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The Core Lithium Ltd (ASX: CXO) share price is running ahead of its lithium peers, surging 30% in the last two days to record highs of 55 cents.

Australia’s next lithium producer

Core Lithium is positioned to become Australia’s next lithium producer following the Board’s Financial Investment Decision (FID) to proceed with the construction of its Finniss Lithium Project.

According to the FID announcement, Finniss’ development is fully funded and project execution will begin immediately in October 2021.

The Core Lithium share price has faced little resistance in its recent rally, trading flat at the beginning of October before breaking out in the last two days.

Core Lithium expects to begin commissioning its DMS (Dense Medium Separation) plant and first production of lithium concentrate by Q422.

The company expects to achieve steady-state production by FY23 and forecasts Finniss to produce about 175,000 tonnes per annum of spodumene concentrate for world markets.

To add some perspective, the $5.8 billion market cap Pilbara Minerals Ltd (ASX: PLS) is projecting FY22 spodumene concentrate production between 460,000 to 510,000 dry metric tonnes (dmt).

By comparison, the Core Lithium share price currently trades at a market cap of around $650 million.

Core Lithium has in place significant end-users with binding offtake agreements with China’s lithium giant, Jiangxi Ganfeng Lithium and Ya Hua International.

Core Lithium share price riding sector tailwinds

The lithium sector is running hot amidst surging spot prices and the anticipation that prices will continue to soar.

In the last two weeks of September, battery-grade lithium carbonate prices cracked 2018 highs on the back of strong demand from China and tight supply.

But this could be the beginning according to the International Monetary Fund (IMF).

In the IMF’s World Economic Outlook, it cited that prices for green materials such as cobalt, nickel and lithium could see triple-digit increases in order to meet the world’s transition from fossil fuels.

“… prices would reach historical peaks for an unprecedented, sustained period under the Net Zero by 2050 emissions scenario. The prices of cobalt, lithium, and nickel would rise several hundred percent from 2020 levels …” the report said.

The post Up another 16%, the Core Lithium (ASX:CXO) share price is surging this week. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why is the Core Lithium (ASX:CXO) share price surging 15% today?
• Own ASX lithium shares? Here’s what the IMF is predicting for the sector
• ASX lithium shares lift as spot prices hit all-time highs
• Here’s why the Core Lithium (ASX:CXO) share price is lifting today
• Core Lithium (ASX:CXO) share price lifts amid bosses’ optimistic outlook

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 Ethereum (CRYPTO: ETH) price is up 3% over the past 24 hours. One Ether is currently trading for US$3,617 (AU$4,888).

That gives the world’s number 2 cryptocurrency a market cap of some US$427 billion, according to data from CoinMarketCap.

With today’s gains, the Ethereum price is up 22% so far since the start of the new financial quarter on 1 October (Q2 FY22).

Now, cryptocurrencies don’t abide by the financial reporting standards and quarterly market updates like ASX companies do. At least not yet.

But here’s how the Ethereum price moved over the past Q1 FY22, a quarter that saw the S&P/ASX 200 Index (ASX: XJO) gain 0.4%.

How did the Ethereum price move in Q1 FY22?

You’re unlikely to find crypto investors who bought Ether on 1 July and sold on 1 October complaining.

On 1 July the Ethereum price stood at US$2,114. By 1 October it was trading for US$2,967, or a gain of 40%.

Not that the token moved up in any kind of straight line. The volatility that cryptos are well-known for was certainly on display over the 3 months.

On 20 July the Ethereum price dipped to US$1,787. By 6 September it hit a quarterly high of US$3,960. That’s a price move of more than 121%.

It also means investors who bought at that high and sold on 1 October could have lost 25% of their investment.

Proceed with care.

Is Ether like Bitcoin?

Ether is like Bitcoin (CRYTPO: BTC) in that both tokens rely on the blockchain. But from there the 2 digital coins vary greatly.

Bitcoin predominantly serves as an alternate to fiat currencies. You can buy things with it from supporting merchants, send it to family or businesses overseas, or sit on it in the hope it goes up in value.

Ethereum on the other hand has many real-world use cases.

Ray Brown, market analyst at Australian crypto and Bitcoin exchange CoinSpot, explained:

Where Bitcoin functions primarily as a currency, Ethereum has been designed as an “open source” network that provides a foundation for other applications and smart contracts. For this reason, Ethereum provides the ideal environment for the 1000s of other altcoins that have developed and scaled their own projects using the Ethereum blockchain.

Will the ATO know if I made a profit from the rising Ethereum price?

In short, yes, they will.

As H&R Block Inc (NYSE: HRB)’s Australian tax communications director Mark Chapman told my Foolish colleague Tony Yoo:

Cryptocurrency is not really anonymous. The ATO receives data from Australian designated service providers (DSPs) which enable it to identify the name of the cryptocurrency investor, date of birth, addresses, ABN (if applicable), email address, contact phone numbers and social media accounts.

So, whether you make or lose money from the Ethereum price moves in the upcoming financial year, be sure to include that in your tax filings.

The post What happened to the Ethereum price in the FY22 first quarter? appeared first on The Motley Fool Australia.

More reading

• ASX set to welcome first cryptocurrency ETF… but there’s a catch
• Are NFTs a bubble awaiting a pin or the next big investment theme?
• Here’s what happened to the Ethereum price in September
• How these top 3 cryptos performed in the first quarter of FY22
• Why the Ethereum (CRYPTO:ETH) price is trouncing Bitcoin’s gains

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 Adriatic Metals Plc (ASX: ADT) share price is sliding 15.92% into the red during early afternoon trade and is currently changing hands at $2.80.

Adriatic shares are on the move after major shareholder Sandfire Resources Ltd (ASX: SFR) completed the sale of its equity interest in the company.

Here’s what we know.

Why is the Adriatic Metals share price down 16%?

Sandfire Resources originally announced its intention to divest away from Adriatic yesterday, advising of a secondary placement that was due to take place.

Today Sandfire confirmed it had completed the sale of 34,600,780 CHESS depositary interests – representing ordinary shares – in the capital of Adriatic Metals.

This is is a sizeable chunk of Adriatic’s float, and comprises a 16% stake in the company that was sold off today in total.

The lot was sold at a price of $2.80 per Adriatic “secondary placing share”, representing a 16% discount to the company’s closing share price yesterday, after it went into a trading halt pending a separate announcement.

Effectively, Adriatic’s shares were sold to institutional investors and others in the placement below the market price at the time, never a good feeling for current shareholders.

Lead bookrunners, Canaccord Genuity Group Inc, RBC Europe Ltd, and Stifel Nicolaus Europe Limited, each helped in the sale to their pitchbook of institutional investors.

Gross proceeds from the sale came in at $97 million – of which Adriatic Metals will receive none, not even the crumbs.

Aside from Sandfire’s divestment, Adriatic also advised it too had completed an institutional placement to raise additional capital, to fund its Vares Silver Project.

Curiously, Adriatic advised that the placing price of 1.5174 pounds per new ordinary share, is equivalent to “A$2.80 per CHESS Depositary Interests representing such New Ordinary Shares” – the exact price of Sandfire’s sale.

Canaccord Genuity, RBC and Stifel Nicolaus were joint bookrunners on Adriatic’s placement as well.

The placement formed part of a greater “project finance package” the company completed to fund the construction of the Vares site.

It consisted of a term sheet with a liability of US$142.5 million, comprised of a US$120 million debt senior debt facility and a US$22.5 million copper stream.

The news isn’t enough to save the Adriatic Metals share price today, with investors driving prices lower from the selling pressures.

Adriatic Metals share price snapshot

The Adriatic Metas share price has climbed 20% this year to date, however has struggled over the last 12 months.

There, it has posted a return of just 18%, behind the S&P/ASX 200 index (ASX: XJO)’s gain of around 20% in that time.

The post Adriatic Metals (ASX:ADT) share price plunges 16% on Sandfire update appeared first on The Motley Fool Australia.

More reading

• Why Adriatic Metals, Platinum, Redbubble, & Whitehaven Coal are dropping
• Why is the Adriatic Metals (ASX:ADT) share price halted?
• Sandfire Resources (ASX:SFR) share price fizzles after sale of Adriatic Metals stake
• Why has the Adriatic Metals (ASX:ADT) share price leapt 11% in a month?
• 2 ASX shares set to double in the next year

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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There are some ASX dividend shares that have large yields and have been paying consistent dividends to investors.

In this era of low interest rates and unpredictability, businesses with high yields and growth could be worth thinking about for income.

Here are two of them:

Charter Hall Long WALE REIT (ASX: CLW)

This is a large real estate investment trust (REIT) that has a diverse property portfolio across a number of different sectors. Those sectors include agri-logistics, hospitality, convenience retail, diversified long weighted average lease expiry (WALE) retail, industrial, office and social infrastructure.

But the thing that all of the properties have in common is a long-term WALE, which gives strong income visibility. The WALE is currently approximately 12.6 years with a weighted average rent review of 2.9%. It has an occupancy rate of 98.4%.

It’s regularly making acquisitions to improve and diversify its portfolio and rental income. For example, it recently entered into an agreement to buy half of ALE Property Group (ASX: LEP). It has a national portfolio of 78 high-quality pubs that are leased to Endeavour Group Ltd (ASX: EDV).

The ASX dividend share’s latest acquisition is the Toyota distribution centre in Larapinta, Queensland.

Charter Hall Long WALE REIT has a 100% distribution payout ratio policy. It’s expecting to grow its FY22 operating earnings per security (EPS) by at least 4.5% compared to FY21. That translates to a FY22 yield of 6.2%.

It’s currently rated as a buy by the broker Citi with a price target of $5.59.

Magellan Financial Group Ltd (ASX: MFG)

Magellan is one of the largest fund managers on the ASX. According to the ASX, it has a market capitalisation of $6.1 billion.

In FY21, Magellan grew its total interim and final dividend by 8% to 199.7 cents. That excludes the annual performance fee dividend. The funds management business within Magellan saw a 10% increase of profit before tax and before performance fees to $526.6 million.

One of the things that dragged on the profitability in FY21 was the share of losses from its ‘associates’ which amounted to $41.8 million. The loss predominately related to Barrenjoey, the new investment bank. Magellan has also invested in the Finclear and Guzman y Gomez businesses. The ASX dividend share is pleased with the progress of all three businesses.

In FY21, it ended with funds under management (FUM) of $113.9 billion, whilst average FUM for the last financial year was $103.7 billion. At 30 September 2021, Magellan had $113.3 billion of FUM

Magellan said that it recently secured its first two investment mandates for its global sustainable strategy, whilst no institutional mandates were lost during the quarter. However, in the first three months of FY22, it did see net outflows of $1.53 billion.

One of the brokers that currently rates Magellan as a buy is Macquarie Group Ltd (ASX: MQG) with a price target of $38. It’s expecting more outflows in FY22, but thinks it looks good value now.

Macquarie thinks that Magellan is priced at 14x FY22’s estimated earnings with a partially franked dividend yield of 6.9%.

The post 2 ASX dividend shares with large yields and consistent payouts appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX shares to sell next week
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• Which shares are set to finish the week as the top movers on the ASX 300?
• Top brokers name 3 ASX shares to sell today
• Why Fletcher Building, Magellan, Sezzle, & Starpharma are racing higher

Motley Fool contributor Tristan Harrison owns shares of Magellan Financial Group. 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 Macquarie 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on form and pushing notably higher. At the time of writing, the benchmark index is up 0.8% to 7,329.7 points.

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

Adriatic Metals (ASX: ADT)

The Adriatic Metals share price is down 16% to $2.80. This morning the base and precious metal explorer announced the completion of a US$52 million placement. These funds were raised at $2.81 per share, which represents a 15.6% discount to its last close price. The company also raised gross proceeds of US$50 million via a conditional equity subscription from Orion Partners.

Platinum Asset Management Ltd (ASX: PTM)

The Platinum share price is down 2% to $3.18. Investors have been selling this fund manager’s shares this week following another disappointing funds under management (FUM) update. Platinum reported net outflows of $292 million during September.

Redbubble Ltd (ASX: RBL)

The Redbubble share price has crashed over 13% lower to $3.96. This morning the ecommerce company released a first quarter update which revealed a sizeable decline in sales, revenue, and earnings. Redbubble reported a 21% decline in gross transaction value to $142 million and a 28% reduction in marketplace revenue to $106 million. This led to an 85% decline in first quarter EBITDA.

Whitehaven Coal Ltd (ASX: WHC)

The Whitehaven Coal share price is down 2% to $3.23. This follows the release of the coal miner’s quarterly update this morning. For the three months ended 30 September, the miner’s total managed coal sales were down 23% to 4.6 million tonnes. Positively, though, this was offset by a significant increase in thermal and metallurgical coal realised prices during the quarter.

The post Why Adriatic Metals, Platinum, Redbubble, & Whitehaven Coal are dropping appeared first on The Motley Fool Australia.

More reading

• Whitehaven Coal (ASX:WHC) share price slumps despite positive profit outlook
• Redbubble (ASX:RBL) share price on watch after first quarter update
• Why I’d hold this coal-mining ASX share for 4 years: expert
• Leading brokers name 3 ASX shares to sell today
• Why is the Adriatic Metals (ASX:ADT) share price halted?

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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In some much-needed relief for investors, the S&P/ASX 200 Index (ASX: XJO) opened strongly today and is comfortably in the green at the time of writing. The ASX 200 is currently sitting at 7,333 points, up a healthy 0.84% for the day so far.

But one ASX 200 share not joining in the action is Telstra Corporation Ltd (ASX: TLS).

Telstra shares are presently trading at $3.83. That’s 0.52% down on yesterday’s close. This means Telstra is now down 3.28% over the past month. It’s also down by roughly 5.5% from the new 52-week high it reached back in August at $4.05.

This lukewarm performance comes despite a run of recent good news for Telstra shares.

Just yesterday, we covered how broker Morgan Stanley has recently rated Telstra shares a buy with a 12-month share price target of $4.50. This implies a potential future upside of more than 17% over the next year.

Morgans is bullish on Telstra following the company’s release of its ‘T25’ cost-cutting plan and its growing 5G network.

Could the Telstra share price be rising on Digicel news?

Another piece of news is out regarding Telstra today. According to an article in The Sydney Morning Herald (SMH), Telstra’s potential acquisition of the Pacific Islands-based Digicel Pacific is “weeks away from being sealed”.

Telstra initially flagged the potential acquisition back in June. Due to some geopolitical considerations, the federal government is keen to partner with Telstra to allow it to acquire Digicel.

Digicel owns a vast network of 3G and 4G mobile networks across the South Pacific.

According to the SMH report, the government is set to provide “more than $1.5 billion in taxpayer money” to help Telstra buy Digicel. An announcement is expected “as early as November”.

This will see Telstra put up $200-300 million of its own cash, together with the government’s $1.5 billion, for Digicel Pacific’s assets.

It’s not entirely clear whether this news is directly affecting the Telstra share price today. But even so, it seems acquiring Digicel is certainly on the cards for Telstra now.

At the current Telstra share price of $3.83, the ASX 200 telco has a market capitalisation of $45.79 billion.

Telstra shares also have a price-to-earnings (P/E) ratio of 24.59 and a dividend yield of 2.6%.

 

The post Telstra (ASX:TLS) share price edges lower amid Digicel acquisition news appeared first on The Motley Fool Australia.

More reading

• 2 ASX shares rated as strong buys by brokers
• 2 ASX tech shares that experts love right now
• What happened for the Telstra (ASX:TLS) share price in the FY22 first quarter?
• When will the Telstra (ASX:TLS) dividend increase?
• Could the Telstra (ASX:TLS) share price reach $4.50 by the end of 2021?

Motley Fool contributor Sebastian Bowen owns shares of 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 has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Podium Minerals Ltd (ASX: POD) share price is in the freezer today while the company prepares to release news of a capital raise.

The company’s shares are expected to remain frozen until it either releases word of the capital raise or the market opens on Monday, whichever comes sooner.

Until then, the Podium Minerals share price will remain halted at its previous closing price of 33 cents.

Let’s take a closer look at the company’s business and cash position.

What does Podium Minerals do?

Podium Minerals is an exploration company focused on platinum group metals, gold, and base metals. It owns and operates Western Australia’s Parks Reef PGM Project.

The company has completed several drill programs at the project and is currently embarking on its deepest yet.

The latest drill program will initially see 2 diamond drill holes extending 750 metres downwards. It will be co-funded by the Western Australian Government.

Podium Minerals’ cash position

The last time the market got a look at Podium Minerals’ cash position was when it released its earnings for financial year 2021.

The Podium Minerals share price gained 9% on the back of the company’s annual earnings report.

As of 30 June 2021, the company had around $3 million of cash and cash equivalents and $332,949 of liabilities.

Over financial year 2021, the company received $198,849 of revenue and recorded a net loss after tax of around $1.2 million.

Additionally, it’s been around 15 months since the company last completed a capital raise.

Back then, it underwent a placement and share purchase plan, each worth $500,000. Both the placement and share purchase plan offered new shares in the company for 1.6 cents apiece.

The share purchase plan was ultimately oversubscribed by more than 100%, bringing in $1.04 million. Of that, $110,000 was from directors’ investments.

The funds were to go towards growing the Parks Reef Project.

Podium Minerals share price snapshot

This year has been a good one for the Podium Minerals share price.

It has gained 200% since the start of 2021. It’s also 371% higher than it was this time last year.

The post Why is the Podium Minerals (ASX:POD) share price frozen on Thursday? appeared first on The Motley Fool Australia.

More reading

• Why is the Kogan (ASX:KGN) share price struggling lately?
• Elixir Energy (ASX:EXR) share price lifts 5% on hydrogen update
• Archer Materials (ASX:AXE) share price leaps 11% on chip update
• Evergrande missed another milestone payment, what could it mean?
• Whitehaven Coal (ASX:WHC) share price slumps despite positive profit outlook

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

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The Kogan.com Ltd (ASX: KGN) share price is going around in circles, range bound between highs of $13 and lows of around $9.

Why is the Kogan share price struggling?

eCommerce is not a hot space right now

ASX-listed e-commerce shares have struggled to outperform for the past few months, weighed down by broader themes such as the cycling of elevated sales and supply chain issues.

Kogan peers such as Redbubble Ltd (ASX: RBL) and Mydeal.Com Au Ltd (ASX: MYD) have also struggled this year, posting major share price declines between February and June.

After a sharp selloff in the first half, most of these e-commerce shares, including the Kogan share price, have been trading sideways ever since.

Cycling of elevated sales

Growth expectations for e-commerce players might have moderated following a strong COVID-19 driven performance in FY20.

This morning, Redbubble for example, provided a first-quarter trading update that flagged a significant year-on-year decline across key financial metrics.

For the first quarter ended 30 September, gross transaction values declined 21% on the prior corresponding period, marketplace revenue fell 28% and gross profit was down 34%.

This might not necessarily be the case for Kogan, as its FY21 full-year results said that its July unaudited gross sales increased 5.1% compared to July 2020.

Despite a solid FY21 performance and upbeat outlook, the Kogan share price still tanked 15% on the day of its results announcement.

Headwinds for tech shares

Another factor weighing on the Kogan share price could be the concerns surrounding higher bond yields and interest rates.

Tech shares tumbled earlier on in the week following a jump in US 10-year Treasury yields.

Treasury yields have rallied in recent weeks amid increasing concerns that the US Federal Reserve will hike interest rates in late 2022.

Richly valued and high growth sectors are most vulnerable to rising interest rates, which make future cash flows appear less valuable in the present.

The post Why is the Kogan (ASX:KGN) share price struggling lately? appeared first on The Motley Fool Australia.

More reading

• Top broker tips Kogan (ASX:KGN) share price to rise 42%
• These are the 10 most shorted ASX shares
• 3 fantastic ASX growth shares to buy in October
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• 2 founder-led ASX shares to buy now

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. 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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The Elixir Energy Ltd (ASX: EXR) share price is surging forward during early afternoon trade on Thursday. This comes after the energy producer released an update in regards to its hydrogen strategy.

At the time of writing, Elixir Energy shares are up 5.36% to 29.5 cents apiece.

What did Elixir Energy announce?

In a statement to the ASX, Elixir advised progress is being made on its recently announced hydrogen project in Mongolia.

Elixir executed a memorandum of understanding (MOU) with Mongolia’s Ministry of Energy to investigate the opportunity for a hydrogen project.

Under the framework, the Ministry will be responsible for maintaining security, stability, and efficiency in the energy sector. In addition, the department will seek to develop the new source of energy.

Elixir will work with the Mongolian government to bring forward expertise in the hydrogen economy in technical, legal, and commercial areas.

The news follows the company’s commissioned independent report earlier this month from energy analyst, K1 Capital. The report evaluated the wind and solar resource potential of Mongolia’s South Gobi region in regards to the production of green hydrogen.

It estimated a combined wind and solar utilisation of 79% for Elixir’s project location. In comparison, the Southern Goldfields is generally between 50% and 60%, with the Pilbara region in Western Australia about 45%.

This means that a location with a capacity factor of 79% will produce around 60% more hydrogen from the same capital investment than an area with a 50% capacity factor.

A number of contributors underpin the high-capacity factor in the South Gobi region. They include very high wind speeds along with a cold climate supporting enhanced solar efficiencies.

Management commentary

Managing director Neil Young spoke about the news possibly fuelling the Elixir Energy share price today:

We are very pleased to be working with the Mongolian Government to investigate the potentially world class green hydrogen potential of the country.

The K1 Capital report supports our thesis that the South Gobi region of Mongolia has such potential – not only given its location immediately proximate to markets, but also its superb renewable resources. The wind and solar combination in our project area are as good as we have seen anywhere.

About the Elixir Energy share price

Over the past 12 months, Elixir Energy shares have registered gains of almost 130%. In contrast, the All Ordinaries Index (ASX: XAO) has travelled around 20% higher in the same time frame.

Elixir has a market capitalisation of roughly $267.3 million, with approximately 891 million shares on hand.

The post Elixir Energy (ASX:EXR) share price lifts 5% on hydrogen update appeared first on The Motley Fool Australia.

More reading

• Elixir Energy (ASX:EXR) share price lifts on hydrogen update
• Elixir Energy (ASX:EXR) share price slumps on coal update
• Elixir Energy (ASX:EXR) share price leaps 14% on rising oil prices

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

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The Archer Materials Ltd (ASX: AXE) share price is surging today, up 5.39% at the time of writing to $1.57 per share.

In earlier trading, Archer Materials shares hit $1.66, which is 11.4% higher than yesterday’s closing share price.

Here’s what is driving ASX investor interest in the materials and technology company today.

What did Archer report to the market?

Archer Materials told the market it has made further progress with its CQ quantum computing chip technology.

Its proprietary qubit processor technology could allow for quantum computing-powered mobile devices — a world first.

In the latest development, Archer said it has validated the robustness of qubit coherence for the first time in an inert atmosphere (nitrogen gas) and at room temperature.

If you’re wondering what qubit coherence is, the company explains, “Quantum coherence is the fundamental requirement for quantum logic operations that are the basis of any quantum computing qubit processor hardware.”

Archer said that competing room-temperature qubit projects make use of high vacuum environments, like ion-traps. These, as you’d expect, aren’t as simple to integrate into mobile devices.

Commenting on the progress, Archer’s CEO Mohammad Choucair said:

The step-change optimisation that was achieved validates the robustness of the qubit for control measurements and operation that could be compatible with device miniaturisation and, in general, preserving qubit coherence when integrating with semiconductor devices.

Archer Materials recently raised $15 million via an institutional placement. The company says it is well-funded to progress its chip technology development.

According to the release, Archer Materials is the only ASX-listed company developing qubit processor chip technology in the semiconductor industry.

Archer Materials share price snapshot

The Archer Materials share price has been a stellar performer in 2021, up 217% year to date.

Archer Materials shares have substantially outperformed the All Ordinaries Index (ASX: XAO), which is up 10% so far in 2021.

The post Archer Materials (ASX:AXE) share price leaps 11% on chip update appeared first on The Motley Fool Australia.

More reading

• Archer Materials (ASX:AXE) share price dives on capital raising update
• Why is the Archer Materials (ASX:AXE) share price halted?
• The Archer Materials (ASX:AXE) share price is down 5% on Tuesday
• Archer Materials (ASX:AXE) share price soars 29% on US patent

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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