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The Telstra Corp Ltd (ASX: TLS) share price has dipped as the end of the week nears. However, the story of the day is the sale of its biggest competitor’s tower network.

In news sure to perk up the ears of telecommunications investors, Optus has sold a 70% interest in its Australian mobile tower network. Interestingly, this is happening a few months after Telstra carried out its own 49% sale of its InfraCo Towers.

Which begs the question, how do the deals stack up against each other?

How does the Optus sale compare to its ASX-listed competitor Telstra?

Yesterday, news broke that Singapore Telecommunications owned Optus had proposed to sell 70% of its shares in Australia Tower Network (ATN). According to the release, the sale of its network consisting of 2,312 towers is to AS Infra, which is owned by Australian Super.

Furthermore, the deal is valued at A$1.9 billion, comprising three payments. Where it gets interesting is the valuation of Optus’ network in comparison to the sale of the towers previously owned by ASX-listed Telstra.

Telstra managed to garner a payout that reflected 28 times the earnings before interest, tax, depreciation, and amortisation (EBITDA). This was for a 49% interest in the company’s InfraCo Towers which came to a total of $5.9 billion. A consortium of investors including Future Fund, Commonwealth Superannuation, and Sunsuper agreed to cough up the cash.

Meanwhile, 3 months later and Optus has pulled a sale price that represents a much higher EBITDA multiple of 38 times. This is interesting considering the Telstra sale involved around 8,200 towers. That would give it the title of the largest mobile tower infrastructure provider in Australia.

Setting records

In fact, it is understood the earnings multiple for Optus’ assets is a global record for a tower sale, beating out Telstra on the ASX.

Commenting on this, Optus chief executive Kelly Bayer Rosmarin stated:

We obviously think that what we achieved in terms of valuation reflects the strong quality of our assets and relatively high tenancy ratio that we have with room to grow.

The sale of these assets positions Optus well for the future as it provides capital to support core business growth while importantly allowing us to maintain the competitive advantage of our network’s active elements which continue to top independent reports on speed and quality of our network.

While Telstra investors might feel disappointed by its cheaper sale multiple for its tower assets, there is more worth considering.

Potentially, bidders were willing to pay a higher premium for ATN considering it was for a controlling stake. That means Australian Super will now call the shots when it comes to decision-making for the network. Whereas, Telstra sold a minority interest of 49%.

What’s next for Optus?

Following the sale, Optus will lease back the use of the towers from Australian Super. This strategy unlocks a large amount of capital for the Telstra competitor to expand upon its 5G ambitions.

Finally, the transaction is expected to be completed in October. In contrast, ASX-listed Telstra was expected to complete its transaction before the end of September. However, there has not been an announcement to confirm this yet.

The post Did Optus just get a better deal than Telstra (ASX:TLS) for its towers? appeared first on The Motley Fool Australia.

More reading

• 4 ASX shares looking ripe for the picking now
• 3 reasons why the Telstra (ASX:TLS) share price could be a buy
• Telstra (ASX:TLS) share price lifts as CFO reiterates confidence in dividend growth
• Telstra (ASX:TLS) share price lower despite retail shareholder update
• 2 ASX dividend shares with attractive 4%+ yields

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia 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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Today, the S&P/ASX 200 Index (ASX: XJO) suffered a rough end to the week. The benchmark index tumbled 2% to 7,185.5 points.

In stark contrast to yesterday, the only sector that conjured up a positive finish was the utilities. Meanwhile, all other sectors were in the doldrums, with financials dishing out the worst of it.

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, Yancoal Australia Ltd (ASX: YAL) was the biggest gainer today. Shares in the Australian coal producer soared 11.52% as fears of an energy shortage build. Find out more about Yancoal Australia here.

The next biggest gaining ASX share today was Whitehaven Coal Ltd (ASX: WHC). Once again, this coal-producing company rallied 3.56% on waning energy supply. Uncover the latest Whitehaven Coal details here.

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

ASX-listed company	Share price	Price change
Yancoal Australia Ltd (ASX: YAL)	$3.00	11.52%
Whitehaven Coal Ltd (ASX: WHC)	$3.345	3.56%
AMP Ltd (ASX: AMP)	$1.0225	3.28%
Northern Star Resources Ltd (ASX: NST)	$8.72	2.59%
Infratil Ltd (ASX: IFT)	$7.79	2.50%
Mercury NZ Ltd (ASX: MCY)	$6.30	2.44%
Evolution Mining Ltd (ASX: EVN)	$3.575	2.44%
Contact Energy Ltd (ASX: CEN)	$8.10	2.40%
BSP Financial Group Ltd (ASX: BFL)	$5.10	2.00%
Flight Centre Travel Group Ltd (ASX: FLT)	$21.84	1.77%

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

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

More reading

• Yancoal (ASX:YAL) share price surges 11% to a new 52-week high
• Which ASX shares are set to finish the week as the top movers on the ASX 300?
• The Flight Centre (ASX:FLT) share price is in the green today. Here’s why
• Why Evolution, Northern Star, Weebit Nano, & Whitehaven Coal are rising
• Why the Webjet (ASX:WEB) share price is on the rise today

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Flight Centre Travel 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 Sezzle Inc (ASX: SZL) share price dropped by 13% in September 2021. Could the buy now, pay later business now be a buy?

In-fact, it has fallen 32% since the middle of August 2021 and 43% from 8 July 2021.

The company itself didn’t make any market sensitive announcements during September, though it was announced that Sezzle would be entering the S&P/ASX 300 Index (ASX: XKO).

Sezzle’s FY21 half-year result

The latest insight that the business given to the market has been its half-year result which it released in August 2021.

Sezzle reported a lot of growth. Its underlying merchant sales (UMS) increased 156% to US$786.2 million. Active merchants also increased by 150% to 40,274. The active consumers grew 96% to 2.88 million.

Repeat usage by customers was one of the factors that benefited the overall result. In the first six months of FY21 saw the repeat usage increase by 4.1 percentage points from 87.5% to 91.6%. June 2021 was the 30^th consecutive month of improvement of this statistic.

The top 10% of Sezzle’s consumers, based on UMS, transact 49 times per year.

All of the above growth led to total income increasing 159% to US$53.9 million.

Sezzle has been winning larger enterprise merchant partners, such as wins like Target, Lamps Plus and Market America Worldwide.

International growth plans

One of the factors that may influence the future Sezzle share price is its growth plans internationally.

Management said that global expansion remains a priority for the company. It launched operations in Canada in 2019, commenced operations in India and certain countries in Europe in 2020, and are currently in the early stages of expansion into Brazil. It says that will continue to extend its platform into attractive geographies that are “ripe for adoption”.

So far it has focused on entering new markets organically rather than through acquisitions. Its approach involves identifying a “strong, local entrepreneurial team” to lead its expansion. However, this may require significant additional capital to implement its international expansion plans.

Other growth areas

The company has seen growth into a number of new verticals. That is, more than just retail. It has expanded into new categories including health, electronics and travel.

Sezzle is also working on other areas of growth. It has a long-term instalment offering through its bank partnerships with Ally Financial. The BNPL business has in-store capabilities with the Sezzle virtual card. It also has credit building through Sezzle Up offering.

Is the Sezzle share price a buy?

The broker Ord Minnett certainly thinks so. It has a buy rating on Sezzle shares, with a price target of $10. That suggests the broker believes Sezzle could rise by around 80% over the next 12 months. However, the broker is paying attention to the BNPL business’ bad debt levels.

Ord Minnett is expecting Sezzle to continue to spend and invest for growth, whilst reporting statutory losses over FY21 and FY22.

However, the Sezzle share price continues to fall – it’s down 3% today.

The post The Sezzle (ASX:SZL) share price tumbled 13% in September. Is it a buy? appeared first on The Motley Fool Australia.

More reading

• Why the Zip share price plunged 6% this morning
• The Sezzle (ASX:SZL) share price is falling 3% today
• ASX tech shares are leading the market’s gains on Thursday
• How have ASX BNPL shares performed during the August 2021 earnings season?
• Is the Sezzle (ASX:SZL) share price a beaten-up buy?

Motley Fool contributor Tristan Harrison 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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Shares in Yancoal Australia Ltd (ASX: YAL) surged to a 52-week high today despite no news from the company.

The Yancoal share price hit $3.08 in intraday trade on Friday – the highest price it has been in the last 12 months.

That also represents a return to its trading level before March 2020 when the COVID-19 pandemic saw the price of coal tumble as the world came to a halt (or at least stayed home) and China banned Australian coal imports.

In fact, the last time shares in the coal producer reached $3.08 was way back in November 2019.

At the time of writing, the Yancoal share price has retreated slightly from its 52-week high. It is currently trading $2.95, still 9.67% higher than its previous closing price.

Meanwhile, the broader market is experiencing a major sell-off, making today’s Yancoal surge even more impressive.

Right now, the S&P/ASX 200 Index (ASX: XJO) is down 1.8% while the All Ordinaries Index (ASX: XAO) has fallen 1.7%.

Let’s take a look at what might be driving the Yancoal share price higher today.

Yancoal share price takes off on Friday

The Yancoal share price has taken off today despite the company’s silence.

At the same time, the spot price of coal is surging higher, as it has been for the past 11 or so days.

The spot price of a tonne of coal is currently at a record high of US$218.25, according to data from Business Insider. That’s 39% higher than it was this time last month.

It appears the price of the commodity is being pushed higher by increasing demand from China.

China generates more than half of its electricity by burning coal. Right now it needs more of the black rock than it has access to.

According to reporting by the BBC, China is rationing electricity and experiencing power outages amid the shortage and increasing prices.  

Additionally, S&P Global has reported India might soon be affected too. The nation’s domestic coal stockpiles are reportedly starting to look worryingly small.

Of course, the bad news for those living in China and India has been good news for ASX-listed coal producers.

The post Yancoal (ASX:YAL) share price surges 11% to a new 52-week high appeared first on The Motley Fool Australia.

More reading

• Which ASX shares are set to finish the week as the top movers on the ASX 300?
• ASX 200 energy shares in firing line of United Nations’ climate action

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 Nexus Minerals Ltd (ASX: NXM) share price is soaring over 28% in afternoon trade today, and is now exchanging hands at 41 cents each.

Nexus shares are on the rise despite there being no market sensitive news for the company, however, September was a great month for the gold exploration company.

Here are the details.

What’s up with the Nexus Minerals share price today?

The Nexus Minerals share price popped from zero to a hundred to walk into September after the company made a key drilling announcement.

At the time, Nexus noted it had intersected a significant new discovery at its Templar gold prospect in Western Australia.

The company’s reverse circulation (RC) drilling program at the site produced high-grade assay results, plus intersected broad and high-grade gold.

The release notes the mineralisation is the “same style as (the) Crusader prospect – 1.2km south”.

As such, the assay results announced effectively “link” the two prospects together, presenting a “mineralised corridor (that) now extends over 1.6km of strike”.

The Nexus Minerals share price soared from 147% from 15 cents to 37 cents in the week after this announcement and has continued its journey northwards since.

Now it appears investors are chasing more of the story, with the price of Gold jumping from US$1,726/t.oz to US$1,751.t.oz from 29 September.

And the trend of the day looks established in the ASX gold basket, with the S&P/ASX All Ordinaries Gold Index (XGD) climbing 1.02% higher so far today, in direct contrast to the broader indices.

For instance, the S&P/ASX 200 (ASX: XJO) benchmark index is sliding 2% into the red as we approach the market close today.

Nexus Minerals share price snapshot

The Nexus Minerals share price has soared 207% this year to date, well ahead of its benchmarks.

It rallied 176% over the past month and climbed a further 14% this past week alone.

The post Why is the Nexus Minerals (ASX:NXM) share price rocketing 28% today? appeared first on The Motley Fool Australia.

More reading

• The Nexus Minerals (ASX:NXM) share price is up 34% today and 340% in a month
• Nexus Minerals (ASX:NXM) share price soars 47% on new gold intercepts

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 S&P/ASX 200 Index (ASX: XJO) looks like it is set to end the trading week on a low note. At the time of writing, the ASX 200 is down a hefty 2% and is sitting at 7,184 points.

Let’s not dwell too long on that though, and instead check out the ASX 200’s most traded shares by volume so far this Friday, according to investing.com.

The 3 most active ASX 200 shares this Friday

Pilbara Minerals Ltd (ASX: PLS)

Our first ASX 200 share today is the lithium producer Pilbara Minerals. Pilbara has seen a hefty 15.12 million shares trade so far today. There are no major news or announcements out of the company today.

However, the Pilbara share price is having a pretty dreadful time this Friday, to be frank. The company is currently down a nasty 5.51% to $1.94 a share at the time of writing. This is almost certainly what is behind the large volume of shares trading today.

Beach Energy Ltd (ASX: BPT)

Our second share to examine today is ASX 200 energy company Beach. This oil driller has seen a sizeable 15.97 million of its shares find new owners so far today. Much like Pilbara, there are no major news or announcements we can point to.

However, Beach is also a company that has been severely punished by the market today. The Beach Energy share price is currently trading at $1.41, down a painful 6%. We can point to this drop to help explain the large volume of shares trading thus far.

Santos Ltd (ASX: STO)

Another ASX 200 energy share in Santos is our final and most traded ASX 200 share so far this Friday. Today we have seen a whopping 75.84 million Santos shares bought and sold at the time of writing.

As my Fool colleague Mitchell covered earlier today, Santos shares are in some hot water over a major shareholder, the private Chinese energy and investment company ENN Group, unloading a parcel of shares worth approximately $403 million. This is likely the reason why so many Santos shares have been traded this Friday.

The Santos share price is currently trading at $6.94, down 23.21%.

The post Here are the 3 most active ASX 200 shares this Friday appeared first on The Motley Fool Australia.

More reading

• Why CBA, Mount Gibson, Pilbara Minerals, & Virgin Money shares are dropping
• Santos (ASX:STO) share price sinks after investor sells $403m stake
• Guess which sector September’s top performing ASX 200 shares all came from
• These were the 5 best performing ASX 200 shares in September
• 5 things to watch on the ASX 200 on Friday

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 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 deep in the red. At the time of writing, the benchmark index is down 2.1% to 7,176.9 points.

Four ASX shares that are falling more than most today are listed below. Here’s why these ASX shares are dropping:

Commonwealth Bank of Australia (ASX: CBA)

The CBA share price is down 4% to $99.96. This appears to have been driven by a market selloff, which has been particularly bad in the banking sector. All the big four banks are falling heavily today and are weighing greatly on the ASX 200. This may have been driven partly by the release of data out of the ABS.

Mount Gibson Iron Limited (ASX: MGX)

The Mount Gibson Iron share price has sunk 7% to 44.5 cents. This morning the iron ore miner announced that its Shine operations will be ramped down and suspended after the next planned shipment. Management advised that this decision reflects a rapid deterioration in iron ore prices, particularly for lower and medium grade ores.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 5% to $1.94. This decline appears to have been driven by profit taking from some investors amid the market volatility. After all, even after this pullback, the lithium miner’s shares are up over 120% since the start of 2021.

Virgin Money UK CDI (ASX: VUK)

The Virgin Money UK share price is down 8% to $3.72. As well as weakness in the banking sector, an announcement out of the UK bank appears to be weighing on its shares. Virgin Money UK has decided to accelerate its digital strategy in order to enable greater efficiency and drive up levels of digitisation across the bank. This will see it close a fifth of its branches in the coming months at a cost of GBP25 million.

The post Why CBA, Mount Gibson, Pilbara Minerals, & Virgin Money shares are dropping appeared first on The Motley Fool Australia.

More reading

• Which ASX shares are set to finish the week as the top movers on the ASX 300?
• Why the CBA (ASX:CBA) share price is down 4% today
• Why the Virgin Money UK (ASX:VUK) share price is sinking 6% today
• ASX 200 (ASX:XJO) midday update: Gold miners jump, Pro Medicus wins contract
• Here are 3 ASX 200 shares topping the volume charts so far 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. 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 Blackmores Limited (ASX: BKL) share price has been sliding today along with the rest of the market.

Shares in the vitamins and supplements company hit an intraday low of $91.05, which is 4.2% down on yesterday’s closing price, before recovering somewhat in afternoon trade.

Blackmores shares are now changing hands at $92.40 apiece, down 2.82% for the day.

Let’s investigate a little further.

What’s up with the Blackmores share price today?

There’s nothing coming out of the Blackmores camp on Friday that is impacting its share price today.

It’s obviously worth noting that the S&P/ASX 200 index (ASX: XJO) is enduring a sell-off and is down 2% to 7,179 points.

The S&P/ASX 200 Consumer Staples Index (XSJ) – of which Blackmores is a member – has slipped 1% today as well.

Investors’ concerns about inflation pressures, along with the energy crisis in the UK and Europe and the Evergrande debt scare in China appear to have plagued global equity markets this week.

Over in the US, the S&P 500 benchmark index sank 1.19% overnight while the Nasdaq Composite index slid 0.44%.

On local shores, the broad Australian index is down about 2.8% this week, whereas consumer staples are relatively flat.

So, it appears the Blackmores share price is moving in unison with the broader market sell-off today.

What else is happening with Blackmores?

There is reportedly an internal dispute between Blackmores’ key stakeholders.

According to reporting from today’s The Australian, Blackmores’ biggest shareholder, Marcus Blackmore – who owns just under 20% of the company’s shares – is threatening to vote against the election of the board’s chairperson, Anne Templeman-Jones.

Blackmore is unhappy with how the board is progressing the company. He is equally dissatisfied with Templeman-Jones’ decision to reject the nomination of former Pharmacy Guild president George Tambassis to the board, according to The Australian report.

Blackmore wants to see more health care and pharmaceutical representation on the board, fearing the board “is becoming overrun by governance”.

About 75% of Blackmores’ business in Australia is done through pharmacies.

We might hear more about this in the lead-up to the annual general meeting on 27 October.

Blackmores share price snapshot

The Blackmores share price has climbed 23% this year to date, bringing its gains over the past 12 months to 46%.

That’s well ahead of the broader index which has gained about 22% over the past year.

The post Why is the Blackmores (ASX:BKL) share price slumping 4% today? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• Dividends galore! 10 ASX shares trading ex-dividend on Wednesday
• 5 things to watch on the ASX 200 on Wednesday

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 owns shares of and has recommended Blackmores 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 Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is struggling more than most today amid a broader market sell-off.

The significant dip has brought about Domino’s worst day since 23 February 2021, when the company’s stock fell a whopping 8.8% on its ex-dividend date.  

The pizza franchise was approaching the payment date for an 88.4 cent dividend at the time. Today, there’s no such explanation for Domino’s struggles.

At the time of writing, the Domino’s share price is trading at $150.11, 6.45% lower than its previous close. This dip is significantly worse than the slippage the broader market is experiencing today. Right now, the S&P/ASX 200 Index (ASX: XJO) has fallen 2% while the All Ordinaries Index (ASX: XAO) is down 1.9%.

Let’s take a closer look at Domino’s share price performance on the ASX today.

Domino’s plummets on Friday

The Domino’s share price is tumbling 6.48% on Friday despite no news released by the company.

This makes it the worst unexplained fall Domino’s stock has experienced since November 2020.

Interestingly, the 11.1% plunge Domino’s stock underwent on 10 November coincided with news that Pfizer’s now famous COVID-19 vaccine had achieved positive early results.

Perhaps Australians stuck at home saw lockdowns as the catalyst for Domino’s stock’s surge through 2020.

Of course, as the pandemic took a hold of most aspects of people’s lives in 2020, many ASX-listed stocks suffered immensely.

However, the Domino’s share price gained 60% over the course of 2020.

It appears the market saw the increase in the amount of people eating takeaway pizza as a sure sign of Domino’s strength in the face of the pandemic.

However, Domino’s poor performance on the ASX today remains unexplained.

Domino’s share price snapshot

The Domino’s share price’s gains didn’t end alongside 2020.

Since the start of 2021, Domino’s stock has gained 70%. It is also 88% higher than it was this time last year.

The post Domino’s (ASX:DMP) share price falls 6% on its worst day since February appeared first on The Motley Fool Australia.

More reading

• Which ASX shares are set to finish the week as the top movers on the ASX 300?
• Top brokers name 3 ASX shares to buy today
• 2 hot ASX growth shares that this income fund manager favours
• Why CSL, Domino’s, Temple & Webster, & Xero shares are tumbling
• Domino’s (ASX:DMP) share price slips amid management restructure

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 Dominos Pizza Enterprises 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 Myer Holdings Ltd (ASX: MYR) share price may be trading flat today but the same cannot be said for the rest of the week.

Since the start of the week, the department store operator’s shares have fallen approximately 11%.

Though, it is worth noting that Myer’s shares are still up an impressive 90% in 2021 despite this.

Why is the Myer share price falling this week?

The weakness in the Myer share price appears to have been driven by a large shareholder selling down its holding.

According to a ceasing to be a substantial holder notice, WAM Capital Limited (ASX: WAM) has trimmed its position to the point that it is no longer a substantial shareholder.

WAM and its subsidiaries collectively owned a 7.76% stake in Myer until it sold ~21.3 million shares this week for a total of $12.25 million. This represents an average of 57.4 cents per share, which is just a touch higher than where the Myer share price is trading now.

Based on its last disclosure, this appears to have trimmed its position down by around a third and taken its interest to just under 5%.

Though, as WAM is no longer a substantial holder, it isn’t required to report any further sales. This means it is free to continue selling down its holding to zero if wanted to without notifying the market.

If it chose to do that, it would be a blow to fellow shareholder, Solomon Lew’s Premier Investments Limited (ASX: PMV). It is aiming to spill the Myer board and had the support of WAM.

Though, given Myer’s impressive turnaround in FY 2021 and the near doubling of the Myer share price in 2021, shareholders are likely to be pleased with what the current management team are doing. So they may well prefer that there isn’t any further changes in the boardroom at this point.

The post What’s going on with the Myer (ASX:MYR) share price? appeared first on The Motley Fool Australia.

More reading

• Why BlueBet, Gold Road, Li-S Energy, & Myer shares are dropping
• WAM Capital (ASX:WAM) share price hits new high on proposed takeover bid
• Own WAM (ASX:WAM) Capital shares? Here’s what you’re invested in
• Acquisitions for Wesfarmers and Domain, Telstra plans to grow and Myer back in profit. Scott Phillips on Nine’s Late News
• Why Anteotech, API, Myer, & Whitehaven Coal shares are charging higher

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 recommended Premier Investments 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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