Tag: Motley Fool

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This February saw the first-ever “Crypto Big Game” in football as crypto exchanges like Coinbase Global, Inc. (NASDAQ: COIN) made a huge splash with their attention-getting ads. Even people who knew little to nothing about crypto were talking about their favorite crypto ads featuring the likes of Matt Damon, LeBron James or Larry David. Fast forward to the end of this year, and we could see much the same media buzz at this year’s Big Soccer Tournament, scheduled to start on November 21 in Qatar. 

With less than six months to go, the crypto-related advertising and sponsorship deals are starting to roll in, potentially giving under-the-radar cryptos access to a huge, worldwide audience. In 2018, more than 3.57 billion people watched the Big Soccer Tournament. Simply getting in front of a fraction of these viewers could provide a huge, year-end boost headed into 2023. So which cryptos are best positioned to benefit?

Cryptocurrency trading platforms

The obvious place to start is with the cryptocurrency trading platforms that dominated advertising for the Big Game in February, and the most likely winner here will be Crypto.com. In March, Crypto.com became the exclusive cryptocurrency trading platform of this year’s World Cup. The decision to sponsor the biggest event in the soccer world makes sense, given the huge amount of money Crypto.com has already spent on sponsorship opportunities in sports ranging from basketball to Formula 1. 

While you can’t buy shares in Crypto.com, you can buy the cryptocurrency token associated with Crypto.com, Cronos (CRYPTO: CRO). Cronos is the native token of the exchange, meaning that its primary utility is for users of Crypto.com.

Investors can think of CRO as a proxy for the crypto exchange: If Crypto.com is doing well and adding new users, then CRO (now the #22 crypto in the world) is going to do well also.

Blockchain partners

The next place to look for hidden gems in the crypto space is with official blockchain sponsors of Qatar 2022. The obvious pick here is Algorand (CRYPTO: ALGO), which became the first U.S. blockchain sponsor of the Qatar event back in March. While it is the #26 crypto in the world, ALGO has largely flown under the radar of mainstream crypto investors. Yet, ALGO is the world’s first carbon-negative blockchain and the world’s first pure proof-of-stake blockchain. It’s green, it’s fast, and it’s backed by award-winning MIT professor Silvio Micali. 

At the announcement of the Algorand partnership, Electronic Arts‘ FIFA was quick to praise the values of ALGO, especially democratization, openness and transparency. For soccer fans in the developing world, blockchain technology is all about improving access and equity. For climate-minded U.S. fans, the winning argument for ALGO could be Algorand’s dedication to being the world’s greenest blockchain.

NFT marketplaces

Finally, it’s worth looking at the world of sports NFTs. Most sports fans have probably heard of NBA Top Shot (an NFT marketplace for NBA highlight videos), given that an NBA Top Shot of LeBron James has sold for upwards of $200,000. Granted, that was during the peak of the speculative froth around NFTs, but it’s safe to say that a truly legendary and rare moment — such as a game-winning shot that brings a championship to your favorite team — will likely retain its value over time. It’s the reason a bubble gum trading card for an iconic sports star can still sell for millions of dollars in the secondary market. 

Now apply this same idea to the world of soccer, and you can see why NFT marketplaces for soccer content could become so big. Currently, there’s no one-stop destination for soccer NFTs as there is for basketball, but one good starting point in the future could be Binance (CRYPTO: BNB) and its new NFT Marketplace. In mid-June, Binance announced a deal with arguably the most popular soccer player in the world, Cristiano Ronaldo, for the launch of future soccer NFT collections. If these NFTs become must-haves for collectors, then it is easy to see how BNB, the native token of Binance, could garner a lot of attention.

Concerns

Of course, there are a number of watch-outs here. First and most importantly, the recent downturn in the crypto markets has soured many investors on buying off-the-radar cryptos. Fair enough. If you’ve lost a lot in recent months, it might be tough to stomach any crypto ads running during Qatar 2022. The other big watch-out is all the potential geopolitical drama that might result from hosting the event in Qatar. The Middle East is always full of tension, and add in the fact that the U.S. and Iran are set to play each other this year, and, well, things could get very interesting very fast.

But the big picture is that the Big Soccer Tournament is one of the most prestigious sporting events in the world. Quite frankly, there is no other event of this type that draws the attention of the entire globe. With so many people watching and paying attention on a daily basis during the holiday season, the Big Soccer Tournament in Qatar is a prime opportunity for crypto to get back off the mat and head into 2023 with some fresh mojo. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Which under-the-radar cryptos could pop after this year’s big soccer tournament in Qatar? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why is the Northern Star share price more green than gold on Friday?
• Why are ASX 200 energy shares dragging on the market today?
• Why is the Mesoblast share price leaping 19% today?
• ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop
• What’s propelling the MoneyMe share price 28% higher today?

Fool contributor Dominic Basulto 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 Coinbase Global, Inc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Electronic Arts. 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.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

from The Motley Fool Australia https://ift.tt/YjiTmun

The Mesoblast Limited (ASX: MSB) share price is surging into the green today on no news.

At the time of writing, Mesoblast shares are trading 19% higher at 72.5 cents apiece, bouncing from 52-week lows of 61 cents in yesterday’s session.

In broad market moves, the S&P/ASX 200 Health Care Index (ASX: XHJ) has also gained 45 basis points from the open on Friday.

What’s up with the Mesoblast share price?

There’s nothing out of the company’s camp today. Nevertheless, investors have pushed the share higher on a volume of 1.2 million shares. That’s not far off its 4-week average volume of 1.7 million shares.

After gliding to 52-week lows at yesterday’s close, the share has caught bids today. Zooming out, however, it’s been a different story.

The Mesoblast share price has been gliding lower for over 12 months. It has plunged from its previous high of $4.60, all the way back in December 2020.

On 14 June, the company then advised it had been served a class action proceeding in the Federal Court of Australia by law firm Phi Finney McDonald.

The class action is the second against Mesoblast, with similar proceedings filed by firm William Roberts Lawyers back in May.

“[I]n the U.S. [Mesoblast] recently resolved a similar suit for $2 million, with no admission of liability, which was paid by the company’s insurer other than the minimum excess as per the company’s insurance policy,” it said.

The company said it will vigorously defend both proceedings.

Despite the legal overhang, the market has bought in at the yearly lows and is pushing the Mesoblast share price higher on Friday.

In the last 12 months, Mesoblast shareholders have watched the share price dwindle more than 63% into the red.

The post Why is the Mesoblast share price leaping 19% today? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why has the Mesoblast share price crashed 40% since April?

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.

from The Motley Fool Australia https://ift.tt/dV3NhaW

At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. The benchmark index is currently up 0.6% to 6,606.8 points.

Here’s what is happening on the ASX 200 today:

Regis Resources shares jump on failed Twiggy raid

The Regis Resources Limited (ASX: RRL) share price is jumping today following reports that Andrew ‘Twiggy’ Forrest tried but ultimately failed to acquire a 15% stake in the gold miner. The iron ore billionaire was hoping to snap up the stake for $1.48 per share, which represents a 13.8% premium to its last close price. However, his kill or fill order fell short at 12% filled and thus was cancelled.

ASX 200 miners drop

The rest of the resources sector hasn’t fared as well as Regis Resources. The likes of BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are in the red today and dragging on the ASX 200 index. This has been driven by further weakness in commodity prices overnight. One of those was copper, which lost 1.7% to record its biggest quarterly slump since 2011.

AVZ Minerals shares fail to return

This morning the embattled Avz Minerals Ltd (ASX: AVZ) extended the suspension of its shares for another two weeks. The lithium developer continues to battle legal action from a Chinese company that claims it owns a stake in the Manono Lithium project. There are fears that AVZ could end up owning as little as 36% of the project. Management appears optimistic the matter could be resolved by 15 July.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Regis Resources share price with an 11% gain. This follows news that Twiggy Forrest was aiming to acquire a large stake at a premium. Going the other way, the worst performer has been the Mineral Resources Limited (ASX: MIN) share price with a 3% decline on commodity price weakness.

The post ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• These ASX 200 mining shares are digging a deeper hole on Friday
• Why did the BHP share price take a tumble in June?
• Regis Resources share price jumps 11% amid Twiggy Forrest raid
• AVZ share price remains suspended, but a return is in sight
• Why did the Soul Pattinson share price go backwards in June?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has 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.

from The Motley Fool Australia https://ift.tt/P2aq6p8

The MoneyMe Ltd (ASX: MME) share price is surging into the green on Friday.

At the time of writing, shares in the provider of retail consumer finance are tracking 28% higher at 73 cents apiece.

MoneyMe shares are catching bids today following a company announcement regarding its funding platform.

What did MoneyMe announce?

The MoneyMe share price is soaring after the company advised it completed its inaugural term securitisation of personal loan customer receivables on 30 June. This has concurrently increased its undrawn securitisation funding capacity.

Securitisation is a process of collecting receivables (mortgages, auto loans, credit card receivables etc) into a large pool, and then packaging these into an investment product to be sold to investors.

Investors then receive the cash flows from these loans as a distribution, while lenders are happy to remove the liability off the balance sheet. As an asset class, they are called asset-backed securities, or mortgage-backed securities.

The MoneyMe transaction was made up of a $200 million term securitisation and a private placement with three Australian investors. It earned a triple-A rating for its senior tranche from Moody’s ratings.

The securitised loans also free up $200 million of funding capacity in MoneyMe’s warehouses, it says.

As a result, MoneyMe increased external securitisation funding facilities to $1.65 billion, while undrawn capacity increased to $388 million.

The transactions have also helped to reduce the group’s securitisation cost of “funds drawn margin to circa 3.1%”.

Speaking on the update fuelling the MoneyMe share price today, CEO Clayton Howes said he was pleased to see the “consistent step changes being made in [the company’s] securitisation funding program”.

Our inaugural term securitisation is incredibly exciting, with Moody’s Aaa (sf) rating a testament to our track record of consistent credit performance and underwriting standards.

We remain focussed on executing our strategy: profitable growth, innovation, maintaining the quality of our loan book, and efficiency and accuracy in credit decisioning thanks to our proprietary lending technology platform.

In the last 12 months, the MoneyMe share price has collapsed by around 68%.

The post What’s propelling the MoneyMe share price 28% higher today? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• ASX 200 midday update: Regis Resources jumps, BHP and Rio Tinto drop
• Why is the Austal share price sailing 28% higher today?
• These ASX 200 mining shares are digging a deeper hole on Friday
• Why did the BHP share price take a tumble in June?
• Domestic bliss: Praemium share price surges 18% after international business split

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.

from The Motley Fool Australia https://ift.tt/aZnRc7S

The Austal Limited (ASX: ASB) share price is on the move during Friday morning trade.

This comes after the shipbuilder announced it has won a new contract with the United States Coast Guard (USCG).

At the time of writing, Austal shares are swapping hands at $2.30 apiece, up 27.78%.

What’s the details of the contract?

According to its release, Austal revealed it has been awarded a potential US$3.3 billion (A$4.35 billion) contract from the USCG.

Under the deal, Austal will design and construct up to 11 Offshore Patrol Cutters (OPC) at its steel shipbuilding facility in Mobile, Alabama.

Construction of the first vessel is expected to commence next year, with an option for another 10 ships to be built.

The Coast Guard’s 110 metre steel OPCs will provide a crucial capability for the USCG in conducting a variety of missions. This includes law enforcement, drug and migrant interdiction, and search and rescue operations.

Management noted that although the contract has been awarded in FY23, it will positively impact some of Austal’s FY22 EBIT.

As such, the company now expects its FY22 EBIT to be higher than the previously forecast $107 million.

However, the exact figure is yet to be quantified but will be provided in due course.

Evidently, this appears to have excited investors, sending the Austral share price to an 11-month high.

Austal CEO, Paddy Gregg welcomed the foreseeable contract, saying:

The United States Coast Guard’s new Offshore Patrol Cutters are an outstanding opportunity for Austal USA to further demonstrate the shipyard’s new steel shipbuilding capability; based on years of proven construction experience through the delivery of the LCS and EPF programs for the United States Navy.

Austal share price summary

Despite today’s euphoric gains, Austal shares have continued to move in circles over the past 12 months. Its shares are up around 11% for the period.

On valuation grounds, Austal commands a market capitalisation of roughly 669.44 million.

The post Why is the Austal share price sailing 28% higher today? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• These ASX 200 mining shares are digging a deeper hole on Friday
• Why did the BHP share price take a tumble in June?
• Domestic bliss: Praemium share price surges 18% after international business split
• What’s clamping down on the Piedmont Lithium share price?
• Regis Resources share price jumps 11% amid Twiggy Forrest raid

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 positions in and has recommended Austal 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.

from The Motley Fool Australia https://ift.tt/lCkM5Dm

S&P/ASX 200 Index (ASX: XJO) mining shares are dragging on the market on Friday, adding to their longer-term poor performance.

The S&P/ASX 200 Materials Index (ASX: XMJ) is currently the market’s second-worst performing sector behind the S&P/ASX 200 Energy Index (ASX: XEJ), slumping 1.14%. It’s also fallen around 13% over the last month.

Among today’s biggest weights are resources giants BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO). They’re down around 2.3%, 1.7%, and 1.6% respectively.

For context, the ASX 200 is trading 0.3% higher right now.

Let’s take a closer look at what might be dragging down ASX 200 mining giants on Friday.

What’s weighing on these ASX 200 mining shares?

ASX 200 mining shares are struggling on Friday after commodity prices dived overnight, marking an abysmal quarterly performance.

The value of zinc led the downturn, falling 6.2% in Thursday’s session overseas while that of nickel slumped 4.7% to US$22643.00 per tonne. Copper prices also fell 1.7% to US$8254.25 a tonne.

Those movements included, metal prices tumbled between 20% and 40% in the June quarter, according to CommSec. That led copper to record its worst quarterly performance since 2011.  

Iron ore futures also continued its multi-session slump, falling 0.1% to reach US$130 per tonne.

Though, it’s not all bad news out of the sector this morning.

The Regis Resources Limited (ASX: RRL) share price is launching 10.2% higher amid reports Fortescue Metals’ Andrew Forrest was aiming to buy an additional 15% hold in the company.

However, Forrest has since abandoned any such plans after failing to snap up the stake for $168 million, reports The Australian.

The post These ASX 200 mining shares are digging a deeper hole on Friday appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Why did the BHP share price take a tumble in June?
• Why did the Soul Pattinson share price go backwards in June?
• Best ASX shares to buy in July 2022
• 5 things to watch on the ASX 200 on Friday
• These were the best performing ASX 200 shares in June

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.

from The Motley Fool Australia https://ift.tt/GQE8N1W

The BHP Group Ltd (ASX: BHP) share price had a tough month in June.

During the period, the mining giant’s shares dropped 7.5%.

Though, this is actually better than the ASX 200 index, which tumbled 9% over the same period.

Why did the BHP share price tumble lower in June?

As well as battling broad market weakness, the BHP share price came under pressure from a pullback in the iron ore price.

For example, on Thursday the price of iron ore for September delivery fell a further 2.7% on China’s Dalian Commodity Exchange. This put the steel-making ingredient on track to record a quarterly loss of approximately 11%.

In addition, the copper price has come under pressure significant pressure. So much so, the metal tumbled again on Thursday to record its biggest quarterly slump since 2011. This has been driven by concerns that a recession could impact demand.

Finally, the announcement of new coal royalties in Queensland weighed on mining shares during the month.

Is this a buying opportunity?

Analysts at Goldman Sachs appear to see the weakness in the BHP share price as a buying opportunity.

A note from earlier week reveals that its analysts have resumed coverage on the Big Australian with a buy rating and $49.40 price target.

This implies potential upside of 22% for investors over the next 12 months from current levels.

In addition, Goldman Sachs is forecasting fully franked dividends per share of US$3.50 in FY 2022 and then ~US$2.65 in FY 2023. Based on the current BHP share price and current exchange rates, this implies yields of 12.5% and 9.5%, respectively.

All in all, this suggests that there’s a total potential return on offer of almost 35% for investors over the next 12 months.

The post Why did the BHP share price take a tumble in June? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• These ASX 200 mining shares are digging a deeper hole on Friday
• Best ASX shares to buy in July 2022
• How have ASX 200 mining shares fared over June?
• Here are 2 top ASX 200 dividend shares to buy right now according to experts
• Which ASX 200 mining share offers the best dividend yield for FY22?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has 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.

from The Motley Fool Australia https://ift.tt/xs0aed5

The Praemium Ltd (ASX: PPS) share price is surging 18% into the green on Friday. It now trades at 55 cents apiece at the time of writing.

Despite no market-sensitive news today. Praemium did release a critical update regarding the divestment of its international business after the closing bell yesterday.

What did Praemium announce?

The ASX tech company, which provides financial planning tools to the wealth management industry, advised it had successfully completed the divestment of its operations in the United Kingdom, Jersey, Hong Kong and Dubai.

Operations were sold off to Morningstar, Inc, where Praemium received net proceeds of 35 million British pounds, “consistent with the originally agreed price”.

Praemium said the divestment would allow it to focus its resources on the domestic market, honing in on its market of sophisticated wealth advisers and their clients.

Speaking on the update, Praemium CEO Anthony Wamsteker said the company was “delighted to achieve the milestone”.

“[T]his successful divestment will allow Praemium to focus on the enormous opportunity that the Australian wealth market offers.

Morningstar has been a tremendous partner as we have worked collaboratively through the sale conditions, and is an ideal owner of the International Business. We wish them well.

Buyback and special dividend to come

Praemium intends to return the surplus of its net proceeds gained from the sale back to its shareholders by way of an on-market buyback and special dividend.

After considering all future investment and liquidity needs, the board has approved the return of approximately $50 million to shareholders.

Just over $23 million has been authorised for the buyback, to buy up to 10% of Praemium’s issued capital after its FY22 results.

Meanwhile, it also declared a special dividend of 5 cents per share, resulting in a payout of $25.7 million.

Despite today’s major gains, the Praemium share price has sunk more than 49% into the red over the past 12 months.

The post Domestic bliss: Praemium share price surges 18% after international business split appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• What’s clamping down on the Piedmont Lithium share price?
• Regis Resources share price jumps 11% amid Twiggy Forrest raid
• Why did the Aussie Broadband share price fall 20% in June?
• Locked in the CSR dividend? Here’s the payment info
• I loved this ASX share a year ago, and it’s still my long-term pick: expert

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 Praemium Limited. The Motley Fool Australia has recommended Praemium Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/s27Cizh

June was a rough month for the Pilbara Minerals Ltd (ASX: PLS) share price despite plenty of good news from the ASX lithium stock.

As of the end of the month, the Pilbara share price was $2.29. That’s 22.37% lower than it was at the final close of May.

For context, the S&P/ASX 200 Index (ASX: XJO) slumped nearly 9% in that time.

So, what weighed on the ASX lithium favourite last month? Let’s take a look.

What happened to the Pilbara Minerals share price?

The Pilbara Minerals share price fell alongside other ASX lithium stocks last month. That’s despite plenty of seemingly good news coming from the lithium giant’s camp.

The company revealed its next CEO and managing director, former chief operating officer Dale Henderson.

It also announced key terms of a proposed joint venture with Calix Ltd (ASX: CXL). The venture could see a demonstration plant capable of producing lithium salts developed at the Pilgangoora Project.

Pilbara also announced it estimates Pilgangoora’s spodumene concentrate production increased 54% to between 123,000 and 127,000 dmt in the third quarter. That would see the company reaching the higher end of its previously outlined full-year guidance.

Perhaps more excitingly, it accepted a pre-auction bid before its sixth Battery Material Exchange (BMX) auction. The successful bid – US$6,350 per dry metric tonne (dmt) for 5,000 dmt on a 5.5% lithia FOB Port Hedland basis – was “evidence of the unprecedented demand for battery raw materials,” Henderson said. He continued:

Contrary to recent suggestions that the market has peaked, the evidence we are seeing at the coal-face with our customers, including this pricing outcome, suggests that demand remains incredibly strong, with a continued healthy outlook for the foreseeable future.

Henderson’s comments appear to reference a bearish note out of Goldman Sachs that seemingly contributed to a major sell-off event among lithium shares in early June.

The Pilbara Minerals share price tumbled 22% on 1 June. It then suffered a rollercoaster of smaller gains and falls over the rest of the month.

It has also started July in the red, down 0.66% to $2.275 at the time of writing.

The post Why did the Pilbara Minerals share price tumble 22% in June? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Here are the 3 most heavily traded ASX 200 shares on Thursday
• Why have ASX lithium shares had such a lousy month in June?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• ASX 200 midday update: Carsales sinks, Liontown jumps on Ford agreements
• After the sell-off, experts think these 2 lithium ASX stocks are great buys

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 Goldman Sachs. 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.

from The Motley Fool Australia https://ift.tt/W4Ahkwg

The Piedmont Lithium Inc (ASX: PLL) share price is in the red on Friday morning, currently down 3.67%. This comes despite no fresh news from the ASX lithium share.

At the time of writing, Piedmont shares are trading at 52.5 cents apiece, bringing losses to around 30% for the year to date. They are also down more than 40% over the past month.

In broad market moves, the S&P/ASX 300 Metals and Mining Index (ASX: XMM) is down 0.93% in early trade on Friday. The two have tracked each other closely in 2022, as seen below.

What’s up with the Piedmont Lithium share price?

Despite its performance this year, brokers remain constructive on the Piedmont Lithium share price. The company has buy ratings from 100% of analysts covering it, according to Bloomberg data.

The JP Morgan team likes Piedmont’s four key lithium projects that, once completed, should ensure the company is a “low-cost producer of both spodumene (preferred feedstock for lithium hydroxide) and lithium hydroxide (required for long-range EV batteries)”.

Meanwhile, the company also announced this week that its 25%-owned North American Lithium (NAL) program in Canada plans to commence lithium spodumene production by 2023.

The plant will require significant upgrades to infrastructure to bring it up to speed and ensure maximum capacity, efficiency, and safety.

Piedmont owns the site along with 75% owner Sayona Mining Ltd (ASX: SYA).

Despite the update, investors have punished the Piedmont Lithium share price, sending it to 52-week lows in today’s session.

Meanwhile, the price of lithium remains steady and is still up 434% in the past 12 months, or 1.5% in the past month.

Piedmont Lithium shares have collapsed around 50% during the past year of trade.

The post What’s clamping down on the Piedmont Lithium share price? appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• These 3 ASX All Ordinaries shares are hitting new 52-week lows today
• Down 18% in a month, is the Piedmont Lithium share price a buy?
• Which ASX lithium shares are producing and which are not?
• Why has the Piedmont Lithium share price cratered 13% in a week?

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.

from The Motley Fool Australia https://ift.tt/NcmYfUM