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At lunch on Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very disappointing note. The benchmark index is currently down 2% to 7,184.5 points.

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

Gold miners charge higher

One area of the market that is rising today is the gold sector. Thanks to a solid rise in the gold price overnight, gold miners including Ramelius Resources Limited (ASX: RMS) and St Barbara Ltd (ASX: SBM) are charging higher. This has led to the S&P/ASX All Ordinaries Gold index rising 2% at lunch.

Evolution gets underground mine approval

The Evolution Mining Ltd (ASX: EVN) share price is pushing higher thanks to the aforementioned gold price rise and the release of a positive announcement. The latter reveals that the company’s Cowal Gold Operation has been granted regulatory approval to develop an underground mine. The development will extend the operation’s permitted mine life to 2040 and is part of the company’s plan to safely and reliably produce in excess of 350,000 ounces of gold per annum from Cowal.

Pro Medicus shares lower despite contract win

The Pro Medicus Limited (ASX: PME) share price is trading lower despite announcing a major contract win. That announcement reveals that it has signed its equal-largest contract to date with leading US healthcare provider, Novant Health. The deal is worth $40 million over seven years and will see Pro Medicus’ Visage products implemented throughout Novant Health.

The best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Silver Lake Resources Limited (ASX: SLR) share price with a 4% gain. This follows a rise in the gold price overnight. The worst performer on the ASX 200 has been the Virgin Money UK (ASX: VUK) share price with a 5.5% decline. This follows an update on its digital strategy after the market close on Thursday.

The post ASX 200 (ASX:XJO) midday update: Gold miners jump, Pro Medicus wins contract appeared first on The Motley Fool Australia.

More reading

• Why the Webjet (ASX:WEB) share price is on the rise today
• Why the Evolution Mining (ASX:EVN) share price is charging higher today
• Pro Medicus (ASX:PME) share price dips despite positive update
• These were the 5 best performing ASX 200 shares in September
• These were the 5 worst performing ASX 200 shares in September

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus 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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It’s been a wild ride for the S&P/ASX 200 Index (ASX: XJO) and ASX shares recently.

The index has lost more than 2.8% in the past month, but on Thursday it had a massive gain of almost 1.6%.

Where is the market going? Nobody knows.

If you’re bewildered about what to do next, some expert opinions might get you started.

This week 2 experts picked out 2 ASX shares each that they thought were ripe for buying right now.

Judge for yourself whether these 4 suggestions tempt you:

Special dividends and buybacks on the cards for Telstra

Ord Minnett senior investment adviser Tony Paterno is high on Australia’s largest telco, Telstra Corporation Ltd (ASX: TLS).

“Management is targeting mid single-digit growth in underlying operating earnings to fiscal year 2025,” he told TheBull.com.au.

“It expects increasing earnings to be driven by mobile service revenue growth, improving consumer and small business fixed margins and further cost reductions.”

Telstra shares have already gained more than 30% this year. But Paterno is excited about more returns forthcoming to shareholders.

“Expect fully franked dividends to remain at a minimum of 16 cents a share,” he said.

“Telstra plans to return any excess cash flow to shareholders – in the absence of merger and acquisition opportunities – via an unfranked special dividend, or further on-market share buybacks.”

Aussie Aussie Aussie…

Telstra’s considerably smaller rival, Aussie Broadband Ltd (ASX: ABB), is the other ASX share on Paterno’s current hit list.

The internet service provider’s stock price has risen a stunning 141% this year.

Paterno explained that management has taken advantage, recently raising $114 million through institutional investors and currently conducting a share purchase plan for retail shareholders.

“The war chest of capital is intended to fund one or more acquisitions and to accelerate the company’s ambitions in the business market,” he said.

“The company has signed a 10-year fibre capacity swap agreement with VicTrack in Victoria. VicTrack’s fibre network will provide ABB with a shortcut to a wider distribution footprint in regional Victoria without deploying incremental capital.”

Both a COVID beneficiary and post-pandemic growth contender

One of Spotee.com.au chief executive Chris Batchelor’s tips is education technology provider Janison Education Group Ltd (ASX: JAN).

“It provides online assessments and e-learning solutions,” he said.

“It recently acquired the global rights to 2 exams administered by schools to provide standardised testing across school-aged students.”

Janison shares have had a nice run, increasing 146% over the past 12 months to leave it with a market capitalisation of $230 million.

But Batchelor is optimistic there’s more to come.

“In our view, Janison is poised to generate significant growth in the years ahead. It also benefits from the pandemic, as education providers require technology-based solutions.”

How about an ASX share that’ll give you 33% of your money back 

Security services and technology provider Ava Risk Group Ltd (ASX: AVA) was Batchelor’s other buy recommendation.

“The company announced the sale of its services business and a capital return to shareholders of 16 cents a share.”

Based on the share price of 48 cents after market close on Thursday, that’s a 33% return for these ASX shares.

Batchelor disclosed that he personally owns Ava Risk stock.

“The existing technology business was recently trading on an undemanding price-earnings multiple of about 11 times,” he said.

“Revenue and other income grew significantly in fiscal year 2021, despite the pandemic. The company’s valuation multiples look attractive.”

The post 4 ASX shares looking ripe for the picking now appeared first on The Motley Fool Australia.

More reading

• 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
• This analyst rates the Telstra (ASX:TLS) share price a buy

Motley Fool contributor Tony Yoo owns shares of Aussie Broadband Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Aussie Broadband Limited and Janison Education Group Limited. The Motley Fool Australia owns shares of and has recommended Telstra Corporation Limited. The Motley Fool Australia has recommended Aussie Broadband Limited and Janison Education 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 FYI Resources Ltd (ASX: FYI) share price is plummeting following news of a joint venture for the company’s high-quality alumina (HPA) project.

FYI Resources has signed a binding terms sheet with Alcoa of Australia for the joint development of the project.

If all goes to plan, the terms sheet will progress into a joint venture between the two companies.

The market hasn’t responded well to the news. At the time of writing, the FYI Resources share price has tanked 33.94% to 55 cents.

Let’s take a closer look at today’s news from the mineral exploration company.

FYI Resources share price dips on JV

FYI Resources’ stock has tumbled after the company released news of a planned joint venture.

The company has looped Alcoa into an agreement to create a joint venture of its future HPA project.

Under the agreement, Alcoa will hold 65% of the joint venture with FYI Resources taking the other 35%. The level of control that FYI Resources has in the project might be the reason for the poor reception.

Additionally, investors might not like the fact that either party can pull out at various intervals.

Both companies will have the opportunity to walk away after the design of a demonstration facility and the completion of production trials. The option to leave will be on the table again after the demonstration facility is completed and detailed engineering is undertaken.

The companies plan to make a final investment decision for the project in 2023.

FYI Resources believes the joint venture is the best chance it has to de-risk the project and ensure its future success.

Commentary from management

FYI Resources managing director Roland Hill commented on the news driving the FYI share price lower, saying:

Today’s agreement brings the possibility of production closer to reality without further material dilution to our shareholders. FYI considers that a future JV forms a robust structure capable of delivering the high quality HPA strategy, as outlined in the DFS, at a time when the international HPA market is forecast to grow in line with the world’s e-mobility uptake and emerging HPA applications.

The post FYI Resources (ASX:FYI) share price plunges 30% on JV news appeared first on The Motley Fool Australia.

More reading

• Why the FYI Resources (ASX:FYI) share price has surged 13% in a week
• Here’s why the FYI Resources (ASX:FYI) share price is down 9% on Friday

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 Magnis Energy Technologies Ltd (ASX: MNS) share price has stepped into the green during morning trade on Friday. At the time of writing, Magnis is trading at $0.32, up 1.61%.

Magnis Energy shares are on the move despite there being no market sensitive information for the company today, although, it did release its annual report earlier.

Read on for more details.

Magnis Energy share price gains despite 13% decrease in total income

Magnis recognised a significant 27% downstep in total income for the year of $619,587, down from $851,880 in FY20.

However, it did make an almost $500,000 fixed asset sale in FY20, which could help explain the difference at that level.

After all, expenditures factored in, Magnis reported a net loss for the year of $16.3 million, primarily made up of $11.5 million in administration expenses – but well behind the net loss of $7.4 million in FY20.

This was adjusted to a year on year loss of only around $1.2 million after the company made a $7.6 million gain on its financial assets. Nonetheless, Magnis still recognised a 13% widening of its loss from FY20.

The company has also been busy at its Nachu Graphite project in Tanzania this year, conducting a review of optimal production levels at Nachu to get it functioning soon.

It has also continued land clearing and water bore development at the site alongside various social assistance programs.

Aside from this, Magnis also raised capital for its lithium-ion battery plant in New York, Imperium3. Magnis bought the plant as a part of a consortium of investors in 2018.

An asset management firm focused on energy and power invested $50 million into Imperium3 to ramp up production.

Magnis also raised $34 million from a placement to further increase its stake in Imperium3 and expand productions at the site.

With this move, it has made four new board appointments as a strategic manoeuvre to drive success at the Imperium3 site.

What’s next for Magnins Energy?

The company wants to “be a key global player in the lithium-ion battery value chain of electric vehicles and clean energy storage”.

As such it envisions that the Imperium3 plant will be at commercial production, “with fully optimised and automated lines” to meet customer demand in FY22.

Imperium3 will raise further capital in FY22, in order to finance an increase to the plant’s capacity scale.

It also wants to “secure offtakes and finalise funding” for its Nachu Graphite project in Tanzania.

It’s been a choppy year to date for the Magnis Energy share price, having gained 56%. Its collapsed 16% this past month and is around 1.5% in the red this week as well.

The post Magnis Energy (ASX:MNS) share price lifts after FY21 annual report release appeared first on The Motley Fool Australia.

More reading

• FYI Resources (ASX:FYI) share price plunges 30% on JV news
• Argosy (ASX:AGY) share price backtracks amid Rincon operational update
• How did ASX uranium shares perform in September?
• Why is the Archer Materials (ASX:AXE) share price halted?
• Here’s how the Nuix (ASX:NXL) share price performed in September

The author Zach Bristow 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 Argosy Minerals Limited (ASX: AGY) share price is 7% lower today as the lithium miner provides a construction update for its Rincon Lithium Project.

The company holds a 77.5% interest in the Rincon project, which is located in Salta Province in Argentina. The mine is situated within the ‘lithium triangle’ – the world’s dominant lithium production source.

At the time of writing, the Argosy share price is 19 cents and down 7.3% on yesterday’s closing price of 20.5 cents.

It’s worth noting that when the market opened, Argosy shares were in the green by 7.3% and trading for 22 cents.

However, negative sentiment across the All Ordinaries (ASX: XAO) has affected Argosy shares. The index is down 153 points this morning to 7,476 points.

Construction update

In its announcement, Argosy advised that 40% of construction works have been completed at the Rincon Lithium Project. The development of the modular 2,000 tonnes per annum of lithium carbonate production is on schedule and budget.

The company is targeting the first commercial production of lithium carbonate from mid-2022.

Argosy noted that major works consisting of the design phase, site construction, and plant commission works have advanced.

As such, Argosy provided a snapshot of the current progress:

• 97% of earthworks/land movements completed
• 78% of site works completed (site camp/accommodation, laboratory, office, and other works)
• 67% of the brine system completed (pumping station and plant settling ponds)
• 19% of the process plant completed (plant equipment acquisition and plant warehouse)
• 35% of utilities and associated services (vapour system, communication system and ancillary services).

The entire building stage is expected to continue throughout CY2021 and be completed about April 2022.

Argosy will then begin plant commissioning, test-works, and ramp-up over a 4-month period. Should everything go smoothly, the company will then start production operations.

Argosy hopes to expand the 2,000tpa of lithium carbonate to a 10,000tpa project development. It believes that with lithium prices rising along with tightening market supply and demand conditions, potential off-take arrangements will become more attractive.

Management commentary

Argosy managing director, Jerko Zuvela touched on the company’s latest developments, saying:

The Company’s Puna operations team continue making significant progress on construction and development works, toward commencing 2,000tpa lithium carbonate production operations at our Rincon Project.

With lithium market sentiment and lithium carbonate prices continuing to strengthen, we are excited as we escalate works to transform Argosy into a battery quality lithium carbonate producer and cashflow generator, and then to further progress the 10,000tpa project development expansion. We look forward to a significant near-term growth phase from the increasing development activity at our Rincon Lithium Project.

About the Argosy share price

In the past 12 months, the Argosy share price has gained about 290%, with year-to-date up 62.5%.

On valuation grounds, Argosy has a market capitalisation of roughly $253 million and 1.25 billion shares on issue.

The post Argosy (ASX:AGY) share price backtracks amid Rincon operational update appeared first on The Motley Fool Australia.

More reading

• Argosy (ASX:AGY) share price edges lower on Tonopah Lithium Project update
• Argosy (ASX:AGY) share price gains on potential solar power connection

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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It looked like ASX uranium shares were making a run for the moon in September, many of which surged to multi-year highs.

Uranium prices skyrocketed at the beginning of the month, surging from US$30/lb to above US$50/lb for the first time since June 2012.

The resurgence in uranium was largely driven by Canadian investment fund, Sprott Asset Management and its Physical Uranium Trust.

Sprott had an aggressive strategy to buy physical uranium off the spot market, effectively squeezing the illiquid market.

But as Sprott’s buying activity slowed and profit-taking began to take place, uranium prices eased in the latter half of the month. By month-end, uranium prices were sitting at around US$44/lb.

The Global X Uranium Exchange Traded Fund (ETF) provides a solid overview of how the broader sector performs amidst the renewed interest in the energy metal.

Last month, the uranium ETF surged 36% from US$21 to a 7-year high of US$28.7 by 15 September.

Its gains would fade in the second half, sliding 17% from highs to US$23.79 by month-end.

This was a consistent narrative for most ASX uranium shares, surging to multi-year highs before a sharp 20-30% pullback from highs.

What a month it was for ASX uranium shares

The largest ASX-listed uranium player, Paladin Energy Ltd (ASX: PDN), finished the month a modest 35% higher at 69 cents.

Its highest return for the month was just shy of 120% after surging to a 9-year high of $1.12 on 16 September.

The narrative was the same across most other ASX uranium shares, with explorers Deep Yellow Limited (ASX: DYL), Peninsula Energy Ltd (ASX: PEN) and Boss Energy Ltd (ASX: BOE) all fading in the latter half of the month.

Newly listed 92 Energy Ltd (ASX: 92E) was perhaps the only exception after finding success in its inaugural drilling program.

On 20 September, the company identified new zones of uranium mineralisation at its Gemini Project. It expects a follow up drilling program to take place to determine the extent of mineralisation.

The 92 Energy share price surged as much as 360% in September, before closing the month 206% higher at 76.5 cents.

The post How did ASX uranium shares perform in September? appeared first on The Motley Fool Australia.

More reading

• Why the Peninsula Energy (ASX:PEN) share price tumbled 25% from multi-year highs
• 92 Energy (ASX:92E) share price dips on capital raising update
• Why the Paladin Energy (ASX:PDN) share price is down 10% today
• A sea of red for ASX uranium shares. Is the run over?
• Which ASX 300 shares are leading the way on Monday?

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

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The Archer Materials Ltd (ASX: AXE) share price is frozen today as the company prepares to release news of a capital raise.

The technology company creates advanced semiconductor devices for quantum computing.

It requested a trading halt prior to the market opening on Friday.

The Archer share price finished yesterday’s session trading at $1.73 and there it will remain until the company either releases its expected announcement or the market opens on Tuesday.

Let’s take a closer look at Archer Materials and its share price’s freeze.

Why is Archer frozen on Friday?

The Archer share price has been halted today ahead of the release of news of a capital raise.

While it’s impossible to say exactly how much the company will be raising and what the cash will be put towards, here’s what Archer has planned for financial year 2022:

Right now, the company is working on its 12CQ chip and its less developed biochip. It plans to continue developing its technology in the current financial year. It will be employing more staff to do so.

Archer has previously acknowledged that intellectual property protection and patents are crucial to its future. It will be pushing to receive more of the protections in financial year 2022.

Archer announced it has received a patent for its 12CQ chip in the United States last week. The Archer share price gained 4.4% on the back of the news.

Over financial year 2021, Archer recorded a net loss of around $6.6 million. As of June 30, the company had around $6.2 million of cash in its coffers and no corporate debt.

The last time Archer underwent a capital raise was in May 2020.

Then, the company raised around $6.4 million through a share purchase plan which saw shares in the company offered for 60 cents apiece.

The share purchase plan was significantly oversubscribed. The company accepted all applications despite only targeting a $3 million capital raise.

The funds went towards funding Archer’s work programs and additional staff.

Archer share price snapshot

The Archer share price has been performing well lately.

It has gained 233% since the start of 2021. It is also 240% higher than it was this time last year.

The post Why is the Archer Materials (ASX:AXE) share price halted? appeared first on The Motley Fool Australia.

More reading

• The Archer Materials (ASX:AXE) share price is down 5% on Tuesday
• Archer Materials (ASX:AXE) share price soars 29% on US patent
• The Archer Materials (ASX:AXE) share price is flying 7% higher today

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 Nuix Ltd (ASX: NXL) share price dropped the ball in September, as shareholders wore a 6% decline. For comparison, the S&P/ASX 200 Index (ASX: XJO) shaved off 2.6% during the month.

Looking back in time, the forensic data company made its ASX debut with an initial IPO price of $5.31. However, after missing prospectus forecasts and being hit with investigations by authorities, the company’s shares have tumbled 52% to $2.52.

While September failed to disrupt the negative trend in the Nuix share price, it has started October in the green. In morning trade today, Nuix is up 2.78% to $2.59.

The month that was

Heading into September, investors were digesting the recently received full-year results for FY21. The disappointing share price performance was reflected in the company’s results.

For FY21, revenue increased a marginal 0.1% to $176.1 million. Meanwhile, the bottom-line was even more painful as the $23.5 million profit in FY20 swung to a $1.64 million loss. Although, a potential silver lining in the metrics — the software-as-a-service customer base rose 58% to 112 at the end of the period.

Following on from this, the Nuix share price began to slide after the company released an update regarding the Australian Securities and Investments Commission (ASIC) investigation. On 2 September, the company confirmed it had received notices from ASIC seeking documents relevant to the matters being investigated.

The forensic data company found itself being tossed out of the ASX 200 as the month continued. Though, a brief reprieve followed leading up to the announcement of an acquisition. On 13 September, Nuix revealed it had entered an agreement to acquire Topos Labs.

This acquisition brings natural language processing software to Nuix that better understands text and spoken words at speed and scale. Obviously, such features are important when analysing masses of data for investigative purposes.

Despite the expected benefits, the Nuix share price proceeded to slip over the second half of September.

Nuix share price snapshot

While September was not a great month for the Nuix share price, it represents only a fraction of the damage incurred in the past year. Disappointingly, the company’s value has sunk 68.5% over this time, making it a significant underperformer.

The 1-year chart shows a flattening in volatility since June. In fact, it appears the share price has been range-bound between $2.20 and $2.90 for the past three months.

Nuix holds a market capitalisation of $774 million.

The post Here’s how the Nuix (ASX:NXL) share price performed in September appeared first on The Motley Fool Australia.

More reading

• ASX 200 up, Sydney Airport flies, Nuix rises
• Nuix (ASX:NXL) share price falls despite acquisition news
• Nuix (ASX:NXL) faces yet another indignity
• ASX 200 Weekly Wrap: ASX puts earnings season to bed with another rise
• ASX quarterly rebalance: A2 Milk dumped from ASX 50, Nuix kicked out of ASX 200

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 recommended Nuix Pty Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Weebit Nano Ltd (ASX: WBT) share price has been a very strong performer on Friday.

In morning trade, the computer memory technology company’s shares are up over 14% to $2.92.

Why is the Weebit Nano share price zooming higher?

The catalyst for the rise in the Weebit Nano share price on Friday has been the release of an announcement.

According to the release, together with its development partner CEA-Leti, Weebit Nano has demonstrated production-level parameters of its Resistive Random-Access Memory (ReRAM) technology in a 28 nanometre (nm) process.

Management believes that demonstrating production level parameters of the ReRAM technology at 28nm is a key step toward productisation of embedded Non-Volatile Memory (NVM) for a number of applications. This includes AI, autonomous driving, 5G, and advanced Internet-of-Things (IoT) processors.

The release explains that the 28nm ReRAM arrays are implemented using a small and power-efficient switching device. This takes full advantage of the low power and low voltage capabilities of the 28nm process, enabling an up to 4 times increase in memory density.

Testing of Weebit Nano’s one-transistor-one-resistor (1T1R) ReRAM arrays, embedded in 28nm Fully Depleted Silicon on Insulator (FDSOI), proved its robustness with very good endurance and data retention alongside other production-level quality parameters.

Hitting the sweet spot

Weebit Nano’s CEO, Coby Hanoch, was pleased with the development.

He said: “Weebit, through its close partnership with CEA-Leti, has already demonstrated the significant advantages of its ReRAM technology at larger geometries, and we have now shown that we can successfully scale this technology down to 28nm. Mark Liu, Chairman of TSMC, the world’s largest fab, recently called 28nm ‘the sweet spot for our embedded memory applications’ since the 28nm geometry is widely deployed in a range of applications and is considered the gateway to the most advanced process nodes.”

“Given the achievements we have managed in scaling down Weebit’s technology to date, we believe our ReRAM technology can scale to most advanced nodes, enabling Weebit to offer a highly competitive embedded memory solution that replaces flash memory for leading-edge applications,” he added.

The post Here’s why the Weebit Nano (ASX:WBT) share price is jumping 14% today appeared first on The Motley Fool Australia.

More reading

• Why Novonix, ResMed, Senex, & Weebit Nano shares are charging higher
• Why the Weebit Nano (ASX:WBT) share price is rocketing 59% on Thursday
• Why is the Weebit Nano (ASX:WBT) share price frozen?

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 S&P/ASX 200 (ASX: XJO) benchmark index has fallen consecutively this past month and has slipped 1.7% in the red, in early morning trade on Friday.

It’s been a similarly difficult month for the ASX renewables sector in September as well, as a wave of crises plagues the European energy markets.

The VanEck Global Clean ETF (ASX: CLNE), which serves as a good proxy to track the performance of ASX renewables shares, had its share price clipped almost 6% this month.

Amid this sea of red, let’s take a closer look at which ASX renewables shares outperformed their peers in September.

Infratil Ltd (ASX: IFT)

New Zealand based Infratil’s share price has climbed over 6% in the last month, despite there being no market sensitive information for the green energy company.

Infratil shares finished yesterday’s close at $7.5 apiece, giving the company a market capitalisation of $5.5 billion.

Infratil shares have been lifting since the company announced it had completed the 65.15% stake in Tilt Renewables (ASX: TLT) in August.

The company finalised the sale for gross proceeds of $1.98 billion, to which it has paid a portion of some towards its existing bank facilities.

Infratil estimated the accounting gain from the Tilt divestment is $965 million, thereby generating a return on the company’s investment of approximately 35.2% per annum.

The moves follow Infratil’s $590 million of capital expenditures and investment into renewable energy in its FY21 earnings report for the year ended 31 March 2021.

Infratil shares have climbed 10% this year to date, and are up around 64% in the last 12 months.

Timah Resources Ltd (ASX: TML)

Timah Resources primarily engages in the production of renewable energy via its subsidiary, Mistral Engineering.

In September, Timah’s share price gained an additional 12.5% to a 5-year high of 9 cents each, extending its gain over the last 12 months to 70%.

On 25 August, Timah announced that Mistral had suspended its memorandum of understanding with palm oil milling company Toupos Palm Oil Mill.

Just prior to this, the Department of Environment of Malaysia issued a letter to stop Toupos Palm Oil Mill from delivering palm oil to Mistral.

As the letter was received, Timah took no chances and immediately terminated all contracts with Toupos.

Aside from this, the company also released its half yearly accounts on the same day, where it recognised a 144% increase in net profit over the year prior.

In the days following these announcements, investors piled into Timah Resources shares and pushed it from 7.8 cents to the 5-year highs of today.

Foolish takeaway

The ASX renewables sector has had a difficult month in September, with the broad sector posting a loss in most instances.

Yet, these two names stand out as clear outperformers this past month.

Both of these ASX renewables shares have also climbed over 60% in the last 12 months, perhaps indicating a wider trend when factoring in a longer-term view.

The post These were the best performing ASX renewables shares in September appeared first on The Motley Fool Australia.

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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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