFI plans to supply Covestro with the equivalent of up to 100,000 tonnes of green hydrogen.

Fortescue has also signed a deal with construction giant J C Bamford Excavators (JCB) and Ryze Hydrogen. The MoU is for 10% of FFI’s global green hydrogen production. This was a “multi-billion-pound” deal. Ryze is building the UK’s first network of green hydrogen production plants and Wrightbus (owned by Jo Bamford) has built the world’s first hydrogen double decker bus.

CEO comments

Gaines said:

We’re all facing significant inflationary pressures which impacts our margins — and, in fact, this could get even worse given the current geopolitical environment. So, it’s imperative for all of us to accelerate our transition to green energy and reduce our reliance on fossil fuels, so that we can protect and maintain our cost and our margins.

For our size and scale, there is no other mining company in the world that is taking the action we are to eliminate emissions.

We know it is when heavy emitters like us take action that it makes the biggest difference.

We plan to have Fortescue’s operations running on green energy within the next eight years. This includes our haul trucks, our iron ore trains and our power stations.

Industry must change its business model from producing emissions – to reducing and eliminating emissions.

She also commented how removing its reliance on fossil fuels makes long-term business sense. This could be helpful for the Fortescue share price. It’s developing an ‘infinity train’ that will use gravitational energy to recharge its battery electric systems without any additional charging requirements.

These efforts will “accelerate Fortescue’s race to reach net zero emissions by 2030” and lower “operating costs, creating maintenance efficiencies, and generating productivity improvements.”

Fortescue share price snapshot

Over the last month, the Fortescue share price has risen around 5%.

The post ‘World’s greatest concern’: Can Fortescue really help the planet AND its profit margin? appeared first on The Motley Fool Australia.

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More reading

• Is the iron ore price entering a bear market?
• Why Appen, Credit Corp, Fortescue, and Santos shares are dropping
• Why is the Fortescue share price sliding on Tuesday?
• What brokers are saying about the Fortescue share price in August
• Guess which 2 ASX 200 shares have some of the highest dividend yields right now

Motley Fool contributor Tristan Harrison has positions in Fortescue Metals Group 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 Beach Energy Ltd (ASX: BPT) share price has continued its ascent today, now up less than 1% to $1.80 apiece.

Investors have bid the share up more than 6% over the past month, despite the price of Brent Crude oil falling by 8.5% in the same time.

The global oil benchmark now trades at US$100 per barrel, back in range of its early March levels.

What’s kept the Beach Energy share price going?

It’s no secret that energy shares have been the best performing sector this calendar year. Since trading resumed in January, the index is up around 30%, despite levelling off in recent months.

The adjacent utilities sector is also up around 19% in the same time, whereas over the past 12 months gains are even at about 31% each.

Therefore momentum has been strong leading into this period, and investors look to still be constructive on both sectors.

Meanwhile, Brent Crude futures have receded back to US$100 per barrel in today’s session, ahead of the upcoming OPEC+ meeting.

“[OPEC+] is expected to keep output largely unchanged amid supply challenges and concerns a potential global recession could hit energy demand,” Trading Economics reported.

Beach has been defiant in the face of oil’s turbulence and continues to pulsate higher in a wave-like fashion, as seen on the chart below, for the past 3 months.

Meantime, the Beach Energy share price is rated as a buy from 78% of the brokers covering it, according to Refinitiv Eikon data. There is just 1 sell rating, with the remaining coverage rating it a hold.

The consensus price target from this list is $2.07, suggesting brokers expect the share to appreciate over the coming periods.

In the last 12 months, the Beach share price has climbed more than 50%, and 43% this year to date.

The post How is the Beach Energy share price managing to hang tough despite falling oil prices? appeared first on The Motley Fool Australia.

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More reading

• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Tuesday
• 5 things to watch on the ASX 200 on Friday
• 5 things to watch on the ASX 200 on Wednesday
• Here are the top 10 ASX 200 shares today

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

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The Cobre Limited (ASX: CBE) share price won’t be going anywhere on Wednesday.

This comes as the company requested its shares be placed in a trading halt.

The mineral explorer’s shares are currently frozen at yesterday’s closing price of 18 cents apiece.

Why is the Cobre share price halted?

At market open, Cobre requested trading of its shares be halted while it prepares to make an announcement.

According to its release, the company is planning to update the market with respect to a material capital raising.

Cobre has asked that the trading halt remains in place until Friday 5 August or following the release of the announcement, whichever comes first.

What does this mean?

While details remain unknown about the capital raise, it appears the company may be seeking to fund its ongoing drilling campaign.

In an earlier announcement today, Cobre provided its latest drilling results from the Ngami Copper Project (NCP) in Botswana.

The third diamond drill hole intersected a 15-metre zone of copper mineralisation consisting of chrysocolla, malachite, and fine-grained chalcocite.

While still in progress, Cobre initially planned to test the first of 57 ranked targets on Kalahari Metal Limited’s NCP licenses.

However, proving the occurrence of a significant strike length of copper mineralisation highlights the potential of new discoveries.

The diamond drill rig will move to the next hole upon completion.

Cobre executive chair and managing director Martin Holland said:

The ongoing hole further illustrates the strike length of intersected copper mineralisation in this exciting target which remains open-ended. The footprint of mineralisation, which now extends over more than 3km, is very much in-line with known deposits in the Kalahari Copper Belt….

About the Cobre share price

Since this time last year, Cobre shares headed on a downhill trend before rocketing during the last week of July.

Ultimately, this led the company’s shares to register a gain of 16% for the period, rocketing 592% in the past month alone.

Cobre has a market capitalisation of roughly $29 million with approximately 165 million shares outstanding.

The post Copper and cash: Why this ASX mining share is on ice today appeared first on The Motley Fool Australia.

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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 ResApp Health Ltd (ASX: RAP) share price is leaping on news Pfizer has upped its bid for the company.

The biopharmaceutical giant has agreed to acquire the Brisbane-based health technology company for 20.8 cents per share. That’s up from its previous bid of 14.6 cents.

The ResApp share price is trading at 18 cents right now, 50% higher than its previous close.

However, that’s lower than its intraday high – and new 52-week high – of 19 cents.

Let’s take a closer look at the latest news from the takeover target.

ResApp share price takes off on upped takeover offer

The ResApp share price is soaring 50% on Wednesday after the company announced Pfizer has upped its takeover bid to 20.8 cents per share.

That sits within its assessed value range of 14.6 cents to 27.9 cents per ResApp share, as determined by an independent expert. It also values the company at around $179 million.

The pair have entered an amended scheme of arrangement agreement entailing the increased bid.

ResApp recommends shareholders vote in favour of the proposition in the absence of a superior proposal and subject to the independent expert continuing to conclude that the scheme is in investors’ best interests.

How did we get here?

ResApp is the developer of a smartphone app designed to detect COVID-19 using cough sounds.

The tech was recently dealt a blow when a data confirmation study returned significantly worse results than a previous pilot study.

Pfizer first put a takeover proposal to ResApp in April. Then, it offered just 11.5 cents per share.

That bid was upped to either 20.7 cents or 14.6 cents in June. Though, the higher of the bids was dependent on positive findings from the data confirmation study, which hadn’t been completed at the time.

Perhaps unsurprisingly, the ResApp share price plummeted 28.6% when the study’s disappointing results were released.

The post ResApp share price explodes 50% on new Pfizer deal 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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