Tag: Motley Fool

The Woodside Petroleum Limited (ASX: WPL) share price had a strong start to the trading week.

Shares in the S&P/ASX 200 Index (ASX: XJO) energy giant closed on Friday at $32.40 and rocketed up 1.1% to $32.75 in the first 15 minutes of trading today.

That strength may be based on early morning reports of rising crude oil prices.

But momentum turned the other way an hour later. At the time of writing the Woodside share price is down 0.9%, at $32.11 per share.

Crude oil markets in flux

There are two big and constantly-changing factors impacting crude oil prices over the past week. That is, in turn, impacting the Woodside share price.

Pressuring oil prices higher is Russia’s ongoing war with Ukraine.

Among the world’s top oil producers and exporters, Russia has been hit by a series of sanctions from Western nations.

Some nations have gone so far as to ban imports of Russian oil. And even in countries that still allow Russian crude, which remains the majority, companies are increasingly hesitant to take delivery.

This came as global supplies were already struggling to keep up with resurgent demand as the world emerged from the pandemic lockdowns and energy use soared.

Which brings us to the opposing force currently putting downward pressure on oil prices, and the Woodside share price.

Namely, the events unfolding in China, the world’s most populous nation and second-largest economy.

While most of the world has moved towards living with the virus, China remains intent on its zero-COVID strategy. A strategy that’s now seeing Shanghai, a city of some 26 million people, placed in lockdown.

Warren Patterson is the head of commodities strategy at ING Groep in Singapore.

Commenting on the opposing impacts of curtailed Russian crude oil supplies and diminished demand from China, Patterson said (quoted by Bloomberg):

There seems to be no end in sight for the current lockdowns, and clearly the longer this goes on, the more of a demand hit we will see. While the amount of impacted Russian supply is smaller-than-expected at the moment, this could change very quickly if the situation in Ukraine deteriorates further.

Take note of that last line, as it could have ramifications for the Woodside share price.

Things “could change very quickly”. Depending on which direction they unfold, that could see oil prices retrace or send them sharply higher.

Woodside share price snapshot

While Brent crude oil prices have slipped almost 2% over the past 24 hours, the black gold remains up 30% from 1 January.

That’s helped boost the Woodside share price nearly 42% since the opening bell on 4 January. That’s compared to a 1% loss posted by the ASX 200.

The post What’s with the Woodside share price on Monday? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• BHP and Woodside one step closer in creating $40 billion energy giant
• What impacted the Woodside share price on Friday?
• The Woodside share price has gained just 1% in 5 years. Have the dividends been worth it?
• 5 things to watch on the ASX 200 on Friday

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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/nGDC6kg

Once a week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.

This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Flight Centre Travel Group Ltd (ASX: FLT) continues its long run as the most shorted ASX share after its short interest rose to 18%. Short sellers appear convinced that the market is being too optimistic on the travel market recovery.
• Betmakers Technology Group Ltd (ASX: BET) has seen its short interest ease slightly to 12.7%. Short sellers appear to have been targeting this betting technology company over valuation concerns.
• Nanosonics Ltd (ASX: NAN) has short interest of 11.7%, which is down slightly week on week. This infection prevention company’s shares have come under pressure after it made a big change to its sales model in the United States.
• Webjet Limited (ASX: WEB) has short interest of 10.2%, which is down slightly week on week. As with Flight Centre, short sellers appear to believe the travel market recovery could take longer than expected.
• Polynovo Ltd (ASX: PNV) has seen its short interest remain flat at 9.5%. Short sellers aren’t giving up on this medical device company even after a solid trading update last week.
• EML Payments Ltd (ASX: EML) has seen its short interest reduce slightly to 9.4%. Regulatory risks and valuation concerns appear to be behind this high level of short interest.
• Kogan.com Ltd (ASX: KGN) has seen its short interest rise to 9%. This online retailer has been performing very poorly in FY 2022 and only delivered modest first half growth thanks to an acquisition. Short sellers don’t appear to believe things will improve quickly.
• Zip Co Ltd (ASX: Z1P) has seen its short interest pullback to 8.3%. Short sellers have been going after this buy now pay later provider amid rising competition, increased marketing costs, and significant cash burn.
• AMA Group Ltd (ASX: AMA) has 8.3% of its shares held short, which is flat week on week. This crash repair company reported a very disappointing half year loss of $46.3 million in February.
• Omni Bridgeway Ltd (ASX: OBL) has seen its short interest ease to 8%. Concerns that this litigation funder could be impacted by an overhaul of class action laws may be behind this short interest.

The post These are the 10 most shorted ASX shares appeared first on The Motley Fool Australia.

More reading

• 16 million new Zip shares just hit the ASX. Here’s the deal
• 16 million new Zip shares will hit the ASX on Monday. What does this mean?
• What went so wrong for ASX travel shares today?
• The Webjet share price is tumbling 5% on Thursday. Could this be why?
• The Flight Centre share price is diving 5% today. What’s next in April?

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. owns and has recommended Betmakers Technology Group Ltd, EML Payments, Kogan.com ltd, Nanosonics Limited, POLYNOVO FPO, and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended EML Payments, Kogan.com ltd, and Nanosonics Limited. The Motley Fool Australia has recommended Betmakers Technology Group Ltd, Flight Centre Travel Group Limited, and Webjet Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/PL6AmWM

Brickworks Limited (ASX: BKW) shareholders might be wondering why the share price has fallen 0.88% to $23.71 today.

In contrast, the S&P/ASX 200 Index (ASX: XJO) is rising to 7,487.7 points, up 0.13%.

The building products company released its half-year results on 24 March, reporting strong growth across key financial metrics.

In turn, the board opted to increase its upcoming interim dividend to eligible investors.

Let’s take a look below at why Brickworks shares are edging lower during early afternoon trade.

Shareholders set eyes on Brickworks’ interim dividend

The Brickworks share price is in reverse following the company’s shares trading ex-dividend today.

Typically, one business day before the record date, the ex-dividend date, is when investors must have purchased the company’s shares. If the investor does not buy Brickworks shares before this date for example, the dividend will go to the seller.

Historically, when a company reaches its ex-dividend day, its shares tend to fall in proportion to the dividend paid out. This is because investors tend to sell off the company’s shares after securing the dividend.

When can shareholders expect to be paid?

For those eligible for Brickworks’ interim dividend, shareholders will receive a payment of 22 cents per share on 3 May. The dividend is fully franked.

Franking credits or otherwise known as imputation credits are highly regarded in the investing world. This is a type of tax credit that is passed onto shareholders when dividend payments are made by a company. Essentially, the company is paying the tax on the dividends received by the shareholders.

In case you are wondering, the company is not offering a dividend reinvestment plan (DRP) to shareholders.

Brickworks share price summary

Since this time last year, Brickworks shares have gained around 13% on the back of positive investor sentiment. The S&P/ASX 200 Index (ASX: XJO) is also up around 7% over the same timeframe.

Brickworks shares reached an all-time high of $26.32 in mid-September 2021, before backtracking amid inflationary movements and geopolitical tensions.

Based on today’s price, Brickworks commands a market capitalisation of roughly $3.59 billion and has a trailing dividend yield of 2.58%.

The post Why is the Brickworks share price sliding on Monday? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Monday
• Here’s a look at some ASX shares with ex-dividend dates coming up in April
• Brokers name 3 ASX shares to buy today
• These strong ASX 200 dividend shares just gave shareholders a pay rise
• Why Brickworks, JB Hi-Fi, Mesoblast, and Sayona shares are charging higher

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. owns and has recommended Brickworks. The Motley Fool Australia owns and has recommended Brickworks. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/WYF9GeI

There is hardly a dull moment in the world of ASX-listed renewable energy shares. Given how topical the green transition is these days, attention-grabbing headlines are landing frequently. The March 2022 quarter was no different.

A notable item for energy-conscious investors was the release of Clean Energy Australia’s 2022 report. This showed Australia achieved a new record for its portion of electricity generated by renewables in 2021 at 32.5%.

However, renewable energy advocates were disheartened by the latest federal budget. According to the document, climate spending will tumble 35% over the next four years under the current government.

So, how did it all pan out for ASX renewable shares in the March quarter?

ASX renewable shares present a mixed bag of results

Two companies running on low charge

As with any sector over a three-month period, there are usually winners and losers. Unfortunately for Genex Power Ltd (ASX: GNX) and Mercury NZ Ltd (ASX: MCY), both companies found themselves in the negative return bucket.

Firstly, renewable energy project developer Genex Power suffered a significant fall during the quarter. By the end of March, Genex shares were 27.5% lower than at the beginning of the year. Investors appeared unimpressed by the company’s first-half results as it posted a net loss after tax of $4.41 million. However, revenue increased 51% to $11.96 million during the period.

Secondly, Mercury experienced a 2.8% reduction in its share price by the end of the March quarter. The ASX-listed renewable share also unleashed its half-year results in February. Though, the numbers didn’t instil much confidence in shareholders. For instance, revenue fell 7.5% compared to the prior corresponding period to $873 million. Likewise, underlying earnings after tax dropped 13% to $20 million.

What about the green winners of the March quarter?

It wasn’t all doom and gloom for ASX renewable shares during the recent quarter. On the other side of the fence, Meridian Energy Ltd (ASX: MEZ) managed to gain 4.1%. Yet another New Zealand-based ASX-listed electricity generator, Meridian secured a positive return despite posting a 36% fall in its net profit after tax (NPAT).

Lastly, to find a quarterly return greater than 5% we need to relax the definition of an ASX renewable share. Including companies that produce some of their electricity via renewable assets, as opposed to the majority, we unlock one ASX share that served up a gain of 25.7% during the period.

The company is AGL Energy Limited (ASX: AGL) and it has wowed investors as its share price has continued to strengthen since the beginning of 2022.

Already this year, AGL has rejected two takeover bids from entrepreneur Mike Cannon-Brookes and Brookfield Asset Management. The energy company’s board has held firm that it believes it is worth more than $8.25 per share.

The post Rain or sunshine for ASX renewable shares in the March quarter? appeared first on The Motley Fool Australia.

More reading

• Could April be a good month for the AGL share price?
• Why AGL, Alliance Aviation, Woodside, and Xero shares are charging higher
• These were the 5 best performing ASX hydrogen shares of the March quarter
• How did the AGL share price perform in March?
• Own AGL shares? Here’s why today is a momentous day

Motley Fool contributor Mitchell Lawler owns Genex Power Limited. 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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/UOVJ2MF

Today is a big day for the Zip Co Ltd (ASX: Z1P) share price. Not because Zip shares are currently down 0.92% at $1.41 each, although that might come as a disappointment to shareholders. But because 16 million new Zip shares just hit the ASX.

Yes, the buy now, pay later (BNPL) company now has 16 million more shares trading on the ASX today than it did on Friday. But why? And what does this mean for investors?

Well, as we covered last week, the new Zip shares are arriving as a result of the company’s recent share purchase plan (SPP). This was initiated last month and was open to all retail shareholders. These shareholders were given the chance to purchase up to $30,000 worth of new Zip shares. This was for a fixed price of $1.48 per share (unfortunately above the current Zip share price, as it turns out).

Zip told its investors that it was raising this extra capital to shore up its balance sheet, as well as to grease the wheels of its ongoing plans to merge with the fellow BNPL company Sezzle Inc (ASX: SZL). Perhaps unfortunately for the company, investors only subscribed to $23.99 million of the $50 million that Zip had available. But still, the company will be $23.99 million richer today as 16 million new shares, paid for by these investors, hit the ASX boards.

Zip share price snapshot

So you might expect such a large parcel of new shares to punch a hole in Zip’s valuation. The laws of supply and demand do dictate that increased supply results in lower pricing, after all. But today’s new shares evidently haven’t had much of an impact on the Zip share price, sicne the compnay initially opened in the green. That is understandable, seeing as investors have had weeks to digest this news.

However, we can’t escape the fact that Zip is today treading at just a whisker off of its 52-week low of $1.40 a share right now.

2022 has been something of a horror year for the Zip share price. This company assumed the mantle of the ASX’s largest BNPL share in January after the acquisition of Afterpay by Block Inc (ASX: SQ2). But even so, Zip shares have now fallen more than 67% year to date alone. Over the past 12 months, the company has given up a nasty 82.9% or so of its value.

At the current Zip share price, this ASX BNPL share has a market capitalisation of just over $950 million.

The post 16 million new Zip shares just hit the ASX. Here’s the deal appeared first on The Motley Fool Australia.

More reading

• 16 million new Zip shares will hit the ASX on Monday. What does this mean?
• March was a lousy month for ASX BNPL shares. Here’s why
• Why Andromeda Metals, Block, Paladin Energy, and Zip shares are dropping
• Zip share price sinks following share purchase plan results
• ASX 200 (ASX:XJO) midday update: Block and Zip sink, Paladin Energy raises $200m

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. owns and has recommended Block, Inc. and ZIPCOLTD FPO. The Motley Fool Australia owns and has recommended Block, Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/Qu0zFo3

Monday is a good day on the market for many S&P/ASX 200 Index (ASX: XJO) shares, and these three are really making the most of it.

Right now, the ASX 200 is up 0.13%. Meanwhile, the All Ordinaries Index (ASX: XAO) has gained 0.07%.

So, which ASX 200 shares are roaring to new heights on Monday? Let’s take a look.

3 ASX 200 shares inking new 52-week highs today

National Australia Bank Ltd (ASX: NAB)

The NAB share price is pushing ahead again on Monday, gaining 1.11% to trade at its new 52-week high of $32.86 in intraday trade.

There’s been no news from the second largest of the ‘big four’ banks to explain its gain. However, it’s been pushing new 52-week highs for a few weeks now.

The NAB share price has gained 13% so far this year.

Worley Ltd (ASX: WOR)

The Worley share price is also launching upwards to reach long-forgotten heights on Monday.

The oil and gas engineering group’s stock hit $14.05 this morning. That’s the highest it’s traded since the onset of COVID-19 and 2.48% higher than its previous close.

Today’s boost comes amid news the company will be appealing a Federal Court decision handed down last month.

Then, the court ruled in favour of shareholders claiming Worley misled the market way back in 2013.

Right now, the ASX 200 share is trading for 30% more than it was at the start of 2022.

Whitehaven Coal Ltd (ASX: WHC)

The final ASX 200 share hitting new 52-week highs on Monday is Whitehaven Coal.

The coal producer’s stock rose 1.5% to a new 12-month high point of $4.63 this morning.

Today’s movement follows on from Friday’s 3.9% gain, potentially spurred by the European Union’s impending ban on Russian coal imports.

As The Motley Fool Australia reported last week, that decision could see Europe turning to Australia for coal.

The coal producer’s stock has gained 71% in 2022 so far.

The post 3 ASX 200 shares starting the week with new 52-week highs appeared first on The Motley Fool Australia.

More reading

• Is the NAB share price entering a ‘sweet spot’?
• How retirees can maximise returns from ASX dividend shares: fund manager
• Why these ASX bank shares could outperform over the next 6 weeks
• Here are the 5 best performing ASX 200 bank shares of the March quarter
• Why ASX coal shares are charging higher again 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 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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/r3w0ECv

The Core Lithium Ltd (ASX: CXO) share price is in the green today after the company acquired a new lithium project.

At the time of writing, the company’s shares are swapping hands at $1.35 – a 4.26% gain. In comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.61% today.

Let’s take a look at what’s happening at Core Lithium.

New Lithium project

Core Lithium advised shareholders it has entered into a binding agreement with Newmont Exploration Pty Ltd. Under the agreement, Core will acquire the Shoobridge project for $250,000 plus a 2% royalty.

Newmont is a subsidiary of United States-based Newmont Corporation (NYSE: NEM). For context, Newmont Corporation is the world’s largest gold mining company.

The project is located about 80km to the south of Core Lithium’s Finniss Lithium Project in the Northern Territory.

Shoobridge pegmatites have been explored for tin and tantalum in the past, however, Core Lithium will be the first company to explore the site for lithium.

Core managing director Stephen Biggins commented on the news:

While we are firmly focussed on developing the Finniss Lithium Project, we are excited by projects such as Shoobridge that provide synergies and complementary lithium growth opportunities.

The expected increases in resources from this deal and our well-funded resource drill programs at Finniss this year should provide a strong platform for extending and expanding lithium production from the project as lithium prices continue to rise.

The takeover is subject to ministerial consent under the Northern Territory Mineral Titles Act 2010.

Core Lithium share price snapshot

The Core Lithium share price has soared 417% in the past year while it has surged 128% year to date.

Additionally, in the past month the company’s shares have jumped 39%. However, they have slid 12% in the past week.

For perspective, the ASX 200 has returned nearly 8% in the past year.

Core Lithium has a market capitalisation of $2.21 billion based on its current share price.

The post Here’s why the Core Lithium share price is in the green on Monday appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX lithium stocks in March
• The Core Lithium share price is tumbling again. What’s going on?
• Why is the Core Lithium share price sinking 7% today?
• These are the best ASX lithium stocks so far in 2022
• 5 ASX mining shares rocking all-time highs on Friday

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 Bruce Jackson.

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

The Lake Resources N.L. (ASX: LKE) share price has started the week in a very positive fashion.

In morning trade, the lithium developer’s shares jumped as much as 16% to $2.16.

The Lake Resources share price has pulled back a touch since then but remains up 10% to $2.05 at the time of writing.

Why is the Lake Resources share price shooting higher?

Investors have been bidding the Lake Resources share price higher today after the lithium developer announced its second major new offtake agreement in as many weeks.

Hot on the heels of its agreement with Japan’s Hanwa for 25,000 tonnes per annum (tpa) of lithium carbonate, which was announced on 29 March, this morning Lake revealed that it has signed an agreement with car giant Ford Motor Company.

As with the Hanwa deal, this memorandum of understanding (MoU) will see Lake provide Ford with 25,000 tpa of lithium from the Kachi Project in Argentina.

Lake’s Managing Director, Steve Promnitz, commented: “Both Lake and Ford see this as an opportunity for a potential long-term agreement with the ability to scale up environmentally responsible production and participate in Lake’s other projects to ensure high-quality lithium products are available to Ford said. This MoU with Ford supports Lake’s strategy to be a key independent supplier into global lithium supply chains and ensure the security of supply to customers.”

The Lake Resources share price is now up approximately 90% in 2022.

The post Lake Resources share price shoots 16% higher on lithium deal with Ford appeared first on The Motley Fool Australia.

More reading

• Lake Resources share price on watch following lithium deal with car giant Ford
• Guess which 2 ASX shares were the best and worst All Ordinaries performers in March
• 5 ASX mining shares rocking all-time highs on Friday
• Why is the Lake Resources (ASX:LKE) share price surging 16% higher to a new record high?
• The ASX 200 just had its longest winning streak since 2017. What’s doing?

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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/taOJcT8

Leading S&P/ASX 200 Index (ASX: XJO) dividend shares could be compelling options for investment income over the long term.

Investors likely know two of the biggest ASX 200 shares, BHP Group Ltd (ASX: BHP) and Commonwealth Bank of Australia (ASX: CBA), but there are others that could be options.

Brokers have rated these two ASX 200 dividend shares as buys:

Centuria Industrial REIT (ASX: CIP)

This is a real estate investment trust (REIT). It’s also the largest pure-play Australian industrial REIT. It has around 80 properties that are worth around $4 billion located in “key in-fill” locations close to key infrastructure.

The REIT’s investment objective is to provide income and capital growth to investors with a strong tenant base. According to the company, approximately 62% of the portfolio’s rental income comes from tenant customers directly linked to the production, packaging, and distribution of consumer staples, pharmaceuticals, and telecommunications.

Centuria had a weighted average lease expiry (WALE) of 8.9 years on 31 December 2021, giving long-term income visibility. The portfolio also had a 99.2% portfolio occupancy rate.

The ASX 200 dividend share is benefiting from elevated tenant demand, particularly from the e-commerce sector, creating competition for high-quality industrial assets. This supported a 10% increase in rent over prior passing rents in the FY22 half-year result.

It’s expecting to pay a distribution of 17.3 cents per unit for FY22. At the current Centuria Industrial REIT share price, which has fallen 7.6% in 2022, it implies a distribution yield of 4.5% in this financial year.

The broker Morgan Stanley rates it as a buy with a price target of $4.35. That implies an upside of just over 10%.

JB Hi-Fi Limited (ASX: JBH)

JB Hi-Fi is a retailer of appliances and electronics. It operates three different brands – JB Hi-Fi Australia, JB Hi-Fi New Zealand, and The Good Guys. There is speculation that it could also be interested in acquiring the electronics retailer Jaycar.

The company generated strong sales in FY21 amid the impacts of COVID-19. And its Australian sales continue to grow.

On 24 March 2022, the ASX 200 dividend share told the market about the FY22 third-quarter sales to date. It reported JB Hi-Fi sales were up 10.5%, The Good Guys sales increased 5.7%, and JB Hi-Fi New Zealand sales were up 2.9%.

The company also said that it had been disciplined with its cost control. Stock availability and the sales mix had helped its gross profit margin. These impacts also helped operating leverage across the group.

JB Hi-Fi grew its dividend every year between 2013 to 2021. In the FY22 half-year result, it paid an interim dividend of $1.63 per share.

Credit Suisse is one of the brokers that rates the company as a buy, with a price target of $60.08. However, the broker thinks growth will slow as inflation costs across the economy bites into consumer demand.

Credit Suisse thinks that, at the current JB Hi-Fi share price, the company has a grossed-up dividend yield of 7.7% in FY22.

The post 2 high-yielding ASX 200 dividend shares rated as buys by brokers appeared first on The Motley Fool Australia.

More reading

• Why is the JB Hi-Fi share price having such a rough start to the week?
• How retirees can maximise returns from ASX dividend shares: fund manager
• JB Hi-Fi (ASX:JBH) share price up amid acquisition rumours
• Federal budget: Goldman Sachs names 4 ASX shares to buy
• ‘Popping the champagne’: ASX retail shares leap following budget consumer handouts

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 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 Bruce Jackson.

from The Motley Fool Australia https://ift.tt/AXO9Gjw

At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has given back the majority of its early gains but remains slightly in the black. The benchmark index is up a touch to 7,483.3 points.

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

IGO increases Western Areas offer

The IGO Ltd (ASX: IGO) share price is charging higher today after the battery materials company increased its takeover offer for nickel producer Western Areas Ltd (ASX: WSA). According to the release, IGO has agreed to increase its offer to $3.87 cash per share, which is 15.2% higher than its previous proposal of $3.36 per share. This offer has been unanimously recommended by the Western Areas board, subject to a number of customary conditions.

Pilbara Minerals joint venture update

The Pilbara Minerals Ltd (ASX: PLS) share price is pushing higher. This follows the release of an update on its joint venture with Korea’s Posco. According to the release, the two companies will push ahead with the construction of a downstream lithium chemicals conversion facility in South Korea. Management believes the facility will put it in a very strong position to participate as one of the few near-term lithium fine chemicals producers with underwritten raw materials supply.

BlueScope makes US acquisition

The BlueScope Steel Limited (ASX: BSL) share price has started the week positively thanks to the announcement of an acquisition. According to the release, the company has agreed to acquire the Coil Coatings business from Cornerstone Building Brand for US$500 million ($671 million). Coil Coatings is the second-largest metal painter in the US. The deal will allow BlueScope to supply another 900,000 tonnes of paint a year to that market.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Regis Resources Limited (ASX: RRL) share price with a 5% gain. This morning Credit Suisse retained its outperform rating and lifted its price target on the gold miner’s shares to $2.60. Going the other way, the worst performer on the index has been the Tyro Payments Ltd (ASX: TYR) share price with a 4% decline. This follows weakness in the tech sector and the release of a weekly trading update.

The post ASX 200 midday update: IGO increases Western Areas offer, BlueScope makes US acquisition appeared first on The Motley Fool Australia.

More reading

• Hoping to bag the monster New Hope dividend? Read this
• BlueScope share price jumps on $671m acquisition news
• IGO share price charges higher after lifting its Western Areas takeover offer
• 3 reasons the Bapcor share price could be an ASX 200 winner
• Pilbara Minerals share price higher on lithium conversion facility update

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. owns and has recommended Tyro Payments. The Motley Fool Australia has recommended Tyro Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

from The Motley Fool Australia https://ift.tt/o6p5tce