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Shares in BHP Group Ltd (ASX: BHP) inched higher on Friday amid reports that the company has got the green light for its planned merger with Woodside Petroleum Limited (ASX: WPL).

Today BHP released an update noting the findings of an independent expert’s report, with the auditor – KPMG in this case – concluding the deal is in the best interests of shareholders.

“BHP and Woodside Petroleum entered into a share sale agreement (SSA) for the merger of BHP’s oil and gas portfolio with Woodside by an all-stock merger on 22 November 2021,” the release noted today.

“Woodside has also released the Independent Expert’s Report prepared for Woodside shareholders, which has concluded that the Merger is in the best interests of Woodside shareholders, in the absence of a superior proposal”.

Fair is fair

Independent third-party KPMG commented on its findings and was satisfied the merger valued Woodside at a fair price range.

“We have assessed the full underlying value of Woodside as a standalone entity to be in the range of US$16,978 million to US$19,424 million, which equates to an assessed value per Woodside share of between A$23.09 and A$26.429,” it remarked.

“We have also considered that based on our assessment of the full underlying value of Woodside and BHP Petroleum as standalone entities, the aggregate 52% interest that Woodside Shareholders will hold in the Merged Group is broadly consistent with Woodside’s contribution to the Merged Group,” the report went on to say.

“Based on these measures, the Proposed Transaction is, in our opinion, fair to Woodside Shareholders.”

BHP explains that the merger is on track and is set for completion on 1 June, contingent on approval from Woodside shareholders.

As a part of the merger, the newly-formed entity will gain access to additional markets, potentially adding further liquidity and investment interest.

“Woodside will retain its primary listing on the ASX and is seeking a standard listing on the LSE and a sponsored Level III ADR program on the NYSE from completion of the Merger,” BHP commented.

“A share sale facility will be in place for eligible small BHP shareholders who elect to participate, and for shareholders who are ineligible to receive Woodside Shares.”

Synergies are paramount

Providing the merger goes ahead unscathed, both players would synergise costs and revenue streams to the tune of $400 million per annum.

In the effort to build a high margin oil portfolio, long life LNG assets, and the financial health to withstand the energy ‘transition’, value is clear to see when scrutinising the deal – on paper.

“The case for the proposed merger is compelling, bringing together the best of both organisations to create a global independent energy company with the scale, diversity and resilience to create value for shareholders and increased ability to navigate the energy transition,” Woodside commented.

“It will provide the financial strength to fund planned developments in the near term and investment in new energy opportunities and the Woodside Board strongly expects it to support shareholder returns through the cycle.”

The Woodside Board considers that the Merged Group will have a portfolio of complementary, high-margin oil and long-life conventional gas assets in predominantly OECD countries, expected to generate the financial strength and resilience to help Woodside to supply the energy needed for global growth and development through the energy transition.

One contentious issue surrounding the merger is how each company intends to meet its climate reduction targets and retain commitments to net zero emissions by 2050.

That’s seen both companies cop a grilling from shareholders and activists alike, particularly with the approval of Woodside’s Scarborough project in WA.

This week Woodside confirmed it has all the necessary licensing and permits to go ahead with the controversial project.

“Woodside has been under intense criticism from environmental advocates as it pushes ahead with its $16.4 billion Scarborough project, which is set to be the biggest fossil fuel development in Australia for almost a decade,” The Australian Financial Review reports.

“[Meantime] the [merger] documents issued to shareholders show BHP Petroleum has rehabilitation obligations of US$3.7 billion ($4.95 billion) as of December 31 – a figure that would fall to Woodside.”

“BHP’s rehabilitation obligations have been inflated as it struggles to sell its Bass Strait assets.”

It remains to be seen if any hurdles will get in the way before the completion date in June. In the meanwhile, BHP shares have spiked 23% this year to date whereas Woodside is up 43%.

The post BHP and Woodside one step closer in creating $40 billion energy giant appeared first on The Motley Fool Australia.

More reading

• What impacted the Woodside share price on Friday?
• If you’d bought $10,000 of BHP shares 5 years ago, here’s what you’d have now
• 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
• Black gold! Here’s how well ASX energy shares performed over the March quarter

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Today, the S&P/ASX 200 Index (ASX: XJO) conjured up a modest gain, in a similar performance to what occurred on Wall Street last night. At the end of the session, the benchmark index finished 0.47% higher at 7,478 points.

The majority of sectors on the ASX posted a gain today with 118 out of the 200 companies finishing in the green. In a solid showing, mining companies — predominantly gold and lithium miners — led the index higher. Meanwhile, the real estate shares provided some anchorage, with the sector falling 0.4%.

However, the question is: which shares delivered the biggest returns to investors on the ASX today? Here are the top ten stocks that came through for investors:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Paladin Energy Ltd (ASX: PDN) was the biggest gainer today. Shares in the uranium producer surged 13.13% amid the commodity reaching new multi-year high prices today. Find out more about Paladin Energy here.

The next biggest gaining ASX share today was platinum group metals miner, Zimplats Holdings Ltd (ASX: ZIM). The company reached a new all-time high today as it continues to ride the optimism surrounding commodities. Uncover the latest Zimplats Holdings details here.

Today’s top 10 biggest gains were made in these ASX shares:

ASX-listed company	Share price	Price change
Paladin Energy Ltd (ASX: PDN)	$0.905	13.13%
Zimplats Holdings Ltd (ASX: ZIM)	$30.87	6.45%
Johns Lyng Group Ltd (ASX: JLG)	$9.04	4.51%
Nufarm Ltd (ASX: NUF)	$6.40	4.07%
Whitehaven Coal Ltd (ASX: WHC)	$4.49	3.94%
Nickel Mines Ltd (ASX: NIC)	$1.26	3.70%
Yancoal Australia Ltd (ASX: YAL)	$5.17	3.40%
Newcrest Mining Ltd (ASX: NCM)	$27.59	2.91%
Champion Iron Ltd (ASX: CIA)	$7.69	2.26%
Iluka Resources Ltd (ASX: ILU)	$12.37	2.23%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares on Friday
• 3 ASX All Ordinaries shares rocking new all-time highs today
• Bond yields bounce past 3% for the first time since 2015. Here’s how the ASX 200 is responding
• Why are ASX uranium shares having such a stellar end to the week?
• ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal

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 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.

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The Woodside Petroleum Limited (ASX: WPL) share price took a ride to the downside this afternoon. This followed the release of a presentation to Woodside shareholders covering details of the proposed merger with the petroleum division of BHP Group Ltd (ASX: BHP).

At the final bell, the oil and gas company’s shares were 1.52% lower to $32.40. Woodside’s shares recently hit a new 52-week high of $34.60 but it seems there wasn’t enough information in today’s presentation to keep the momentum going.

Independent review says the deal is fair

A swarm of materials pertaining to Woodside’s tie-up with the petroleum business of BHP landed in the lap of investors on Friday afternoon. The information has been provided to shareholders to assist with informing their decision as the shareholders vote on the merger approaches.

For reference, the shareholder vote is slated for 19 May 2022 at the annual general meeting. This would be nine months after the original merger confirmation made by Woodside last year.

Turning back to today’s presentation, a few notable items were included. Importantly, the independent expert report highlighted that KPMG finds the merger to be in the best interests of Woodside shareholders. Yet, this appears to not have done much for the Woodside share price today.

Additionally, the presentation outlined a potential $400 million in estimated annual synergies. In terms of production, the combined entity would be looking at around 193 million barrels of oil equivalent. The newly created energy dominance would position the company as a top 10 global oil and gas producer.

Outlining their findings, KPMG stated:

Whilst there are various factors that may not be attractive to Woodside shareholders, the benefits of holding a share in the merged group are sufficient to conclude that Woodside shareholders will be, on balance, better off by approving the proposed transition,

What’s next on the timeline for the Woodside share price?

From here, shareholders will convene on 19 May to make their decision on the merger. It will be on this date when the market will find out whether all the planning results in an official deal.

Finally, if shareholders vote in favour of the merger the next event will be the implementation date. Based on the presentation, this will occur on 1 June, which will see the distribution of new Woodside shares to BHP shareholders.

The Woodside Petroleum share price is up around 43% since the beginning of the year. Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is down 1.5%.

The post What impacted the Woodside share price on Friday? appeared first on The Motley Fool Australia.

More reading

• 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
• Black gold! Here’s how well ASX energy shares performed over the March quarter
• 5 things to watch on the ASX 200 on Thursday
• Woodside share price dips despite project green light

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 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.

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The Rio Tinto Limited (ASX: RIO) share price closed up 0.2% to $118.98 on Friday, though it reached a peak of $120.18 earlier in the day amid news relating to its alumina refinery.

Rio Tinto is one of the biggest iron ore miners in the world, along with BHP Group Ltd (ASX: BHP) and Fortescue Metals Group Limited (ASX: FMG).

But it also has other operations. The company has exposure to aluminium, copper, borates, lithium, diamonds, salt and titanium dioxide.

Rio Tinto has an 80% stake in an alumina refinery called Queensland Alumina. Rusal, a Russian aluminium company, owns the other 20%.

Action on Russian business

According to reporting by the Australian Financial Review, Rio Tinto will not need to consult its Russian partner when making operational decisions at the Queensland alumina refinery. Rusal will now be a ‘silent party’ with no power.

Rio Tinto could also enjoy an “economic windfall” after executing step-in rights because of sanctions on Russian businesses and billionaires, according to the newspaper.

It was reported that Rusal won’t get access to its volumetric share of alumina produced at the refinery during the period to which the step-in rights are related. Rusal’s share won’t accrue during this period, so it will “suffer a permanent economic loss”.

Therefore, Rio Tinto is in line to receive the economic value of the alumina volumes that would normally go to Rusal.

However, Queensland Alumina has reportedly not been paying cash dividends to its owners. Instead, Rio Tinto and Rusal receive physical volumes of alumina which is converted into aluminium at their smelters.

The AFR reported that the step-in rights have been under negotiation since the Russian invasion of Ukraine.

Rio Tinto comments

A Rio Tinto spokesman (quoted by the AFR) said:

As a result of the Australian government’s sanction measures, Rio Tinto has taken on 100% of the capacity and governance of Queensland Alumina Limited (QAL) until further notice.

Our focus remains on ensuring the continued safe operation of QAL, as a significant employer and contributor to the local Gladstone and Queensland economies.

Is the Rio Tinto share price an opportunity?

The broker Ord Minnett thinks the Rio Tinto share price is a ‘hold’ with a price target of $118 after increasing its expectations for the iron ore price in 2022 and 2023 thanks to the strength of the commodity.

Ord Minnett is expecting a grossed-up dividend yield of 15% from Rio Tinto in FY22.

The post What drove the Rio Tinto share price higher on Friday? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• ASX 200 commodities players were the major winners in March. Take a look
• What sent ASX mining shares flaming higher in March?
• What happened to the Rio Tinto share price throughout March?
• Top brokers name 3 ASX shares to buy next week

Motley Fool contributor Tristan Harrison owns Fortescue Metals Group 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.

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Investing in the small side of the share market carries more risk than other areas.

But if your tolerance for risk allows for it, having a bit of exposure to this side of the market could be a boost for a balanced portfolio. This is due to the potential returns on offer from promising small caps.

With that in mind, here are three small cap ASX shares that analysts rate highly:

Airtasker Ltd (ASX: ART)

The first small cap ASX share to consider is Airtasker. It is growing online marketplace for local services with an estimated total addressable market of $600 billion across Australia, the UK, and the US. Morgans is very positive on Airtasker’s outlook due to this significant market opportunity and its attractive business model. Its analysts also highlight that this is a market that is in the early stages of ecommerce adoption, which puts Airtasker in a great position to benefit as the shift accelerates. Morgans has an add rating and $1.25 price target on the company’s shares.

Elmo Software Ltd (ASX: ELO)

Another small cap to watch is ELMO. It is a cloud-based human resources and payroll software company that provides a unified platform to streamline processes. It has been growing at a strong rate in recent years and has continued this impressive form in FY 2022. During the first half, Elmo grew its annualised recurring revenue (ARR) by 35% since the end of June to $98.3 million. This reflects strong trading conditions due to the increased adoption of cloud-software solutions by businesses to manage remote or hybrid workforces. Morgan Stanley is positive on the company and has an overweight rating and $7.80 price target on its shares.

PlaySide Studios Limited (ASX: PLY)

A final small cap ASX share to watch is PlaySide Studios. It is one of the largest video game developers in the ANZ region. It has developed a portfolio of games independently and in collaboration with studios such as Disney, Pixar, Warner Bros, and Nickelodeon. But it won’t stop there. The company has recently announced work for hire deals with games publishing giants 2K Games and Activision Blizzard. This could see the company work on some major titles for these gaming giants, which could give its reputation a huge boost. Canaccord Genuity is a fan of PlaySide. It currently has a buy rating and $1.30 price target its shares.

The post Here are 3 small cap shares analysts rate as buys appeared first on The Motley Fool Australia.

More reading

• Airtasker (ASX:ART) has been listed for a year. Has it been up to the task?
• Here are 3 small cap shares brokers rate as buys
• Growth investors should put these 2 top ASX shares on the watchlist
• 2 exciting small cap ASX shares for your watchlist
• 3 small cap ASX shares analysts are tipping for big things

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 Elmo Software. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Airtasker Limited. The Motley Fool Australia owns and has recommended Elmo Software. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Strike Energy Ltd (ASX: STX) share price was pushing closer to an 8-month high of 34 cents during late afternoon trade.

This came after the company announced a positive update on the ASX earlier today.

At the close of trading, the energy producer’s shares were swapping hands for 32.5 cents, up 3.17%.

Strike Energy secures $2 million funding award

Investors were driving up the Strike Energy share price after the company announced it had received backing for its geothermal power project.

In today’s release, Strike Energy advised it had been awarded a $2 million grant from the Clean Energy Future Fund.

Backed by the Western Australian Government, the fund is designed to help implement innovative clean energy projects.

Strike Energy said it would use the awarded funds to prepare and execute the drilling stage of its planned geothermal power project.

Located in the mid-west of WA, Strike Energy seeks to produce electrical power from geothermal energy. Essentially, this will help the company achieve its net-zero 2030 target via its integrated downstream strategy.

Geothermal energy is considered the cheapest form of reliable electricity with zero carbon emissions.

The process involves digging wells deep into underground reservoirs to access the steam and hot water. This can then be used to drive turbines connected to electricity generators.

Management commentary

Strike managing director and CEO Stuart Nicholls commented:

The Mid-West Geothermal Power Project is an excellent opportunity for Strike to use its existing core capabilities to drive renewable energy into its vertically integrated strategy.

The complementary skills required for a successful geothermal project in the Mid-West are all currently within the company’s existing competencies.

The Mid-West Geothermal Power Project is unique in that it may provide 24/7 dispatchable power which can drive lower carbon outcomes across Strike’s existing portfolio of projects and potentially more broadly across the State.

About the Strike Energy share price

Over the past 12 months, the Strike Energy share price has fallen by around 8%.

However, the company’s shares are up almost 60% this year to date, following the boom in commodity prices, particularly gas. This is largely due to the Russian invasion of Ukraine, which has led to heavy sanctions on the Kremlin from the West.

Strike Energy commands a market capitalisation of roughly $658.16 million, with approximately 2.03 billion shares on its books.

The post Why did the Strike Energy share price power higher today? appeared first on The Motley Fool Australia.

More reading

• Why ASX coal shares are charging higher again today
• Here are the 3 most heavily traded ASX 200 shares on Friday
• 3 ASX All Ordinaries shares rocking new all-time highs today
• What’s impacting the Santos share price on Friday?
• Magellan share price dips as Macquarie tips further outflows

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 Bruce Jackson.

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ASX coal shares are leaping higher today. In afternoon trading, New Hope Corp Ltd (ASX: NHC) is up 2.65% to $3.87 per share, and Coronado Global Resources Inc (ASX: CRN) has gained 3.4% to $2.14 per share.

The Whitehaven Coal Ltd (ASX: WHC) share price is running even hotter, up 4.2% to $4.50 per share.

Now the S&P/ASX 200 Index (ASX: XJO) is gaining today as well, but it’s only up 0.55%. Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) is up 0.4%, while the S&P/ASX 200 Materials Index (ASX: XMJ) is up 1.23%.

So, why are ASX coal shares delivering far stronger gains today?

Russian coal to be banned from EU

Most of the tailwinds look to be coming from the European Union’s looming decision to ban Russian coal imports. The EU legislature is poised to pass the measure today, though EU oil and gas imports from Russia have yet to be targeted.

While the coal ban won’t take full effect until August, the implications for coal prices – already at historic highs – is bullish. That same implication looks to be driving up ASX coal shares today.

As Reuters reports, Russian coal comprises some 45% of the EU’s annual imports. Last month alone, the EU imported 3.5 million tonnes of thermal coal from Russia, according to Braemar data.

Commenting on the pending ban, Braemar dry bulk analyst Mark Nugent said: “Despite Russian coal shipments to Europe in March still continuing at pre-war levels, the expected alteration in coal flows into Europe has started to show.”

With Russian coal soon off the menu, European nations will need to shop elsewhere.

While much of the void is likely to be filled by the United States and South American producers, Reuters noted that the EU imported 537,000 tonnes of thermal coal from Australia in Q1. In the first quarter of 2021, there were no coal imports from Australia at all.

Now most ASX coal shares are already producing at near capacity. And it takes a lot of time to ramp up production.

Yet Coronado said it had received interest from the EU for its metallurgical coal, which is used in steelmaking rather than electricity production. Russia’s metallurgical coal will also be banned come August.

How have these ASX coal shares been performing?

With both thermal and metallurgical prices hovering near historic highs, ASX coal shares have been well-outperforming the index.

Year-to-date, the Whitehaven share price is up 63%; the Coronado share price is up 65.8%; and leading the ASX coal shares charge, the New Hope share price has soared 67% since the opening bell on 4 January.

For some context, the All Ordinaries Index (ASX: XAO) is down 2.0% year-to-date.

The post Why ASX coal shares are charging higher again today appeared first on The Motley Fool Australia.

More reading

• 3 ASX 200 shares smashing 52-week highs on Thursday
• Black gold! Here’s how well ASX energy shares performed over the March quarter
• In a sea of red, these ASX 200 coal shares are floating above water. Here’s why
• Could these ASX shares be set to benefit from increasing Russian sanctions?
• ASX 200 commodities players were the major winners in March. Take a look

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.

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The S&P/ASX 200 Index (ASX: XJO) looks on course to end the week on a high note after a couple of days in the red. At the time of writing, the ASX 200 has gained a robust 0.39% at just over 7,470 points.  

But let’s delve a little deeper into these gains by looking at which ASX 200 shares are currently topping the market’s share volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Friday

Platinum Asset Management Ltd (ASX: PTM)

Fund manager Platinum is our first share to take a glance at today. So far this Friday, Platinum has had 16.91 million of its shares traded on the markets. Unfortunately for investors, this seems to be the result of the nasty share price collapse this ASX 200 fund manager has suffered through today.

The Platinum Asset Management share price is currently down by a whopping 15.25% at $1.89 a share. Investors seem to have been spooked by this company’s latest funds under management report. No wonder so many shares have traded today. 

AVZ Minerals Ltd (ASX: AVZ)

ASX 200 lithium hopeful AVZ is next up today. During today’s trading session thus far, a notable 19.06 million shares have been bought and sold. The company’s shares themselves haven’t done anything too remarkable as it presently looks, with the AVZ share price down by 0.27% at $1.12.

However, AVZ did release a notice this morning that it has issued a large number of new shares thanks to some unlisted options being exercised. Perhaps this is helping push up volumes as well.

Paladin Energy Ltd (ASX: PDN)

Uranium share Paladin is our third and final share worth discussing this Friday. So far today, a sizeable 51.89 million Paladin shares have swapped hands as it currently stands. This ASX 200 company appears to be enjoying the opposite situation of Platinum. Its shares are currently up a pleasing 11.56% at 89 cents each. There is no major news out of the company today.

However, as my Fool colleague Brooke explained today, most uranium shares are enjoying some love after uranium futures shot to their highest pricing in a decade overnight. This is probably why we see such a high trading volume right now. 

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

More reading

• Bond yields bounce past 3% for the first time since 2015. Here’s how the ASX 200 is responding
• Here’s why this ASX 200 share just dived 16% to an all-time low
• Why Block, IGO, Navigator Global, and Platinum shares are dropping
• Why are ASX uranium shares having such a stellar end to the week?
• ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal

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 Bruce Jackson.

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The S&P/ASX All Ordinaries Index (ASX: XAO) may be up a muted 0.5% but these shares are having a far more impressive day with each one reaching new all-time high prices.

Let’s look at what might be driving investor enthusiasm for these outstanding ASX All Ordinaries performers.

Endeavour Group Ltd (ASX: EDV) 

This is the fifth time this week that the Endeavour share price has hit an all-time high. It’s currently up 0.52% at $7.70 but it reached a new record high of $7.73 in earlier trading. The ASX All Ordinaries stock has gained 12% in just 30 days.

Endeavour shares have been riding high since mid-February when the retail drinks and hotel operator reported a 15% increase in net profit after tax (NPAT) in its FY22 half-year earnings. The news prompted ASX investors to bid up the Endeavour share price by 11% in one day.

Endeavour is benefitting from the end of COVID-19 lockdowns and restrictions while simultaneously reaping the rewards of the structural shift in retail to more online shopping induced by the pandemic.

Goldman Sachs analyst Lisa Deng has a buy rating on Endeavour and a share price target of $8.

Zimplats Holdings Ltd (ASX: ZIM)

Next is Zimplats, up 6.24% to $30.81 despite no news from the Zimbabwe miner today. Earlier, the company’s shares reached $32.44, an impressive 11.8% gain on yesterday’s closing price of $29.

It’s a safe bet that continuing strength in commodity prices has something to do with the support Zimplats is getting from ASX investors. The stock is up by 33% this year to date.

The value of the platinum metals that Zimplats digs out of the ground has been soaring of late.

Like many other commodities, the price of precious metals has increased on the back of Russia’s invasion of Ukraine. This is particularly the case with platinum and palladium. As my Fool colleague Brooke points out, Russia is responsible for a hefty chunk of the world’s palladium production.

Graincorp Ltd (ASX: GNC)

Our final ASX All Ordinaries outperformer today is Graincorp, up 5.87% to $9.20 after the company announced an FY22 earnings guidance upgrade and released a trading update.

As fellow Fool James reported this morning, the grains exporter was previously guiding underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) of $480 million to $540 million and underlying net profit after tax (NPAT) of $235 million to $280 million. Now it’s expecting underlying EBITDA of $590 million to $670 million and underlying NPAT of $310 million to $370 million.

ASX investors reacted strongly to the news, sending the Graincorp share price to an all-time high of $9.46 during earlier trading. That’s an 8.86% bump on yesterday’s closing price of $8.69.

ASX All Ordinaries recap

The ASX All Ordinaries index is down 2% in 2022 but up 7.2% over the past 12 months.

The post 3 ASX All Ordinaries shares rocking new all-time highs today appeared first on The Motley Fool Australia.

More reading

• Why Boss Energy, GrainCorp, Pro Medicus, and Select Harvests are pushing higher
• ASX 200 lunch update: GrainCorp jumps on earnings upgrade, Pro Medicus signs $32m deal
• GrainCorp share price jumps 9% to record high on guidance upgrade amid ‘significant’ demand
• Own Endeavour shares? Here are 4 things you probably don’t know
• 3 ASX 200 shares smashing 52-week highs on Thursday

Motley Fool contributor Bronwyn Allen 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.

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Shares in oil and gas giant Santos Ltd (ASX: STO) are edging higher on Friday and now trade 1% in the green at $7.99.

As the commodities super cycle continues in full swing, ASX resources players continue to feel the upside. Santos has spiked almost 27% this year to date after thrusting off a bottom late last year.

What’s driving oil markets?

Oil markets continue to surge with Brent Crude now fetching US$99.88 per barrel, having cooled off in recent days. Meanwhile, natural gas prices continue flying and now trade back above 10-year highs.

Driving the rally in oil markets lately is four key catalysts, energy analyst Syed Muhammad Osama Rizvi said in a recent post.

“Wild Swings in oil markets are becoming common with news such as prices falling $11 in one day and $5 in some minutes,” Rizvi posted.

“These swings highlight that sentiments are running the show not the fundamentals,” he added.

The concerns regarding supply crunch, spare capacity and others are unwarranted or overblown because the downward trend in price in matter of days or minutes cannot mean that these ‘structural issues’ are resolved.

Following are the main factors driving the markets: (a) Russia-Ukrainian Issue (Escalation, De-escalation); (b) Supply Factors (SPR release, OPEC [and] production); (c) COVID19 (d) Iran Deal; Additional ones: (e) Fed’s interest rates; (f) Political [and] economic issues in Emerging Markets.

Santos’ little helper

Players like Santos are clearly benefitting from the upside in energy markets this year, something TMF has reported on extensively these past few months.

Yet, whilst uncertainty remains on the future prospects of oil pricing, there’s nothing but certainty amongst analysts on whether to buy Santos right now or not.

More than 87% of analysts covering the stock have it as a buy, versus 12.5% for a hold, according to Bloomberg data.

That buy number has crept up from 53% in July last year, whilst the price target has gained exponentially and now rests well above the current share price at $9.26.

That suggests around a 16% margin of safety at the time of writing. Not only that, but the Santos share price and the price of oil has begun to diverge in recent days, which could have some interesting implications. Or not, time will tell.

In the last 12 months, the Santos share price has gained 12% after climbing another 3% this week.

The post What’s impacting the Santos share price on Friday? appeared first on The Motley Fool Australia.

More reading

• Black gold! Here’s how well ASX energy shares performed over the March quarter
• 5 things to watch on the ASX 200 on Thursday
• Broker names 3 more of best ASX 200 shares to buy in April
• ASX 200 commodities players were the major winners in March. Take a look
• Why now is the time to sell Santos shares: fund manager

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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