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Industrials and miners are leading the charge on Wednesday with both sectors outpacing the benchmark S&P/ASX 200 index (ASX: XJO)’s 55 basis point gain.

The S&P/ASX 200 Industrials index (XNJ) has spiked almost 2.5% whereas the S&P/ASX 300 metals & mining index (XMM) has clipped a 2% jump.

Amongst that group, these shares have nudged past their 52-week high’s in todays session.

Atlas Arteria (ASX: ALX)

Shares of Atlas Arteria have shot to yearly highs after the company told investors IFM Global Infrastructure Fund (IFM) has obtained an economic interest of around 15% in the company.

“IFM has indicated that it intends to request from Atlas Arteria access to certain limited company information to assess whether it can submit a non-binding indicative proposal to acquire [Atlas],” the company said.

“Atlas Arteria has not yet received any such request for information nor any proposal from IFM.”

Investors were immediately on the track and the stock shot to its intraday highs from the opening of trade, holding that line since.

After dancing around the $7 mark for the last month of trade, Atlas’ rallied to a high of $8.35 in today’s trading, currently at $8.25 on last check.

Santos Ltd (ASX: STO)

Shares of hydrocarbons giant Santos saw buyers immediately from the open and have clipped a 3% gain on the day. The current ask is $8.73 per share.

Despite no market sensitive info from the company today, Santos shares have nudged higher today in continuation with the longer term uptrend.

Shares had already booked tidy gains in reaching their 52-week highs on Monday as well, as investors continue winding up the oil and gas trade of 2022.

Brent Crude has broken out to the upside after trading sideways since April and is now priced at US$120 per barrel.

As momentum in both commodity sectors continues rallying north, it stands to reason that investors are buying into that strength with the Santos share price as well.

Aurizon Holdings Ltd (ASX: AZJ)

Shares of Aurizon have also cracked their 52-week high’s in today’s session and now rest at $4.21 apiece.

The company has seen investors buying into share price strength over the past few months, with the stock climbing from a low of $3.45 in March.

Since then the Aurizon has set a series of new highs despite no market sensitive updates on the company.

Nevertheless, broker sentiment is mixed on the company, with just 23% of brokers covering the stock saying it’s a buy, and 46% rating it a sell, according to Bloomberg data.

The consensus price target from this list is $3.70 per share, meaning the company is now trading above this valuation.

In the last 12 months, Aurizon shares have clipped an 11% gain, or a 21% gain this year to date.

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

More reading

• ASX 200 midday update: Boral rockets, big four banks tumble
• Atlas Arteria share price leaps 16% amid takeover speculation
• 5 things to watch on the ASX 200 on Wednesday
• Will June be a good month for the Santos share price?
• 5 things to watch on the ASX 200 on Tuesday

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

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The American West Metals Ltd (ASX: AW1) share price is soaring today amid a new discovery.

After surging to a high of 27 cents in early trading today, the company’s share price has retreated to 19 cents at the time of writing, up 22%. In comparison, the  S&P/ASX 200 Index (ASX: XJO) is climbing 0.34% today.

Let’s take a look at what could be impacting the American West share price today.

Zinc and copper intersected

Investors are buying up ASX mining share American West after the company reported its “best assay results to date”.

The mineral explorer reported high grade zinc, copper, silver and indium results at the fourth drill hole at West Desert. This project is located 160km southwest of Salt Lake City, in the US state of Utah.

Assay results showed more than 105m of zinc and copper was intersected at drill site WD22-03 within four major intervals.

This included:

• 10.82 metres (m) at 1.41% copper, 1.51% zinc, 0.23 grams per tonne (g/t) gold, 59.41g/t silver and 40.63 g/t indium from 224.63m
• 47.4m at 4.3% zinc, 0.08% copper, 0.04 g/t gold, 12 g/t silver and 34.75 g/t indium from 234.07m
• 26.52m at 8.46% zinc, 0.17% copper, 0.11g/t gold, 10.61 g/t silver and 55.63g/t indium from 313.47m
• 18.59m at 13.24% zinc, 140.96g/t indium from 367.88m.

The results will help the company provide a maiden 2012 JORC resource estimate for the West Desert project.

American West plans to report further results from more drill holes in future weeks.

What did management say?

Commenting on the news, managing director Dave O’Neill said:

We are thrilled to share the diamond drill results from WD22-03, as the program continues to define high-grade mineralisation at West Desert, substantially enhancing the resource potential.

The intersections within WD22-03 display outstanding thicknesses and grade which continue to highlight the significant scale and quality of the West Desert Deposit.

The assay results and drill hole location are strategically favourable and provide further support for potential future underground development.

Share price snapshot

The American West share price has soared 31% in the past 12 months, and has rocketed 52% in the year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has shed around 2% in a year.

American West has a market capitalisation of almost $15 million based on its current share price.

The post ‘We are thrilled’: Why this ASX mining share is flying 22% higher today appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares cracking new 52-week highs on Wednesday
• Why is this ASX small-cap share is surging 19% today
• Qantas share price lifts amid ACCC decision
• Here’s why the IGO share price is making headlines on Wednesday
• Rate pain? ANZ share price dips to 52-week low on Wednesday

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 Titomic Ltd (ASX: TTT) share price is surging to incredible highs on Wednesday following a positive company announcement.

At the time of writing, the metal additive manufacturing company’s shares are up 19.44% to 21.5 cents.

What did Titomic announce?

Investors are driving up the Titomic share price on the back of the company’s latest collaboration.

According to its release, Titomic has signed a joint venture agreement with United Kingdom-based engineering group, Neos International.

Under the deal, Neos will provide it services in creating an advanced joint-manufacturing facility in Halesowen, England.

Notably, this will become the world’s first large-scale additive manufacturing facility to produce and sell Invar36 faceplate.

Containing 64% iron and 36% nickel, Invar is used in a variety of applications such as aircraft controls and electronic devices.

In order to build the facility, Titomic will sell a Titomic Kinetic Fusion (TKF) System to Neos for $2.4 million.

The TKF uses a supersonic cold gas dynamic spray of metal powders to create industrial-scale metal components. An Invar tooling-specific TKF includes the following benefits:

• Additive manufacture instead of subtractive manufacture of tooling from billet, which reduces material waste by 80%
• Repair of existing tools which significantly cut maintenance and replacement costs
• Reduced porosity compared to tooling manufactured by casting leading to an increased product lifespan
• Improved lead times

Commenting on the partnership agreement, Titomic managing director, Herbert Koeck said:

The Neos Titomic Joint Venture will provide world-leading Invar tooling manufacturing capability through additive manufacturing. It is the culmination of years of research and development, dedication, and focussed commercial execution.

Since late 2020, we’ve worked diligently alongside Neos to develop best-in-class technology – technology that will redefine the possibilities for tooling manufacture and cold spray.

This is one of many partnerships we look to scale, as we establish ourselves as the only global supplier of low, medium and high-pressure cold spray systems, opening up new opportunities across the aerospace, space, defence, automotive, and nuclear industries.

Titomic share price snapshot

Despite today’s gains, the Titomic share price is down almost 60% when compared to this time last year.

The company’s shares touched an all-time low of 16 cents late last month before recovering some lost ground.

On valuation metrics, Titomic presides a market capitalisation of around $34.32 million.

The post Why is this ASX small-cap share is surging 19% today appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares cracking new 52-week highs on Wednesday
• ‘We are thrilled’: Why this ASX mining share is flying 22% higher today
• Qantas share price lifts amid ACCC decision
• Here’s why the IGO share price is making headlines on Wednesday
• Rate pain? ANZ share price dips to 52-week low on Wednesday

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 Qantas Airways Limited (ASX: QAN) share price is taking off on Wednesday.

It comes after news the Australian Competition and Consumer Commission (ACCC) has closed its investigation into alleged misuse of the company’s market power.

Additionally, the ‘flying kangaroo’ has once again secured its leading share of the Australian domestic market.

At the time of writing, the Qantas share price is $5.44, 2.06% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is currently up 0.3%. Meanwhile, the airline’s home sector – the S&P/ASX 200 Industrials Index (ASX: XNJ) – has gained 2.33%.

Let’s look closer at the news potentially impacting the national airline on Wednesday.

Qantas share price gains amid ACCC’s ‘okay’

The Qantas share price is lifting amid news the ACCC has dropped its investigation brought about by complaints from Regional Express Holdings Ltd (ASX: REX).

The smaller ASX-listed airline raised concerns of anti-competitive behaviour with the watchdog in late 2020 and early 2021. It did so after Qantas entered regional routes historically operated by Rex and increased capacity on intercity routes after Rex entered them.

“A range of factors impacted the competitive dynamics in the market at the time, particularly the COVID-19 movement restrictions and border closures,” the ACCC said today.

“The ACCC will continue to pay close attention to any behaviour that may be anti-competitive.”

On that note, concerning behaviour of Qantas’ call wait times and travel credits have been flagged with the watchdog.

A “significant number of customers” allege Qantas charged customers paying with credits higher prices for flights. The ACCC is investigating such claims. Though, it notes that it doesn’t deal with long call wait times.

Of course, the ACCC is also dealing with Qantas regarding the airline’s proposed acquisition of Alliance Aviation Services Ltd (ASX: AQZ).

Qantas is Australia’s most popular airline once more

The increasing popularity of Qantas flights might also be impacting its share price on Wednesday.

The airline has retaken the lead in securing the biggest market share of domestic aviation.

The ACCC’s latest Airline Competition in Australia report found that of 4.5 million Australians who flew on Australia’s domestic airlines in April, 37% chose to fly Qantas. Another 28% picked Jetstar as their choice airline.

Meanwhile, Virgin’s market share dropped to 31% and Rex’s remained stable at 4% to 5%.

However, in bad news for passengers, the watchdog noted that “airfares may have bottomed out”.  

Discount airfares hit an 11-year low in late April but they’ve been flagged to rebound after monthly jet fuel prices hit an all-time high in May.

Qantas share price snapshot

The Qantas share price has gained 5.85% in 2022 so far. It’s also 12.4% higher than it was this time last year.

The post Qantas share price lifts amid ACCC decision appeared first on The Motley Fool Australia.

More reading

• Could a lack of pricing power drag on Qantas shares in 2022?
• Top broker tips 20% upside for Qantas share price
• What’s happening to the Qantas share price this week?
• Here’s what’s impacting the Qantas share price on Thursday
• Guess which ASX 200 shares UBS just added to its ‘best ideas’ list

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 recommended Alliance Aviation Services 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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Shares of diversified miner IGO Ltd (ASX: IGO) have lifted 1.9% in afternoon trade on Wednesday and now fetch $12.05 apiece.

Despite trading down in recent weeks, IGO found buyers at the $10.54 mark and again at $11.16 as sellers were pushed out of the market.

The IGO share price has rallied 14% from 13 May to the time of writing, having whipsawed in 2022, as seen below.

IGO settles Western Areas transaction

Helping drive equity returns for IGO is confirmation the company’s acquisition of Western Areas Ltd (ASX: WSA) is now legally effective.

Following a Supreme Court of Western Australia’s orders to approve the scheme yesterday, IGO will now acquire all of the shares in Western Areas through its subsidiary, IGO Nickel Holdings Pty Ltd.

“[W]e are looking forward to welcoming the Western Areas team into the IGO business once the transaction has been completed on 20 June 2022,” the company wrote.

CEO Peter Bradford said the acquisition represented “a logical consolidation of key nickel assets in Western Australia”.

It enhanced IGO’s position “as a leading, independent producer of metals critical for a clean energy future”, he added.

We are looking forward to unlocking unique synergies across the combined nickel portfolio comprised of Nova, Forrestania and Cosmos, as well as the immediate commencement of the downstream nickel sulphate feasibility studies – bringing IGO closer to key customers in the clean energy and electric vehicle industries.

The Western Areas acquisition is a key milestone in the company’s growth narrative, having stirred controversy on its announcement on questions the company may be overpaying for the asset.

What do the brokers say?

Further clamping returns in recent weeks was a shift in sentiment from Goldman Sachs about the prospects of battery metals and electric vehicles.

Nevertheless, various research notes from other brokers have contrary evidence to Goldman’s assessment.

The Macquarie team pushed back on several of the downside risks covered by Goldman and note there were still legs for both sectors to run in the coming years.

Analysts at JP Morgan were also constructive on the sector earlier this year.

Meanwhile, analysts remain bullish on the stock on average, with more than 64% of coverage saying its a buy right now, according to Bloomberg data.

The average price target from this list is $13.20, around 9.5% above the current market price.

In the last 12 months, the IGO share price has gained 61%.

The post Here’s why the IGO share price is making headlines on Wednesday appeared first on The Motley Fool Australia.

More reading

• Why Macquarie still sees ‘material upside’ for ASX lithium shares
• Is the ASX about to wave goodbye to this billion-dollar nickel miner?
• Why is the Galileo share price soaring 9% on Tuesday?
• One broker’s outlook for lithium supply and demand and what it could mean for ASX lithium shares
• Why Bubs, IGO, Strike Energy, and Woodside shares are pushing higher

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 Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is tumbling on Wednesday.

In afternoon trade, the banking giant’s shares are down 2.5% to a 52-week low of $23.85.

Why is the ANZ share price tumbling?

Investors have been selling down the ANZ share price today amid broad weakness in the banking sector.

This has seen all the big four and challenger banks drop into the red today despite the market rebounding from yesterday’s selloff.

The weakness in the banking sector has been caused by concerns over the Reserve Bank’s greater than expected rate hike on Tuesday and its future plans.

But aren’t rate hikes good news?

While increasing rates are seen as a positive for the banks and their net interest margins, it is the pace of the hikes that has investors concerned.

The market was previously expecting a gradual and measured tightening cycle from the central bank. However, it now looks likely to undertake an aggressive stance, which could create challenges for the banking sector.

Morgans believes the Reserve Bank could take the cash rate as higher as 2.6% by the end of the year if it follows the US Federal Reserve’s lead. A sharp contrast to where it started 2022.

It commented:

[T]he RBA will likely move in 50bps increments consistent with upcoming Fed decisions. This will see the RBA increase the cash rate to 135 basis points in July, and on current market pricing take the cash rate to 260 basis points by year-end.

As for the impact on the big four banks, Morgans summarised:

Although a rising official cash rate will benefit bank Net Interest Margins (NIM). Higher interest rates will likely place downward pressure on asset prices and credit growth. Higher interest rates will increase the risk of asset quality deterioration. Rising risk-free rates will place upward pressure on the cost of equity. From a dividend yield perspective, we expect downward pressure on valuations as we expect dividend yields to become less attractive relative to rising risk-free rates.

The post Rate pain? ANZ share price dips to 52-week low on Wednesday appeared first on The Motley Fool Australia.

More reading

• Why are ASX 200 bank shares plunging on Wednesday?
• Forget Terra. ANZ moves ahead with Aussie dollar pegged stablecoin
• What’s the outlook for the ANZ share price in June?
• Experts name the ASX 200 dividend shares to buy with big fully franked yields
• What’s dragging on ASX 200 bank shares like NAB on Thursday?

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.

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Shares in Novonix Ltd (ASX: NVX) are in the red today, currently trading 1.18% lower at $3.34.

Today’s downside extends losses for Novonix to more than 63% this year to date, or 27% in the last month alone.

The company is set to present at the Stifel Cross Sector Insight conference during US market hours on Wednesday, and has released the slide deck of its presentation beforehand.

What is Novonix set to present?

A recent release to the ASX advised that the company was set to present its investment case to prospective analysts, portfolio managers and industry experts at the conference.

Specifically, it noted that Novonix CEO Dr Chris Burns would “present and participate in a moderated Q&A session” and would also participate in the panel discussion, Electric Vehicle Supply Chain Review – What the Industry has Learned from Disruption.

In the slide present, the company outlines numerous takeouts and milestones in its journey to date, particularly around its battery technology.

“Novonix’s Complete Battery Cell Technology is Leading the way for Next Generation EV Batteries,” it writes in one heading.

“Novonix offers improved Coulombic Efficiency (CE) compared to industry leading materials (including a Tesla Model S cell used as a reference benchmark),” it adds. The higher the CE, the longer the battery life, apparently.

The company also outlined its future goals, hoping to scale capacity of anode materials to “meet the growing demands of customers” and “develop Novonix cathode materials into an industry leader in cathode technology”.

Also on the list of company objectives is being highly profitable “with strong cash flow generation, enabling continued pursuit of profitable, high-growth opportunities”.

The conference runs from 7–9 June during US market hours, and is being presented live in Boston. Investors can tune into the live webcast by registering here.

In the last 12 months, the Novonix share price has held a 47% gain despite trading in a downtrend since November 2021.

The post Novonix share price dips ahead of US investor conference presentation appeared first on The Motley Fool Australia.

More reading

• Do Novonix shares pay dividends?
• Why are ASX 200 tech shares having such a cracking Friday?
• Why did the Novonix share price tumble 22% in May?
• These were the worst performing ASX 200 shares in May
• Here are the top 10 ASX 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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S&P/ASX 200 Index (ASX: XJO) bank shares are all deep in the red in late morning trade, following on yesterday’s 0.50% cash rate increase by the RBA.

The higher than expected hike takes the official cash rate to 0.85%. And governor Philip Lowe indicated Australians should expect more increases from the central bank in the months ahead.

While the ASX 200 is up 0.8% at the time of writing, the S&P/ASX 200 Financials Index (ASX: XFJ) is down 12%. And the ASX 200 banks are underperforming the Financials Index.

At the time of writing the Commonwealth Bank of Australia (ASX: CBA) share price is down 3.5%.

The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price is down 2.4%.

Westpac Banking Corp (ASX: WBC) shares are down 5.3% after the bank became the first to pass on the full RBA rate hike to mortgage holders this morning.

And the National Australia Bank Ltd. (ASX: NAB) share price is down 3.3%.

Financial stocks, as you’ve likely heard, can benefit from a higher rate environment.

So, why are the ASX 200 bank shares under pressure today?

Tailwinds from rising interest rates

On the plus side of the central bank’s tightening cycle, ASX 200 bank shares have the potential to increase their profit margins amid higher interest rates.

CBA CEO Matt Comyn reported that every 0.25% increase in the benchmark cash rate increases the bank’s net interest margins by 0.04%. “That’s purely just on the deposit side, and then of course there’s offsetting factors from funding,” he said.

According to Credit Suisse bank analyst Jarrod Martin (quoted by The Australian):

Net interest margins will get close to 2% from their current level of less than 1.9%. So the balance at the moment favours the upside, but the latter stages (of the cycle) are not as good for bank share prices because of asset-quality considerations, such as the impact on house prices.

So,  ASX 200 bank shares are looking at potentially significantly higher profit margins on the loans they make.

But both Comyn and Martin also alluded to some headwinds.

Headwinds for the ASX 200 bank shares from fast rising rates

As Comyn pointed out, one of the factors that will drag on ASX 200 bank shares’ profitability as rates go higher is that their own funding costs increase as well.

And as Martin said, the looming impact on housing prices is also something investors will be keeping a close eye on.

Morgan Stanley’s head of Australian research, Richard Wiles, said that ASX 200 bank shares were likely to perform worse if the RBA moves to increase the cash rate rapidly.

According to Wiles (quoted by The Australian Financial Review):

Much of the benefit of higher rates is factored into the outlook. Housing loan growth is likely to slow, inflation is putting more pressure on costs, and a quick and aggressive tightening cycle increases tail risks.

We believe the near-term earnings outlook remains sound, but the risk of a trading multiple de-rating has risen.

Andrew Triggs, executive director at J. P. Morgan also pointed to the mixed impacts of higher rates on ASX 200 bank shares (courtesy of The Australian).

“Cash rate hikes off record lows should lead to modest net interest margin expansion, but faster rate hikes raise concerns about credit growth slowdown and asset quality deterioration,” he said. “Banks report significant home loan buffers, but there is a large cohort of borrowers that has never seen rate hikes before.”

ASX 200 bank shares tend to underperform when house prices are falling.

The post Why are ASX 200 bank shares plunging on Wednesday? appeared first on The Motley Fool Australia.

More reading

• Westpac share price tumbles 5% on Wednesday
• ASX 200 midday update: Boral rockets, big four banks tumble
• Which ASX 200 bank is the first to pass on the full RBA rate hike?
• How does the Westpac dividend yield compare to the other ASX banks?
• Forget Terra. ANZ moves ahead with Aussie dollar pegged stablecoin

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

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The Rio Tinto Limited (ASX: RIO) share price is climbing today after the company announced a low-carbon deal last night.

At the time of writing, shares in the world’s second-largest miner are up 2.75% to $119.76.

However, its share price gains are being eclipsed by peer BHP Group Ltd (ASX: BHP). BHP is trading 3.11% higher at $47.74.

In contrast, the broader S&P/ASX 200 Resources (ASX: XJR) sector is also rebounding in lunchtime trade, up 2.5% to 6,158.9 points.

Rio Tinto collaborates on green steelmaking process

Investors are bidding up the Rio Tinto share price after digesting the company’s news regarding “ways to accelerate green steelmaking”.

According to its release, Rio Tinto signed a memorandum of understanding (MoU) with major German steel producer Salzgitter.

Under the framework, both companies will work together to study Rio Tinto’s iron ore products for use in Salzgitter’s SALCOS green steel project.

In addition, the partners will explore the potential for greenhouse gas emission certification across the steel value chain.

Rio Tinto produces iron ore pellets and concentrate from its Canadian operations, and iron ore lump and fines in Western Australia.

The SALCOS project — Salzgitter Low CO2 Steelmaking — is targeting virtually carbon-free steel production. This is expected to start step by step in 2025 using hydrogen direct reduction.

Commenting on the partnership, Rio Tinto chief commercial officer Alf Barrios said:

We welcome the chance to work with Salzgitter on ways to accelerate green steelmaking, in keeping with our commitment to reduce emissions across the steel value chain.

Salzgitter has one of the world’s most advanced green steelmaking projects. Rio Tinto is excited at the opportunity of supplying our product and combining our technical expertise with that of Salzgitter to help advance the SALCOS project.

Rio Tinto is aiming for a 15% reduction in emissions by 2025, and a 50% reduction by 2030.

By 2050, the mining giant hopes to reach net-zero emissions across its operations.

Rio Tinto share price snapshot

A boom in commodity prices has led the Rio Tinto share price to accelerate 20% in 2022.

In particular, iron ore prices have shot up 21% since the beginning of the year.

Based on today’s price, Rio Tinto commands a market capitalisation of roughly $43.26 billion.

The post Rio Tinto share price gains lag BHP despite green steel deal appeared first on The Motley Fool Australia.

More reading

• Why is the BHP share price having such a stellar day?
• Own Rio Tinto shares? Here’s why the miner is being sued by this Russian aluminium producer
• Own BHP shares? Here’s how the miner plans to offset lower iron ore prices
• What are brokers predicting for the Rio Tinto share price in June?
• What happened to the Rio Tinto share price in May?

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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ASX uranium shares are surging today following in the footsteps of US markets overnight.

Shares soaring include Paladin Energy Ltd (ASX: PDN), Bannerman Energy Ltd (ASX: BMN) and Peninsula Energy Ltd (ASX: PEN). Boss Energy Ltd (ASX: BOE) and Bannerman Energy Ltd (ASX: BMN) are also ahead.

So let’s take a look at why ASX uranium shares are storming ahead?

ASX uranium shares soar

Peninsula shares are rocketing 20%, Paladin shares are soaring nearly 13%, while Bannerman Energy shares are jumping 13%. Meanwhile, Boss Energy shares are 11% ahead and Bannerman Energy shares are leaping 13%.

Uranium shares are following a similar trend to global markets overnight. The Global X Uranium Exchange Traded Fund jumped 5.98% in US markets. US uranium producer Energy Fuels Inc (NYSE: UUUU) leapt 12.94% while Canadian headquartered Uranium giant Cameco Corp (NYSE: CCJ) leapt 8%.

Investors appear to be buying up uranium shares following some positive news out of the United States.

The Biden administration is seeking Congress support for a $4.3 billion plan to buy enriched uranium from domestic producers, Bloomberg reported. A source told the publication the aim is to halt reliance on Russian imports of the nuclear fuel.

ASX listed Peninsula owns the Lance Uranium Project in the state of Wyoming, in the United States. Paladin Energy is working on the Michelin project, nearby in Canada.

In news closer to home, Opposition leader Peter Dutton has reignited the nuclear energy debate, saying he is “not afraid to have a discussion on nuclear”. Uranium is used as the fuel in nuclear power plants. In an interview with ABC Radio National, Dutton added:

If we want to have legitimate emission reductions, if we want to lower electricity prices, then that’s exactly the path that President Macron has embarked on in France, it’s what Prime Minister Johnson is talking about in the United Kingdom…

However, Queensland Energy Minister Mick de Brenni has pushed back on the plan today. He reportedly claimed nuclear energy is “dangerous”, the Canberra Times reported.

The post Why are ASX uranium shares having such a cracker run on Wednesday? appeared first on The Motley Fool Australia.

More reading

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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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