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The Tyro Payments Ltd (ASX: TYR) share price is rallying well into the green in afternoon trade on Thursday.

At the time of writing, the Tyro share price is trading 17.61% higher at 83.5 cents. That’s a shade above its 52-week low of 60 cents on 30 June but way down on its 52-week high of $4.39 recorded back in September last year.

In broad market moves, the S&P/ASX All Technology Index (ASX: XTX) is up 2.28% on the day.

What’s up with the Tyro share price?

Despite no news out of Tyro today, the financial technology company did post its weekly transaction value (TV) update on Monday.

Recall that Tyro committed to providing weekly TV updates until its FY22 results were released.

In the first round for H1 FY23, the company showed a 46% year-on-year increase from 1 July to 22 July.

This equalled roughly $2.4 billion compared to FY22’s $1.63 billion up until the same point in July. However, the Tyro share price fell 5% on the day of the release.

Aside from that, the payments sector is up today amid the release of Australia’s latest inflation data.

As Banking Today notes: “Tyro’s business model is highly exposed to over-the-counter card transactions.” That’s a potential tailwind in a high-inflation environment.

This comes after the US Federal Reserve announced another 0.75% interest rate hike overnight to a range of 2.25%–2.5%.

Fed chair Jerome Powell said he “anticipates that ongoing increases in the target range for the federal funds rate will be appropriate”.

The move is “the fastest tightening of monetary policy since former Fed Chair Paul Volcker battled double-digit inflation in the 1980s”, Reuters reported.

Surprisingly, bond markets received the news quite well, with yields on long-dated Australian and US government bonds continuing to retrace downward in a longer-term trend.

The yields on long-dated treasuries often serve as a proxy for the valuation of risk assets, tech shares in particular. An increase in yields results in a de-rating to tech multiples, for example.

Hence, with the pullback in yields, the field is ripe for ASX tech shares such as Tyro to catch a bid, as seen below.

Despite this, the Tyro share price is down more than 75% in the past 12 months.

The post Why is the Tyro share price tearing 18% higher today? appeared first on The Motley Fool Australia.

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More reading

• FY22 was a lousy period for ASX fintech shares. Here’s why
• Is FY23 going to be a winning year for ASX fintech shares?
• Why is the Tyro Payments share price blasting 10% higher?
• Why BWX, Sayona Mining, Tyro, and Woodside shares are sinking
• Why Carsales, EOS, Imugene, and Tyro shares are sinking 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 positions in and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro 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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The S&P/ASX 200 Materials Index (ASX: XMJ) is rising 1.47% today, but one ASX mining share is storming much higher.

The Dreadnought Resources Ltd (ASX: DRE) share price is soaring 15.79% at the time of writing and is currently trading at 6.6 cents.

So what are the details of this company’s new discovery?

ASX mining share makes high-grade rare earth discovery

Dreadnought today released assay results from the first drill line at the Yin rare earth ironstone, located at the company’s Mangaroon project in Western Australia.

Laboratory assays confirmed thick, high-grade rare earth mineralisation at the project.

Results show up to 16% total rare earth oxides (TREO) with an average NdPr (neodymium and praseodymium) ratio of 30%. Dreadnought said this is nearly double the global average.

Infill drilling at the site is taking place now and an initial JORC Resource will be released in the December quarter.

Commenting on the results fuelling this ASX mining share today, managing director Dean Tuck said:

Drilling at Yin continues to exceed expectations. With a second rig mobilising to site this month, we are confident that Yin will produce a substantial initial JORC Resource by the end of 2022.

Tuck said once drilling is complete, the rigs will proceed to the Y3 ironstone and C1-C5 carbonatites. He added: “We are seeing genuine scale here with runs already on the board and 66 further anomalies to be assessed by September 2022.”

Dreadnought share price recap

The Dreadnought share price has soared 61% in the year to date and 65% in the past month.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) has fallen nearly 9% year to date and 4% in the last month.

This ASX mining share has a market capitalisation of nearly $185 million based on the current share price.

The post Guess which ASX mining share is rocketing 16% on a new rare earths discovery appeared first on The Motley Fool Australia.

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More reading

• ‘Genuine scale’: Why is the Dreadnaught share price surging 10% 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 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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It’s been a pretty pleasant day so far for ASX shares. At the time of writing, the All Ordinaries Index (ASX: XAO) has added a robust 0.68% and has risen above 7,080 points. But it’s been even better for the Laybuy Holdings Ltd (ASX: LBY) share price today.

Laybuy shares have rocketed an astonishing 55.84% so far today. The buy now, pay later (BNPL) share closed at 7.7 cents a share yesterday, but is now going for 12 cents at the time of writing after opening at 9.1 cents this morning. What’s more, this company went as high as 15 cents earlier in today’s trading session, which was worth a rise of almost 95% at the time.

The strange thing is that this stratospheric share price gain seems to have come out of the blue. There has been no news or announcements out of Laybuy itself today. Or indeed since 30 June.

But this isn’t the first time Laybuy shares have given investors a day to remember. Just yesterday, the company rose from 4 cents a share to 7.7 cents, a one-day increase of almost 100%. Today’s pricing means that Laybuy is now up 200% since Tuesday afternoon.

Laybuy shares get an ASX speeding ticket

These incredible gains have not gone unnoticed by the higher powers of the ASX. Just before market open this morning, Laybuy revealed that it had received a ‘speeding ticket’ from the ASX for yesterday’s rocketing gains.

When asked if the company can explain yesterday’s gains, Laybuy responded that it knew of nothing that could explain these share price moves. However, it did point the finger at some other factors that could have been in play.

Here’s some of what the company said:

Laybuy notes the very material share price increases of other companies in the Buy Now Pay Later sector during the course of 27 July 2022, in particular Sezzle, Zip and Openpay. Laybuy believes that the recent trading in its securities may have been driven by the same factors that influenced the trading in some or all of those other securities.

ASX BNPL shares jump on a rocket

Indeed, it’s not just Laybuy shares that have been throwing off impressive gains of late. The Zip Co Ltd (ASX: ZIP) share price rose more than 21% yesterday and is up another 14% today so far at $1.42 a share.

Openpay Ltd (ASX: OPY) shares rose 30% yesterday and are up another 32.84% so far today at 44 cents a share.

And Sezzle Inc (ASX: SZL) shares rose more than 97% yesterday and a further 17.7% so far today to 83 cents a share.

Zip and Openpay have not yet been pinged by the ASX for these massive increases in valuation (at the time of writing). However, Sezzle shares were halted from trading yesterday afternoon after the company received a speeding ticket of its own. The shares have obviously returned to trading today.

So all in all, no one knows why Laybuy and these ASX BNPL shares have jumped on a rocket this week. It just seems to be the result of some very potent buying pressure at this stage. But no doubt there are many ASX BNPL share investors out there today who are in a very jubilant mood.

The post Why did ASX buy now, pay later share Laybuy just rocket 95%? appeared first on The Motley Fool Australia.

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More reading

• Openpay share price explodes 33% on ‘record-breaking quarter’
• ASX 200 midday update: Rio Tinto drops, tech shares jump, Macquarie impresses
• Zip share price rockets again and is now up 225% in four weeks
• Here are the top 10 ASX 200 shares today
• Why is the Openpay share price up 55% in a week?

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 Telstra Corporation Ltd (ASX: TLS) share price is trading in the red on Thursday despite the S&P/ASX 200 Index (ASX: XJO)’s day in the sun.

In fact, the telecommunications giant is its sector’s worst-performing stock right now.

At the time of writing, the Telstra share price is $3.905, 0.38% lower than its previous close.

For comparison, the ASX 200 has gained 0.63% so far today, while the S&P/ASX 200 Communication Index (ASX: XTJ) is up 0.58%.

So, what might be going wrong for Telstra shares? Let’s take a look.

What’s going on with the Telstra share price?

The Telstra share price is struggling against its ASX 200 peers on Thursday despite no news having been released by the telco giant.

In fact, the last time the market heard price-sensitive news from the company was a fortnight ago when it announced it had completed its acquisition of Digicel.

Though, a deal between the telco and tech giant Microsoft was announced earlier this week. Telstra CEO Andrew Penn said the agreement – one of the largest Microsoft has ever signed with a telco – is “on a scale not seen before in Australia”.

Sadly, news of the deal didn’t bolster Telstra’s stock. It’s fallen 1.4% this week so far.

Meanwhile, many of its ASX 200 communication peers are well and truly in the green today.

The communication sector is being led by shares in Domain Holdings Australia Ltd (ASX: DHG) and SEEK Limited (ASX: SEK). They’ve gained 4% and 3.6%, respectively, at the time of writing.

Fortunately, this week’s struggles haven’t seriously dented the company’s longer-term performance.

The Telstra share price has outperformed the ASX 200 year to date, falling 7% compared to the index’s 10% tumble. The stock is also currently almost 4% higher than it was this time last year.

The post Why is the Telstra share price lagging the ASX 200 on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Here are 2 ASX dividend shares to buy right now according to experts
• Own Telstra shares? Here’s the latest on the telco’s new Microsoft deal
• 2 ‘good value’ ASX 200 shares offering what investors want right now: expert
• The Telstra share price has lost 4% over the past 5 years. Have the dividends been worth it?
• Analysts name 2 top ASX 200 dividend shares to buy

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 Microsoft. The Motley Fool Australia has positions in and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended SEEK 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 Syrah Resources Ltd (ASX: SYR) share price is rocketing today after the graphite miner obtained a binding loan facility from the US Department of Energy (DOE).

The loan, of A$146 million (US$102 million), is for financing the initial expansion of the ASX mining share’s Vidalia active anode material facility in Louisiana, USA.

Syrah shares caught a bid following the news and are currently up by 9.3% at $1.41 apiece.

What did this ASX mining share announce?

The Syrah Resources share price is on the rise after the company entered into a binding documentation for a loan facility with the US DOE for its subsidiary, Syrah Technologies, LLC.

Syrah will receive the loan under the DOE’s Advanced Technology Vehicles Manufacturing (ATVM) loan program.

The ATVM is a $15.1 billion loan authority established to support the manufacture of eligible advanced technology vehicles, including electric vehicles (EVs), and qualifying components and materials, in the US.

Speaking on the announcement boosting the ASX mining share today, Syrah Resources managing director and CEO Shaun Verner said the loan “highlights Vidalia’s strategic position in the USA”. He added:

[The loan] provides strong validation of Syrah, Vidalia and the Vidalia initial expansion.

Importantly, the loan will allow Syrah to accelerate its growth strategy in its downstream business and support the rapidly growing EV and battery supply chain in the USA.

The loan is the first released from the ATVM program since 2011, according to Syrah. It is also the first loan made from the program to a materials processing facility.

The loan will mature in April 2032 and there are no early repayment penalties, despite a number of covenants embedded into the contract.

Terms also include a maximum of approximately $4 million in capitalised interest, with interest rates applicable to long-dated US Treasury yields.

Both parties hope the loan will be finalised by the end of September 2022, with the first advance within the December 2022 quarter.

The ASX graphite miner’s share price is up by just over 1% over the past 12 trading months. However, it has slipped around 21% into the red this year to date.

The post This ASX graphite miner just got a $146m loan from the US Government, and its share price is surging appeared first on The Motley Fool Australia.

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More reading

• Syrah share price charges higher on Ford agreement

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 Openpay Group Ltd (ASX: OPY) share price is on fire today after the company released its quarterly update for June.

The lending and payments fintech said it had “delivered another record-breaking quarter with market-leading margins and low bad debts”.

The Openpay share price opened Thursday’s session at 46 cents and quickly ascended to 52 cents. That’s 53% above its previous closing price. It is now trading at 45 cents, up 33%.

Openpay share price flies on record results

The highlights for the June quarter are as follows:

• 1.8 million active plans, an increase of 50% on the previous corresponding period (pcp) of Q4 FY21
• 321,000 active customers, an increase of 21% pcp
• More than 4,100 active merchants vs. 3,700 in Q4 FY21
• Record total value transaction (TTV) of $97.6 million, an increase of 54% pcp
• Total quarterly revenue a record $8.5 million, up 80% pcp
• 8.1% revenue margin, up from 7.3% pcp
• 3.4% net transaction margin (NTM), up from 2% pcp
• (1.1%) net transaction loss (NTL), up from (1.5%) pcp
• 1.1% arrears, down from 1.9% pcp
• 1.5% net bad debts, down from 2.3% pcp

What else happened in FY22?

Openpay said its OpyPro platform attracted a record-breaking 6,000 new accounts in the June quarter. That’s a 114% bump on the pcp. The platform’s total transaction value was $16.6 million, up 463% pcp.

In January 2022, Openpay sought to simplify its business by withdrawing from the UK market. More recently, it has announced its withdrawal from the US market. This means it will continue operating in these countries but will no longer proactively invest in its broader development there.

The company argues that this will enable it to accelerate its pathway to profitability in Australia.

Moving forward, Openpay said it will continue to look for commercialisation opportunities for its US and UK platforms “in a capital-light manner”.

What did management say?

Openpay CEO Dion Appel said:

This last quarter saw Openpay take some further tough but important decisions which has allowed the Company to focus on its core operating platform in Australia (across both B2C but also B2B via
OpyPro).

As these quarterly results highlight, the ability to focus our capital, people and strategy on Australia (which has always been our home market) versus multiple jurisdictions is delivering the outcomes we are seeing in the continued growth in TTV and revenue, the strength of our gross and net margins (arguably the strongest in our peer set), whilst at the same time continuing to deliver and improve our extremely low arrears and bad debts.

We will continue to optimise the business on an ongoing basis as well as look for opportunities to accelerate to profitability should they present themselves.

What’s next?

Openpay is hoping to deliver cash profitability in Australia by June 2023.

In its statement, Openpay said it “remains focused on delivering its targeted approach of larger lends over longer periods of time”.

It says this strategy has consistently resulted in market-leading margins and low net bad debts.

Openpay share price snapshot

The Openpay share price has fallen 42% in the year to date.

This is a larger fall than the S&P/ASX All Technology Index (ASX: XTX), which is down 29% year to date.

The post Openpay share price explodes 33% on ‘record-breaking quarter’ appeared first on The Motley Fool Australia.

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More reading

• Why is the Openpay share price up 55% in a week?

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 Temple & Webster Group Ltd (ASX: TPW) share price is surging into the green in afternoon trade on Thursday.

At the time of writing, the share is swapping hands at $4.65 apiece, more than 16% higher from the open on no news.

In broad market moves, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) is flat on the day.

What’s up with the Temple & Webster share price?

Whilst the company hasn’t released anything sensitive today, the latest Australian inflation data might have something to do with things.

Data released from the ABS shows the aggregate level of prices in the consumer price index (CPI) increased 6.1% year on year last quarter, led by segments such as automotive fuels and furniture.

The gain also signifies a 100bps increase from the previous quarter’s CPI print of 5.1%.

Retail shares have flourished today following the release of the data. Temple & Webster had gained more than 5% yesterday too, and the bid has continued into this afternoon.

The thinking is that consumer cyclicals, including retail, could benefit in the near term from the pricing advantages given there’s no cost of production for the end-product in these sectors.

We see evidence of this in large retailers’ earnings for the March quarter of 2022.

Luxury retailer [Louis Vuitton] LVMH Moet Hennessy Louis Vuitton SE (SEEPA: MC) reported earnings overnight with a better than expected result from top to bottom.

LVMH’s sales rose 19% year on year to 18.73 billion euros in the three months to June 30, beating analyst expectations for 17.13 billion euros, whereas profit rose 34% to 10.2 billion euros.

Consumer cyclicals are “riding a post-pandemic boom that has so far shown no sign of slowing despite various challenges to the global economy such as rising inflation, logistical blockages and the war in Ukraine,” The Wall St Journal reports.

Investors seem to have agreed with this for the Temple & Webster share price.

Trading volume is nearly 100% that of its 4-week average at around 560,000 shares, bringing the gain to 31% for the week.

Despite this, the stock is still down 62% for the year, which may or may not have some influence on buying activity considering the cheap absolute prices.

The post Why is the Temple & Webster share price flaming 16% higher? appeared first on The Motley Fool Australia.

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More reading

• Take a seat: What inflation data might mean for ASX retail shares
• Why I think these 2 ASX growth shares could keep marching upwards
• 3 ASX All Ordinaries shares going great guns on Thursday
• Why is the Temple and Webster share price up 7% today?
• Temple & Webster share price jumps 11% after hitting recent lows

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 Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster 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 Airtasker Ltd (ASX: ART) share price is surging today after the company released its latest quarterly update.

The local services platform has seen its shares soar by 15.79% to 33 cents at the time of writing.

In comparison, the S&P/ASX 200 Index (ASX: XJO) is currently up by 0.55%.

What caused the Airtasker share price to fly higher?

The company told investors how it performed in the three months to 30 June 2022. Here are some of the highlights helping to boost the Airtasker share price today:

• Gross marketplace volume rose 38.3% year on year to $54.4 million
• Revenue increased by 30.6% to $9 million
• International gross marketplace volume (GMV) rose 112% to an annualised run rate of $9.5 million in May 2022
• UK GMV jumped 104% year on year
• US-posted task growth increased by 49% quarter on quarter
• Airtasker finished the period with $28.2 million of cash

Airtasker said the “strong result” demonstrated the resilience of its business model. It achieved growth despite headwinds including a labour shortage and unprecedented levels of rainfall and flooding that have impacted many of Airtasker’s city-level marketplaces.

International growth

In the US, the company said it’s in the phase of “zero to one”. This means creating a steadily increasing flow of job opportunities, which it calls posted tasks. As mentioned, US posted tasks increased 49% quarter on quarter.

Turning to the UK, Airtasker noted it is in the “one to 100” stage of growth. It’s trying to balance supply and demand to grow marketplace activity and grow GMV. During the quarter, both demand (posted tasks) and supply (offers made by active taskers) more than doubled.

These two countries could be important for the future of the Airtasker share price.

What else happened during the quarter?

Airtasker has completed the acquisition of the Oneflare business, which was a competitor in Australia.

Oneflare is “performing ahead of expectations” and the integration is underway. Airtasker is undertaking a number of initiatives to extract the combined potential network effects and achieve cost efficiencies. These initiatives are “tracking to plan”.

To fund this deal, Airtasker carried out a capital raising.

Optimistic about the future

Airtasker says it has a good amount of capital for growth. It boasts that it has “strong” gross margins with a low cost to operate, and some of its key costs (payment and insurance premiums) aren’t linked to inflation.

Even so, it’s looking to reduce its fixed cost base to ensure a “clear path to sustained positive cash flow“.

Commenting on the results fuelling the Airtasker share price today, CEO and co-founder Tim Fung said:

I’m super pleased to share that Airtasker has achieved another strong quarter of marketplace growth with total GMV up 38% on prior corresponding period and both our US and UK marketplaces more than doubling year on year. With $31.8 million of cash and equity receivables, a clear path to positive cash flow and a business model which could accelerate in an inflationary environment – we’re looking forward to continued strong growth for FY23.

Airtasker share price snapshot

With today’s rise, the Airtasker share price is up by almost 14% over the past month. However, it is down 61% this year to date, and 66% over the past 12 months.

The post ‘We are benefiting from the inflationary environment’: Airtasker share price rockets 16% appeared first on The Motley Fool Australia.

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More reading

• Best ASX shares to buy in July 2022

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 recommended Airtasker 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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The Novonix Ltd (ASX: NVX) share price is surging ahead today.

The battery technology company’s share price is rising more than 8% to $2.63. However, in earlier trade, the company’s share price lifted 13% before pulling back. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.3% today.

Let’s take a look at what could be impacting Novonix.

Novonix share price rises

The Novonix share price is lifting, but it is not alone among ASX technology shares today. The S&P/ASX All Technology Index (ASX: XTX) is jumping 1.5% today. Elmo Software Ltd (ASX: ELO) shares are lifting 11%, while Block Inc (ASX: SQ2) shares are up 4%,

The technology heavy NASDAQ jumped 4.1% in the United States on Wednesday. This was the biggest daily jump since 2020, Reuters reported.

This followed Federal Reserve chairman Jerome Powell alleviating some investor concerns, despite a 75 basis points hike. Leuthold Group chief investment strategist Jim Paulsen said in comments cited by the publication:

He (Powell) did not commit to any specific rate hike in the September meeting

Novonix Limited American Depository Shares (NASDAQ: NVX) soared 11.65% in the USA on Wednesday. Novonix started trading on the NASDAQ via its American Depositary Receipts under the ticker NVX in February this year.

Novonix is working on battery technology solutions for use in electric vehicles and a clean energy future.

Federal Treasurer Jim Chalmers introduced legislation into parliament on Wednesday providing tax incentives for electric vehicles, the Canberra Times reported.

Also in the US, Bloomberg reported overnight that two US Senators have struck a deal on legislation that could extend the tax credit for electric vehicles.

Novonix released a quarterly update to the market yesterday, including cash receipts of $2.5 million and an operating cash outflow of $7.9 million.

Novonix share price snapshot

The Novonix share price has climbed 4% in the past year, but it has slumped 71% year to date.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has shed nearly 7% in a year.

Novonix has a market capitalisation of about $1.3 billion based on the current share price.

The post Why did the Novonix share price just soar 13%? appeared first on The Motley Fool Australia.

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More reading

• Why Block, Iluka, Nitro, and Novonix shares are dropping today
• Powering down: Novonix share price slumps following quarterly results
• After gaining 27% last week, the Novonix share price is struggling this week. What gives?
• Why is the Novonix share price surging 9% on Thursday?
• 3 ASX 200 tech shares having a stellar session 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. and Elmo Software. The Motley Fool Australia has positions in and has recommended Block, Inc. and Elmo Software. 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 Atlas Arteria Group (ASX: ALX) share price is suffering today after hopes of a takeover bid were dashed.

After weeks of back and forth negotiations, IFM Global Infrastructure Fund has backed out of acquisition discussions with the S&P/ASX 200 Index (ASX: XJO) toll road operator.

At the time of writing, the Atlas Arteria share price is $7.60, 6.7% lower than its previous close.

Let’s take a closer look at the news driving the infrastructure giant into the red.

Infrastructure fund backs out of ASX 200 takeover talks

The Atlas Arteria share price is defying the ASX 200’s gains on Thursday to plunge lower after $76 billion infrastructure fund IFM scrapped plans for a takeover bid.

The fund nabbed a 15% hold in the ASX 200 company’s shares last month.

On announcing its new major shareholder status, it revealed it was also considering posting a takeover bid for the company.

The takeover interest – and the $8.10 per share IFM paid for Atlas Arteria’s stock – took the market by storm. The Atlas Arteria share price launched 16% on the back of the news.

But any remaining excitement has been quashed today after IFM announced it’s “not presently in a position to meaningfully progress a proposal”. Though, it has left the door open for future takeover talks.

IFM Global Infrastructure Fund is run by IFM Investors, which is owned by Australian industry super funds. The fund headed the consortium that acquired Sydney Airport earlier this year.

Today’s news follows two meetings in which IFM and Atlas Arteria shared non-confidential information to help the fund progress an offer.

The Atlas Arteria share price’s Thursday tumble leaves it 10% higher than it was at the start of the year. It’s outperformed the ASX 200 by around 20% in that time.

It is also up by 24% over the past 12 months.

The post No deal: Why this $7.8b ASX 200 share is sinking 7% today appeared first on The Motley Fool Australia.

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More reading

• ASX 200 midday update: Rio Tinto drops, tech shares jump, Macquarie impresses
• 3 ASX 200 shares wielding a shield for returns: fundie
• 3 ASX shares for ‘predictability’ through tough times: expert
• Atlas Arteria share price lifts as revenue spikes 19%
• How to beat the market with ‘boring’ ASX shares: fundie

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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