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The Alumina Limited (ASX: AWC) share price is losing ground in afternoon trade today, trading 0.87% down at $2.27.

Alumina shares are edging lower following a release noting the quarterly earnings of its joint venture (JV) partner, Alcoa Inc.

Read on for more details.

What did Alumina announce?

Alumina gave investors an update of Alcoa’s Q3 FY21 earnings highlights, and its carry through to the pair’s joint venture known as Alcoa World Alumina and Chemicals (AWAC).

Alumina is a 40% owner of AWAC. The bauxite and alumina behemoth, established in 1995, holds about 25% of the global alumina market.

Given the pair’s geographically separate operations that are connected by the gulf of AWAC, Alumina found it prudent to provide a consolidated version of the three entities’ performance in Q3 FY21.

In its report, Alumina says AWAC produced 3.1 million tonnes in its refining business. It also mined 11.1 tonnes of material in Q3. This is a 3% downstep in both from the previous quarter.

The release also notes that the average one-month lagged alumina price index (API) for Q4 to date is approximately $410 per tonne.

This will “drive AWAC’s cash margin significantly higher than the $55 per tonne achieved in the third quarter”.

Alumina advises that the benefits of this increase will be reflected in AWAC’s Q4 earnings, plus the AWAC distributions to Alumina in Q1 FY22.

Alumina’s CEO, Mike Ferraro, said supply disruptions caused “the Chinese import parity price to rise sharply” in Q3.

Speaking about the announcement, Ferraro said:

This has been another solid quarterly performance by AWAC even though production costs remained at elevated levels and alumina prices were subdued due to high freight costs. However, since the end of the quarter, alumina prices have surged from the third quarter average one-month lagged price of $292 per tonne to around $480 per tonne.

The Alumina share price is up about 5.5% in the past week of trading.

Alumina share price snapshot

The Alumina share price has climbed about 21% this year to date and about 58% over the past 12 months.

It has rallied 7% in the past month as broader commodity markets have strengthened.

These returns have outpaced the benchmark S&P/ASX 200 index (ASX: XJO), which is up about 18% in the past year.

The post Alumina (ASX:AWC) share price edges lower on quarterly update appeared first on The Motley Fool Australia.

More reading

• Why Alumina, Aurelia Metals, Netwealth, & Piedmont Lithium are storming higher
• ASX 200 (ASX:XJO) midday update: Westpac’s $1.3bn earnings hit, Ansell sinks
• These were the 5 best performing ASX 200 resources in September
• Alumina (ASX:AWC) share price lifts on project update
• Use the sharp commodity sell-off to buy these ASX 200 mining shares

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing, the benchmark index is up 0.45% to 7,345 points.

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

ARB Corporation Limited (ASX: ARB)

The ARB share price is up 6% to $50.68. This morning the team at Citi upgraded this auto parts company’s shares to a buy rating with a $55.45 price target. The broker made the move in response to an update at ARB’s annual general meeting earlier this week. Citi was pleased with the positive start the company has made to FY 2022.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up 4% to $22.55. Investors have been buying Flight Centre and other travel shares today after the New South Wales government announced plans to remove international travel restrictions from 1 November. Part of the plan will see NSW remove quarantine requirements for incoming travellers that have negative COVID tests.

HUB24 Ltd (ASX: HUB)

The HUB24 share price has risen a further 5% to $32.90. Investors have been buying this investment platform provider’s shares this week following the release of a strong first quarter update. One broker that was impressed was Morgans. In response, the broker retained its add rating and lifted its price target to $34.20. HUB24’s first quarter net inflows were stronger than the broker was expecting.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is up 2% to $5.70. As well as getting a boost from the NSW border reopening plans, this morning Qantas released an announcement of its own. Qantas has agreed to sell its surplus land in Mascot, New South Wales to strengthen its balance sheet and pay down debt. LOGOS Property Group will be acquiring the 13.8 hectares of land for $802 million.

The post Why ARB, Flight Centre, HUB24, and Qantas shares are rising today appeared first on The Motley Fool Australia.

More reading

• The final Hub24 (ASX:HUB) dividend is being paid today. Here’s what you should know
• ASX 200 (ASX:XJO) midday update: Rio Tinto cuts guidance, Treasury Wine disappoints
• Qantas (ASX:QAN) share price rises after $800 million land sale agreement
• 5 things to watch on the ASX 200 on Friday
• Why the HUB24 (ASX:HUB) share price jumped 11% to a record high today

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 shares of and has recommended Hub24 Ltd. The Motley Fool Australia has recommended ARB Corporation Limited, Flight Centre Travel Group Limited, and Hub24 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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Fresh off of yesterday’s red hot gains, the Hub24 Ltd (ASX: HUB) share price is once again on fire this Friday. Hub24 shares are, at the time of writing, up a very pleasing 5.54% to $32.98 a share. That’s directly on top of the 8.77% gain this company saw yesterday.

It looks like Hub24 is going to cap off one of its best weeks in a long time. Since Monday, the company is now up more than 20%.

This all stems, of course, from Hub24’s first-quarter update that the company released yesterday. Investors were evidently excited by what Hub24 had to say. The company reported net inflows of $3 billion for the 3 months ending 30 September.

That boosted its overall funds under administration to $63.2 billion, an impressive increase of 229.1% over the prior corresponding period. Further, the company also crowed over pipping Netwealth Group Ltd (ASX: NWL) for the top spot for net inflows for the quarter. 

Hub24 shares pay out

But today, Hub24 shareholders have something else to look forward to. The wealth management company is set to pay out its final dividend for FY2021. Shareholders can look forward to seeing a payment of 5.5 cents per share, fully franked, hit their bank accounts sometime today. Well, shareholders who held Hub24 shares prior to the 13 September ex-dividend date, that is.

This final dividend represents some significant dividend growth for Hub24. Its last dividend, an interim FY21 payment, came in at 4.5 cents per share. Its previous final dividend for FY20 was 3.5 cents per share, meaning that today’s payment represents a dividend growth rate of 57% over last year’s final payout.

At Hub24’s current share price, this dividend puts Hub24’s annual yield at 0.3%. While that might sound too impressive, remember this. For a shareholder that purchased Hub24 shares exactly a year ago, Hub24’s last two dividend payments would give that investor a yield-on-cost of 0.46%.

At the latest Hub24 share price of $32.98, this company has a market capitalisation of $2.26 billion, and a price-to-earnings (P/E) ratio of 256.8.

The post The final Hub24 (ASX:HUB) dividend is being paid today. Here’s what you should know appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• Why the HUB24 (ASX:HUB) share price jumped 11% to a record high today
• Why A2 Milk, HUB24, Netwealth & Perseus shares are storming higher
• ASX 200 (ASX:XJO) midday update: HUB24 & Netwealth impress, A2 Milk surges again
• HUB24 (ASX:HUB) share price on watch after record Q1 performance

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. owns shares of and has recommended Hub24 Ltd and Netwealth. The Motley Fool Australia owns shares of and has recommended Netwealth. The Motley Fool Australia has recommended Hub24 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 Insurance Australia Group Ltd (ASX: IAG) share price is sliding on Friday after the Australian Securities and Investments Commission (ASIC) launched a Federal Court case against the company’s subsidiary.

ASIC alleges IAG’s subsidiary, Insurance Australia Limited, failed to honour discounts promised to some NRMA policyholders between March 2014 and November 2019.

The watchdog is arguing IAG misled customers by increasing insurance premiums while applying discounts for customer loyalty and ‘no claim bonuses’. Thus, some NRMA customers didn’t receive the full benefit of advertised discounts.

The news of legal action has seemingly sent the insurance provider’s stock plummeting today. At the time of writing, the IAG share price is $4.92, 3.05% lower than its previous close.

Let’s take a closer look at the case ASIC has brought against IAG.

What’s the court case about?

The IAG share price is slipping as ASIC takes the company to court, claiming it withheld more than $60 million of discounts from some of its customers.

The corporate watchdog alleges Insurance Australia Limited’s conduct was deceptive and misleading. The Federal Court will be determining if such behaviour contravened the ASIC Act and the Corporations Act.

According to ASIC, at least 596,000 NRMA home, motor, caravan, and boat Insurance customers were affected by the practice.

In a release to the ASX, IAG stated it reported itself to ASIC when an internal review found the behaviour in 2019.

It’s working closely with ASIC to undergo a remediation program. ASIC states the company’s remediation program will see $377 million returned to customers. IAG has already compensated 80% of the customers affected by the potentially misleading discounts.

It is worth noting, IAG is just the latest company to be caught up in payback programs.

According to ASIC, since 2018, QBE Insurance Group Ltd (ASX: QBE) has returned $15 million to customers. Westpac Banking Corp‘s (ASX: WBC) General Insurance Limited (now owned by Allianz Australia) has also remediated around $13 million. Finally, Commonwealth Bank of Australia‘s (ASX: CBA) Commonwealth Insurance Limited has handed back around $590,000 to customers since 2018.

IAG share price snapshot

The IAG share price has risen 4.4% this year to date, and around 3% over the past 12 months.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is up around 10% and 18% for the corresponding periods.

The post Here’s why the IAG (ASX: IAG) share price is down 3% on Friday appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Rio Tinto cuts guidance, Treasury Wine disappoints
• IAG (ASX:IAG) share price on watch as ASIC launches legal action
• Could the IAG share price hit $6 by the end of 2021?
• Why Ampol, Fortescue, IAG, & Perenti shares are charging higher
• ASX 200 (ASX:XJO) midday update: Star shares crash, tech shares tumble

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 owns shares of and has recommended Insurance Australia 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 Thomson Resources Ltd (ASX: TMZ) share price is soaring 11% higher in early afternoon trade.

The All Ordinaries Index (ASX: XAO) remains in positive territory as well, up 0.3%.

Below, we take a look at the ASX resource explorer’s silver update that looks to be spurring investor interest.

What silver update was reported?

The Thomson Resources share price is leaping higher after the company reported on positive progress at its 100% owned Silver Spur Mine, located in Queensland.

AMC, the company’s resource consultants, have begun calculating an updated JORC 2012 Mineral Resource Estimate (MRE). Thomson’s geoscience consultants, Global Ore Discovery, have analysed historic geophysics and recent structural interpretations, highlighting “a series of compelling exploration targets in the mine area”.

According to the release, the updated MRE will include 11 drill holes with “significant” silver and zinc mineralisation. The 11 holes were drilled by previous miners and were not incorporated into the 2004 Silver Spur MRE, the most recent MRE for the project.

Commenting on the results, Thomson Resources’ executive chairman, David Williams said:

Our second mineral resource estimate – Silver Spur – is now on the way with AMC. At the same time the Mt Gunyan relog and drill data validation is advancing a pace. The work undertaken so far is showing Silver Spur to be an exciting area with tremendous upside potential and we have the feeling that this sleeper is going to offer up a lot.

The recent work by the Global Ore team as part of the Resource Estimate project has thrown up exciting exploration potential which has been confirmed down dip and adjacent to the Silver Spur mine. There is also a very interesting district scale picture emerging of the larger Texas Silver district exploration potential which shows there is a lot more to come in this area.

The company has contracted Planetary Geophysics to resurvey the geophysics in the area surrounding its Silver Spur mine prior to renewed drilling. That’s expected to start in December.

Thomson Resources share price snapshot

With today’s intraday gains factored in, the Thomson Resources share price is up 18% over the past 12 months. That’s right about in line with the 19% gains posted by the All Ords over that same time.

Over the past month, Thomson Resources shares are down 14%.

The post Here’s why the Thomson Resources (ASX:TMZ) share price is surging 11% appeared first on The Motley Fool Australia.

More reading

• What’s up with the Wesfarmers (ASX:WES) share price today?
• Own CSL (ASX:CSL) shares? Here’s why the government won’t be extending the biotech’s AstraZeneca vaccine contract
• Experts love these 2 ASX shares punching above their weight
• Star Entertainment (ASX:SGR) share price lifts despite news execs may face public hearing
• Credit Suisse says the Kogan (ASX:KGN) share price has major upside

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) is having another day in the green so far this Friday, building on yesterday’s gains. At the time of writing, the ASX 200 is up a 0.62% at 7,356 points. But let’s take a closer look at one of the ASX 200’s most beloved blue-chip shares, Wesfarmers Ltd (ASX: WES).

The Wesfarmers share price started the day off strong, initially rising as high as $54.79 a share soon after open. However, investor sentiment seems to have cooled somewhat since. Wesfarmers shares dropped into the red before climbing again, and are presently trading at $54.60 apiece, up 0.47% for the day so far.

So what’s happening for this company today?

The name’s Bond. Sustainability bond

We did get one piece of news out of the company this morning. Just before market open, Wesfarmers released an announcement outlining a new bond issuance. The company is aiming to raise 600 million Euros (or $938 million) from these new bonds.

But this is no ordinary money-raising exercise. Wesfarmers announced it will be issuing its first-ever Euro-denominated bond in the European capital markets. Interestingly, this bond will be a “sustainability-linked” one. Sustainability-linked bond?

Wesfarmers explained it in their announcement this morning:

The interest rates payable on both the Australian denominated and Euro denominated sustainability-linked bonds are linked to Wesfarmers’ progress against two sustainability performance targets. 

The performance targets relate to increasing the use of renewable electricity in the Group’s retail divisions and reducing the CO2e emissions intensity of ammonium nitrate production in the Wesfarmers Chemicals, Energy and Fertilisers division.

Wesfarmers said the proceeds raised from these Euro bonds will “be used for general corporate purposes”.

Unfortunately for Aussie bond investors though, these bonds won’t be available for Australian retail investors. Instead, they will be offered as a listed product on the Singapore Stock Exchange.

Wesfarmers share price snapshot

Wesfarmers shares seem to have had a run of bad luck lately. Since peaking at a new all-time high of $67.20 a share back in late August, the company is now down close to 20% from those highs.

The Wesfarmers share price is now up 5.7% in 2021 year to date. It is also up just over 13% over the past 12 months. That compares with 9.7% and 18% respectively for the ASX 200 index.

At the current Wesfarmers share price, this conglomerate has a market capitalisation of $61.51 billion. It also has a dividend yield of 3.27%.

The post What’s up with the Wesfarmers (ASX:WES) share price today? appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Rio Tinto cuts guidance, Treasury Wine disappoints
• 3 reasons why the Brickworks (ASX:BKW) share price could be a buy
• 5 things to watch on the ASX 200 on Friday
• Why did the Woodside (ASX:WPL) share price slide today?
• Why ASX 200 tech shares have outperformed today

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 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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The CSL Limited (ASX: CSL) share price is edging higher today and is currently trading hands at $298.49.

CSL shares are crawling northwards amid reports the Federal Government will not be renewing its contract with the biotech company to manufacture more AstraZeneca Plc (LON: AZN) COVID-19 vaccine doses.

Here’s what we know.

Federal Government won’t renew contract past 50 million doses

In a press conference yesterday, Federal Health Minister Greg Hunt advised that the Federal Government would not be renewing its contract with CSL to manufacture more AstraZeneca vaccines past the 53.8 million doses currently stipulated.

The blend of total volumes is made up of a 50 million dose production run in Australia, and a 3.8 million supply from overseas.

According to CSL, it has already manufactured 20 million doses under the agreement, with the remainder expected for completion next year.

Whilst the government’s call may come as a surprise to some, minister Hunt explained it was “never contemplated that CSL would become a contract manufacturer”, alluding to a position in long-term vaccine manufacturing for the government.

“They have other important global vaccine roles, as well as Australian vaccine…roles to be playing” Hunt said. As such, the government will be searching for alternative sources to manufacture its COVID-19 vaccine supply – whether that be domestically or not.

Hence nothing fundamental has changed for CSL at all, only that the government was never seeking to establish a long-term manufacturing relationship with CSL on the COVID-19 front.

Perhaps this is why the market has been easy on CSL shares today despite the news, as the biotech will still realise the full cash amount stipulated under the deal.

In a brief statement on its website, CSL quoted remarks made by chair Brian McNamee AO at its AGM, saying that the company is “pleased to say that the Australian Government and AstraZeneca trusted us as their partners to help the country respond to the emerging crisis through the most effective solution available: vaccination”.

The rollout of AstraZeneca’s SARS-CoV-2 vaccine label, Vaxzervria, has lagged its Pfizer competitor – Comirnaty – in Australia significantly, despite CSL’s capacity to produce an additional 30 million doses.

For instance as of 10 October, of the roughly 30 million doses that had been administered in Australia, only around 41% of these were of the AstraZeneca label.

For reference, as of 14 October, 65.4% of the eligible population are double vaccinated against COVID-19 in Australia, with around 84% having at least one dose.

CSL share price snapshot

The CSL share price has had a difficult year to date, having posted a return of just 5.5% since January 1.

Despite this, it has slipped into the red by around 1% over the past 12 months.

These returns lag the S&P/ASX 200 index (ASX: XJO)’s return of around 19% in that time.

The post Own CSL (ASX:CSL) shares? Here’s why the government won’t be extending the biotech’s AstraZeneca vaccine contract appeared first on The Motley Fool Australia.

More reading

• Could the CSL (ASX:CSL) share price hit $325 by the end of 2021?
• Here’s what happened to the CSL (ASX:CSL) share price in the FY22 first quarter
• Why do Pilbara Minerals (ASX:PLS) shares keep topping the volume charts?
• Why did the CSL (ASX:CSL) share price have such a lousy month in September?
• 5 defensive ASX shares to guide you through the market correction

The author Zach Bristow has no positions 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. 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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Whether the market is up or down, there is one type of ASX stock that investors love — businesses that upgrade their expected results.

If a company finds that it’s doing better than previously thought, or it’s consistently hitting the higher end of its forecasts, it’s a pretty good sign for future returns.

There are 2 ASX shares in particular that have caught the attention of 2 experts, who rate them both as a “buy”.

One only listed on the ASX a few months ago, while the other is a veteran on the bourse:

You have used this ASX share’s product without knowing

Montgomery Investment Management chief investment officer Roger Montgomery rates telco MNF Group Ltd (ASX: MNF) as a buy after its latest bullish results.

“Management have finally committed to their Asian rollout,” he told a Livewire video.

“The megatrends in consumer technology that we’ve all experienced, they demand real-time telecommunication networks, and you’ve got to connect to that as part of the overall solution.”

According to Montgomery, if you’ve done everyday activities in Australia like video conferencing from home or looking for an Uber car, you’ve already used MNF’s software without knowing.

“It’s taken for granted. It isn’t easy,” he said.

“And they do this in Australia, but they’ve re-engineered their software ready to be exported and deployed in new markets. And that’s an opportunity that’s 20 times bigger than their current market. So for us, it’s a buy.”

Investor Mutual senior portfolio manager Simon Conn agreed.

“It’s not really understood by the consumer market, but they are one of Australia’s leading telcos because they facilitate the transfer of voice over the internet,” he said.

“As the copper network’s been deregistered or wound down, more and more voices are going through the internet.”

MNF shares had shot up 4.5% on Friday morning, to trade at $6.72. They’ve gained more than 52% this year.

Another ASX star in the making?

Australian Clinical Labs Ltd (ASX: ACL) debuted on the ASX in May after an initial public offer saw shares sold for $4 apiece.

While it traded below that mark for the first few weeks of its public life, it now has its head above water and Conn rates it as a “buy”.

“Australian Clinical Labs is the number 3 player in the pathology market in Australia. It’s in a very strong, defensive market — and this business generates good cash.”

According to Montgomery, some pundits reckon ACL is another Sonic Healthcare Limited (ASX: SHL) in the making.

“They’ve upgraded their first-half ’22 guidance twice in September. That was mostly attributed obviously to the continued strong demand for COVID testing,” he said.

“But unlike Sonic, where underlying testing is flat, ACL have reported recovery in the underlying or base business. Obviously, the Victoria and NSW outbreaks have been a big kicker with revenue guides upgraded by 10%. I think NPAT [net profit after tax] was upgraded by over 30%.”

Conn also thinks ACL has potential to grow through acquisitions.

“Whilst COVID volumes will decline, the cash on the balance sheet will position them well for further bolt-on acquisitions, which I think they can really then leverage their technology platform,” he said.

“So well led by Melinda McGrath, good board, and really well positioned, I think, in a strong industry.”

ACL shares were trading at $4.35 on Friday morning, up 3.7%.

The post Experts love these 2 ASX shares punching above their weight appeared first on The Motley Fool Australia.

More reading

• Brokers name 2 ASX healthcare shares to buy
• Australian Clinical Labs (ASX:ACL) share price on watch following profit upgrade

Motley Fool contributor Tony Yoo 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 MNF Group Limited. The Motley Fool Australia owns shares of and has recommended MNF Group Limited. The Motley Fool Australia has recommended Australian Clinical Labs Limited and 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 Star Entertainment Group Ltd (ASX: SGR) share price is charging higher today, up 3.7% to $3.63 per share.

The wider market is having a good run too, with the S&P/ASX 200 Index (ASX: XJO) up 0.5% at time of writing. A second day of gains for the index.

Star Entertainment’s share price boost today comes despite news that its executives could still face a public hearing.

What’s all this about a public hearing?

The Star Entertainment share price has come under tremendous pressure over the past 9 days, tumbling a gut wrenching 30% from 6 October through to the end of trading this Tuesday, 12 October.

This, as my Foolish colleague Marc Sidarous noted earlier in the week, came “after a joint investigation by the Sydney Morning Herald, The Age, and 60 Minutes aired explosive allegations of money laundering, facilitating organised crime, fraud, and foreign interference at its casinos”.

Since the closing bell on Tuesday, the Star Entertainment share price has rebounded 13%, though shares remain down 21% from Tuesday’s close.

Today, investors appear to be shrugging of concerns of a potential public hearing on the legal matter, one that could pull in the company’s executives.

Chris Sidoti served as the chairman of the New South Wales Independent Liquor and Gaming Authority (ILGA) from 2008–2016.

As the Australian Financial Review reported this morning, Sidoti believes that Adam Bell, the investigator reviewing Star’s Sydney casino licence, could haul in the company’s top brass for a public hearing over the damning allegations.

According to Sidoti:

The terms of reference on the authority website do not lay down any process for the review and so my assumption is that Mr Adam Bell, SC, can conduct it in any way he wishes. If he wants to hold public hearings, then it seems to me that he is free to do so. That’s as it should be. It’s not a matter for the Premier or the minister or even the authority.

An ILGA spokesperson contacted by the AFR for comment wasn’t overly forthcoming, saying only, “If the Independent Liquor & Gaming Authority receives any recommendation from Mr Bell that any public hearings are required, it will give such a recommendation appropriate consideration.”

Star Entertainment share price snapshot

Having been hammered by the selloff earlier this week, the Star Entertainment share price remains down 3.5% year-to-date. By comparison the ASX 200 is up 10% so far in 2021.

Over the past month, Star’s shares are down 14%.

The post Star Entertainment (ASX:SGR) share price lifts despite news execs may face public hearing appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX shares today
• Star Entertainment (ASX:SGR) share price surges despite police probe
• Star (ASX:SGR) share price falls again; reaches new 52-week low
• Here are the 3 heaviest traded ASX 200 shares on Tuesday so far
• Star Entertainment and SkyCity share prices plunge, Whitehaven Coal up. Scott Phillips on Nine’s Late News

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

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The Kogan.com Ltd (ASX: KGN) share price is rising on Friday.

In early afternoon trade, the ecommerce company’s shares are up 1.5% to $10.91.

Though, this will be little consolation for some shareholders. The company’s shares are still down 44% in 2021.

Could the Kogan share price be in the buy zone?

One leading broker that appears to see a lot of value in the Kogan share price at the current level is Credit Suisse.

Its analysts currently have an outperform rating and $14.06 price target on the company’s shares.

Based on the current Kogan share price, this implies potential upside of 29% over the next 12 months.

Why is the broker positive on Kogan?

Credit Suisse is positive on the Kogan share price due to the company’s strong long term growth potential.

While the broker acknowledges that there is a lot of uncertainty in the near term, particularly given its elevated cost base which is squashing margins, its analysts feel Kogan’s future remains very positive.

This is due to its strong market position, the shift to online retail, and the strong value proposition of its private label offering.

When will we hear from Kogan next?

Given the uncertainty the company is facing, investors are no doubt keen for an update from Kogan.

The good news is that it won’t be long until Kogan comes to face to face with shareholders. While it has not yet announced the date, traditionally the company holds its annual general meeting in the middle of November.

While not obliged to do so, Kogan is likely to release an update on current trading when it holds this meeting, unless it releases a first quarter update in the meantime.

Those updates could have a major say in where the Kogan share price goes from here, so stay tuned for them.

The post Credit Suisse says the Kogan (ASX:KGN) share price has major upside appeared first on The Motley Fool Australia.

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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 shares of and has recommended Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Kogan.com 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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