Tag: Motley Fool

If the Dogecoin (CRYPTO: DOGE) price was pulling a yoga pose, it would be the downward dog. Because that’s where it has been heading during May.

Despite a sprinkling of positive news items for the Shiba Inu dog-inspired cryptocurrency, it simply has not been enough to counter the widespread negative sentiment. Ultimately, gravity has dragged this little doggy down 37% since the beginning of the month. For context, the market capitalisation of the global crypto market retracted by 28% in May.

So, what steered the Dogecoin price off track?

Fed bites after barking

While it might have been a difficult month for Dogecoin ‘hodlers’ (the term for those who buy and hold crypto), the pain was felt across the board for cryptocurrency investors. This, in conjunction with the lack of Dogecoin-specific negative events, suggests that the trajectory was more of a macroeconomic influence.

Demonstrating its resolve to bring inflation back in line, the US Federal Reserve raised interest rates by 50 basis points to 0.75% earlier this month. At the same meeting, the United States’ central bank informed onlookers that it won’t hesitate to jack up rates further to calm inflation.

The decision sent a shock down the spine of investors in the riskier end of town. Consequently, tech stocks and cryptocurrencies began their descent via the elevator.

As pictured above, the Dogecoin price has underperformed its larger peers: Bitcoin (CRYPTO: BTC) and Ethereum (CRYPTO: ETH). However, the general trend is shared across all three following the Fed’s decision to increase interest rates.

As a result, news of Dogecoin being adopted by luxury fashion brand Gucci throughout the month failed to gain traction.

Dogecoin price snapshot

Unfortunately, the Dogecoin price hasn’t received any pampering so far this year. Investors of the meme coin are now down 50% since the year kicked off. For comparison, Bitcoin has held onto more of its value, only falling 35% over the same timeframe.

The post Down 37%, it’s been a dog of a month for the Dogecoin price in May, here’s why appeared first on The Motley Fool Australia.

More reading

• Why Bitcoin, Dogecoin, and Shiba Inu are falling today
• Looking to spend your crypto? Here are 5 things you can buy in 2022
• Why Ethereum and Dogecoin are recovering nicely today
• Why Bitcoin, Ethereum, and Dogecoin are falling today
• Crypto crash: Why Bitcoin, Ethereum, and Dogecoin are struggling again

Motley Fool contributor Mitchell Lawler has positions in Bitcoin, Ethereum and Dogecoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin and Ethereum. 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/5O7Ka3y

The Macquarie Group Ltd (ASX: MQG) share price has underperformed so far this month.

The S&P/ASX 200 Index (ASX: XJO) giant’s stock has slumped 8.73% since the end of April. As of Monday’s close, the Macquarie share price is $188.12.

For context, the ASX 200 has dipped just 2.08% this month while the S&P/ASX 200 Financials Index (ASX: XFJ) has dropped 1.59%.

So, what’s been weighing on the banking major’s stock this month? Let’s take a look.

What’s been going wrong for Macquarie this month?

The Macquarie share price has been struggling following the release of disappointing full year results earlier this month.

It was a result that many ASX companies would be envious of. The investment banking giant reported its net profit had jumped 56% to around $2.66 billion over the 12 months ended 31 March. Its total operating income also rose 36% to approximately $17.32 billion.

Finally, Macquarie offered shareholders a fully franked $3.50 final dividend for the period – a 40% increase on that of the prior period.

However, its seemingly strong result wasn’t enough to impress the market.

The Macquarie share price tumbled 7.78% on 6 May – the day on which its results were released. To add salt to the wound, it slipped another 3.68% over the following two sessions.

As The Motley Fool Australia reported at the time, Goldman Sachs expected more from the ASX 200 monolith.

It expected Macquarie to report $2.8 billion of profits and a $4.40 per share dividend.

Unfortunantly, the Macquarie share price hasn’t been able to make up the ground lost during the first few weeks of this month just yet.

Though, it has gained nearly 5.5% over the last two sessions. At least that points to the stock potentially ending the month on a high.

Macquarie share price snapshot

The Macquarie share price is currently 8% lower than it was at the start of 2022.

Though, it has gained 23% since this time last year.

The post Why has the Macquarie share price lost ground in May? appeared first on The Motley Fool Australia.

More reading

• Brokers name 3 ASX shares to buy today
• The ANZ share price is ‘trading at its largest discount to its peers in 15 years’: Is this justified?
• Broker names 2 ASX 200 shares with major upside potential
• ASX shares paid out a record $98b in dividends in the 12 months to March. Which are the star performers?
• What’s going on with the Challenger share price today?

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 recommended Macquarie Group 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/DxMtSIX

With the recent gyrations of both the S&P/ASX 200 Index (ASX: XJO) and global share markets, it’s certainly a time when investors have to think carefully about which ASX shares to buy. Shares of all shapes and sizes have been going through a period of intense volatility recently, and this can be confusing and anxiety-inducing for many investors.

So in times like these, it can be a good idea to take stock of what the ASX’s experts are doing. And who better to seek investing inspiration from than the richest investors out there.

So let’s check out where AFR Rich Lister Robert Whyte is putting his cash right now. As reported in the Australian Financial Review (AFR) this week, Mr Whyte is a share market and property investor. This year’s Rich List put him at a new worth of $925 million.

This rich lister is buying ASX dividend shares…

Mr Whyte has been through five recessions in his investing career. According to Whyte, getting through those recessions required an understanding that “markets revert and patience is rewarded”.

Today, he is anticipating “a tough two years” in light of rising inflation, which he describes as “out of control”.

As such, Whyte is “putting some investments on the sidelines”, instead, favouring those investments that “pay you to wait”:

At this point in the cycle doing nothing and being a rabbit in the headlights doesn’t work. You still have to make active decisions. Mine are to stay in cash, buy some dividend producing stocks, review the portfolio but don’t make decisions that involve risk in a market where you don’t know where the risk is going…

We are not in a hurry to reduce our cash position, which at some point, will enable us to buy growth at hopefully better prices. It’s all about the entry point. We are in income-producing opportunities, including selective shareholder-friendly retailers and banking stocks, which may have lower growth but you are paid to wait through dividends.

Among these ASX dividend shares, Whyte identifies Harvey Norman Holdings Limited (ASX: HVN) as a “boring stock” he is favouring right now. In addition, Whyte also reckons miners like BHP Group Ltd (ASX: BHP) are also worth a look.

Dividend shares become particularly attractive to some investors during high periods of inflation because of that ongoing yield a dividend can provide. So it’s perhaps no surprise that a professional investor like Whyte is looking for strong ASX dividend shares right now.

The post Why this rich lister is buying ASX dividend shares that ‘pay you to wait’ appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most traded ASX 200 shares on Monday
• Leading brokers name 3 ASX shares to buy today
• ASX 200 midday update: AGL demerger scrapped, A2 Milk jumps
• Why these ASX coal shares could be ‘bigger than Ben-Hur’: fundie
• Why I’d buy these 2 ASX 200 shares

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 Harvey Norman Holdings Ltd. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. 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/D8nxKX7

The Archer Materials Ltd (ASX: AXE) share price charged ahead today following a technical progress update on the company’s biochip.

At market close, the materials technology company’s shares finished 13.89% higher at 82 cents apiece.

Archer progresses biochip development

Investors drove up the Archer share price after the company announced a technical breakthrough in its biochip technology.

In its release, Archer advised it has successfully achieved 15 nanometre (nm) feature size fabrication by developing advanced lithography processes.

To put that into perspective, a human hair is around 75 microns, or 75,000 nm.

This achievement represents a significant reduction in feature size that would potentially allow for billions of sensors on Archer’s biochip.

Notably, the development team has attained miniaturisation from 200 nm prior to April 2021, down to the current state of 15 nm.

The company is targeting miniaturisation for a sub-10 nm biochip fabrication which is considered cutting-edge in the semiconductor industry.

The latest development marks another milestone in Archer’s pursuit of commercialising its biochip technology. The global semiconductor industry is one of the most important drivers of the global economy, used in almost all technological applications.

Best-in-class capability in nanofabrication is a global competitive advantage in the multibillion-dollar point of care medical diagnostics industry. One of the reasons why there are few companies in the world developing and commercialising biochips is because it’s difficult to achieve precision engineering at the nanoscale.

Archer CEO Dr Mohammad Choucair commented:

Archer’s core business is the development of advanced semiconductor technology that is underpinned by the Company’s nanofabrication capabilities.

Achieving 15 nanometre feature size is a great outcome. We have now prepared a suite of advanced lithography processes to reliably control fabrication for our device miniaturisation and scaling as we continue to advance towards breaking through the 10-nanometre barrier.

About the Archer share price

Despite today’s gains, the Archer share price has fallen 26% in 2022.

The company’s shares are more than 70% off their all-time high of $3.08 reached in mid-August last year.

Based on valuation grounds, Archer presides a market capitalisation of around $206 million.

The post “A great outcome”: Archer Materials share price surges 14% on biochip update appeared first on The Motley Fool Australia.

More reading

• Archer Materials share price leaps 7% on patent news

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.

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

The Southern Cross Gold Ltd (ASX: SXG) share price is rocketing higher on Monday morning.

In afternoon trade, the gold explorer’s shares are up an incredible 225% to 65 cents.

Why is the Southern Cross Gold share price rocketing higher?

Investors have been bidding the Southern Cross Gold share price higher today after the gold explorer released positive drilling results.

According to the release, drilling at the Sunday Creek project in Victoria has uncovered a spectacularly wide intersection of gold-antimony mineralisation.

The Sunday Creek epizonal-style gold project is located 60 kilometres north of Melbourne within 19,365 hectares of granted exploration tenements.

With 13 promising drillholes now intersected, management considers Sunday Creek to be one of the better recent exploration discoveries to come out of Victoria.

But it may not stop there. Mineralisation remains open at depth and along strike. In addition, there is a 10-kilometre mineralised trend that extends beyond the drill area and is defined by historic workings and soil sampling at Sunday Creek. This is where exploration drilling has never been undertaken and thus offers potential future upside.

‘Unprecedented’ result

Southern Cross Gold’s Managing Director, Michael Hudson, was delighted with the drilling results. He said:

This result is unprecedented in terms of width of high-grade mineralisation rarely, if ever, seen in the Victorian goldfields. A result of 119.2m @ 3.9 g/t AuEq places the Sunday Creek project into a new realm, and builds on what was already a remarkably successful drill program.

Continuity, with great width and grades, is now evident down to 335 m vertical depth in the Apollo Shoot that remains open to depth, while multiple adjacent shoots remain to be drilled out.

With the freehold land secured, industry-leading drill results, strong local relationships, a team of ore discoverers in place and the drill rig continuing to target extensions to mineralisation found in SDDSC033, we highly anticipate further results.

The post Southern Cross Gold share price explodes 225% higher on ‘unprecedented’ discovery appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most traded ASX 200 shares on Monday
• Leading brokers name 3 ASX shares to buy today
• Why is the Novonix share price leaping 10% on Monday?
• Three trillion reasons why young investors need to be taken seriously
• 2 ASX All Ordinaries shares rocking new 52-week highs today

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/9hHkCWe

The Australian share market has had a very pleasing start to this week’s trading so far this Monday. At the time of writing, the S&P/ASX 200 Index (ASX: XJO) has gained a pleasing 1.24% and is now well over 7,250 points.

But let’s dig a little deeper into the market moves and check out the ASX 200 shares that are presently topping the share market’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Monday

South32 Ltd (ASX: S32)

ASX 200 diversified mining company South32 is our first ASX share to check out today. So far this Monday a notable 12.86 million South32 shares have been traded on the markets. There’s been no news out of the company that might explain this elevated trading volume.

However, South32 shares have experienced a fairly dramatic jump in valuation today, which might. This Monday’s session has seen South32 put on a healthy 3.29% so far, with the miner now sitting at $4.87 a share.

Tabcorp Holdings Limited (ASX: TAH)

Next up today we have ASX 200 gaming company Tabcorp. Tabcorp has watched a sizeable 26.92 million of its shares trade hands as it currently stands today. Tabcorp is having the opposite scenario play out so far today. Its shares have taken a nasty 3.4% haircut back to 98 cents a share as it currently stands.

Investors have been sending this company lower since it spun out Lottery Corporation Ltd (ASX: TLC) last week. So it’s likely the volume we’re seeing is a byproduct of this spinoff and today’s share price fall.

Pilbara Minerals Ltd (ASX: PLS)

Last but certainly not least in terms of trading volumes, we have ASX 200 lithium stock Pilbara Minerals. So far today, a hefty 27.08 million Pilbara shares have bounced around the markets. It seems another dramatic share price jump is responsible for Pilbara’s high trading volumes.

The lithium producer is currently up a pleasing 2.4% at $2.98 a share, but rose as high as $3.08 (up more than 5%) soon after market open this morning. It’s this big jump that has probably placed Pilbara at the pinnacle of this list today.

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

More reading

• ASX 200 midday update: AGL demerger scrapped, A2 Milk jumps
• Why these ASX coal shares could be ‘bigger than Ben-Hur’: fundie
• 3 ASX lithium shares set to roar back: experts
• Top brokers name 3 ASX shares to buy next week
• These were the best performing ASX 200 shares last 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 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/zFgUEj4

With so many shares to choose from on the ASX, it can be hard to decide which ones to buy. The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

BHP Group Ltd (ASX: BHP)

According to a note out of Macquarie, its analysts have retained their outperform rating and $57.00 price target on this mining giant’s shares. Macquarie remains a big fan of BHP post the demerger of its petroleum assets. It likes that the miner has exposure to a range of green commodities including copper, nickel, and potash. The BHP share price is trading at $44.73 on Monday afternoon.

Jumbo Interactive Ltd (ASX: JIN)

A note out of Morgan Stanley reveals that its analysts have retained their overweight rating on this lottery ticket seller’s shares with an improved price target of $25.50. Morgan Stanley feel that the market doesn’t appreciate the growth potential of Jumbo’s software business. Particularly given how management is aiming to generate half its revenue from this side of the business by FY 2026. This will be a big increase from the broker’s estimate of under 20% next year. Overall, its analysts are bullish on its outlook and see recent share price weakness as a buying opportunity. The Jumbo share price is fetching $15.62 today.

Westpac Banking Corp (ASX: WBC)

Analysts at Citi have retained their buy rating and $29.00 price target on this banking giant’s shares. According to the note, the broker believes that the major banks will see a swing from lending-derived revenue growth to deposit-derived growth as rates rise and credit slows. In light of this, it expects the current valuation gap between asset growing and revenue challenged banks will close. Citi prefers the latter in the current environment. The Westpac share price is trading at $24.26 today.

The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Why I’d buy these 2 ASX 200 shares
• Brokers name 3 ASX shares to buy today
• The ANZ share price is ‘trading at its largest discount to its peers in 15 years’: Is this justified?
• Where next for the Westpac share price?
• ‘We’re close to the bottom’: Expert flags share market sectors to buy before the rally

Citigroup is an advertising partner of The Ascent, a Motley Fool company. Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Jumbo Interactive Limited. The Motley Fool Australia has recommended Jumbo Interactive Limited, Macquarie Group Limited, and Westpac Banking Corporation. 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/fMl4DEd

The Novonix Ltd (ASX: NVX) share price is taking off on Monday despite the company’s silence.

However, it’s not alone in the green. The battery technology and materials share is gaining alongside the S&P/ASX 200 Informational Technology Index (ASX: XIJ).

At the time of writing, the Novonix share price is $4.10, 9.92% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 1.19%.

Let’s take a closer look at what might be helping the ASX 200 tech stock higher today.

What’s going on with the Novonix share price today?

It’s a good day for the Novonix share price. And its day in the green is likely a welcome relief for those invested in the company.

Novonix came in as one of last week’s worst performing ASX 200 shares. It slumped 9.3% last week during which it announced a key member of its board had stepped down.

Additionally, the ASX 200 tech sector is leaping upwards today, likely due to data suggesting inflation in the United States may have peaked.

A US Commerce Department report released on Friday showed the nation’s personal consumption expenditures (PCE) price index rose 6.3% over the 12 months ended April.

That marks a slower rise than the prior month’s and suggests that inflation may be abating.

The tech-heavy Nasdaq Composite rose 3.33% on Friday amid the report’s release. It’s rebound seems to be rubbing off on its Australian counterpart.

Right now, the Novonix share price is the index’s second best performer. The tech sector is being led by the Block Inc (ASX: SQ2) share price’s 10.2% gain.

However, today’s gains haven’t been enough to boost Novonix’s stock back into the long term green.

It is still 61% lower than it was at the start of 2022. Though, it’s still 75% higher than it was this time last year.

The post Why is the Novonix share price leaping 10% on Monday? appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares off to a cracking start to the week
• These were the worst performing ASX 200 shares last week
• ASX 200 midday update: Appen crashes, lithum shares jump
• Novonix share price surges higher despite billionaire’s board exit
• Novonix up 15% on Friday as the market recovers

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 Block, Inc. The Motley Fool Australia has positions in and has recommended Block, Inc. 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/HVebhGf

It’s no secret that investing in great companies is a powerful tool for building wealth. Over the years, it has generated trillions of dollars in returns for investors of all ages. However, there is one group of investors that is often overlooked by the establishment: young people. Even today, some brokers and financial advisors see young investors as naive and inexperienced.

Being relatively fresh behind the ears itself, the Australian investing platform Stake is empathetic on the dismissal of the next generation. Though, it believes the cohort is too important to ignore, and here’s why…

Young investors are learning the ropes

The lay of the financial land in recent years has prompted young people to take charge. Measly interest accrued on savings and the elusive property market has widdled away a new generation’s options for financial freedom.

In response, hundreds of thousands of fresh new faces have arrived in the Aussie share market over the last two years. Comments concerning the next generation of investors were made during a discussion held at the Stockbrokers and Investment Advisers Association last week.

[T]hey might be naive and uneducated at the moment, and [there’s] lots of choice and multiple platforms at the moment. But they will become sophisticated at one stage and that’s where it’s our role to step up and educate them and take them on the journey.

Candice Bourke, Shaw & Partners

However, Stake chief marketing office Bryan Wilmot rebutted, stating that young investors are taking education into their own hands.

What we should be doing is encouraging more people to take control of their financial security and financial future and not just dismissing them. They’re genuinely curious people, and they’re genuinely educating themselves and I think that’s a fantastic thing.

Though, Bourke highlighted that the demographic will become an increasingly important one. A $3.5 trillion passing on of wealth will take place between baby boomers and young investors over the next decade.

Breaking stereotypes

While the proliferation of ‘meme’ stocks, including Gamestop last year, portrayed the next generation of investors as nonsensical speculators, there is data that suggests otherwise.

According to Betashares assistant portfolio manager Jessica Leung, young investors applied sound portfolio construction. To demonstrate this, Leung notes the broad-based Betashares NASDAQ 100 ETF (ASX: NDQ) and the Betashares Australia 200 ETF (ASX: A200) as two cornerstone investments.

The post Three trillion reasons why young investors need to be taken seriously appeared first on The Motley Fool Australia.

More reading

• 3 high quality ETFs for ASX investors to buy now
• Here’s why the Betashares Nasdaq 100 ETF (NDQ) is sinking today
• Are these 2 sold-off ASX growth shares now cheap bargains?
• 2 high quality ETFs for ASX investors to buy after the market meltdown
• VAS: Were you better off buying the Nasdaq ETF?

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended BETANASDAQ ETF UNITS. The Motley Fool Australia has positions in and has recommended BETANASDAQ ETF UNITS. 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/EQT0yAh

There are a small number of S&P/ASX All Ordinaries (ASX: XAO) shares hitting 52-week highs today.

It’s generally a positive day for the ASX. The All Ords is currently up by 1.22%.

Early in trading this morning, there were big gains for some ASX shares. Let’s look at two that hit 52-week highs.

Bubs Australia Ltd (ASX: BUB)

Bubs is one of the largest Australian infant formula producers. And now it’s a lot bigger. The Bubs share price started Monday up by 77%, hitting a new 52-week high, after the company announced news from the United States. It has since retreated, but is still up by more than 40%.

The ASX All Ordinaries share announced that it has received US Food and Drug Administration (FDA) discretion to import Bubs infant formula. The FDA will allow the immediate import, sale and distribution of all six Bubs infant formula products into the USA under its recently-announced infant formula policy.

Bubs has committed to the Biden Administration to provide at least 1.25 million tins in the coming weeks and months.

The company said that it was one of the first to respond to the discretion policy. The policy aims to address the current infant formula shortage in the US by enabling increased flexibility for the importation of infant formula.

Bubs says that its complete range of infant formula meets the nutrient requirements of the US for an iron-fortified infant formula.

The ASX All Ordinaries shares said that 500,000 tins are ready for immediate export to the United States. The remaining 750,000 tins are planned for production and scheduled for delivery in the coming months.

The company will be able to leverage the retail distribution footprint that it has already established in the US with major e-commerce and bricks and mortar retailers.

Allkem Ltd (ASX: AKE)

The Allkem share price was another to hit a 52-week high earlier today, after rising above $14.30. However, it has since fallen back to below $13.80.

Allkem is one of the largest lithium miners on the ASX and it hasn’t announced any market-sensitive news today. The last news the All Ordinaries ASX share released to the market was its quarterly update for the three months to 31 March 2022.

In the update, the company noted its Mt Cattlin operation produced 48,562 dry metric tonnes (dmt) of spodumene concentrate. Further to this, it shipped 66,011 tonnes. It generated US$143.8 million of revenue. This was a record, with a gross cash margin of 84%, based on average pricing of US$2,178 per dmt.

Allkem also said that the Olaroz lithium facility produced 2,972 tonnes of lithium carbonate with sales of 3,157 tonnes. This generated record revenue of around US$86 million with a gross cash margin of 86%, based on average pricing of US$27,236 per tonne. The lithium carbonate price for the fourth quarter was expected to be approximately US$35,000 per tonne.

We can only speculate as to what motivated investors to drive up the Allkem share price this morning. However, the market did learn today that Tesla and Liontown Resources Limited (ASX: LTR) announced an offtake extension. Perhaps this good news had a knock-on effect for Allkem and its lithium peers.

The post 2 ASX All Ordinaries shares rocking new 52-week highs today appeared first on The Motley Fool Australia.

More reading

• Why Alkane Resources, Block, Bubs, and Telix shares are storming higher
• Why is the A2 Milk share price climbing 11% on Monday?
• Bubs share price rockets 77% on US deal with Biden Administration
• 3 ASX lithium shares set to roar back: experts
• These were the best performing ASX 200 shares last week

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 positions in and has recommended Tesla. The Motley Fool Australia has recommended BUBS AUST FPO. 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/kBsSzFn