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At lunch on Thursday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. The benchmark index is currently up 0.65% to 7,352.5 points.

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

NAB half-year results disappoint

The National Australia Bank Ltd (ASX: NAB) share price is in the red today after the bank’s half-year results disappointed. For the six months ended 31 March, NAB reported a 4.6% increase in revenue to $9,071 million and a 4.1% lift in cash earnings to $3,480 million. However, this was short of the market’s expectations. Furthermore, NAB has abandoned its cost base targets and now expects its operating expenses to increase by 2% to 3% in FY 2022.

Janus Henderson shares crash

Investors have been selling down the Janus Henderson Group (ASX: JHG) share price on Thursday after the fund manager’s quarterly update underwhelmed. Janus Henderson reported first quarter operating income of US$124.6 million. This was down 21% from the fourth quarter and 35.3% over the prior corresponding period.

Qantas acquisition

The Qantas Airways Limited (ASX: QAN) share price is falling today after the airline operator announced an agreement to acquire Alliance Aviation Services Ltd (ASX: AQZ). The company has offered one Qantas share per Alliance share. This represents a 35% premium to the $3.51 Alliance share price at yesterday’s close and values the fly-in, fly-out operator at an enterprise value of $919.2 million.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Imugene Limited (ASX: IMU) share price with a 7% gain. The biotech’s shares are rebounding after crashing to a 52-week low this week. Going the other way, the Janus Henderson share price is the worst performer with a 15% decline. This follows the fund manager’s aforementioned quarterly update.

The post ASX 200 midday update: NAB disappoints, Qantas announces acquisition appeared first on The Motley Fool Australia.

More reading

• Here’s all what you need to know about the latest NAB dividend
• NAB share price tumbles on earnings miss and costs outlook
• Qantas share price stalls amid Alliance Aviation acquisition
• NAB share price on watch amid $3,480 million half-year cash profit
• 5 things to watch on the ASX 200 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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The Magnis Energy Technologies Ltd (ASX: MNS) share price is getting a big lift today.

Up almost 10% in early morning trade, Magnis shares are currently up 4.9%, trading for 43 cents.

So, what’s driving investor interest in the ASX lithium-ion battery tech company today?

‘Truly remarkable’ battery test results announced

The Magnis share price is surging after the company reported promising results for its CSPG (Coated Spherical Graphite) high-performing green anode materials.

The green anode product was produced solely via mechanical processes, without chemical, acid, or thermal purification.

The electrochemical battery performance of Magnis’ Nachu CSPG anode was tested and qualified using commercial graded Lithium-ion battery cells. The full cells have had more than 1,000 cycles and retain at least 90% of their initial capacity.

Magnis said the results show “an excellent lifespan” for its Nachu CSPG anode material. It is now ready for the next step of commercialisation.

Magnis produced ultra-high purity (+99%) natural flake graphite (NFG) concentrate from its wholly-owned Nachu Graphite Project in Tanzania without chemical purification. It said the unique characteristics of its Nachu NFG ore enabled it to produce ultra-high purity (+99.95%) CSPG anode product with a high yield.

Commenting on the positive results, Magnis chairman Frank Poullas said:

We are blessed with such an amazing resource. Being able to produce a high quality, high performing green anode product at +99.95% purity or above without any acid, chemicals or thermal purification while using mechanical processes only, is truly remarkable.

Magnis share price snapshot

Over the past 12 months, the Magnis share price has gained 26%. By comparison, the All Ordinaries Index (ASX: XAO) is up 4% since this time last year.

For Magnis shareholders, 2022 has been tough with the battery tech company down 25% year-to-date.

Magnis has a market capitalisation of $396 million with 965.8 million shares on issue.

The post Here’s why the Magnis share price is charging higher today appeared first on The Motley Fool Australia.

More reading

• Why is the Magnis share price tumbling 5% 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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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.

As was widely anticipated, the Federal Open Market Committee (FOMC), which is the policy-making arm of the Federal Reserve, announced a 50-basis-point hike to the federal funds rate. Since a basis point is equal to 0.01 percentage points, this means that the benchmark rate has risen from a target range of 0.25%-0.50% to 0.75%-1.00%.

If you didn’t fully understand that first paragraph or what it means to you, don’t worry. Here’s a rundown of what this rate hike means in simple terms, what it could mean for investors, and what to expect going forward.

Here’s what the Fed’s rate hike means

The Federal Open Market Committee has two main functions — to maximize employment and control inflation. And with the unemployment rate sitting at a low 3.6%, the clear goal of this move was to get inflation in check — after all, inflation is running at its highest rate in four decades, and many consumers are feeling the pain.

Without getting too deep into the weeds on an economic discussion, the general idea is that higher interest rates help slow down economic activity. However, raising interest rates too fast can result in a major shock to the economy, so the Fed tends to raise rates incrementally (like it did today) to gradually slow down inflation closer to the Fed’s 2% target.

For consumers, the important thing to know is that some interest rates that affect Americans are directly tied to the federal funds rate. For example, if you have a credit card, you can bet that its standard interest rate for purchases will rise by 0.50% in response to the Fed’s latest move. Adjustable-rate mortgages and HELOCs are other types of interest rates that typically move according to the benchmark.

On the other hand, fixed-rate mortgage interest rates and auto loan rates, among others, are not directly tied to the Fed’s moves. After all, the average 30-year mortgage rate has already increased from 3.29% to 5.55% since the end of 2021, despite the FOMC only raising rates by 0.25% in that time. And for savers, the interest rates you get paid on savings deposits aren’t tied to benchmark rates either.

What could it mean to investors?

When it comes to the rate hike itself, the impact on your investments is likely to be minimal. This was a widely expected rate hike and was already priced into the market. Sure, if a company relies heavily on borrowed money that happens to be tied to the federal funds rate (like a credit line), it could have a bit of an impact on interest expense, but there’s a reason the stock market barely budged after the rate hike was announced — the market saw it coming.

What to expect going forward

Here’s the most important takeaway for investors. It’s not what the Fed just did that moves markets. It’s what the Fed is expected to do next.

According to the CME Group‘s (NYSE: CME) FedWatch tool that analyzes futures markets, the current expectation is for another 75-basis-point rate hike when the FOMC meets in late June. By the December meeting, the current median expectation is for a federal funds rate of 3%-3.25%. And in a year from now, at next May’s meeting, the most likely scenario is currently seen as a target range of 3.5%-3.75%. If these expectations change significantly in the months leading up to future meetings, it could certainly have a big impact on markets.

It’s also important to pay attention to commentary by Fed officials, particularly FOMC Chair Jerome Powell. His speeches have the ability to quickly alter the market’s expectations about future rate hikes.

The bottom line is that this rate hike was widely expected, but there’s a wide range of potential outcomes going forward. It depends on how aggressive the FOMC wants to get, and how quickly inflation starts to cool off in response to rising interest rates.

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

The post The Federal Reserve just raised interest rates — what does it mean to investors? appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: NAB disappoints, Qantas announces acquisition
• Here’s why the Magnis share price is charging higher today
• Airtasker share price dives 6% as trading resumes
• Alliance share price rockets 24% on Qantas takeover news
• Here’s all what you need to know about the latest NAB dividend

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.

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

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The Airtasker Ltd (ASX: ART) share price is tumbling as the company returns to trade following a major acquisition.

The outsourcing platform’s stock was put in the freezer yesterday as the company underwent a capital raise.

The resulting funds will be put towards the acquisition and operation of OneFlare – Australia’s third largest local services platform.

At the time of writing, the Airtasker share price is 50.5 cents, 0.98% lower than its previous close.

However, earlier today it hit an intraday low of 48 cents – representing a 5.88% plunge.

For context, the broader market is in the green on Thursday. Right now the All Ordinaries Index (ASX: XAO) and the S&P/ASX 200 Index (ASX: XJO) are up 0.7% and 0.57% respectively.

Let’s take a closer look at what’s driving the Airtasker share price lower today.

Airtasker share price falls on acqusition news

Airtasker’s stock is out of the freezer and sliding lower as the market responds to news of its latest acquisition and capital raise.

The company announced it had agreed to buy OneFlare for $9.8 million yesterday.

$7.55 million of that will be paid via script, with new Airtasker shares issued at a price of 43 cents apiece.

The company also underwent a $6.25 million private placement. That also saw new Airtasker shares offered for 43 cents each.

The resulting cash will cover the remaining costs of the acquisition. It will also go towards the estimated financial year 2023 investment in Oneflare, as well as acquisition and placement costs.

New shares issued under the placement and acquisition combined represent 7.7% of Airtasker’s pre-offer issued share capital.

The company’s directors subscribed for around $3.55 million worth of shares under the placement. Their involvement is subject to future shareholder approval.

On top of the placement, the company is planning to conduct a $1.2 million share purchase plan, issuing new shares for the same asking price.

The Airtasker share price is currently 40% lower than it was at the start of 2022. It has also fallen 58% since this time last year.

The post Airtasker share price dives 6% as trading resumes appeared first on The Motley Fool Australia.

More reading

• Analysts say these small cap ASX shares have big futures
• Airtasker share price on ice amid major acquisition news
• Best ASX shares to buy in May 2022
• Top brokers name 3 ASX shares to buy today
• Are these 2 ASX tech shares top ideas for May 2022?

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 recommended Airtasker Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Alliance Aviation Services Ltd (ASX: AQZ) share price is on cloud nine on Thursday morning amid its courtship by a much bigger player in the airline industry.

At the time of writing, shares in Australia’s leading charter flight operator are commanding a $4.35 price tag, up 23.9%. In earlier trading, they hit a high of $4.48. The excitement among investors of Alliance is the byproduct of a $764.5 million bid from airline giant, Qantas Airways Limited (ASX: QAN).

What is propelling the Alliance share price higher?

Longer-term Alliance Aviation shareholders were aware of the interest from Qantas since February 2019. Back then, the largest airline operator in Australia took a 20% equity interest in Alliance as Qantas found itself being its largest customer.

Today, Qantas has made it evident it wants to take that relationship one step further by acquiring Alliance. To do so, the kangaroo-bearing airline is willing to pay one Qantas share per Alliance share — equivalent to $4.75.

The offer represents a 35% premium to the Alliance Aviation share price at the end of yesterday’s session. However, the market has not responded by bidding up Alliance shares to the full $4.75. This suggests some unsureness about whether the deal will proceed or if future dividend payments will reduce the payment.

Notably, Alliance currently serves Virgin Airlines as a customer through its wet-leasing arrangement. However, if Qantas was to acquire the smaller company, this arrangement would be severed in favour of prioritising QantasLink flights.

Catching a flight on the mining boom

Amid the flying Alliance share price, Qantas made no secret that its interest is partly related to the growing resources sector. Highlighting this, Qantas CEO Alan Joyce said:

The resources sector continues to grow and any new tender for airline services will be very competitive. It makes a lot of sense for us to combine with Alliance to improve the services we can offer, which is a positive for both airlines as well as the travelling public.

As reported by ABC News, the Australian mining industry is witnessing conditions similar to that of the 2010 boom. An indicator of this was the record $3.17 billion of capital raised by the sector during Q4 2021.

In light of today’s gain, the Alliance Aviation share price is now up 6% since the start of the year. Lastly, more details will be shared by the company as it progresses through the deal.

Meanwhile, the Qantas share price is down 1.15% to $5.605 at the time of writing.

The post Alliance share price rockets 24% on Qantas takeover news appeared first on The Motley Fool Australia.

More reading

• Qantas share price stalls amid Alliance Aviation acquisition
• Why Alliance Aviation, Life360, Ramsay Health Care, and Whitehaven Coal are racing higher

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 Alliance Aviation Services Ltd. The Motley Fool Australia has positions in and 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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The National Australia Bank Ltd. (ASX: NAB) share price is treading lower following the company’s half year results today.

At the time of writing, the bank’s shares are down 1.08% to $32.09.

For context, the S&P/ASX 200 Index (ASX: XJO) is 0.59% higher to 7,347.8 points during afternoon trade.

What’s the latest on the NAB dividend?

In the half year report for the 2022 financial year, NAB reported a robust performance across key metrics.

In summary, revenue rose by 4.6% over the previous corresponding period to $9,071 million. This came off the back of pricing discipline and strong growth in lending and deposits, up 10% and 12% respectively.

On the bottom line, cash earnings increased by 4.1% compared with H1 FY21 to $3,480 million.

Based on the company’s optimism on the medium-term outlook, the board decided to ramp up its latest dividend.

As such, the interim dividend has been declared at 73 cents apiece, up 22% from this time last year.

It’s worth noting that the dividend is fully franked meaning investors will receive tax credits for this come tax time.

Management noted that the dividend reflects a statutory payout ratio of 66.9% which is in line with its stated dividend policy.

When can NAB shareholders expect payment?

The NAB interim dividend will be paid to eligible shareholders in the next 2 months on 5 July.

However, to be eligible, you’ll need to own NAB shares before the ex-dividend date which falls on Wednesday 11 May. This means if you want to secure the dividend, you will need to purchase NAB shares next Tuesday at the latest.

In addition, investors can elect for the dividend reinvestment plan (DRP) which will add a portion of shares to their portfolio instead. This will be based on a 10-day volume-weighted average price from 18 May to 31 May.

There is no DRP discount rate and the last election date for shareholders to opt in is on 13 May.

The post Here’s all what you need to know about the latest NAB dividend appeared first on The Motley Fool Australia.

More reading

• NAB share price tumbles on earnings miss and costs outlook
• NAB share price on watch amid $3,480 million half-year cash profit
• 5 things to watch on the ASX 200 on Thursday
• Why ASX 200 bank shares are in the spotlight
• Here’s how some of the biggest ASX 200 shares are responding to the RBA’s rate rise

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 Woodside Petroleum Limited (ASX: WPL) share price is in the green today.

The energy giant’s shares are currently swapping hands at $31.70, a 1.8% gain. For perspective, the S&P/ASX 200 Index (ASX: XJO) is up 0.58% today.

Let’s take a look at what’s impacting the Woodside share price today.

Oil prices higher

Woodside shares could be rising amid higher oil prices. The S&P/ASX 200 Energy Index (ASX: XEJ) is up 1.56% at the time of writing after oil prices surged in global markets overnight. This was prompted by news of a potential European ban on Russian oil imports.

According to the Wall Street Journal, the European Union has proposed a ban on imports of Russian crude within six months. It has also suggested a ban on refined oil products from Russia by year’s end.

This is sending crude prices higher as member states look for alternatives. Brent crude oil and West Texas Intermediate (WTI) crude oil futures both soared more than 5%.

Europe imports about 3.5 million barrels of Russian oil daily, Reuters reports. Price Futures Group senior analyst Phil Flynn was quoted as saying:

Inventories are so tight, so against this backdrop, when you’re talking about this ban, there are a lot of questions on how (Europe) is going to make up for this.

Brent crude oil is currently US$110.49 a barrel while WTI crude oil is $108.12 a barrel, Bloomberg figures show.

Carbon re-use project

Meanwhile, in other news, Woodside will collaborate with Perth’s Eastern Metropolitan Regional Council on a carbon re-use pilot project. The agreement includes an option to lease land.

The Carbon Capture and Utilisation facility will aim to convert greenhouse gases into ethanol using technologies developed by US-based ReCarbon and LanzaTech.

Commenting on the news, Woodside CEO Meg O’Neill said:

Woodside believes CCU is an emerging field as customers seek lower-carbon solutions. CCU has the potential to contribute to both elements of our climate strategy.

To have a pilot CCU facility right here in Western Australia, where Woodside has pioneered other technologies, is also very exciting.

The project is subject to a final investment decision earmarked for the second half of 2022.

Woodside share price snapshot

The Woodside share price has ascended 38% in the past year and 40% year to date.

For perspective, the benchmark S&P/ASX 200 Index (ASX: XJO) has returned 3% over the past year.

Woodside has a market capitalisation of roughly $30.64 billion based on today’s share price.

The post Why is the Woodside share price climbing today? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• The ASX 200 shares that fund managers are buying and dumping
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday
• Why is the Woodside share price in the spotlight on Thursday?

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 AGL Energy Limited (ASX: AGL) share price has been suffering amid an avalanche of news on the company’s demerger.

Now, AGL CEO and managing director Graeme Hunt has advised shareholders to “focus on the facts” as they prepare to go to the polls.

Hunt addressed the dramatic stance made by tech billionaire Mike Cannon-Brookes, labelling some of the claims being made against the plan as “false”.

At the time of writing, the AGL share price is $8.305, 0.91% higher than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) is up 0.47% on Thursday.

AGL CEO slams Cannon-Brookes’ claims

The AGL share price is in the green on Thursday. Its gain comes as Hunt addresses the Macquarie Australia Conference in a week of uncertainty for AGL’s momentous demerger plans.

I do think it would be rather odd for me to stand up here today and not address the recent commentary following the initial substantial holder notice … and some of the false claims being made about AGL, as part of the justification for the position it has taken on the proposed demerger.

Hunt said he hopes shareholders “focus on the facts” when deciding how they’ll vote at next month’s scheme meeting.

If approved, the demerger will see AGL Energy split into energy retailer, AGL Australia, and energy producer, Accel Energy.

Cannon-Brookes’ investment vehicle, Grok Ventures, is AGL’s newly minted largest shareholder. It’s also behind the Keep it together Australia campaign against the demerger.

Hunt has disputed some of Grok Ventures’ claims on Thursday.

Notably, he argued statements claiming AGL has failed to invest in renewable generation, that it will have fewer financing opportunities post-demerger, and that the company is behind the ball on decarbonisation, are false.

He said AGL has support from its banking group. Additionally, both AGL Australia and Accel Energy have defined debt financing arrangements and capital structures. Both entities also have provisional investment-grade credit ratings.

What else did AGL disclose at the conference?

While it’s unlikely to have shifted the AGL share price today, Hunt outlined the company’s current market conditions and an update on when the market might see the demerger’s documents.

Additionally, the CEO announced newly revised closure dates for the Bayswater and Loy Yang A coal-fired power stations are “not the end of the story”.

“Accel Energy will continue to challenge these closure dates and look to see how they can improve on this, should the system be able to accommodate this in an orderly and responsible way,” said Hunt.

The company has also seen forward pricing grow since January. It’s now above $100 per megawatt hour for financial years 2023 and 2024.

That’s particularly evident in New South Wales, Victoria, and Queensland.

The increase is born from high commodity prices, recent news of withdrawals from coal-fired power, and risks from an ageing thermal generation fleet.

Hunt also noted the demerger scheme booklet will be released shortly.

The document will be under the eye of the Supreme Court today, according to the Australian Financial Review.

The company reportedly expects the booklet will be released on Friday, subject to approval from both the court and ASIC.

AGL share price snapshot

The AGL share price is back in the green on Thursday. Though, it’s still 4% lower than it was at the end of last week. Luckily the stock has plenty of cushioning to absorb the drop.

This week’s slump included, the AGL share price is 31% higher than it was at the start of 2022.

However, it’s still 9% lower than it was this time last year.

The post Own AGL shares? Boss says Cannon-Brookes made ‘false claims’ appeared first on The Motley Fool Australia.

More reading

• When, why, how? All the details on the AGL demerger and what might happen if it flops
• Own AGL shares? Boss slams Cannon-Brookes’ plan as ‘transition into a nosedive’
• AGL share price dips despite $2 billion energy transition deal
• Why AGL, Booktopia, Cleanaway, and Corporate Travel Management shares are dropping
• ASX 200 midday update: Woolworths’ Q3 update, AGL falls on Cannon-Brookes raid

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 Macquarie Group 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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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.

What happened

Over the last 24 hours, the price of the Cardano (CRYPTO: ADA) cryptocurrency has traded nearly 8% higher as of 2:23 p.m. ET today for no obvious reason, although there looks to be some technical support occurring. Ada traded higher than most cryptocurrencies.

So what

With Ada trading near 15-month lows, it appears that Cardano whales, those who hold large amounts of the token, are accumulating. Data from the business intelligence firm Santiment shows the number of crypto wallets with more than 10 million Ada has increased by nearly 2.15% since mid-April, hinting that whales are eying a recovery.

Furthermore, the price of Ada right now is rising around a level that triggered a 65% run in March of this year.

With the Federal Reserve this afternoon officially raising its benchmark overnight lending rate, the federal funds rate, a half point, the largest increase it’s made at one time in two decades, I think it’s a bit tough to know how cryptocurrencies, in general, will respond, as predicting their behavior over the last six months has not been easy.

Now what

There are certainly a lot of cryptocurrencies out there, but the Cardano cryptocurrency certainly intrigues me. The network looks to be strong from a technical perspective, with the potential to one day process 1 million transactions per second.

The network also runs on a proof-of-stake concept, in which validators stake their Cardano tokens to approve transactions on the network and mint new tokens. Proof-of-stake is much more energy efficient than the proof-of-work concept that tokens like Bitcoin currently run on, in which miners use a massive amount of computing power to solve a cryptographic puzzle.

These are just a few reasons Cardano could be a good long-term crypto play. 

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

The post Why Cardano is rising today appeared first on The Motley Fool Australia.

More reading

• Bitcoin, Ethereum, and Cardano are turning it around today. Here’s why
• Why Polkadot, Cardano, and Solana all dropped today
• How these top cryptos stacked up against Bitcoin and Ethereum in March
• Why Solana, Polkadot, and Cardano are down big today

Bram Berkowitz has positions in Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia owns and has recommended Bitcoin. 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.

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Shares in Lovisa Holdings Ltd (ASX: LOV) are trading higher at $17.45 apiece after recovering from an initial dip at the market open on Thursday. The Lovisa share price is up 0.29% at the time of writing.

In wider market moves, the S&P/ASX 200 Consumer Discretionary Index (ASX: XDJ) is up 0.54%. The S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.68%.

This morning, Lovisa released its presentation made at the Macquarie Australia Conference this week.

Strong year-on-year growth

In its presentation, Lovisa gave an in-depth overview of its results to date. It discussed a strong period of year-on-year growth, in addition to its vision moving forward.

“[T]rading for the first 8 weeks of the second half saw comparable store sales for that period of 12.1% on FY21, and total sales 61.7% on the same period in FY21,” according to the presentation.

“This sales momentum has continued through the second half to date to the end of April.”

Also noteworthy is that international stores now account for 74% of Lovisa’s network. This follows an increase of 168 new stores since June 2020.

Lovisa has also opened 38 new stores in the US this year to date.

Lovisa said its strategy is “continued” expansion, investment, and developing its markets and digital platforms.

The presentation stated: “12 years ago we set out to develop a fast fashion jewellery concept to meet customers’ needs… We remain excited about the future and we believe the present situation will provide future opportunities.”

Lovisa share price snapshot

In the past 12 months, the Lovisa share price has had a 19.5% gain. However, it has fallen by about 12% this year to date.

Lovisa has a market capitalisation of $1.86 billion based on the current share price. It has 107.5 million shares on issue.

The post What’s pushing the Lovisa share price higher on Thursday? appeared first on The Motley Fool Australia.

More reading

• 3 stellar ASX growth shares analysts are tipping as buys this month
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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 Lovisa Holdings 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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