Tag: Motley Fool

When it comes to ASX banking shares, investors are spoilt for choice. There are of course the majors. The big four consists of Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), National Australia Bank Ltd (ASX: NAB), and Australia and New Zealand Banking Group Ltd (ASX: ANZ).

But there is also Bank of Queensland Limited (ASX: BOQ) and Bendigo and Adelaide Bank Ltd (ASX: BEN). Not to mention Suncorp Group Ltd (ASX: SUN) and AMP Ltd (ASX: AMP), who both have banking operations.

So with so many banks to choose from, how does one pick a winner in this space?

Well, examining the opinions of expert investors and brokers is one way to separate the wheat from the chaff, as it were.

So today, let’s check out why investment bank and broker Goldman Sachs singles NAB out as the ASX banking share winner.

Top ASX broker names NAB share price as a buy

Yes, Goldman Sachs currently rates NAB shares as a buy, with a 12-month share price target of $31.15. That implies a future potential upside of almost 6% on the current NAB share price. That’s not including any dividend or franking returns either. Together with potential share buybacks over the next 12 months, Goldman sees a potential total shareholder return of around13%.

Goldman states NAB “remains our preferred sector exposure”. This bullish opinion is driven by NAB’s cost management initiatives, which the broker reckons are “further progressed relative to peers”. These will help NAB divert resources towards customer experience and away from the business’ infrastructure, Goldman argues.

It also likes how NAB is more focused on commercial banking than the more retail-focused CBA and Westpac. It sees margins in the commercial small and medium enterprise (SME) market as more lucrative than the residential mortgage market seeing as competition is “less intense”.

Finally, Goldman notes that NAB is showing “good balance sheet momentum… with growth across all divisions”.

So Goldman certainly sees some upside in NAB as its preferred ASX banking share going into 2022. No doubt shareholders will be pleased with this assessment.

At the current NAB share price, this ASX bank has a market capitalisation of $96.07 billion, with a dividend yield of 4.31%.

The post Here’s why this top ASX broker picks NAB shares out of the big four banks appeared first on The Motley Fool Australia.

More reading

• Here’s why CBA (ASX:CBA) shares have the lowest big four bank dividend right now
• Does the prospect of higher rates make ASX 200 bank shares more attractive?
• Could NAB (ASX:NAB) shares be a dividend gold mine this year?
• ASX 200 falls on Friday but records 13% gain in 2021
• ASX 200 (ASX:XJO) midday update: Big four banks fall, Bega Cheese jumps again

Motley Fool contributor Sebastian Bowen owns National Australia Bank 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 owns and has recommended Bendigo and Adelaide Bank Limited. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Westpac Banking Corp (ASX: WBC) share price is in the green on Friday amid reports it’s getting nearer to offloading its $45.4 billion superannuation leg.

The bank is said to be gearing up to notify the final contestants for its BT superannuation platform later this month.

Right now, the Westpac share price is $21.83, 1.63% higher than its previous close.

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

Let’s take a closer look at which financial giants are reportedly in the running to take over the division.

Own Westpac shares? Here’s the latest on its super sale

According to reporting by The Australian, Westpac accepted expressions of interest for its super business in December.

The publication claims the bank’s next step will be informing entities that made its shortlist. It will then announce more details on the sale and open a data room.

The BT business could reportedly bring in up to $400 million. Though, that figure assumes Westpac will be forking out for the sale’s costs.

Apollo Global Management Inc (NYSE: APO), Vanguard, and AustralianSuper are said to be on the line to gain a spot on the shortlist after submitting non-binding expressions of interest.

However, the publication states that it’s aware some parties might be interested in organising a bidding consortium ahead of the sale’s next round.

The Australian has also been told that Westpac is expecting to finalise BT’s buyer in April. Between now and then, it claims that the bank plans to “overhaul” the business.

Additionally, Westpac is said to be rushing to sell the division before the Australian Prudential Regulation Authority undergoes its next annual performance test.

BT’s MySuper product failed last year’s test. If it also fails 2022’s performance test, it will be barred from accepting new members to its MySuper product.

BT recently announced it will drop admin fees on its MySuper and Choice products. The move will save 470,000 members around $20 million a year.

2022 has been good to the Westpac share price so far. It has gained 1.9% since the final close of last year.

The post Westpac’s (ASX:WBC) $400m superannuation sale could be nearing the point end appeared first on The Motley Fool Australia.

More reading

• Here’s why CBA (ASX:CBA) shares have the lowest big four bank dividend right now
• Does the prospect of higher rates make ASX 200 bank shares more attractive?
• Own Westpac (ASX:WBC) shares? Top broker says ‘there is still a lot of work to be done’
• Morgans names 2 ASX 200 dividend shares to buy
• Top ASX shares to buy in January 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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Westpac Banking Corporation. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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When investors are looking to exploit the power of compounding, finding companies that can be held in a portfolio for decades at a time is important. During a podcast this week, The Motley Fool’s chief investment officer (CIO) Scott Phillips shared an ASX share that might fit the long-term holding criteria.

For the average investor, being able to hold onto an investment through rain and shine requires a company that is so well run and established that investors hardly ever lose any shuteye worrying about the business collapsing. From the outset, this objective can rule out many options.

So, what ASX share does Phillips thinks could be a ‘forever’ stock?

The ASX share with nearly a 120-year-long track record

During a podcast with National Australia Bank Ltd (ASX: NAB) director of SMSF and investor behaviour, Gemma Dale, Motley Fool’s CIO named Washington H. Soul Pattinson and Co. Ltd (ASX: SOL) as his highest conviction ASX share.

In explaining why Soul Patts’ takes the crown, Phillips points to the investment company’s long history, saying:

These guys are the fourth generation of the family. The second oldest company on the ASX — one of those really great bedrock businesses.

Like a lot of things in life, when assessing ASX shares we tend to form our expectations based on the past. While three to five years of good reputation takes effort to create, 100 years or more is outstanding. Such longevity in a company takes a dedicated management team over multiple generations.

Furthermore, Soul Pattinson hasn’t merely existed for a long time — it has excelled. The company is well accustomed to market outperformance. When compared to the All Ordinaries Total Accumulation Index (ASX: XAOA), Washinton Soul H. Pattinson has outperformed for the 1 year, 3 year, 5 year, 10 year, 15 year, and 20 year (as of 31 July 2021) periods.

Adding to this, Phillips said:

It’s tempting to think: old school, boring, fourth-generation conglomerate — who wants that anymore. The answer has been, in the past at least, people who wanted to beat the market.

Soul Pattinson share price snapshot

It was a less rewarding year for Soul Patts’ shareholders in 2021. At one point shares in the conglomerate were up around 30% year-to-date.

However, from October, the share price tumbled from $39 per share to finish the year at $29.16. This meant the ASX share ended up losing 1.6% during the year.

The post Here’s why Scott Phillips plans to hold this ASX share FOREVER appeared first on The Motley Fool Australia.

More reading

• What’s the outlook for the Brickworks (ASX:BKW) share price in 2022?
• These 2 ASX shares are over 100 years old. Are they buys?
• 3 qualities that makes Soul Pattinson (ASX:SOL) a strong ASX dividend share
• Top ASX shares to buy in January 2022
• The ASX share market coverage that captivated readers in 2021

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. owns and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia owns and has recommended Washington H. Soul Pattinson and Company Limited. The Motley Fool Australia has recommended Berkshire Hathaway (B shares). 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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Bitcoin (CRYPTO: BTC) is down 1.7% over the past 24 hours, currently trading for US $43,564 (AU$59,872).

If crypto investors believe this represents a low point, should they invest a large sum of money into Bitcoin today?

Or is it better to ignore the price swings and invest a fixed amount into the token on a consistent basis?

The latter strategy is called dollar cost averaging.

Traditionally it’s been used by share investors looking to smooth out their returns without not trying to time the market. But is it suitable for cryptos?

Is dollar cost averaging the way to invest in Bitcoin?

It was only on 10 November that Bitcoin hit all-time highs of US$68,790. A good time to sell, perhaps. But certainly not the time to go all-in.

On the flip side, over the past 12 months Bitcoin dripped as low as US$28,894 on 20 July.

With perfect hindsight, that would have been a great time to buy.

But in the crypto world, as in share markets, we’re not gifted with hindsight months in advance.

Which brings us back to dollar cost averaging

Adam Traidman, is the CEO and crypto company BRD. And, as CNBC reported, Traidman uses dollar cost averaging for his own Bitcoin investments. He invests a fixed amount into the token at set times, ignoring the daily price swings.

According to Traidman:

Casual investors have a tendency to buy into the hype cycle and sell when the losses become a reality. It’s crazy, illogical thinking, but it happens all the time. Why would people buy high and sell low? Well, they don’t want to, but they sell out of fear.

As for when the Bitcoin price does take a tumble?

“I’m not letting [the price drop of Bitcoin] bother me, because I’m confident that the price performance charts have shown that it’s going to return in the long term,” Traidman said.

He added that, “Dollar cost averaging ends up making sense in the long term. If you contribute a little bit every time, in the long term you end up with a pretty darn good return if you can weather all the ups and downs.”

Gemini on dollar cost averaging for cryptos

Global crypto trading platform Gemini also sounds off on the potential benefits of dollar cost averaging.

The company notes that, “Cryptocurrencies can be quite volatile, oftentimes even more so than stocks.”

On its website Gemini notes that while investors may miss out on some potentially big gains, dollar cost averaging is likely to lower the risks:

You can generate a potentially greater profit from buying during dips and selling at the top. However, there’s broad consensus that DCA [dollar cost averaging] is a safer overall method of investing than lump sum buying and selling. It’s lower risk and lower reward, but still offers the chance of benefiting from market swings.

And when we’re talking about an asset like Bitcoin, there are plenty of market swings to potentially benefit from.

The post Is dollar cost averaging the way to invest in Bitcoin? appeared first on The Motley Fool Australia.

More reading

• This has to happen before investors take cryptocurrency seriously
• Should ASX investors allocate 3% to Bitcoin and Ethereum?
• Can Bitcoin (CRYPTO:BTC) steal gold’s safe haven shine to top US$100,000?
• Investing in Bitcoin? Here’s what the crypto experts are predicting for 2022
• 3 more countries to make Bitcoin legal tender this year: expert

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin.  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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With most brokers across Australia still having a well-earned break, broker notes are going to be limited until at least next week.

However, listed below are a few recent broker recommendations that remain very relevant today. Here why these three ASX shares are rated as buys:

Allkem Ltd (ASX: AKE)

According to a note out of Citi, its analysts have put a buy rating and $12.00 price target on this lithium miner’s shares. The broker is positive on Allkem in 2022 due to its belief that lithium prices will remain strong. And while it suspects that costs may increase due to higher higher feedstock prices and wages, it isn’t enough to dampen its bullish view. The Allkem share price is trading at $10.88 on Friday afternoon.

Breville Group Ltd (ASX: BRG)

A note out of Macquarie reveals that its analysts have an outperform rating and $34.37 price target on this appliance manufacturer’s shares. Macquarie notes that one of the company’s distributors in the United States has recently delivered a solid result. Combined with a strong result from rival DeLonghi, Macquarie feels this could be a sign that Breville is performing very positively in FY 2022. The Breville share price is fetching $30.90 this afternoon.

South32 Ltd (ASX: S32)

Another note out of Macquarie reveals that its analysts have put an outperform rating and $5.20 price target on this mining giant’s shares. According to the note, its analysts believe South32 is well-placed to deliver strong earnings and free cash flow in the coming years. Particularly given its recent acquisition of a stake in the Sierra Gorda copper mine. Macquarie expects this to underpin a fully franked 6% dividend yield in FY 2022. The South32 share price is trading at $3.92 on Friday.

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

More reading

• Why the South32 (ASX:S32) share price jumped 62% in 2021
• Here are the 5 best performing ASX 200 mining and resource shares of 2021
• What is JP Morgan saying about ASX lithium shares?
• ASX 200 (ASX:XJO) midday update: Afterpay sinks again, BHP and Rio rise
• Why the South32 (ASX:S32) share price is pushing higher again today

Motley Fool contributor James Mickleboro owns Allkem shares. 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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Although this is something of a cliche, it’s arguably safe to say the dawn of 2022 brings us one of the most uncertain investing climates in a very long time. With debates about wind-ups of ultra-loose monetary policy, the ongoing COVID-19 pandemic (complete with new variants like Omicron), and plenty of elections scheduled, 2022 is certainly living up to be an interesting year, to say the least. So how does one prepare for such uncertainty? Looking to the consumer staples sector could be one path worth exploring.

Think about the products that remain unequivocally in demand during these uncertain times. Food, drinks, household essentials, vices, and hygiene supplies all spring to mind. Well, that’s exactly what the iShares Global Consumer Staples ETF (ASX: IXI) focuses on.

This exchange-traded fund (ETF) exclusively invests in consumer staples companies. They are the kinds of businesses that specialise in the products just listed. According to the provider iShares, this ETF is exclusively focused on providing “exposure to companies that produce essential products, including food, tobacco, and household items”.

What’s in a consumer staples ETF?

You can see this in action by looking at IXI’s top holdings. As they stand today, its top five companies are as follows:

1. Procter & Gamble Co (NYSE: PG)
2. Nestle SA
3. Coca-Cola Co (NYSE: KO)
4. Walmart Inc (NYSE: WMT)
5. PepsiCo Inc (NASDAQ: PEP)

It also holds companies as diverse as L’Oreal SA, British American Tobacco plc, Colgate-Palmolive Company (NYSE: CL), and even our own Woolworths Group Ltd (ASX: WOW).

Overall, almost 54% of IXI’s holdings hail from the United States. But the United Kingdom, Europe, Japan, Canada, and Australia are also represented in this ETF.

IXI’s natural resilience that comes from these consumer staples companies can arguably be seen in its performance metrics too. The iShares Global Consumer Staples ETF has returned 20.24% over the past 12 months. That’s in addition to an average of 13.2% over the past 3 years. Over the past 10, it has given investors an average return of 13.14% per annum. It also pays out a dividend distribution, which comes to a trailing yield of 1.91% over the past 12 months.

So all in all, the iShares Global Consumer Staples ETF could be a worthwhile investment to hold in these uncertain times. Who knows what 2022 will bring us… But we can say with relative certainty that food, drinks, and household essentials will remain a cornerstone of consumer spending around the world.

The iShares Global Consumer Staples ETF charges a management fee of 0.46% per annum.

The post This ASX consumer staples ETF could be a great buy for 2022 and beyond appeared first on The Motley Fool Australia.

More reading

• Here are 3 top ETFs for ASX investors in 2022

Motley Fool contributor Sebastian Bowen owns Coca-Cola, PepsiCo, Colgate-Palmolive and Procter & Gamble. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns and has recommended iShares Global Consumer Staples ETF. 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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Most experts have a bullish outlook for ASX shares in 2022 even as headwinds mount, although some sectors are tipped to perform better than others.

The risk of rising interest rates, inflation, the withdrawal of stimulus and the Omicron outbreak isn’t expected to be enough to push equities into a bear market.

That’s the view of several fund managers who were canvassed by The Australian. They believe that profit growth and the rebound from COVID-19 lockdowns will be enough to keep ASX shares in investors’ good books.

ASX sectors to buy for 2022

But some sectors are better placed to deliver returns this year than others. The top ASX share picks by these fund managers include mining, energy and healthcare shares.

Saxo Capital Markets Australian market strategist, Jessica Amir, thinks that the CSL Limited (ASX: CSL) share price is a buy for 2022. The blood products biotech should enjoy an earnings recovery as its operations were hit by the pandemic.

She isn’t alone in tipping the CSL share price as a potential strong performer this year. Marcus Today senior market analyst, Chris Conway, is also backing its shares as he calls CSL the “biggest and best at what it does”.

ASX mining shares to watch this year

Another ASX share to add to your buy list is the BHP Group Ltd (ASX: BHP) share price. Conway noted that commodity prices tend to rise more than inflation.

Given growing price pressures across the global economy, the BHP share price could do better than the overall market.

Amir is also a fan of BHP and said that its shares were one of the most bought by Saxo’s clients in recent months. She called the BHP share price Australia’s “sleeping beauty mining giant“.

No doubt the rebounding iron ore price will give supporters another reason to buy BHP.

Other ASX shares to bank on

Meanwhile, ASX bank shares are also looking well placed for 2022, added Amir. This is thanks to rising interest rates, which will give banks a reason to lift interest rates. That will only help bolster the sector’s net interest margins.

Baker Young’s managed portfolio analyst, Toby Grimm, echoed a similar view and his top bank pick is the Commonwealth Bank of Australia (ASX: CBA) share price.

There are also opportunities at the smaller end of the market. Forager Funds Management senior analyst, Gaston Amoros, is keen on underperforming small cap growth shares.

Buying opportunities among ASX small caps

These shares have been hit particularly harder by interest rate worries and some have underperformed their larger peers.

These include the Bigtincan Holdings Ltd (ASX: BTH) share price and Whispir Ltd (ASX: WSP) share price.

The post Experts tip the ASX sectors that are set to outperform in 2022 appeared first on The Motley Fool Australia.

More reading

• Here’s why CBA (ASX:CBA) shares have the lowest big four bank dividend right now
• ASX says Block listing is ‘most important since BHP’. Here’s why
• Does the prospect of higher rates make ASX 200 bank shares more attractive?
• Own CSL (ASX:CSL) shares? Here’ s how the $17bn Vifor Pharma acquisition will boost its growth
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Brendon Lau owns BHP Billiton Limited, CSL Ltd., and Commonwealth Bank of Australia. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended BIGTINCAN FPO, CSL Ltd., and Whispir Ltd. The Motley Fool Australia has recommended BIGTINCAN FPO and Whispir Ltd. 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 Ionic Rare Earths Ltd (ASX: IXR) share price is on fire this week.

Shares in the rare earths explorer are up nearly 13% since the start of the week, currently swapping hands at 5.2 cents. In afternoon trade, shares are up 6% on yesterday’s closing price. In early trading, they were as high as 5.6 cents.

Let’s take a look at what might be helping this company’s shares this week.

Exploring for rare earths

The Ionic Rare Earths share price is soaring on the back of a drilling update released to the market on 6 January. Ionic is exploring rare earths at the Makuutu rare earths project in Uganda.

Also impacting the share price could be increasing global demand for clean energy products. Rare earths are an integral component of the magnets found in wind turbines and electric vehicles.

The Ionic share price has jumped more than 10% between market close on 5 January and the current price.

The company said drilling results from the phase four drill program affirmed Makuutu is an ionic adsorption clay-hosted rare earth element project.

All of the 75 drill holes showed “clay and saprolite mineralisation intersections above the cut-off grade of 200 ppm Total Rare Earth Oxide less CeO2”.

Ionic Rare Earths said the project is one of only a few confirmed ionic adsorption clay deposits in the world outside of China.

Management commentary

Commenting on the results driving the Ionic Rare Earths share price, managing director Tim Harrison said:

Thickness of mineralised clay and minimal cover is crucial to minimising the opex [operating expenses] cost, and Makuutu continues to deliver with results from this batch reporting approximately 25% of the intercepts within the Makuutu Central Zone exceeding 20m thick, and over 85% greater than 10 metres thick.

The 100% strike rate in these results bodes well for what we think will be a very positive year ahead for Makuutu as we advance towards a considerable increase in resource confidence over the next few months and drive Makuutu towards a completion of the feasibility study and a mining licence application by October 2022.

Ionic Rare Earths share price snapshot

The Ionic Rare Earths share price has soared 136% in the past 12 months.

In comparison, the S&P/ASX 200 Index (ASX: XJO) has returned more than 11% to investors over the same time frame.

The company commands a market capitalisation of roughly $181 million based on the current share price.

The post Here’s why the Ionic Rare Earths (ASX:IXR) share price is having such a stellar week appeared first on The Motley Fool Australia.

More reading

• Ionic Rare Earths (ASX:IXR) share price leaps 11% on acquisition news

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher. At the time of writing, the benchmark index is up 1.25% to 7,449.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Australian Pharmaceutical Industries Ltd (ASX: API)

The API share price is down almost 13% to $1.51. Investors have been selling the pharmacy chain operator’s shares after Woolworths Group Ltd (ASX: WOW) withdrew its takeover proposal. Woolworths was offering $1.75 per share but advised that its due diligence revealed that the financial returns from the proposal were not sufficient. Wesfarmers Ltd (ASX: WES) is now in pole position with its lower offer of $1.55 per share.

James Hardie Industries plc (ASX: JHX)

The James Hardie share price is down 5% to $51.17. This morning the building products company announced the exit of its chief executive officer (CEO), Jack Truong, with immediate effect. According to the release, Mr Truong has had his employment terminated after employees raised concerns about his work-related interactions.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down 3% to $19.76 following the release of its funds under management update. According to the release, Magellan’s total FUM was $95,491 million at the end of December. This was down 18% (or $21,000 million) from $116,413 million at the end of November. The fund manager also revealed that it is entitled to performance fees of only $11 million for the first half of FY 2022.

St Barbara Ltd (ASX: SBM)

The St Barbara share price is down 2.5% to $1.32. This appears to have been driven by a pullback in the gold price overnight. Traders were selling the precious metal amid the release of hawkish minutes out of the US Federal Reserve.

The post Why API, James Hardie, Magellan, and St Barbara shares are dropping appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO): Woolworths withdraws API proposal, tech shares rebound
• API (ASX:API) share price crashes 12% after Woolworths withdraws takeover offer
• Wesfarmers (ASX:WES) share price higher after receiving API takeover boost
• Magellan (ASX:MFG) share price falls after revealing $21bn funds decline
• James Hardie (ASX:JHX) share price on watch after CEO kicked out

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 owns and has recommended Wesfarmers Limited. 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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This week is proving to be a good one for the Critical Resources Ltd (ASX: CRR) share price. The company has released more news to the market this morning, boosting its stock once more.

At the time of writing, Critical Resources’ stock is trading at 5.3 cents, 10.4% higher than its previous close. That brings the company’s gains this week to 39%.

Let’s take a look at the news that’s been driving the miner’s stock on the ASX lately.

Critical Resources share price rockets higher on Friday

The Critical Resources share price is in the green again today after the company announced a drilling program at its Halls Peak base metal project in New South Wales has restarted.

The company is back to work at the project’s Gibson prospect, where it plans to drill around 2,500 metres. Of that, around 650 metres have already been completed.

Previously, visual massive sulphide intervals and disseminated sulphide mineralisation have been intersected at the prospect.

Critical Resources managing director Alex Biggs commented on the restart, saying:

The drill campaign has so far provided excellent results and we continue to gain an increased understanding of the deposit. We look forward to completing the outstanding drill holes and updating the market with further results in due course.

Today’s news appears to have rounded off a strong week’s performance.

The Critical Resources share price was boosted 19.5% on Wednesday after the company completed the acquisition of a Canadian lithium project.

The Mavis Lake lithium project cost the company $3 million, which it bought with 50% cash and 50% scrip. The purchase also involves up to $3 million of milestone considerations.

Additionally, Critical Resources welcomed Alex Cheeseman to its board this week. Cheeseman has worked in leadership and management roles for more than 20 years and spent the last 10 years in the lithium and iron ore sector.

Today’s gains included, the Critical Resources share price is 116% higher than it was this time last year.

The post Why has the Critical Resources (ASX:CRR) share price surged 39% this week? appeared first on The Motley Fool Australia.

More reading

• Here’s why the Critical Resources (ASX:CRR) share price is rocketing 20%

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.

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