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The Woodside Petroleum Limited (ASX: WPL) share price is struggling today despite its plan to supply gas to Australia’s east coast.

The company has entered a memorandum of understanding with Viva Energy Group Ltd (ASX: VEA).

The understanding could see Woodside shipping gas from its Western Australia projects using Viva Energy’s planned LNG regasification Victorian terminal.

At the time of writing, the Woodside share price is $22.25, 0.67% lower than its previous close.

For context, the S&P/ASX 200 Index (ASX: XJO) has been wobbling today. Right now, it is up 0.12%.

Let’s take a closer look at the energy giant’s plan for the east coast.

Woodside share price slips despite east coast push

It’s a rough day for the Woodside share price despite the company’s potential partner announcing the pair’s plans.

Viva Energy announced its exclusive discussions with Woodside to progress a capacity rights agreement at Viva Energy’s proposed Gas Terminal Project.

The terminal could enable Woodside to supply and regasify LNG to Australia’s eastern states.

According to Viva Energy, the Australian Energy Market Operator believes that a gas shortfall could emerge in Victoria as early as 2023.

Viva Energy is expecting to make a final investment decision on the terminal in the third quarter of 2022. It’s planning to build the terminal in Geelong.

Viva Energy CEO Scott Wyatt said that Woodside’s use of the terminal could see it forming “virtual pipelines”, delivering LNG to the east coast domestic market. He stated:

This can be achieved more efficiently and with lower environmental impact than building new pipeline infrastructure to transport gas from other domestic gas sources to the east coast Australian gas market…

Woodside’s experience and capability in LNG supply, shipping, terminals, and international gas markets will assist us in progressing the Gas Terminal Project to a final investment decision.

Woodside CEO also commented on the news, saying:

Our [memorandum of understanding] with Viva Energy presents an opportunity for Woodside to supply reliable, cost-competitive LNG from our Western Australian projects and global portfolio into the east coast gas market, which is predicted to face a shortfall in coming years.

Today’s drop included, the Woodside share price is 2% lower than it was at the start of 2021. It has also fallen 4% over the last 30 days.

The post Woodside (ASX:WPL) share price dips as company eyes east coast market appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Thursday
• Woodside (ASX:WPL) share price rises on $5 billion new energy plan
• Why has the Woodside (ASX:WPL) share price had such a slow start to December?
• 5 things to watch on the ASX 200 on Wednesday
• Why did the Woodside (ASX:WPL) share price go backward in November?

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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The Oil Search Ltd (ASX: OSH) share price is in reverse today. This comes after the energy company revealed the National Court of Papua New Guinea’s decision regarding its merger scheme with Santos Ltd (ASX: STO).

During late afternoon trade, Oil Search shares are trading 1.43% lower to $4.14 apiece. The S&P/ASX 200 Index (ASX: XJO) is also down today by 0.07% to 7,400.2 points.

What was the decision?

In today’s statement, Oil Search advised that it has received approval from the National Court of Papua New Guinea in regards to its merger with Santos.

This is another key hurdle within the merger implementation deed that needed to be satisfied. Previously, the company required its shareholders to vote in favour of the transaction, which passed with flying colours.

The latest approval takes Oil Search and Santos one step closer to becoming a super oil and gas company.

Under the scheme, Oil Search shareholders will receive 0.6275 new Santos shares for each Oil Search share held.

Once the transaction is completed, this will give Oil Search shareholders a 38.5% stake in the newly-merged entity. Santos shareholders would retain the remaining 61.5% interest.

Oil Search expects to lodge a certified copy of the orders with the Papua New Guinea Registrar of Companies tomorrow. This will make the scheme effective and Oil Search will apply to have its shares suspended.

Both Oil Search and Santos are hoping to create the largest oil and gas company listed on the ASX. The merged company will have a diversified portfolio of long-life and low-cost assets with significant growth options.

Oil Search share price summary

Since this time last year, the Oil Search share price has risen by more than 10%.

The company’s shares have moved sideways for most of 2021 amid uncertainty in the global economic recovery.

Based on today’s price, Oil Search commands a market capitalisation of $8.6 billion and has 2 billion shares outstanding.

The post Oil Search (ASX:OSH) share price dips despite PNG court approval of Santos (ASX:STO) merger appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Sydney Airport takeover update, Santos falls
• Santos (ASX:STO) share price edges higher amid Barossa project sale
• 5 things to watch on the ASX 200 on Thursday
• Santos (ASX:STO) share price climbs as merger clears key PNG hurdle
• Why Life360, Oil Search, Telix, and Zip shares are storming 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. 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) seems like it doesn’t quite know what it wants for this Thursday’s trading. At the time of writing, the ASX 200 is down, but only just, falling 0.07% at 7,400 points. That comes after stints in both positive and negative territory earlier.

But rather than trying to figure all that out, let’s instead check out the ASX 200 shares currently topping the ASX trading volume charts, according to investing.com.

3 most active ASX 200 shares by volume on Thursday

Telstra Corporation Ltd (ASX: TLS)

Telstra is our first ASX 200 share topping the charts so far today, with a sizeable 9.72 million shares finding new owners so far. However, there’s not a lot in the way of news or announcements out of this telco this Thursday. In saying that, we did get some news out of Telstra yesterday, with the announcement that the company had secured 2x10MHz from the government’s 850/900 MHz band auction for a cost of $6.16 million.

This sent Telstra shares up around 1% yesterday. But the telco has had a more muted day today, falling 0.15% so far to $4.05 a share. It’s probably a combination of these events that is pushing up Telstra’s volume today.

Ausnet Services Ltd (ASX: AST)

Energy retailer Ausnet is our next share up today. This ASX 200 share has seen an impressive 30.72 million of its shares swap hands on the markets today. It’s not entirely clear why this company has had such high levels of volume this Thursday. There are no major developments to report on, and the Ausnet share price is not doing much either – flat at $2.52 a share so far. It’s a strange situation to be sure.

Sydney Airport (ASX: SYD)

Our final and most traded ASX 200 share so far this Thursday goes to Sydney Airport. This infrastructure giant has had a whopping 38 million of its shares bought and sold so far today. We do have something of a smoking gun with this company though.

This volume can likely be attributed to the announcement this morning that the Australian Competition and Consumer Commission (ACCC) has decided to allow the proposed acquisition of Sydney Airport by the Sydney Aviation Alliance to go ahead. Sydney Airport shares have reacted positively to this news, up 2.87% to $8.59 a share.

The post These 3 ASX 200 shares are topping the volume charts this Thursday appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Sydney Airport takeover update, Santos falls
• Sydney Airport (ASX:SYD) share price lifts off after ACCC gives takeover green light
• 5 things to watch on the ASX 200 on Thursday
• Here are the top 10 ASX shares today
• ANZ Bank (ASX:ANZ) spruiks $400m tech rebuild with mortgage approval in 10 min

Motley Fool contributor Sebastian Bowen owns Telstra Corporation 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 Telstra Corporation 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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The OZ Minerals Limited (ASX: OZL) share price hit a post-GFC high today. This came after the ASX copper producer announced the sale of its holdings in two joint ventures (JVs) that could ultimately bring in more than $20 million in cash.

The OZ Minerals share price hit an intraday high of $27.23 in early afternoon trading today. That’s 1.22% up on its previous closing price.

It is also the highest price that OZ Minerals has traded for since mid-2008 as the global financial crisis was unfolding.

OZ Minerals told the ASX today that it has struck a $6.6 million deal to sell its 80% stake in the Jericho copper-gold system and its 70% holding in the larger Eloise copper project near Cloncurry in northwest Queensland.

The buyer is Demetallica, which is a subsidiary of OZ Minerals’ junior JV partner Minotaur Exploration Ltd (ASX: MEP).

Proceeds from the asset sales

The $6.6 million consideration is made up of a $475,000 non-refundable deposit and a $6.13 million payment. The second larger payment is due when Minotaur floats Demetallica via an initial public offering (IPO).

But these aren’t the only payments OZ Minerals could receive. It is also entitled to up to US$8.82 million (AU$12.3 million) from the copper mined at both projects.

The amount is calculated at the rate of US4 cents a pound on the ore that forms part of the measured and indicated resources or tonnes actually mined, exceeding 200,000 tonnes and capped at 300,000 tonnes.

OZ Minerals gets a further $2.75 million upon the publication or completion of a positive pre-feasibility study for Eloise and/or Jericho, or the commencement of mining within those areas.

OZ Minerals explains divestment rational

The projects weren’t of sufficient scale to keep OZ Minerals interested. This deal gives Demetallica options to develop and fund the projects, as well as look for other partners.

OZ Minerals chief executive, Andrew Cole said:

The resource at Jericho did not meet our requirements to continue so we have agreed for our partner’s subsidiary, Demetallica, to gain 100% ownership of the project.

Our exploration strategy is to partner with junior explorers who bring new ideas and regional expertise in a way that allows us to test theories and quickly determine the attractiveness of a project.

This is a good example of how our partnering approach allows us to continually turn over our portfolio of exploration projects as we search for our next material discovery. We look forward to continuing to work in partnership with MEP under our various joint ventures.

Demetallica’s asset portfolio ahead of IPO

The Jericho copper-gold system reported a maiden mineral resource estimate of 9.1Mt @ 1.4% copper (Cu) and 0.3g/t gold (Au).

Demetallica has also struck a deal with Sandfire Resources Ltd (ASX: SFR) to gain full control of Sandfire’s regional tenements and the Altia polymetallic deposit near Cloncurry.

The post Here’s why the OZ Minerals (ASX:OZL) share price hit a 13-year high today appeared first on The Motley Fool Australia.

More reading

• Investing for the future: why this fundie is optimistic on copper shares
• These are the biggest opportunities on the ASX in 2022: fund manager
• Looking to invest in the electrification and battery theme? Here are 5 ASX shares to consider

Motley Fool contributor Brendon Lau owns OZ Minerals Limited and Sandfire Resources NL. 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 Azure Minerals Limited (ASX: AZS) are in the green today and are now trading 7% higher at 36.5 cents apiece.

Azure’s share price jumped from the open and rallied as much as 10% to 41 cents before smoothing off to its current intraday low.

Investors responded positively to a company announcement out of Azure’s camp today which updated the market on the Andover Project. Here are the details.

What did Azure announce?

The company advised that it has intersected ”substantial massive nickel and copper sulphide mineralisation” on a site that sits as part of the Andover Project.

It has also discovered a new zone of nickel and copper sulphide mineralisation at the Skyline prospect, also located at the site in WA.

Results were obtained as a part of Azure’s ongoing drilling program at the site. To date, 133 diamond drill holes have been completed at the site for a total of 58,808 metres across various prospects.

For instance, there have been 102 holes drilled at VC-07 East, 20 holes at VC-07 West, 8 holes at VC-23 and 3 holes at Skyline

Azure notes that 2 diamond drill rigs are currently drilling on the VC-07 West prospect while a third rig, having completed drilling the three holes at Skyline, is now drilling on an anomaly at the VC-18 East EM prospect.

The initial drilling program at Skyline intersected intervals of nickel and copper sulphide mineralisation at the modelled depths. The holes have been sampled and assays are awaited.

These mineralised intervals coincide with the electromagnetic (EM) conductors identified by surface EM surveys. Azure reckons this confirms that the “presence of EM conductance is a very strong indicator for the presence of nickel and copper sulphide mineralisation in the Andover intrusive complex”.

Meanwhile, the VC-07 west site has shown “significant intersections of nickel and copper sulphide mineralisation with portable XRF confirming massive sulphide zones contain high grades of nickel and copper”.

Follow-up drilling for both Skyline and VC-23 is expected to be carried out in the first quarter of 2022, per the release.

Management commentary

Commenting on the announcement, Azure Minerals Managing Director, Tony Rovira said:

We’re very pleased that our regional exploration drilling has got off to such a great start with a new Ni-Cu sulphide discovery made at the Skyline prospect. The first three holes all intersected Ni-Cu sulphide mineralisation coinciding with EM conductors, confirming that on the Andover Project, electrical conductance continues to be associated with sulphide mineralisation.

Rovira continued:

Meanwhile our drilling continues to intersect substantial Ni-Cu sulphide mineralisation within the VC-07 mineralised corridor, with the latest massive sulphide intersections at VC-07 West also coinciding with electromagnetic conductors. With multiple mineralised drill hits and extensions of the EM conductors that have yet to be drilled, VC-07 West looks promising for hosting significant Ni-Cu sulphide mineralisation

Today’s gains are a welcomed reversal for Azure shareholders who’ve watched the share price slide more than 53% in the last 12 months.

This year to date things aren’t faring much better, with shares falling another 30% since January 1.

The post Azure Minerals (ASX:AZS) share price leaps 10% on new copper and nickel discoveries appeared first on The Motley Fool Australia.

More reading

• Here’s why the OZ Minerals (ASX:OZL) share price hit a 13-year high today
• Why Alcidion, Magellan, Redbubble, and Seven West shares are dropping
• Why Hipages, IGO, Talga, and Vulcan shares are storming higher
• Own Coles (ASX:COL) shares? Here’s how the share price performed in November
• What’s boosting the Electro Optic (ASX:EOS) share price today?

The author has no positions 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to continue its winning streak but is falling just a touch short. At the time of writing, the benchmark index is down slightly to 7,401.7 points.

Four ASX shares that are falling more than most today are listed below. Here’s why they are dropping:

Alcidion Group Ltd (ASX: ALC)

The Alcidion share price is down 14% to 27.5 cents. This follows the completion of the institutional component of the healthcare technology company’s capital raising. Alcidion raised a total of $43.4 million at a 21.9% discount of 25 cents per new share. These funds are being used to acquire UK healthcare technology company Silverlink PCS Software.

Magellan Financial Group Ltd (ASX: MFG)

The Magellan share price is down a further 4.5% to $28.98. This fund manager’s shares have been sold off this week following the surprise exit of its Chief Executive Officer, Dr Brett Cairns. Magellan advised that Dr Cairns is leaving for personal reasons. The company has promoted its Chief Financial Officer, Ms Kirsten Morton, to the top job on an interim basis.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has sunk 9% to $3.01. This ecommerce company’s shares have been sold off this week after being dumped out of the ASX 200 at the quarterly rebalance. In other news, this morning UBS initiated coverage on this ecommerce company’s shares with a neutral rating and $3.45 price target.

Seven West Media Ltd (ASX: SWM)

The Seven West Media share price is down 3% to 62 cents. This is despite the media company’s takeover of Prime Media Group (ASX: PRT) getting a boost today. This morning the Australian Competition and Consumer Commission (ACCC) revealed that it will not oppose the sale of Prime’s business and assets to Seven. Shareholders will be voting on the transaction later this month.

The post Why Alcidion, Magellan, Redbubble, and Seven West shares are dropping appeared first on The Motley Fool Australia.

More reading

• Seven West Media (ASX:SWM) share price dips despite ACCC green light on Prime Media deal
• Why is the Alcidion (ASX:ALC) share price down 14% today?
• The Magellan (ASX:MFG) share price has lost 40% in 6 months. What now?
• Why Carsales, Magellan, Nickel Mines, and Sigma shares are dropping
• Alcidion (ASX:ALC) share price halted amid acquisition news

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 Alcidion Group Ltd. The Motley Fool Australia has recommended Alcidion Group 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to continue its winning run. At the time of writing, the benchmark index is up slightly to 7,411.8 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Hipages Group Holdings Ltd (ASX: HPG)

The Hipages share price is up 3% to $3.74. Investors have been buying the online tradie marketplace provider’s shares after it announced the acquisition of Builderscrack for A$11.8 million. It is New Zealand’s leading online tradie marketplace with 4,000 active tradies and 200,000 registered homeowners across the NZ$26 billion total addressable market.

IGO Ltd (ASX: IGO)

The IGO share price is up 3% to $10.50. This appears to have been driven by a bullish broker note out of Citi. According to the note, the broker has upgraded IGO’s shares to a buy rating from neutral with a price target of $12.40. Citi likes IGO due to its exposure to lithium through its Greenbushes and Kwinana operations in Western Australia.

Talga Group Ltd (ASX: TLG)

The Talga share price is up 13% to $1.56 after announcing drilling results from its wholly-owned Vittangi Graphite Project in Sweden. According to the release, Talga achieved spectacular graphite results from six new drill holes of the 56-hole program completed earlier this year.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price is up 16% to $11.31. Investors have been buying this lithium developer’s shares after it signed a binding lithium hydroxide offtake agreement with the world’s largest automaker, Volkswagen Group. From 2026, Volkswagen will purchase a minimum of 34,000 tonnes and a maximum of 42,000 tonnes of battery grade lithium hydroxide over a five-year term.

The post Why Hipages, IGO, Talga, and Vulcan shares are storming higher appeared first on The Motley Fool Australia.

More reading

• Talga (ASX:TLG) share price surges 12% on ‘spectacular’ drilling results
• IGO (ASX:IGO) share price storms higher on broker upgrade
• ASX 200 (ASX:XJO) midday update: Sydney Airport takeover update, Santos falls
• Vulcan Energy (ASX:VUL) share price shoots 12% higher on Volkswagen deal
• Goldman Sachs loves these ASX tech shares

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 Hipages Group Holdings Ltd. The Motley Fool Australia has recommended Hipages Group Holdings 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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As you probably know by now, the S&P/ASX 200 Index (ASX: XJO) had a wild, woolly and not too wholesome month of November. The ASX 200 ended up going backwards by around 0.92% over the month just gone, falling from 7,232.7 points at the start of November to 7,256 pints by the end. But how did the Coles Group Ltd (ASX: COL) share price fare?

Coles is, after all, one of the ASX 200’s largest blue chip consumer staples shares (a sector with a reputation for defensiveness and stability). Earlier this week, my Fool colleague Brooke covered Coles’ arch-rival Woolworths Group Ltd (ASX: WOW), and its rather spectacular eleventh month of 2021. Woolworths shares ended up giving investors a hefty 7.2% return. That was despite a lack of tangible news or developments out of the company during the month.

So how did Coles measure up?

Well, Coles started November at a share price of $17.14. On Tuesday 30 November, Coles shares closed at $18.02 each. That’s a gain of 5.13%. Not quite as impressive as Woolies. But still a meaningful and no-doubt pleasing outperformance of the ASX 200.

So what went right for Coles over the month?

Coles share price shows the ASX 200 how it’s done

Well, the first thing to note is that Coles held its annual general meeting last month, back on 10 November. As we covered at the time, this AGM saw Coles’ management chart its path forward from FY2021, with CEO Steven Cain telling investors that “in many ways, your company is exiting the pandemic a better business”.

Coles also conformed that its ‘Smarter Selling’ cost-cutting program had now netted more than $550 million in savings. Additionally, Cain said that he was “optimistic on the outlook for the Christmas period as Australians adjust to life after lockdown and are once again able to enjoy time with family and friends”.

At the time, this AGM received a lukewarm reception, with the Coles share price dipping in the immediate aftermath. But investors seemed to give it a second look afterwards, seeing as Coles shares were up more than 1.6% by the following week.

Another factor that may have had a hand in Coles’ impressive November was some love from ASX brokers. As my Fool colleague James covered last month, days after Coles’ AGM saw broker Citi release a bullish note on Coles shares. Citi rated Coles as a ‘buy’ with a 12-month share price target of $19.60. Citi reckons Coles shares are cheap compared to Woolworths, pointing to “supply chain cost pressures, moderating fruit deflation and pent up demand” as tailwinds.

So these factors may have been at play for Coles shares’ stellar November. At today’s Coles share price of $17.92 (so far), this ASX 200 stalwart has a market capitalisation of $23.93 billion, with a dividend yield of 3.4%.

The post Own Coles (ASX:COL) shares? Here’s how the share price performed in November appeared first on The Motley Fool Australia.

More reading

• Why is the Metcash (ASX:MTS) share price smashing Coles this year?
• These ASX 200 dividend shares have generous fully franked yields
• Coles (ASX:COL) hauled to court over $115 million in underpayments
• 3 ASX dividend shares brokers rate as buys right now
• Is the Coles (ASX:COL) share price a buy in the lead up to Christmas?

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 owns and has recommended COLESGROUP DEF SET. 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 Electro Optic Systems Hldg Ltd (ASX: EOS) share price is edging higher during afternoon market trading. This comes after the defence contractor announced a successful demonstration of its C4 Edge program.

At the time of writing, the Electro Optic Systems share price is up 2.21% to $2.54.

What did the defence contractor announce?

In today’s statement, Electro Optic Systems advised that the Australian Army-sponsored industry initiative, the C4 Edge program, has achieved a major milestone.

A battlegroup and below prototype demonstration took place at the Majura Field Firing Training Range in the ACT on Monday.

The demonstration involved a number of mounted, dismounted, and uninhabited platforms across a single network in a combat environment.

Electro Optic Systems said high-ranking Australian military commanders were in attendance to watch the test.

C4 Edge is a collaborative industry program involving 30 businesses. It aims to provide battle critical communications solutions for military operations on land.

This incorporates locally-sourced combat radios, satellite terminals, cryptography, networking middleware, command applications, user interfaces, batteries, and power management into a coherent system.

The government defence industry policy has sought greater emphasis on sovereign solutions. As such, the defence department’s potential investment in all land C4 programs is estimated to exceed $5 billion over the next decade.

EOS defence systems Australia CEO, Matthew Jones, commented:

C4 EDGE as a demonstration of Australian industry capability has surpassed expectations – proving that it has the capacity, capability and will to deliver a C4 system that can meet the future needs of the Australian Army. C4 EDGE has delivered a roadmap for the development of the sovereign C4 eco-system including options to take the demonstration proof of concept through to commercial production.

Electro Optic Systems share price snapshot

It has been a difficult year for Electro Optic Systems shareholders, with the share price tumbling about 60%. The company’s share price fell to a 52-week low of $2.28 this week before rebounding strongly.

Electro Optic Systems commands a market capitalisation of $381 million and has about 150.9 million shares on issue.

The post What’s boosting the Electro Optic (ASX:EOS) share price today? appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• These are the 10 most shorted ASX shares
• The Electro Optic Systems (ASX: EOS) share price is having a shocker of a month. Is it now a buy?
• These are the 10 most shorted ASX shares
• These are the 10 most shorted ASX shares

Motley Fool contributor Aaron Teboneras owns Electro Optic Systems Holdings Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns and has recommended Electro Optic Systems Holdings Limited. The Motley Fool Australia owns and has recommended Electro Optic Systems Holdings 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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The Genex Power Ltd (ASX: GNX) share price shot up 12% to 21.5 cents in early trade today, after the company signed off on a deal with green energy giant, Tesla Motors Australia Pty Ltd. 

Shares in the Australian power generation company have since retreated to 20.5 cents apiece, up 7.89 cents at the time of writing.

Under the deal, Genex’s Bouldercombe Battery Project, operating out of Rockhampton, Queensland, will integrate Tesla’s real-time trading and control platform, Autobidder. The aim is to “optimise dispatch behaviour from the BBP, maximising revenue and operating efficiency”.

Genex CEO James Harding called the news a “key milestone” in moving the project towards a financial close.  

Why is the Genex share price lifting?

Back in early October, the company announced that Tesla would supply 40 of its Megapack utility-scale battery energy storage systems (BESS) to the project, and would be warrantied for 20 years. 

The agreement also states that Tesla “will provide a minimum level of contracted revenues to support project financing of the development of BBP”, which will help push towards financial close. 

Investors appear to welcome the news as Australia moves towards a greener, more renewable future.

Genex has promised that its portfolio of renewable power projects will provide clean energy to more than 350,000 homes by 2025, offsetting almost two megatonnes of CO2 per annum. 

Here’s how Genex has performed recently…

The Genex share price has appeared relatively stable over the past 12 months, up 7.89%.

It saw dips occurring in early April and towards the end of November — coinciding with the financing for the Kidston Pumped Hydro Storage Project (K2 Hydro), and the sudden sell of director Simon Kidston’s shares just a few months later. 

At the time of writing, Genex has a market capitalisation of around $219 million.

The post The Genex (ASX:GNX) share price shot up 12% earlier today. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why has the AFIC (ASX:AFI) share price had such an average start to December?
• Seven West Media (ASX:SWM) share price dips despite ACCC green light on Prime Media deal
• Why has the BARD1 (ASX:BD1) share price vanished from the ASX boards?
• Why is the Alcidion (ASX:ALC) share price down 14% today?
• Could Camplify (ASX:CHL) become the Airbnb of RVs? Here’s what Motley Fool analyst Benny Ou thinks

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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