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The All Ordinaries Index (ASX: XAO) is having a strong day so far on the ASX boards this Tuesday. At the time of writing, the All Ords is up a healthy 0.23% to 7,772 points. That’s the highest level the ASX’s oldest market index has been at since 8 September, a good 7 weeks ago.

While it’s still 1.5% or so from the all-time high of 7,902 points that we saw back in early September, today’s development will still no doubt be welcomed by most ASX investors.

So what’s been pushing the All Ords up to this new 7-week high?

All ordinary companies? The All Ords in focus

To understand that, let’s break down how the All Ords is constructed.

Like most market indexes, the All Ordinaries is weighted by market capitalisation. That means the largest companies by market cap get the largest weighting and influence in the index. Unlike the S&P/ASX 200 Index (ASX: XJO), which covers the largest 200 companies on the ASX, the All Ords extends to the largest 500 companies.

That means that the biggest ASX companies get slightly less weighting in the All Ords than they do in the ASX 200. But there’s not a lot of difference in practice. As such, the All Ords is still very much dominated by the largest 10 companies on the ASX.

According to the index’s provider S&P Global, those 10 companies are presently (as of 30 September) the following:

1. Commonwealth Bank of Australia (ASX: CBA)
2. CSL Limited (ASX: CSL)
3. BHP Group Ltd (ASX: BHP)
4. Westpac Banking Corp (ASX: WBC)
5. National Australia Bank Ltd (ASX: NAB)
6. Australia and New Zealand Banking Group Ltd (ASX: ANZ)
7. Macquarie Group Ltd (ASX: MQG)
8. Wesfarmers Ltd (ASX: WES)
9. Woolworths Group Ltd (ASX: WOW)
10. Telstra Corporation Ltd (ASX: TLS)

Together, these 10 companies constitute 38% of the All Ords’ weighting (for the ASX 200, it’s 44.3%). Commonwealth Bank alone accounts for 7.8% of the All Ords right now (8.9% in the ASX 200). As such, we can say that wherever these 10 companies go, the All Ordinaries is probably going to follow.

So, let’s see how they’ve performed over the past month. CBA shares have gained a healthy 0.94% since 27 September. CSL has lost around 3.04%. BHP has managed to eke out a 1.46% gain. Westpac, NAB 0.73% and ANZ are up by 1.65%, 4.84% and 2.48% respectively.

Meanwhile, Macquarie Group is up a solid 10.51%, with Wesfarmers gaining a more muted 1.27%. Woolworths has managed a 4.15% gain which is almost exactly mirrored by Telstra’s 4.02% loss.

Looking at these numbers, it seems we have the ASX banks, Macquarie and Woolworths to mostly thank for the All Ords’ new 7-week high today.

The post Why is the ASX All Ordinaries lifting to a fresh 7-week high? appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Crown and Pilbara Minerals surge higher
• 5 things to watch on the ASX 200 on Tuesday
• Can the All Ords hit 8,000 points by the end of the year?
• Here are the top 10 ASX shares today
• How do ASX share prices typically perform in November?

Motley Fool contributor Sebastian Bowen owns shares of National Australia Bank Limited and Telstra Corporation Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited, Telstra Corporation Limited, and 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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The GQG Partners Inc. (ASX: GQG) share price has commenced trade on the Australian share market today after completing its highly anticipated initial public offering (IPO).

The good news for investors that took part in the IPO, is that the fund manager’s shares have started very strongly.

At the time of writing, the GQG Partners share price is fetching $2.13. This is 6.5% higher than its listing price of $2.00 per share.

What is GQG Partners?

GQG Partners is a global boutique asset management firm with a focus on active equity portfolios.

It was founded by Executive Chairman and CIO Rajiv Jain and CEO Tim Carver in 2016 and is now managing a total of US$85.8 billion across its investment strategies. The company counts many of the largest pension funds, sovereign funds, wealth management firms, and global financial institutions as clients.

GQG Partners raised approximately $1.2 billion at a price of $2.00 per share from its IPO giving it a market capitalisation of $5.91 billion. The offer price was the bottom end of its IPO price range of $2.00 to $2.20 per share.

Judging by the GQG Partners share price performance this afternoon, it seems that investors saw this as good value and have been picking up shares today.

Furthermore, based on the current GQG Partners share price, the fund manager’s market capitalisation has now increased to $6.3 billion. This brings it a step closer to matching rival Magellan Financial Group Ltd (ASX: MFG), which has a ~$6.6 billion market capitalisation.

The GQG strategy

Mr Jain has previously commented on the GQG strategy.

He explained: “Our goal is quite simple: to compound our clients’ capital over time. To do this, we need to protect assets in difficult markets and participate in rising markets. We have developed an investment approach that strives to do just that, based on a lens we call Forward Looking Quality. This concept ignores the traditional investment constraints associated with growth and value and instead focuses on investing in companies that we believe are going to be successful over the next 5 years and beyond.”

This strategy has worked very well and generated strong returns since 2016. Shareholders will be hoping for more of the same over the next five years.

The post GQG Partners (ASX:GQG) share price storms 6% higher after IPO appeared first on The Motley Fool Australia.

More reading

• GQG Partners (ASX:GQG) share price on watch amid highly anticipated IPO

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 BHP Group Ltd (ASX: BHP) share price is rising on Tuesday.

In early afternoon trade, the mining giant’s shares are up over 1% to $38.36.

Why is the BHP share price rising?

Today’s gain appears to have been driven by a reasonably positive night for a number of key commodities. This led to the Big Australian’s London and US listed shares rising during overnight trade.

In addition to this, some investors may be sensing an opportunity following a recent broker note out of Morgans.

According to the note, the broker has upgraded the company’s shares to an add rating with an improved price target of $46.05.

Based on the current BHP share price, this implies potential upside of 20% for its shares before dividends. This increases to 30% if you include the ~$3.95 per share fully franked dividend the broker is forecasting in FY 2022.

Why is Morgans bullish?

The broker is bullish on BHP’s shares due to their valuation. Its analysts believe recent weakness has created a buying opportunity for investors.

Morgans commented: “Our cautious view on iron ore remains, but the relative value on offer in BHP has grown as: 1) BHP’s share price has fallen (now implying a US$61/t iron ore price), 2) the value of the petroleum demerger has grown with WPL’s share price outperformance (the guided 52/48 WPL/BHP merger split suggests the value attributed to BHP has grown US$3.8bn), and 3) BHP’s robust dividend profile of +10% at the current share price. With these factors in mind, and BHP now trading at a sizable discount to our target price, we upgrade our rating to Add (from Hold).”

All in all, this could make BHP’s shares worth considering if you’re looking for exposure to the resources sector.

The post BHP (ASX:BHP) share price lifts as Morgans tips 20% upside appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• 2 blue chip ASX dividend shares rated as buys
• BHP (ASX:BHP) share price lifts as iron ore prices rebound on Monday
• 5 things to watch on the ASX 200 on Monday
• Top brokers name 3 ASX shares to buy next week

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 Macquarie Group Ltd (ASX: MQG) share price has slumped today, handing back the gains that saw it achieve a major, and relatively rare, milestone this week.

Just yesterday, the Macquarie share price gained 0.7% to reach a new all-time high of $202.50, breaking the $200 barrier for the first time.

By soaring beyond the substantial price point, Macquarie became the third ASX-listed stock to trade at more than $200 apiece.

Right now, only shares in Cochlear Limited (ASX: COH) and CSL Limited (ASX: CSL) trade at more than $200 apiece. They are currently going for $223.44 and $296.88 respectively.

Unfortunately, Macquarie’s stint in the $200 club was short-lived. At the time of writing, the Macquarie share price is $199.78, 0.34% lower than its previous close.

Let’s take a closer look at how Macquarie has been performing on the ASX lately.

Macquarie share price slips below $200 once more

It likely goes without saying the Macquarie share price has been on a roll lately.

Macquarie is a global financial services group. It’s made up of several segments including banking, wealth management, commodity trading, and principal investments.

The company’s stock has been soaring on the ASX this month. Macquarie’s shares are currently trading for 9.7% more than they were at the end of September.

For context, the S&P/ASX 200 Index (ASX: XJO) has gained 1.7% in that time. The S&P/ASX 200 Financials Index (ASX: XFJ) has performed slightly better, gaining 1.9% this month so far.

Macquarie’s strong performance comes despite the company not releasing any price-sensitive news to the market.

However, as the Motley Fool Australia recently reported, Morgan Stanley analysts retained their overweight rating and $240 target on the Macquarie share price last week.  

They stated the financial services company’s green credentials will likely see it with higher revenues as demand for climate-conscious investing increases.

The post Macquarie (ASX:MQG) share price booted from $200 club after only one day appeared first on The Motley Fool Australia.

More reading

• Macquarie (ASX:MQG) share price breaks $200 mark for first time ever, sets new record high
• Brokers name 3 ASX shares to buy today
• ASX 200 (ASX:XJO) midday update: BHP and Rio Tinto fall, Qantas higher
• Aurizon (ASX:AZJ) share price rises amid transformative $2.35bn acquisition
• Another day, another all-time high for the Macquarie (ASX:MQG) 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. owns shares of and has recommended CSL Ltd. and Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Cochlear 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 Tempus Resources Ltd (ASX: TMR) share price is higher today, currently trading up 5.56% at 19 cents each.

Tempus shares are on the move after the company announced a key drilling and exploration update on its Elizabeth Gold project in Canada.

Apparently, the company has intersected a “bonanza” gold target after completing its drilling program at the site.

Here are the details.

What was announced?

Tempus advised it had intersected a new bonanza gold discovery at its Elizabeth site via drill hole EZ-21-12.

The release notes the newly discovered gold vein, known as the “Blue Vein”, has now been extended with five additional intersections over a strike length of 380 metres.

Assays related to the Blue Vein discovery reported almost 34 grams of gold per tonne from 118 metres; 24.6 g/t gold at 0.5m from 131 metres; and 8.4 g/t gold over 0.5m from 164 metres.

This most recent drill hole marks a total of 26 holes drilled for 7,280 metres now completed at Elizabeth so far in 2021. There are still multiple assays pending on the results.

Currently, it has 12 assays awaiting results in the lab while results on the remaining 14 holes have been received in full.

The majority of drill holes have returned a positive result, with most of the holes drilled by Tempus “intersect[ing] gold vein structures” at the site.

Overall, the drilling program at the Elizabeth site is “focused on increasing the size and confidence of the historic inferred resource of around 206,39 ounces of gold”.

Tempus explains that drilling at the site is showing remarkable similarities to the “Bralorne-Pioneer mesothermal vein system, approximately 30km away”.

The Bralorne-Pioneer site was “mined to a depth of 2,000 metres and produced more than 4 million ounces over a period of more than 70 years, from 1900 to 1971”.

If there are similarities at the Elizabeth project, it appears to bode well for the Tempus share price.

Temps Resources share price snapshot

The Tempus Resources share price has struggled this year to date, having posted a loss of 22.5% since January 1.

This extends its loss over the last 12 months to 24%. Both results are well behind the benchmark S&P/ASX 200 Index (ASX: XJO)’s gain of around 21% in that time.

The post Tempus Resources (ASX:TMR) share price leaps 6% on new gold discovery appeared first on The Motley Fool Australia.

More reading

• What’s happening with the Tempus (ASX:TMR) share price this week?

The author Zach Bristow 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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S&P/ASX 200 Index (ASX: XJO) shares are, broadly, pulling the index higher today.

At time of writing the index is up 0.3%.

But it’s tech shares that are leading the way today.

Tech companies leading ASX 200 shares into the green

While ASX 200 shares are up 0.3%, the S&P/ASX 200 Info Tech (ASX:XIJ) is up 1.2% at this same time.

Leading the charge is buy now, pay later (BNPL) giant, Afterpay Ltd (ASX: APT). The Afterpay share price is up 3.6% to $126.97 per share.

Mining communications equipment and metal detector manufacturer Codan Ltd (ASX: CDA) is also performing strongly, up 2.7% to $13.35 per share.

Coming in at number 3 today is Megaport Ltd (ASX: MP1). Shares in the ASX 200 software-defined network service provider are up 2.4% to $17.96 per share.

Why are tech shares outperforming today?

ASX 200 shares in the technology sector look to be getting some tailwinds from strong performance in the United States tech markets.

The tech heavy Nasdaq Composite (INDEXNASDAQ: .IXIC) closed up 0.9% yesterday (overnight Aussie time).

Social media front runner, Facebook, Inc. (NASDAQ: FB) closed up 1.3%. The Facebook share price is up another 1.8% in after hours trading.

Investors appeared pleased with Facebook’s third quarter (Q3) results, which saw the company commit to buying back some US$50 billion of shares. Q3 revenue also increased 35% to US$29 billion.

But the even bigger news, and bigger share price moves came from electric vehicle manufacturer, Tesla Inc (NASDAQ: TSLA). Tesla’s share price closed up a whopping 12.7%, valuing the company at more than US$1 trillion. That makes it the 5th largest listed company in the US.

The huge lift in the Tesla share price came after news that Hertz Global Holdings Inc (OTCMKTS: HTZZ) reported that it had ordered 100,000 Tesla cars.

How have ASX 200 shares been performing?

ASX 200 shares, as a whole, are having a strong year on the continuing recovery from the COVID pandemic  and rock bottom interest rates.

Year to date the index is up 11.6%, having reached an all-time high of 7,628.9 points on 13 August. Since hitting that high, the ASX 200 is down 2.3%.

The post Why ASX 200 tech shares are leading the charge higher today appeared first on The Motley Fool Australia.

More reading

• Why ASX lithium shares are surging higher on Tuesday
• Facebook (NASDAQ:FB) just announced a monster US$50 billion share buyback program
• Core Lithium (ASX:CXO) share price jumps as project construction begins
• Tesla stock price rally places it in the trillion-dollar club
• 2 ASX shares having a shocker that could be bargain buys right now

Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Facebook, MEGAPORT FPO, and Tesla. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Facebook and MEGAPORT FPO. 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 Hazer Group Ltd (ASX: HZR) share price is rallying on Tuesday, up 8.71% to an almost 8-month high of $1.435.

Hazer is developing a low-emissions HAZER Process that can effectively convert natural gas and similar feedstocks into hydrogen and high-quality graphite for both vehicle fuel and energy applications.

Hydrogen ETF hits fresh all-time high overnight

Global X launched its Hydrogen Exchange Traded Fund (ETF) on 14 July when it closed at US$23.93 a piece.

The ETF slumped 16% to all-time lows of US$20.04 by 6 October, coinciding with the broader market selloff driven by factors such as the US debt ceiling, China’s Evergrande crisis, and concerns about rising interest rates.

The Hydrogen ETF has since surged almost 25% from October lows and 5.67% last night, closing at a fresh all-time high of US$24.97 last night.

The surging Hydrogen ETF could be a factor influencing the bullish performance of the Hazer share price on Tuesday.

About the Hydrogen ETF

The Hydrogen ETF invests in companies that “stand to benefit from the advancement of the global hydrogen industry”.

This includes companies engaged in hydrogen production, integration of hydrogen into energy systems, development of hydrogen fuel cells, and other related technologies.

Its top 3 holdings, which make up about 35% of its net assets, include:

• Hydrogen fuel cells developer Plug Power
• Developer and manufacturer of proton exchange membrane fuel cell products Ballard Power Systems
• Solid oxide fuel cell manufacturer Bloom Energy

Interestingly, Bloom Energy shares surged 37.2% overnight after the company signed a deal with South Korean industrial company SK Group.

Unfortunately, there are no ASX-listed hydrogen players within the ETF.

Hazer share price snapshot

The Hazer share price is up 75% year-to-date, with most of its gains taking place between January and early February.

After trading sideways for most of the year, the Hazer share price is climbing in October.

The post The Hazer (ASX:HZR) share price jumps 8% as hydrogen ETF hits all-time high appeared first on The Motley Fool Australia.

More reading

• Why the Hazer (ASX:HZR) share price is lifting today
• The Hydrogen ETF (ASX:HGEN) share price jumped 18% last week
• How fast is green hydrogen growing and which ASX shares could benefit?
• Here’s why ASX hydrogen shares are leaping higher today
• Why are ASX hydrogen shares in the spotlight on Monday?

Motley Fool contributor Kerry Sun 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 Alcidion Group Ltd (ASX: ALC) share price is in negative territory today following the company’s latest quarterly update.

During early afternoon trade, the healthcare technology company’s shares are down 4.17% to 34.5 cents.

How did Alcidion perform in the first quarter of FY22?

In its release, Alcidion advised it has continued to build on FY21’s momentum, leading into the new financial year. However, this has not been reflected in the Alcidion share price today.

For the 3 months ending 30 September (Q1 FY22), new contracted revenue surged to $17.2 million. This represents an increase of 17% over the prior corresponding period.

New contracted revenue grew $2.7 million in the quarter, defying what is historically known as the company’s slowest quarter.

The bulk of the contracted revenue came from recurring revenue ($12.2 million), with non-recurring revenue taking up the remaining portion.

Cash receipts totalled $6.6 million, an improvement of 2.3% compared to this time last year.

On the other hand, operating cash outflow stood at $3.4 million. The outgoings reflected a full quarter of new hires in the second half of FY21 coupled with staff bonuses and GST payments.

At the end of September, Alcidion declared a strong cash balance of $21.5 million.

Notably, a further $3.1 million in revenue has been achieved in the current quarter (Q2 FY22) by 3 significant contracts.

The first relates to a 3-year deal valued at $630,000 with Queen’s Hospital Burton in the United Kingdom. The agreement will see the deployment of ExtraMed’s Inpatient Flow Manager (IPFM).

The second is also a 3-year contract with Sydney Local Health District, worth around $1.8 million in total. This will see the use of Miya Precision in supporting virtual care, initially of acute diverticulitis patients.

And lastly, the third agreement is a $640,000, 3-year extension for ExtraMed’s IPFM Licence and support with Royal Derby Hospital in the UK.

It appears this news has not excited investors, with the Alcidion share price struggling to repeat its gains of yesterday.

Management commentary

Alcidion CEO Kate Quirke commented on the result:

Our pipeline continues to develop with several sizable opportunities now entering the contract negotiation stage which has provided a heightened optimism about the broader opportunity for Alcidion, particularly in the UK market. We are increasingly seeing the potential to cross and up-sell our products to existing customers.

We do however remain cognisant that COVID-19 continues to pose a challenge for healthcare providers worldwide resulting in longer lead times for contract completion.

Alcidion share price review

Although the Alcidion share price might be lower today, shareholders have recorded gains of almost 90% in 2021. When looking at the bigger picture, the last 12 months have seen its shares climb by almost 190%.

Alcidion has a market capitalisation of approximately $361.58 million, with more than 1.05 billion shares on issue.

The post Alcidion (ASX:ALC) share price dips 4% despite positive quarterly update appeared first on The Motley Fool Australia.

More reading

• 3 small cap ASX shares to watch
• Here’s why the Alcidion (ASX:ALC) share price is jumping 5% today
• Top ASX shares to buy in October 2021

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of 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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The Creso Pharma Ltd (ASX: CPH) share price is gaining ground in early trading, currently up around 9% at 12 cents apiece.

Creso Pharma shares are on the move as the company released a prospectus today, amid an acquisition that was completed yesterday.

Here are the details out of the medicinal cannabis company’s corner today.

What was announced?

Creso released a ‘bonus issue prospectus’ relating to the issue of ‘bonus options’ to its shareholders which, it suggests, “should be considered as highly speculative”.

Specifically, the document proposes “a bonus issue of one [bonus] option for every three shares held by those eligible [Creso] shareholders registered at the record date”.

Creso will not receive or raise any funds for the offer, which begs the question – why offer the options in the first place?

The company gives a lengthy explanation of this. It states one purpose is to “reward shareholders for supporting the company”. If only more companies did the same.

However, it appears there is a more pertinent reasoning behind the bonus option issuance.

The options can, in fact, act as a potential source of funding for the company if they are exercised. Under the stipulations, Creso will receive 25 cents for each bonus option exercised, with a total of almost 642 million options on issue.

So, while no funds will be raised directly through the issue of the bonus options, if they are all exercised, the company will receive approximately $99.9 million.

That’s a substantial jump from the company’s cash balance of around $16 million recorded in its half-yearly report in August.

One other benefit of the options strategy is it removes any “trading restrictions attaching to shares issued on exercise of the bonus options issued”.

This effectively enables the option holders to trade the securities on any ASX market that allows options trading.

Building from half-yearly headwinds

As a result of its half-year financial performance to 30 June 2021, Creso incurred a substantial net loss and loss on cash flow from operations.

At the time, Creso disclosed there was a material uncertainty related to “events or conditions that may cast significant doubt upon the group’s ability to continue as a going concern”.

Hence, the company has pulled many strings these past few months to ensure it remains afloat and continues trading.

Measures to preserve cash and liquidity have now started to come through. As such, the board “continues to consider that the company will be able to continue” as a going concern.

It appears the company’s move today serves as prudent capital management and gives the company a liquidity buffer if earnings and/or cash levels take a dent.

The announcement also follows an acquisition announcement yesterday where the company is seeking to strengthen its existing business and diversify operations.

Creso purchased Canadian life sciences company ImpACTIVE which has expertise in CBD-based medicinal products.

It acquired the company on a scrip purchase of $217,000 in Creso shares, valued at 11 cents per share.

The deal widens Creso’s footprint in North America and also increases its CBD exposure in those markets.

Creso Pharma share price snapshot

The Creso Pharma share price has struggled this year to date, having posted a loss of 33.3% since January 1.

Despite this, it has still soared by more than 328% in the last 12 months. This return has outpaced the S&P/ASX 200 Index (ASX: XJO)’s climb of around 21% in that time.

The post Creso Pharma (ASX:CPH) share price spikes on bonus options issue appeared first on The Motley Fool Australia.

More reading

• Here’s why the Creso Pharma (ASX:CPH) share price is leaping 9% today
• Beaten up ASX cannabis shares showing signs of life
• Creso Pharma (ASX:CPH) share price struggles despite study update
• Creso Pharma (ASX:CPH) share price jumps on new deal

The author Zach Bristow 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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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decline. The benchmark index is currently up 0.25% to 7,459.8 points.

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

Crown keeps Melbourne licence

The Crown Resorts Ltd (ASX: CWN) share price is storming higher today after revealing that it will not be stripped of its casino licence in Melbourne. Although the final report of the Royal Commission into Crown’s suitability to run Crown Melbourne found the company unfit, it did not recommend removing its casino licence. Instead, the report recommends Crown keep its casino licence under the close watch of a special manager.

Pilbara Minerals-POSCO joint venture

The Pilbara Minerals Ltd (ASX: PLS) share price is back from its trading halt and surging higher. This morning the lithium producer announced the formation of an incorporated joint venture with Korean giant POSCO. The joint venture will develop and operate a 43ktpa lithium hydroxide monohydrate (LHM) conversion facility in South Korea. Pilbara Minerals will initially hold an 18% stake in the joint venture but has opportunities to increase this to 30% in the future.

Ampol Q3 update

The Ampol Ltd (ASX: ALD) share price is edging higher today following the release of its third quarter update. For the three months ended 30 September, the fuel retailer reported a 76% increase in unaudited EBIT to $102 million. This was largely driven by an improved performance from its Lytton refinery, which offset earnings declines from its Convenience Retail (CR) business due to lockdowns.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Crown share price with a 9% gain. This follows the update on its Melbourne casino licence. The worst performer has been the Mineral Resources Limited (ASX: MIN) share price with a 7% decline following the release of its quarterly exploration and mining activities report.

The post ASX 200 (ASX:XJO) midday update: Crown and Pilbara Minerals surge higher appeared first on The Motley Fool Australia.

More reading

• Pilbara Minerals (ASX:PLS) share price jumps 8% on POSCO joint venture news
• Why ASX lithium shares are surging higher on Tuesday
• Crown (ASX:CWN) share price surges 9% as Victorian casino licence pronounced safe
• Ampol (ASX:ALD) share price higher following Q3 update
• 5 things to watch on the ASX 200 on Tuesday

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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