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The National Australia Bank Ltd (ASX: NAB) share price hit its highest point in more than 2 years today. Meanwhile, the bank’s boss welcomed the Australian Government’s plan to reach net-zero emissions by 2050.

NBA CEO Ross McEwan addressed the Federal Government’s Long-Term Emissions Reduction Plan, aiming to see the nation reach carbon neutrality by 2050. He stated the commitment was the “right and sensible approach”.

At market close today, the NAB share price is $29.30. That represents a 1.38% gain from its previous close, and a 2-year record high.

For context, the S&P/ASX 200 Index (ASX: XJO) closed in the green by the skin of its teeth, sporting a 0.07% gain. Meanwhile, the All Ordinaries Index (ASX: XAO) finished the day falling 0.017%.

Meanwhile, the Commonwealth Bank of Australia (ASX: CBA) share price is leading the other big four banks on Wednesday, gaining 0.95%. The Australia and New Zealand Banking Group Ltd (ASX: ANZ) share price has brought up the rear, falling 0.07%.

Let’s take a closer look at McEwan’s comments on Australia’s shiny new commitment to net-zero.

NAB share price gains amid national net-zero plan

The NAB share price took off today amid McEwan’s public endorsement of net-zero emissions and reiteration of the bank’s commitment to carbon neutrality:

Climate action is everyone’s job. NAB wants to be part of the solution. We fully support net zero by 2050 and acknowledge our role in achieving that as a bank.

Last year, NAB celebrated achieving a decade of carbon neutrality. That’s right, the bank’s operations were deemed carbon neutral by the organisation now known as Climate Active way back in 2010. However, NAB hasn’t stopped there:

We are on track to achieve a net zero emissions lending portfolio by 2050.

Additionally, the bank has committed more than $11.5 billion to support 150 renewable energy transactions since 2003.

The post NAB (ASX:NAB) share price hits 2-year high, CEO welcomes net zero commitment appeared first on The Motley Fool Australia.

More reading

• The NAB (ASX:NAB) share price is outperforming its rivals this month: Is it a buy?
• Own NAB (ASX:NAB) shares? Here’s how the bank upset activists this week
• Own Afterpay (ASX:APT) shares? Here’s how the big banks are honing in on the BNPL sector
• NAB (ASX:NAB) share price nudges 2-year, post-COVID high
• What is the outlook for the NAB (ASX:NAB) share price?

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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Today, the S&P/ASX 200 Index (ASX: XJO) was knocked around following CPI data. However, the benchmark index finished 0.07% higher to 7,448.7 points.

While there were more ASX 200 shares in the red than there were in the green on Wednesday, two sectors performed strongly. Both healthcare and communication shares were well in the green by the end of the day. On the other hand, consumer staples and miners dragged on the rest of the market.

The question is: which shares delivered the biggest returns to investors on the ASX today? Here are the ten stocks that rose to the occasion:

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, Uniti Group Ltd (ASX: UWL) was the biggest gainer today. Shares in the telecommunications company increased by 5.16%. This move followed the announcement of the company undertaking a share buyback. Find out more about Uniti Group here.

The next biggest gaining ASX share today was Reliance Worldwide Corporation Ltd (ASX: RWC). The plumbing parts company experienced a 5% gain in its share price today. Investors were keen to buy shares in Reliance following a positive broker note from Macquarie analysts this morning. Uncover the latest Reliance Worldwide details here.

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

ASX-listed company	Share price	Price change
Uniti Group Ltd (ASX: UWL)	$4.175	5.16%
Reliance Worldwide Corporation Ltd (ASX: RWC)	$5.46	5.00%
Whitehaven Coal Ltd (ASX: WHC)	$2.84	4.41%
Computershare Ltd (ASX: CPU)	$18.90	4.02%
Sonic Healthcare Ltd (ASX: SHL)	$40.81	3.98%
Netwealth Group Ltd (ASX: NWL)	$17.93	3.52%
Telstra Corporation Ltd (ASX: TLS)	$3.92	3.16%
Link Administration Holdings Ltd (ASX: LNK)	$4.49	2.75%
Centuria Capital Group (ASX: CNI)	$3.36	2.44%
Flight Centre Travel Group Ltd (ASX: FLT)	$20.01	2.30%

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

• These 3 ASX 200 shares are topping the volume charts on Wednesday
• Why Life360, Nitro, Reliance Worldwide, and Uniti shares are charging higher
• ASX 200 (ASX:XJO) midday update: A2 Milk crashes, Woolworths tumbles
• 2 ASX 200 growth shares that could be buys
• 5 things to watch on the ASX 200 on Wednesday

Motley Fool contributor Mitchell Lawler owns shares of Sonic Healthcare Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Link Administration Holdings Ltd, Netwealth, and Reliance Worldwide Corporation Limited. The Motley Fool Australia owns shares of and has recommended Netwealth and Telstra Corporation Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited, Reliance Worldwide Corporation Limited, Sonic Healthcare Limited, and Uniti Group 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 Sparc Technologies Ltd (ASX: SPN) share price soared on Wednesday afternoon, closing up 15%. This comes after the South Australia-based company announced a joint venture with the University of Adelaide to develop ‘ultra-green’ hydrogen technology.

Shares in the technology solutions company finished the day at $1.03 after hitting an all-time high of $1.16 earlier in the session.

Let’s flesh out the details of this newly-made joint venture involving ASX-listed Sparc Technologies.

Another ASX company diving into hydrogen

The flavour of the year seems to be green hydrogen, among other alternative energy sources. As the pressure to transition to renewables rises, so have the share prices of any company on the ASX that is dabbling in the industry.

All the excitement might be warranted considering the large addressable market potentially on offer. As discussed previously, Australia is currently utilising renewables for only 24% of its total electricity generation. In addition, research suggests a further 5 to 10-fold increase in low carbon technologies is necessary to meet our Paris Accord targets.

That said, a new hydrogen contestant has entered the fray on Wednesday. Sparc Technologies seeks to do hydrogen production a little differently from the rest — hence the ‘ultra-green’ terminology.

Typically, green hydrogen is produced using renewable electricity (solar, wind) to conduct electrolysis using an electrolyser.

Meanwhile, Sparc’s proposed technique entails solar radiation being directly applied to a reactor where photocatalytic water splitting takes place. This removes the need for expensive electrolysers, resulting in a significantly reduced capital expenditure. Investors were likely bidding up the share price of ASX-listed Sparc Technologies due in part to this development.

This technology has been jointly devised by Sparc and its partners at the University of Adelaide (UA) and Flinders University.

In its announcement today, the company has executed a non-binding term sheet with UA to form a joint venture hydrogen technology company. According to the release, Sparc will hold a 72% stake with UA holding the other 28% in Sparc Hydrogen Pty Ltd.

Under the agreement, Sparc Hydrogen will have an exclusive license to 100% of UA’s Project intellectual property. Conversely, Sparc Technologies will develop graphene coatings to be applied to the photocatalyst.

Sparc Technologies share price snapshot

In the last year, ASX-listed Sparc Technologies has skyrocketed in value. While the share price floundered for the first half of this year, it has since taken off. As a result, shares in the company are now up 234% in the past 12 months.

For context, the S&P/ASX 200 Index (ASX: XJO) is up a mere 23% over the same time period.

The post Sparc Technologies (ASX:SPN) joins the green hydrogen boom, up 15% appeared first on The Motley Fool Australia.

More reading

• Propel Funeral (ASX:PFP) share price edges higher on Share Purchase Plan opening
• Will an Ethereum ETF follow in Bitcoin’s footsteps?
• These 3 ASX 200 shares are topping the volume charts on Wednesday
• Why is the Regis Resources (ASX:RRL) share price down 6% today?
• Could the BlueScope (ASX:BSL) share price hit $27 by the end of 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. 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 Propel Funeral Partners Ltd (ASX: PFP) share price is pushing into positive territory during late afternoon trade. This comes after the funeral operator provided an update on its capital raising efforts today.

At the time of writing, Propel Funeral shares are 0.47% higher at $4.25 apiece. In comparison, the All Ordinaries Index (ASX: XAO) is hovering 0.05% lower to 7,755.4 points.

What did Propel Funeral announce?

According to the release, Propel Funeral advised it has opened up a Share Purchase Plan (SPP) following a successful placement.

On October 19, the company revealed that it has received overwhelming support to raise $50.2 million via an institutional placement. The firm commitments came from new and existing institutional investors.

About 12.25 million shares were issued at a price of $4.10 per share. This represented a 7.2% discount to the last traded price of $4.42 before the announcement on 15 October.

The company decided to allow its remaining shareholders to participate in a $10 million SPP based on the following terms.

The new shares to be issued under the SPP will be offered at an issue price equal to the lowest of:

• $4.10, being the placement price;
• a 2% discount to the 5-day volume weighted average price of Propel Funeral shares traded on the ASX up to and including the closing date of the SPP; and
• a 2% discount to the closing price of Propel Funeral shares traded on the ASX on the closing date of the SPP.

Eligible investors will be able to apply for up to a maximum amount of $30,000 worth of new shares.

Furthermore, Propel Funeral directors also confirmed their intention to participate in the SPP.

The closing date for the SPP will fall on 17 November, with allotment on 23 November.

The funds raised will be used to pay down debt in providing financial flexibility to pursue further growth initiatives. Upon completion of both placements, Propel Funeral’s historical pro forma will see the following:

• Net leverage ratio will reduce to around 1.1 times; and
• Available funding capacity will increase to about $150 million.

Management commentary

Propel Funeral managing director, Albin Kurti touched on the placement, saying:

We are delighted by the support received from Propel’s existing institutional shareholders and to be welcoming new institutional investors, who will broaden Propel’s share register.

… We believe this is the right time to further strengthen our balance sheet, as the Company seeks to continue to execute on its acquisition led growth strategy in what is a highly fragmented industry.

About the Propel Funeral share price

Over the past 12 months, Propel Funeral shares have rallied around 45% higher, reflecting modest investor sentiment. However, since the start of 2021, the company’s share price is up almost 50% alone.

On valuation grounds, Propel Funeral presides a market capitalisation of roughly $486.8 million, with approximately 114.5 million shares outstanding.

The post Propel Funeral (ASX:PFP) share price edges higher on Share Purchase Plan opening appeared first on The Motley Fool Australia.

More reading

• Why BHP, Propel, Silver Lake, and Tabcorp shares are falling
• Which ASX 300 shares are the biggest winners and losers on Tuesday?
• Why is the Propel Funeral (ASX:PFP) share price down 7% today?
• Propel Funeral (ASX:PFP) share price halted ahead of cap raise
• Propel Funeral (ASX:PFP) share price on watch after first quarter update

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 recommended Propel Funeral Partners 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 Ethereum (CRYPTO: ETH) price is flat over the past 24 hours and up 11% over the last 7 days.

One Ether is currently worth US$4,285 (AU$5,696). That gives the world’s number 2 crypto a market cap of some US$506 billion, according to data from CoinMarketCap.

Bitcoin (CRYPTO: BTC), meanwhile, has slipped 4.1% over the last 7 days, currently trading for US$61,339. But then most analysts had been forecasting a retrace in the Bitcoin price, following last Wednesday’s all-time high-water mark of US$66,930.

BITO helps drive Bitcoin’s price surge

A number of factors aligned over the past month to help drive the Bitcoin price higher.

High among those was the launch of the first US-listed futures-based Bitcoin exchange-traded fund (ETF) last week. (You can get those details here.)

The first day of trading for the ProShares Bitcoin Strategy ETF (NYSE: BITO) beat most every expectation. Turnover on the first day was approximately US$1 billion.

Now, similar factors may be in store for Ethereum. This week it’s due for an upgrade to increase the network speed and possibly bring down user fees.

Upgrade aside, rumours are circulating of a potential Ethereum-tracking ETF launching in US markets.

An Ethereum ETF?

As Bloomberg reports, “crypto liquidity provider B2C2” says that crypto bulls are “using the options market to position for a potential Ether futures exchange-traded-fund announcement.”

According to Bloomberg Intelligence strategist Mike McGlone:

The dollar value of Ethereum futures open interest rising to where Bitcoin was in July indicates that ETFs tracking the No. 2 crypto should be a matter of time. ETF providers have been discouraged by the SEC from launching products on Ethereum, but futures trading, demand-pull forces and competition suggest its inevitability.

While an Ethereum ETF would likely increase the cryptos appeal to institutional investors and those not wishing to deal with crypto wallets and access keys, there are, of course, no guarantees this would sustainably push up the long-term price.

Investors shouldn’t lose sight of the volatility. Remember, as recently as 19 July, Ethereum was trading for as little as US$1,787.

The post Will an Ethereum ETF follow in Bitcoin’s footsteps? appeared first on The Motley Fool Australia.

More reading

• How this ‘systemic risk’ could take down Bitcoin: experts
• Why has the DigitalX (ASX:DCC) share price rallied 57% in a month?
• This cryptocurrency is a 130-bagger just this year
• Here’s what’s next for the Bitcoin price: expert panel
• Why cryptocurrencies are moving wildly today

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. 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) is having a rather strange day of trading this Wednesday. At the time of writing, the ASX 200 is sitting at 7,444.1 points, up 0.01% for the day. However, it has been both up and down today — and by quite large margins too.

So rather than dwelling on this erratic volatility, let’s instead check out the ASX 200 shares that are topping the trading volume charts so far today, according to investing.com.

3 most active ASX 200 shares by volume this Wednesday

South32 Ltd (ASX: S32)

Diversified ASX 200 miner South32 is our first share up today. We have seen a hefty 12.3 million South32 shares trade owners on the share market so far. There’s not much in the way of news or announcements that might explain this elevated trading volume.

However, the South32 share price has been bouncing around today. It’s currently up 0.13% at the time of writing to $3.725 a share after going as low as $3.66 this morning. It might be this volatility that’s causing so many South32 shares to trade today, perhaps combined with this company’s ongoing share buyback program.

A2 Milk Company Ltd (ASX: A2M) 

Our second share to examine today is the embattled ASX 200 dairy company A2 Milk. A2 has seen a whopping 20.32 million of its shares swap hands so far this Wednesday. This is almost certainly due to the nasty share price tumble this company is presently experiencing.

Currently, A2 shares are down a depressing 12.26% to $6.01 a share. This drop was triggered by an investor update the company released this morning which announced a new deal with the US chocolate company Hershey’s, as well as some guidance. Investors have evidently been disappointed by what A2 had to say.

Telstra Corporation Ltd (ASX: TLS)

Our final, and most traded share so far today, is the ASX 200 telco Telstra. Telstra has seen a sizeable 22.02 million of its shares bought and sold on the markets today thus far.

But, in contrast to A2, this seems to be due to a healthy share price appreciation. Telstra is up by a robust 2.89% so far today to $3.91 a share. This appears to be driven by continuing positive sentiment over the company’s plans to buy the Pacific-based telco Digicel, as my Fool colleague James covered earlier today.

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

More reading

• Why A2 Milk, Codan, EOS, and Woolworths shares are sinking
• ASX 200 (ASX:XJO) midday update: A2 Milk crashes, Woolworths tumbles
• Why the Telstra (ASX:TLS) share price is surging higher today
• A2 Milk (ASX:A2M) share price crashes 12% on investor update
• A2 Milk (ASX:A2M) share price on watch following investor update

Motley Fool contributor Sebastian Bowen owns shares of A2 Milk and 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 shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended A2 Milk. 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 Regis Resources Limited (ASX:RRL) share price is sliding lower for the second day in a row.

The dip follows on from the release of the company’s quarterly update. The Regis Resources share price fell 5.7% yesterday on the back of its activity report for the quarter ended 30 September. That slump appears to have continued into today’s session.

At the time of writing, the Regis Resources share price is $2.01, 6.07% lower than its previous close.

Let’s take a look at how the first quarter of financial year 2022 went for the gold miner.

What’s weighing on the Regis Resources share price?

The Regis Resources share price is falling once more and its quarterly activities report, which details a drop in production, might be to blame.

Over the quarter just been, Regis Resources saw its gold production fall 11% on that of the previous quarter.

While its production dropped, the company’s all-in sustaining costs increased by 9.7% to reach $1,521 per ounce.

Regis Resources’ managing director Jim Beyer said the tough quarter was due to pre-planned lower production colliding with unexpected challenges.

One unexpected weight on the company’s production was its high staff turnover.

The increased turnover forced the company to employ less experienced workers and implement more staff training.

Regis Resources noted staff turnover seemed to be an industry-wide issue over the quarter, driven by heightened demand for workers due to COVID-19 travel restrictions in Western Australia.

Additionally, it noted soon-to-be mandatory COVID-19 vaccinations might impact its staff retention in the future.

Despite the quarter sounding particularly bleak for Regis Resources, the company retained its previously issued guidance.

Over financial year 2022, the company expects to produce between 460,000 and 515,000 ounces of gold.

It also expects its all-in sustaining costs to be between $1,290 and $1,365 per ounce for the 12 months ending 30 June 2022.

The post Why is the Regis Resources (ASX:RRL) share price down 6% today? appeared first on The Motley Fool Australia.

More reading

• Why Mineral Resources, Paladin Energy, Regis, and Smartgroup are sinking
• Regis Resources (ASX:RRL) share price drops on quarterly update
• 5 things to watch on the ASX 200 on Thursday
• Top brokers name 3 ASX shares to sell next week
• 5 things to watch on the ASX 200 on Thursday

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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In afternoon trade, the BlueScope Steel Limited (ASX: BSL) share price is trading lower.

At the time of writing, the steel producer’s shares are down 1% to $21.26.

Not that longer term shareholders will be too fazed. The BlueScope share price is still up 21% year to date.

Could the BlueScope share price rise to $27.00 by the end of the year?

Despite the impressive gain by the BlueScope share price this year, one leading broker still believes it can go a lot higher.

According to a note out of Citi this week, its analysts have retained their buy rating and $27.50 price target on the company’s shares. In addition, the broker is forecasting an unfranked 50 cents per share dividend in FY 2022.

Based on the current BlueScope share price, this implies a potential return of 29% before dividends and over 31% including them.

In light of this, it appears as though the team at Citi see scope for BlueScope’s shares to be trading around the $27.00 mark come the end of the year.

What did the broker say?

Citi is bullish on the BlueScope share price due to its belief that the company will deliver a very strong profit result (>100% increase in net profit) in FY 2022. It also notes that the company has recently upgraded its guidance to reflect a stronger than expected performance.

The broker commented: “We update our model following revised guidance from BSL. The company now expects 1H FY2022 EBIT to be in the range of $2.1 to $2.3b (previous guidance $1.8-2.0b). Subsequently we raise our 1H FY22 EBIT est. to $2.24b (previously $1.91b). Key driver behind new guidance is strong North Star HRC spreads, better ASP volumes and strong momentum in NA coated products business. BSL will provide more detail on trading conditions at its 2021 AGM (scheduled for 18 November). We maintain our Buy call and A$27.50/shr target price.”

All in all, this could make BlueScope one to watch in the coming months.

The post Could the BlueScope (ASX:BSL) share price hit $27 by the end of 2021? appeared first on The Motley Fool Australia.

More reading

• HESTA boss calls out ASX 300 companies without net-zero targets
• BlueScope (ASX:BSL) share price rises on earnings upgrade
• The BlueScope (ASX:BSL) share price has dropped 5% in a week. What’s happening?
• 5 things to watch on the ASX 200 on Wednesday
• These were the 5 worst performing ASX 200 shares in September

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

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The Sonic Healthcare Limited (ASX: SHL) share price is having a strong session this hump day.

At the time of writing, shares in the medical diagnostics company are trading for $40.73, up 3.77%. For context, the S&P/ASX 200 Index (ASX: XJO) is practically even on yesterday’s close.

The company hasn’t released any price sensitive news recently. So, what’s going on?

Let’s take a closer look.

Could learning to ‘live with COVID’ be the reason?

Since the first case of the delta variant of COVID in late June, thousands upon thousands of cases have been detected across the Australian mainland – shutting down New South Wales, Victoria, and the ACT for extended time periods.

But those days are over.

NSW and Victoria are out of lockdown and the ACT is practically there. Quarantine for international travel will also soon be a thing of the past. Australia has become a highly vaccinated country and is learning to live alongside the insidious virus.

Part of living with the virus means testing — and Sonic is the largest private testing provider in the country. It’s raked in millions of dollars from government as people get tested by the tens of thousands. The Sonic share price had a massive rise during this latest outbreak. It’s jumped 10.9% since the original case was detected in the Sydney limo driver.

Testing, contact tracing, and isolating positive COVID patients will still be a part of the Australian response to the disease.

As well, the Commonwealth government has today revealed the end of Australia’s closed border policy. Come 1 November, Australians will no longer need a reason to leave the country. The date coincides with the day NSW and Victoria end all quarantine requirements for vaccinated travellers.

However, to fly overseas, passengers will need to conduct a PCR (polymerase chain reaction) test within 72 hours before departure. These tests can only be done in a clinical setting, meaning Sonic’s revenue stream is not drying up anytime soon.

Investors may be jumping on this news, thus, potentially leading to a rising Sonic share price.

Sonic share price snapshot

Over the past 12 months, the Sonic share price has risen 13.5%. Since the start of 2021, shares in the medical company have risen 26.5%. Its 52-week high is $43.99 and its 52-week low is $30.21.

Sonic Healthcare has a market capitalisation of approximately $19.5 billion.

The post The Sonic Healthcare (ASX:SHL) share price is rising this Wednesday appeared first on The Motley Fool Australia.

More reading

• 2 ASX 200 growth shares that could be buys
• These ASX dividend shares keep giving investors a payrise
• Brokers name 3 ASX shares to buy today
• Top brokers name 3 ASX shares to buy today
• Top broker says Sonic (ASX:SHL) share price is a buy

Motley Fool contributor Marc Sidarous 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 Sonic Healthcare 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 Wesfarmers Ltd (ASX: WES) share price has been a strong mover in the last couple of weeks. This comes as the retail conglomerate has been busy focusing on its sales growth across the business line.

During late afternoon trade, Wesfarmers shares have bounced from negative territory to being flat at $58.

What’s going on with Wesfarmers?

Interestingly, October has been a relatively quiet month for Wesfarmers despite a flurry of announcements in the months prior.

The company recently held its annual general meeting (AGM), which provided some insights on its developments throughout the year.

Briefly summing up the event, Wesfarmers chair Michael Chaney noted that despite COVID-19 disruptions, the company continued to increase profits. This predominately came from its diversified business model and management’s efforts to keep Bunnings, Kmart and Target stores open.

In addition, Wesfarmers reiterated its all-cash proposal to acquire Australian Pharmaceutical Industries Ltd (ASX: API) for $1.55 per share.

Earlier this month, Wesfarmers bought 95.1 million API shares for $1.38 each, representing a 19.3% stake in the company. It noted that it’s progressing with due diligence investigations in support of the proposal.

Last week, New Zealand investment bank Jarden, raised its price target for Wesfarmers shares by 1% to $60.60.

Credit Suisse also followed suit, lifting its rating by 0.8% to $60.38 apiece. Based on the current Wesfarmers share price, this implies an upside of around 4.1% on Credit Suisse’s latest assessment.

Without a doubt, Wesfarmers is putting its best foot forward by investing in new and emerging opportunities. It continues to maintain a robust balance sheet to provide flexibility to withstand a range of economic outcomes.

Wesfarmers share price snapshot

It’s been an interesting 12 months for Wesfarmers shares, travelling on an upwards trajectory before falling short since mid-August. Its shares have risen almost 25% for the period, and are currently up 15% year-to-date.

Based on today’s price, Wesfarmers commands a market capitalisation of roughly $65.76 billion and has approximately 1.1 billion shares outstanding.

The post Why has the Wesfarmers (ASX:WES) share price leapt 7% in 2 weeks? appeared first on The Motley Fool Australia.

More reading

• Why Citi has a sell rating on the Wesfarmers (ASX:WES) share price
• Top brokers name 3 ASX shares to sell next week
• Own Wesfarmers shares? Here’s why the company is shifting with the times
• 5 things to watch on the ASX 200 on Thursday
• Here’s why the Wesfarmers (ASX:WES) share price is down 4% in a month

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 owns shares of 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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