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On Wednesday the S&P/ASX 200 Index (ASX: XJO) gave back its morning gains and dropped into the red. The benchmark index fell 0.1% to 7,272.5 points.

Will the market be able to bounce back from this on Thursday? Here are five things to watch:

ASX 200 expected to rebound

The Australian share market looks set to bounce back strongly on Thursday. According to the latest SPI futures, the ASX 200 is expected to open the day 46 points or 0.65% higher this morning. This follows a decent night on Wall Street, which in late trade sees the Dow Jones up 0.05%, the S&P 500 up 0.25%, and the Nasdaq trading 0.65% higher.

Oil prices fall

Energy shares including Oil Search Ltd (ASX: OSH) and Woodside Petroleum Limited (ASX: WPL) will be on watch after oil prices edged lower. According to Bloomberg, the WTI crude oil price is down 0.2% to US$80.50 a barrel and the Brent crude oil price has fallen 0.2% to US$83.24 a barrel. Demand concerns appear to be the reason behind the softening oil prices.

Gold price jumps

Gold miners Evolution Mining Ltd (ASX: EVN) and Regis Resources Limited (ASX: RRL) could have a strong day after the gold price jumped. According to CNBC, the spot gold price is up 1.9% to US$1,792.5 an ounce. Weakness in the US dollar and bond yields boosted the precious metal.

Bank of Queensland shares rated as buys

The Bank of Queensland Limited (ASX: BOQ) share price tumbled lower on Wednesday following the release of its full year results. The team at Goldman Sachs believe this could be a buying opportunity for investors. This morning the broker has retained its buy rating and trimmed its price target slightly to $10.02.

Iron ore prices fall

The shares of mining giants BHP Group Ltd (ASX: BHP) and Rio Tinto Limited (ASX: RIO) will be on watch today after iron ore prices pulled back again. According to Metal Bulletin, the spot benchmark iron ore price has fallen 3.7% to US$124.17 a tonne. This followed a formal announcement on the upcoming winter restrictions by China’s Ministry of Industry & Information Technology.

The post 5 things to watch on the ASX 200 on Thursday appeared first on The Motley Fool Australia.

More reading

• Why did the BHP (ASX:BHP) share price have such a lousy FY22 first quarter?
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• Could renewed inflation fears rekindle these ASX 200 gold shares?

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Virtus Health Ltd (ASX: VRT) share price spent most of today in the green despite its planned acquisition being faced with a new challenge.

The company is waiting to complete its acquisition of Adora Fertility and 3 day hospitals, together known as the Adora Businesses. Currently, Healius Ltd (ASX: HLS) owns the Adora Businesses.

However, today Virtus announced the Australian Competition and Consumer Commission (ACCC) is planning to stop the acquisition from being finalised.

Despite the apparent bad news, Virtus performed quite well on the ASX today.

As of Wednesday’s close, the Virtus share price is $5.47, 0.37% higher than Tuesday’s closing price.

For context, the S&P/ASX 200 Index (ASX: XJO) fell 0.07% today.

Let’s take a closer look at the new hurdle facing the healthcare company specialising in fertility treatments and day hospital services.

Virtus unfazed by ACCC roadblock

The Virtus share price gained today despite announcing seemingly unfortunate news.

The company has had its plans to acquire Adora Fertility and 3 day hospitals halted by the ACCC.

According to Virtus, the watchdog intends to seek an interim order from the Federal Court to prevent the acquisition’s completion despite the ACCC’s public review not being finalised.

However, Virtus is still planning to complete the acquisition. It said it will defend any proceedings.

The company also noted it has kept the ACCC in the loop throughout the acquisition process.

Virtus stated it has “constructively engaged” with the watchdog since it announced it would conduct a public review process of the acquisition

Virtus first announced its plans to acquire Adora Fertility and the 3 day hospitals back in August. It agreed to pay $45 million for the businesses. The funds were to come from a now-completed $35 million capital raise and existing cash reserves.

Virtus share price snapshot

Right now, the Virtus share price is around 3% higher than it was at the start of 2021. It is also 23% higher than it was this time last year.

The post Virtus Health (ASX:VRT) share price shrugs off latest acquisition hurdle appeared first on The Motley Fool Australia.

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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 recommended Virtus Health 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 Fortescue Metals Group Limited (ASX: FMG) share price was selling off sharply on Wednesday. Fortescue shares closed the day down 5.34% to $14.

Iron ore prices pull back

Iron ore spot prices retreated on Tuesday, amid limited trading at Chinese ports, sources told Fastmarkets.

For instance, benchmark iron ore prices fell US$6.03 or 4.5% to US$129 a tonne.

Chinese iron ore futures on the Dalian Commodity Exchange also tumbled on Wednesday.

The most active futures contracts for January 2022 delivery is currently down 4.5% to 740 yuan (US$114) a tonne.

What’s next for iron ore?

Australia and New Zealand Banking Group senior commodity strategist Daniel Hynes expects Chinese steel demand to continue to flatline towards the end of the year, according to Bloomberg.

“China’s plans to have a flat steel production growth this year look possible, as output curbs have been accelerated by power shortfalls.”

Hynes said that China, the world’s largest construction and manufacturing material producer, will have to contract 10% in annual terms between September and December to meet its decarbonisation goals.

On the other hand, Commonwealth Bank of Australia commodities analyst Vivek Dhar wrote that “steel output is reportedly set to increase in October in some parts of China, like Tangshan, Jiangsu, Zhejiang and Anhui, after these regions exceeded steel production cuts in September.”

Weak steel output could continue into 2022, ahead of Beijing’s Winter Olympic Games in February.

This is because, in the past, authorities have shut down a number of industrial activities near the capital to keep the sky as blue as possible.

Fortescue share price snapshot

Fortescue’s year-to-date return continues to linger around the negative 40% level.

The sharp selling between early August and late September appears to have largely subsided. This is as the Fortescue share price consolidates around the $14 level.

Despite Fortescue shares finding a footing around $14, many experts point to lower iron ore prices in 2022. One such expert is the Australian government’s commodity forecaster, the Office of the Chief Economist (OCE).

The OCE forecasts iron ore to average around US$150 a tonne in 2021. Further, it predicts this will fall to below US$100 a tonne in 2022.

The post Fortescue (ASX:FMG) share price down 5% as iron ore retreats appeared first on The Motley Fool Australia.

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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 BHP Group Ltd (ASX: BHP) share price has been impacted over the course of the first quarter of FY22. Its shares have shed more than 25% in value, leaving investors concerned about the next price action for iron ore.

At the closing bell on Wednesday, BHP shares further added to their losses, registering a drop of 1.03% to $37.59.

What happened to BHP?

It’s no surprise the plunging spot price of iron ore has had a detrimental effect on the miner’s shares.

In May, the steel-making ingredient reached an all-time high of US$229.50 per tonne. BHP shares accelerated on the back of bumper revenues over the period.

However, a slowdown in Chinese demand amid political pressure has led iron ore prices to tumble in recent months. Currently, iron ore is fetching US$126.42, a mammoth 40% decline since the beginning of July (Q1 FY22).

As Australia’s rift grows with China, its central government introduced new caps for its steel producers. These are ostensibly to achieve environmental targets but are also seen as an effort to curb reliance on Australian iron ore, boosting domestic supply and demand.

Chinese mills were instructed to limit 2021 output to no more than 2020 levels, or face big penalties.

Iron ore imports into China fell across the quarter – 8% in July, 12% in August, and another 12% in September. This translates to 95.61 million tonnes of the ingredient last month compared to 108.55 million tonnes in September 2020.

To meet its goal, steel output will have to contract another 10% for last 3 months of the year.

China has increased its efforts to close down some domestic factories to achieve carbon reduction targets. In addition, it has expanded supply sources as well as seeking alternative resources to maintain production.

BHP share price summary

Over the past 12 months, BHP shares have moved in circles to post less than a 4% gain. Year-to-date, the company’s shares are down around 11%.

BHP commands a market capitalisation of roughly $111 billion, making it the third largest company on the ASX.

The post Why did the BHP (ASX:BHP) share price have such a lousy FY22 first quarter? appeared first on The Motley Fool Australia.

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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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Motley Fool Australia Chief Investment Officer Scott Phillips joined Nine’s Late News on Tuesday night to discuss the day on the ASX, including a strong reopen for NSW, a nice lift in business confidence, and a new airline for Australia’s skies.

The post NSW cash splash, business confidence up, Qantas (ASX:QAN) down on Bonza news. Scott Phillips on Nine’s Late News appeared first on The Motley Fool Australia.

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Motley Fool contributor Scott Phillips 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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ASX copper shares have, broadly, enjoyed a very strong 12 months. Particularly the first of those 6 months, which saw copper prices hit all-time highs.

Over the past 12 months Oz Minerals Ltd (ASX: OZL), for example, is up 58%. Over the last 6 months, however, the Oz Minerals share price is down 3%.

It’s a somewhat similar story with ASX copper share Sandfire Resources Ltd (ASX: SFR). Sandfire’s share price is up 33% over the past 12 months, while it’s only gained 5% in the past 6 months.

For some comparison, the All Ordinaries Index (ASX: XAO) is up 18% in 12 months and up 4% over the past 6 months.

The copper price and ASX copper shares

While many factors determine the price investors are willing to pay for ASX copper shares, the price of the red metal is a crucial ingredient. That’s because the bulk of any increase in the price of copper goes straight to the bottom line. Conversely, any decrease means lower profit margins.

Copper prices surged coming out of the initial panic caused by the global pandemic. And prices kept on running higher, fuelled by booming demand for EVs, grid storage, wind turbine production, and the wider green energy transition.

This time last year, one tonne of copper was trading for US$6,740. On 5 July the red metal hit record highs of US$10,417 per tonne. That’s partly why we saw the ASX copper shares do so well in the first half of the year.

Since then, copper has retraced and is currently trading for US$9,465 per tonne. While that’s down from its record highs, it’s still well above historic prices.

And, according to the International Monetary Fund’s World Economic Outlook report, just out today, copper could join other clean energy transition metals to run far higher from here.

What did the IMF report forecast?

According to the IMF, global copper production was valued at US$123 billion in 2020.

And, in what could spell good news for ASX copper shares, that value could ramp up, particularly under the “Net Zero by 2050 emissions scenario”.

Citing copper among the critical metals for green technology, the IMF report said that, “the demand for some metals would increase with more certainty because they are used across a range of low-carbon technologies (copper, nickel, and manganese, for example)”.

The report went on to state, “In the IEA’s Net Zero by 2050 emissions scenario … copper shows a twofold increase in total consumption”.

And much of the increase in forecast demand would come sooner rather than later:

The scenario also implies that the growth in metal demand would initially be very high between now and 2030 and slow down over time because the switch from fossil fuels to renewables requires large initial investments.

Now you may be wondering, if there’s a big boost in demand for metals like copper, why don’t producers step in with an equal increase in supply?

The answer, as the IMF report points out, is that, “Copper, nickel, and cobalt are extracted in mines, which often require capital-intensive investment and take as long as 19 years to construct.”

That’s quite a planning horizon!

For that reason, “Results show that supply is quite inelastic over the short term but more elastic over the long term. A demand-induced positive price shock of 10 percent increases the same-year output of copper by 3.5 percent…”

Forecasts and ASX copper shares

It’s important to remember that any type of multi-year forecast is just that. A forecast. Any number of factors can change over the years that might not align with today’s assumptions.

As the IMF report notes, “High uncertainty surrounds the demand scenarios. First, technological change is hard to predict. Second, the speed and direction of the energy transition depend on policy decisions.”

But, if the report’s forecast on the demand for critical green energy metals is right, that should offer some welcome tailwinds for ASX copper shares.

The post Why this IMF forecast could spell good news for ASX copper shares appeared first on The Motley Fool Australia.

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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 ASX is home to more exchange-traded funds (ETF)s than most of us could imagine. Sure, you have the vanilla index funds like the Vanguard Australian Shares Index ETF (ASX: VAS) that remain uber-popular. But there are also ETFs covering what seems to be everything under the sun.

There are ETFs for crude oil, gold, silver, platinum and palladium exposure. Want an ETF that tracks the South Korean economy? Easy. Or Indian shares? Done. ASX ETFs also cover cash, property or government bonds. Like we said, everything under the sun.

Well, not exactly. There is one glaring exception. And that would be cryptocurrencies like Bitcoin (CRYPTO: BTC). Cryptos are perhaps the only major asset class not covered by an exchange-traded fund on the ASX today.

But that might be about to change.

ETF provider BetaShares has just announced that it will be launching a cryptocurrency-based ETF, a first on the ASX. It will be known as the BetaShares Crypto Innovators ETF and will have the ticker code ‘CRYP’.

There is a catch though. This ETF won’t be directly investing in cryptocurrencies like Bitcoin, Ethereum (CRYPTO: ETH) or even Dogecoin (CRYPTO: DOGE). Rather, it will be focusing on the “global companies driving the rapidly growing crypto economy”.

Will this new cryptocurrency ETF invest in Bitcoin?

BetaShares tells us that CRYP will “aim to track an index comprising a focused portfolio of more than 30 leading crypto innovators”, including Coinbase Global Inc (NASDAQ: COIN), Riot Blockchain Inc (NASDAQ: RIOT) and MicroStrategy Incorporated (NASDAQ: MSTR).

In this way, BetaShares is aiming to tap “picks and shovels” exposure to crypto rather than directly holding cryptocurrency assets — and the “complications” that come with it. You can expect CRYP’s other holdings to contain companies that enable “crypto mining equipment, crypto trading venues, and other key services that allow the crypto economy to thrive”.

According to a report in the Australian Financial Review (AFR) today, BetaShares CEO Alex Vynokur says the company is still aiming to release an ETF backed directly by cryptocurrencies but reckons the regulatory framework just isn’t there yet.

“But we’re well on our way,” he told the AFR. “An ETF structure provides much-needed investor protection, and transparency and accountability, things that investors don’t get now buying cryptocurrencies in unregulated venues.”

It’s not BetaShares’ first attempt at a crypto-focused ETF though. Back in 2018, BetaShares announced its intentions to launch a similarly-themed ETF called the BetaShares Global Blockchain Innovators ETF (ASX code was to be BLOK). However, this ETF never launched and has presumably been put on ice.

Hopefully, this new cryptocurrency ETF from BetaShares will fare a lot better than its predecessor.

The post ASX set to welcome first cryptocurrency ETF… but there’s a catch appeared first on The Motley Fool Australia.

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Motley Fool contributor Sebastian Bowen owns shares of Bitcoin, Coinbase Global, Inc., and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended MicroStrategy. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Today, the S&P/ASX 200 Index (ASX: XJO) notched up its third consecutive day in the red. The benchmark index finished slightly lower at 7,272.5 points, down 0.11%.

Across the markets on Wednesday, it was a balance between strong performers in real estate shares and weakness among the miners and banks.

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

Top 10 ASX shares countdown today

Looking at the top 200 listed companies, The a2 Milk Company Ltd (ASX: A2M) was the biggest gainer today. Shares in the infant formula producer soared 13.28%. It is a sight for sore eye following the company’s disappointing performance over the past year. The boost comes amid its smaller rival, Bubs Australia Ltd (ASX: BUB) releasing a positive update. Find out more about The A2 Milk Company here.

The next biggest gaining ASX share today was The Star Entertainment Group Ltd (ASX: SGR). The casino operator gained 5.92% despite news that the Queensland police is investigating the company. Uncover the latest Star Entertainment Group details here.

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

ASX-listed company	Share price	Price change
The a2 Milk Company Ltd (ASX: A2M)	$6.57	13.28%
The Star Entertainment Group Ltd (ASX: SGR)	$3.40	5.92%
Pointsbet Holdings Ltd (ASX: PBH)	$10.13	4.87%
Vicinity Centres (ASX: VCX)	$1.735	3.27%
National Storage REIT (ASX: NSR)	$2.37	3.04%
Crown Resorts Ltd (ASX: CWN)	$9.10	2.94%
Worley Ltd (ASX: WOR)	$10.69	2.59%
Tabcorp Holdings Ltd (ASX: TAH)	$5.15	2.59%
Abacus Property Group (ASX: ABP)	$3.615	2.41%
Sims Ltd (ASX: SGM)	$13.90	2.28%

Our top 10 ASX shares today countdown is a recurring end-of-day summary to ensure you know which companies were making big moves on the day. Check-in at Fool.com.au after the market has closed during weekdays to see which stocks make the countdown.

The post Here are the top 10 ASX shares today appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pointsbet Holdings Ltd. The Motley Fool Australia has recommended A2 Milk, BUBS AUST FPO, and Pointsbet Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Gascoyne Resources Ltd (ASX: GCY) share price closed Wednesday’s trading session 9.52% lower at 38 cents a share.

The gold miner’s shares were on the move today after the company’s board rejected a takeover bid from Westgold Resources Ltd (ASX: WGX).

Here’s what we know.

What was announced?

Gascoyne’s board unanimously recommended shareholders reject an offer made by Westgold around 2 weeks ago.

The company’s major 22% shareholder, Deutsche Balaton AG1, also recommended fellow shareholders reject the proposal.

For a bit of background, Westgold announced its intention for an unsolicited, conditional, and off-market takeover of all of Gascoyne’s shares on 30 September.

Gascoyne shares soared 21% higher on the day of the announcement.

However, Gascoyne and ASX minerals explorer Firefly Resources Ltd (ASX: FFR) agreed to merge back in June. As such, the company “remains committed to the proposed Scheme of Arrangement with Firefly”.

Today, Gascoyne outlined its “enhanced business plan”. In it, it states its hopes to see a significant improvement in cashflows by reducing capital investment in FY22 and FY23.

This, it says, will be achieved by “postponement of the Stage 3 cut-back of the eastern and western walls of the Gilbey’s pit”.

The announcement notes Gascoyne came to the decision after identifying a “pathway to increase free cash flow based on enhanced future operational flexibility” and amid higher operating costs in WA.

Gascoyne also adds that it is in a fairly robust financial position with $40.1 million in available liquidity as of 30 September.

Consequently, the gold miner also reiterated its FY22 production guidance of 70-80koz “at a significantly lower All-in Cost following the removal of (approximately) $60M waste stripping from the deferred cut-back”.

Speaking on the announcement, Gascoyne CEO Richard Hay said:

Gascoyne’s decision to defer the Stage 3 eastern and western wall cut-back of the Gilbey’s pit will greatly increase cash generation from Dalgaranga and Melville over the next three years and protect the business against avoidable financial risk in the current environment. We have been able to take this pathway by capitalising on the operational flexibility emerging from the proposed merger with Firefly and exploration success within our Dalgaranga tenements.

Touching on the board’s recommendation, Hay added:

While we still await the Bidder’s Statement from Westgold to support its intention to make a takeover offer for Gascoyne, the Board is of the view that the Offer does not represent a superior alternative to the proposed merger with Firefly. The Board firmly believes that Gascoyne combined with Firefly provides greater value to shareholders than the individual parts. Also, our major 22% shareholder Deutsche Balaton AG has stated that, it does not intend to accept the Westgold Offer in the absence of a superior proposal. Accordingly, Gascoyne shareholders are advised to take no action in response to correspondence from Westgold and to REJECT the Westgold Offer.

Gascoyne share price snapshot

The Gascoyne share price has had a difficult year to date, having slumped 10% into the red since January 1.

Despite this, it has soared over 887% in the last 12 months, well ahead of the S&P/ASX 200 Index (ASX: XJO)’s return of around 20% in that time.

The post Gascoyne (ASX:GCY) share price slides 9% after board rejects takeover appeared first on The Motley Fool Australia.

More reading

• Here’s why the Gascoyne (ASX:GCY) share price is rocketing 23% today

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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The Coles Group Ltd (ASX: COL) share price is up close to 1% amid comments by the CEO that the supermarket business is expecting to report a very strong end to the 2021 calendar year.

According to reporting by the Australian Financial Review, the Coles CEO Steven Cain is expecting a record Christmas as consumers spend some of the cash that they have saved. Mr Cain thinks that people are going to spend up on both food and drink.

The AFR quoted Mr Cain, who said:

There’s a lot of catching up to do. There’s $100 billion extra sitting in people’s bank accounts. We expect a fair share of that to be spent on food and drink. There’s a lot of premiumisation.

Potential inflation is coming under increasing focus. At the moment, red meat is the only place where inflation is “justified”. It was reported that there are shortages when it comes to red meat because of intermittent COVID-19 restrictions on meat processors. However, other areas are also seeing a bit of inflation.

The newspaper said new investment bank Barrenjoey has warned that shoppers will have to prepare for the highest supermarket prices over the last decade as suppliers try to make up for the higher prices of commodities, packaging and freight. Suppliers may be wanting price increases of mid-to-high single digits, less product discounting and more “shrinkflation” (where products get smaller).

How is it doing at the moment?

In terms of the Coles share price, it’s up around 10% over the last six months, though it is down 8% since 23 August 2021.

The latest result that investors have seen was the FY21 report. That’s when the company said it had achieved 3.1% sales growth, 6.3% earnings before interest and tax (EBIT) growth and a 7.5% rise of net profit after tax (NPAT).

As part of the result release, Coles gave its outlook for FY22. The company said that local shopping trends had re-emerged, with e-commerce and neighbourhood stores outperforming shopping centre and CBD locations.

In supermarkets, sales growth in the first seven weeks of the first quarter of FY22 was approximately 1%, with 12% growth over two years. The first several weeks of FY21 included elevated sales from Victoria. E-commerce penetration was approximately 8% in the first quarter. In July, Coles supermarkets incurred about $15 million of COVID-19 costs.

Coles said that liquor sales were strong as lockdowns continued, with growth being flat year on year, but up 19% on a two-year basis.

In Express, fuel volumes were being impacted by lockdowns, with average weekly fuel volumes of approximately 49ML in the first seven weeks.

In ‘other’, FY22 corporate costs are expected to be approximately $75 million. But smarter selling benefits are expected to be more than $200 million in FY22. It’s going to renew around 50 stores and open another 20 in FY22.

The business continues to invest as it works on its two new Witron distribution centres.

Coles share price valuation

According to Commsec, Coles shares are currently valued at 22x FY23’s estimated earnings.

The post Coles (ASX:COL) share price lifts amid CEO’s forecast of record Christmas appeared first on The Motley Fool Australia.

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