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The broad Australian indices have started the day off in the red as the market resets from a number of stirrups this week.

The S&P/ASX 200 index (ASX: XJO) has clipped 0.37% lower today and sits at 7,343 points, whereas the S&P/ASX 200 Health Care index (XHJ) has dropped around 1% from the open.

Yet, these 3 ASX healthcare shares are soaring well ahead of their benchmarks today. Let’s take a closer look.

Neuroscientific Biopharmaceuticals Ltd (ASX: NSB)

Neuroscientific is concerned with the development of diagnostics and therapeutics for neurodegenerative diseases.

In today’s trading, Neuroscientific’s shares are changing hands at 48.5 cents each, which is a 10% gain from the open.

Two recent advancements made on the company’s EmtinB drug label appear to have shot the company’s shares to new highs. Neuro’ is developing EmtinB as a treatment for all kinds of neurodegenerative conditions, such as Alzheimer’s and MS.

On 31 August, Neuro’ had positive data readouts from a pre-clinical study that showed EmtinB’s potential “as an effective treatment for Multiple Sclerosis (MS)”. The results add to a list of data that points to it being a potential MS drug candidate.

Aside from this, on 3 September the company advised it had received approval from AusIndustry under the R&D tax incentive program to develop EmtimB as a “novel therapeutic treatment for ocular conditions” with (up to) $25 million in rebates.

Bionomics Ltd (ASX: BNO)

Bionomics shares are now changing hands at 17.5 cents each, which is a 6% gain in afternoon trade. At one point today, shares in the biopharma company were trading at over 18 cents each, up 10% from the previous close.

A recent announcement concerning the company’s lead clinical compound, BNC210, appears to have spurred on recent gains for Bionomics.

Last week it announced a “planned (the) commencement” of a clinical trial for BNC210, further investigating its use in the “acute treatment” of social anxiety disorder.

The compound had previously shown promising signs in a Phase 2a clinical study, where it produced “significant anti-anxiety signals”.

It is recruiting 150 patients in the US-based study, and intends to submit an application “by the end of this year”.

Investors continue to push this ASX healthcare share into the green as we finish trading this week.

Dimerix Ltd (ASX: DXB)

Shares in clinical biopharma company Dimerix hit an intraday high of 31 cents at one point today, an 11% gain from the previous close.

They have since cooled off slightly in afternoon trade and now trade at 30 cents each. Dimerix shares have been on the move today since the company made a key announcement earlier.

The company advised it had been given the green light in India to start the “feasibility/Phase 3 clinical study” of its lead drug candidate, DMX-200.

DMX-200 will now be investigated in the “treatment of respiratory complications associated with COVID-19 imminently”, after the Indian authorities met on 2 September to discuss the study.

This marks the “final regulatory agency approval required” to commence the phase 3 study, known as CLARITY 2.0. The first patient is “expected to be dosed in the next few weeks”.

Aside from this, DMX-200 is also being investigated in a Phase 3 clinical study for a rare set of kidney disorders.

These 3 ASX healthcare shares have stepped ahead of the broad indices in afternoon trade on Friday.

The post These 3 ASX Healthcare shares have soared over 10% today appeared first on The Motley Fool Australia.

More reading

• Dimerix (ASX:DXB) share price soars 9% on COVID-19 news
• The Dimerix (ASX:DXB) share price is up 3% on Thursday

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

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) looks set to end the week on a disappointing note. At the time of writing, the benchmark index is down 0.4% to 7,341.4 points.

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

APN Industria REIT (ASX: ADI)

The APN Industria REIT share price is down 6.5% to $3.50. This morning the property company announced the successful completion of its underwritten institutional placement and entitlement offer. Combined, the company raised a total of $244 million from institutional investors at a 7.8% discount of $3.45 per new share. The company will now aim to raise a further $106 million from retail investors at the same price.

Centuria Industrial Reit (ASX: CIP)

The Centuria Industrial share price is sinking 6% to $3.78 after completing its institutional placement. The industrial property company raised $300 million at a 5.2% discount of $3.80 per new share. Centuria Industrial is raising funds to acquire eight freehold urban infill industrial assets for a total of $351.3 million.

Cochlear Limited (ASX: COH)

The Cochlear share price is down over 4% to $226.89. Investors have been selling this hearing solutions company’s shares after it was hit with a patent infringement complaint by the University of Pittsburgh. The patent in question is related to a wireless energy transfer system. However, Cochlear believes that none of its products infringe the University’s patent and will defend the lawsuit.

Perseus Mining Limited (ASX: PRU)

The Perseus Mining share price has fallen over 5% to $1.41. Investors have been selling Perseus and other gold miners today after the spot gold price pulled back during overnight trade. The precious metal came under pressure amid concerns that the US Federal Reserve might raise interest rates sooner than expected.

The post Why APN Industria, Centuria Industrial, Cochlear, & Perseus Mining are tumbling appeared first on The Motley Fool Australia.

More reading

• Which ASX 300 shares are the major movers at the end of the week?
• ASX 200 (ASX:XJO) midday update: Telstra buys Vita stores, Cochlear sinks
• Why the Centuria Industrial (ASX:CIP) share price is down 8% today
• Cochlear (ASX:COH) share price down 4% on US patent infringement complaint
• Here’s why the APN Industria REIT (ASX: ADI) share price is frozen today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear 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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Shares in Mineral Resources Ltd (ASX: MIN) have had a tough run this month, falling more than 15%. This comes despite the mining services company completing the acquisition of the RHIOJV interest, and announcing the drilling results at Lockyer Deep-1.

At the time of writing, the Mineral Resources share price is down a further 2.97% to $46.37.

Why are Mineral Resources shares pulling back?

While the company released two positive updates in September, the Mineral Resources share price has continued to fall.

A major catalyst appears to be the recent retreat of iron ore prices, which impacts the company’s revenue margins.

After reaching a record high of US$229.50 per tonne in May, the steel-making ingredient has sunk to US$120.73 today. This reflects a loss of 15.82% or US$22.63 in a space of just three weeks. 

A slowdown in Chinese demand amid political pressure has also led iron ore prices to plummet in value.

The broader market weakness on the S&P/ASX 200 Index (ASX: XJO) may be another factor in the sluggish Mineral resources share price. The index is about 2.5% off since the start of the month.

On 17 September, the index plunged to its biggest one-day fall in more than 6 months, shedding 2.1%. This had a knock-on effect for Mineral Resources shares, which dropped a hefty 8.53% to a 3-month low of $48.26 at the time.

What’s next?

While the macro factors appear to unsettle the Mineral Resources share price, the company itself has been progressing along internally.

In the most recent results provided to investors in August, the company highlighted its growth strategy for FY22.

Mineral Resources said it would implement a range of solutions which include enhancing crushing, processing and haulage contracts. In addition, the company expects to develop significant transport and port facilities with larger payloads and quicker processing.

The company is forecasting mining services volumes to increase between 15% to 20% over FY21. Capital expenditure guidance is estimated to be approximately $650 million.

Mineral Resources share price snapshot

Year-to-date has seen decent returns for the Mineral Resources share price, up more than 25%. However, when factoring in the past 12 months, these gains are magnified to almost 90% higher.

Mineral Resources presides a market capitalisation of roughly $8.88 billion, and has close to 189 million shares on its books.

The post September has not been a great month for the Mineral Resources (ASX:MIN) share price appeared first on The Motley Fool Australia.

More reading

• Evergrande threat delayed, US Fed flags a return to normal. Scott Phillips on Nine’s Late News
• ASX 200 (ASX:XJO) midday update: Telstra buys Vita stores, Cochlear sinks
• Here’s why the Medibank (ASX:MPL) share price is up 12% in the last 3 months
• An ASX correction could be coming: Here’s what to do
• 5 things to watch on the ASX 200 on Friday

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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If you’re looking to bolster your investment portfolio with some high quality shares, then you might want to look at the ones listed below.

Here’s why these ASX 50 shares have been tipped as ones to buy right now:

Coles Group Ltd (ASX: COL)

The first ASX 50 share to look at is Coles. This supermarket giant could be a top option due to its strong market position and solid long term growth potential.

In respect to its market position, Coles now has over 800 supermarkets, over 900 liquor retail stores, and over 700 Coles express stores. From this sprawling network, the company processes the equivalent of 35 transactions every second.

The team at Morgans are positive on the company. The broker currently has an add rating and $19.80 price target on its shares. Morgans believes Coles’ shares offer a lot more value for money than rival Woolworths Group Ltd (ASX: WOW).

Morgans said: “While vaccines are being rolled out across Australia, we think people will continue to spend more time at home due to the ongoing risk of COVID flare-ups with the working-from-home trend also likely to stay for some time (eg, Sydney and Melbourne remain in lockdown indefinitely). This will be beneficial for the major supermarket operators. We continue to see COL (~24x FY22F PE and ~3.5% yield) as offering better value than WOW (32x FY22F PE and 2.5% yield).”

Sonic Healthcare Limited (ASX: SHL)

Another ASX 50 share to consider is Sonic. It is one of the world’s leading healthcare providers, with operations in Australasia, Europe and North America. Sonic employs more than 1,500 pathologists and radiologists, and more than 10,000 medical scientists, radiographers, sonographers, technicians, and nurses.

The company has been benefiting greatly from strong demand for COVID testing and Morgans expects this to continue for some time to come.

For this reason, the broker has an add rating and $45.98 price target on the company’s shares.

It commented: “We see COVID-19 testing continuing into the foreseeable future, with growth potential in COVID serology testing. SHL’s global base business is increasingly resilient, benefitting from geographical diversity. Strong B/S (gearing 21.6x; A$1.3bn headroom) opening the door to acquisitions, contracts and JVs.”

The post 2 outstanding ASX 50 shares named as buys appeared first on The Motley Fool Australia.

More reading

• 2 excellent ASX dividend shares named as buys
• 5 things to watch on the ASX 200 on Wednesday
• Why is the Woolworths (ASX:WOW) share price underperforming Coles today?
• Why are Coles (ASX:COL) shares defying the ASX 200 selloff today?
• 2 COVID-19 ASX shares that could be buys

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 owns shares of and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended Sonic Healthcare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The S&P/ASX 300 Index (ASX: XKO) is back in negative territory on Friday, losing ground from yesterday’s strong performance.

During mid-afternoon trade, the ASX 300 is down 0.35% to 7,349.3 points. This means that the index is likely to finish in the red for the entire week, down 1.52% so far.

Let’s take a look at which ASX companies are making headlines today.

Computershare Ltd (ASX: CPU)

The Computershare share price is surging 5.85% to $17.92 in early afternoon trade.

The share registry company hasn’t released any market-sensitive news since full-year results on 10 August. However, a possible catalyst could be that the United States Federal Reserve may increase interest rates in the near future.

Historically, any move upwards on American interest rates has a positive effect on the company’s shares.

Coronado Global Resources Inc (ASX: CRN)

Another big mover on the ASX 300 is the Coronado share price, up 4.76% to $1.43.

The coal miner also hasn’t reported anything new since its half-year results in mid-August. Although, the spot price of coal has picked up steam since August 20, reaching a near record high of US$171.25 per tonne.

No doubt, this will translate into bumper profits for the company’s second half of FY21.

Imugene Limited (ASX: IMU)

Adding gains to the ASX 300 is the Imugene share price, up 3.43% to an all-time high of 51.2 cents.

The Australian immuno-oncology focused biopharmaceutical company provided an update on Wednesday regarding patent approval in Japan.

It appears investors are continuing to buy Imugene shares after a series of positive updates this year. This has led its shares to post a 980% gain over the last 12 months, and above 410% for 2021.

And which ASX 300 companies are heading the other way?

Centuria Industrial REIT (ASX: CIP)

In decline today is the Centuria Industrial share price, down 5.49% to $3.79.

The industrial property company’s shares are coming under pressure following a completed $300 million institutional placement.

Centuria Industrial plans to use the funds to acquire eight freehold urban infill industrial assets for a total of $351.3 million.

Cochlear Limited (ASX: COH)

Also being weighed down by investors today is the Cochlear share price, down 5.30% to $224.48.

The hearing solutions company announced that a complaint has been made about a patent infringement by the University of Pittsburgh. The complaint has been filed in the United States District Court for the Western District of Texas, Waco division.

Cochlear advised it will vigorously defend the lawsuit.

The post Which ASX 300 shares are the major movers at the end of the week? appeared first on The Motley Fool Australia.

More reading

• Why the Computershare (ASX:CPU) share price has a new 52-week high
• Why Computershare, Lake, Premier Investments, & Woodside shares are rising
• ASX 200 (ASX:XJO) midday update: Telstra buys Vita stores, Cochlear sinks
• Why the Centuria Industrial (ASX:CIP) share price is down 8% today
• Cochlear (ASX:COH) share price down 4% on US patent infringement complaint

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. owns shares of and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Cochlear 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 Commonwealth Bank of Australia (ASX: CBA) share price is up 0.4% in afternoon trade.

The S&P/ASX 200 Index (ASX: XJO), meanwhile, is heading the other way, down 0.4%.

Despite today’s gains, the CBA share price remains down 1.6% since last Friday’s closing bell. Shares in the big 4 bank closed lower on the first 3 trading days of this week, before posting a 1.2% gain yesterday.

Below we take a look at what’s been putting CommBank in the news this past week.

CBA share price slides despite disruptive acquisition

The CBA share price closed 0.5% lower on Tuesday, despite the bank reporting it is taking a minority shareholding in Australian property management company :Different. CommBank is pursuing the acquisition with its venture-scaling entity, x15ventures.

:Different has a significant portfolio of owners, tenants and properties under its management. It works to streamline the sector by digitising different parts of the process. CommBank said it will be making :Different available to its customers via its banking app.

Commenting on the move, CommBank’s group executive retail banking services, Angus Sullivan said, “To partner with such a disruptive business further differentiates and expands what we are able to deliver for our investor home loan customers.”

Sustainable lending practices

On Tuesday, CommBank also reported that it had served as lender and joint sustainability coordinator on a $495 million sustainability-linked loan for the ISPT Retail Australia Property Trust.

The bank said this was another step towards incorporating sustainable finance across all of ISPT’s financing requirements.

Charles Davis, managing director, sustainable finance and ESG, at Commonwealth Bank said:

Sustainability-linked loans connect operational targets and financial incentives, galvanising people right across the business around achieving a shared goal. This makes them such an important tool for supporting Australia’s transition efforts.

RBA spotlights Aussie housing market

The CBA share price also closed lower on Wednesday, ending the day down 0.7% to $99.64 per share.

That came as the Reserve Bank of Australia (RBA) reported that Australia’s overheating housing market may need some reining in.

The RBA’s assistant governor of financial systems, Michele Bullock, expressed the central bank’s concerns about increasing mortgage debt amid soaring house prices.

Bullock said that rapid price rises from “over-exuberance in the housing market … can increase the likelihood that some new borrowers will over-stretch their financial capacity in order to obtain a new loan”.

She added that, “[I]f rapid price rises ultimately prove to be unsustainable they could lead to sharp declines in price and turnover in the future.”

CommBank itself has come out in support of the banks needing to potentially adjust their mortgage lending settings.

CBA share price snapshot

The CBA share price is up 21% year-to-date.

By comparison the ASX 200 has gained 10% so far in 2021.

Over the past month, CBA shares are up just over 1%.

The post What’s happening with the CBA (ASX:CBA)share price this week? appeared first on The Motley Fool Australia.

More reading

• CBA (ASX:CBA) share price leads big four banks today despite broker’s bearish view
• Top brokers name 3 ASX shares to sell today
• CBA (ASX:CBA) share price slumps amid RBA concerns of sector vulnerabilities
• CBA (ASX:CBA) share price lower despite latest ‘disruptor’ investment
• How could a stock market correction impact ASX 200 bank shares?

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 Thursday night to discuss the calming market, the latest in the Evergrande saga, the coming stimulus tapering by the US Fed and global manufacturing data.

The post Evergrande threat delayed, US Fed flags a return to normal. Scott Phillips on Nine’s Late News appeared first on The Motley Fool Australia.

More reading

• ASX 200 (ASX:XJO) midday update: Telstra buys Vita stores, Cochlear sinks
• Here’s why the Medibank (ASX:MPL) share price is up 12% in the last 3 months
• An ASX correction could be coming: Here’s what to do
• 5 things to watch on the ASX 200 on Friday
• Why the embattled AGL (ASX:AGL) share price is surging higher today

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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The Macquarie Group Ltd (ASX: MQG) share price has had a stellar month thus far.

Since the start of September, shares in the banking giant have soared more than 6.8% higher.

By comparison, the S&P/ASX200 Index (ASX: XJO) has sunk 2% since the start of the month.

It’s not every day that you see a major bank like Macquarie outperform the broader market.

So, what’s been powering the Macquarie share price in September?  

What’s been happening with the Macquarie share price?

Despite being strongly in the green for September, the Macquarie share price has not had a smooth ride in September.

Shares in the bank bolted to record highs at the start of the month, hitting a high of $182.66.

The catalyst that spurred investors was Macquarie’s update on its short-term outlook.

Presenting at the Jeffries Asia Forum, the investment bank anticipates weaker earnings in the first half of FY22.

The bank also anticipates base fees to be in line with last year. However, Macquarie expects other operating income to come in weaker for the first half.

In addition, the bank also acknowledged that competition amongst its peers will continue to drive margin pressure.

Macquarie also cited its commodities income to be lower for the first half following a strong FY21.

Although the bank painted a dour short term outlook, its shares rose as much as 7% on the day.

However, the Macquarie share price fell out of favour among some analysts.

Leading broker Goldman Sachs retained their neutral rating and lifted its price target on Macquarie’s shares to $170.62

 Analysts noted that Macquarie’s share price may have peaked for the time being.

More on the Macquarie share price

Shares in Macquarie have been buoyed recently after emerging as a contender for VicRoads’ registration, licensing, and custom plates services.

Earlier this year, the Victorian government announced plans to turn VicRoads into a joint venture model.

According to an article by my Foolish colleague, Macquarie Infrastructure and Real Assets is favourite to win the bid.

Apart from the bid, brokers remain mixed on the outlook for the Macquarie share price.

Since the start of the year, shares in the bank have soared more than 27.5% for the year.

At the time of writing, the Macquarie share price is slightly higher for the day at around $177.29.

The post September has been a great month for the Macquarie (ASX:MQG) share price appeared first on The Motley Fool Australia.

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Motley Fool contributor Nikhil Gangaram 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 Macquarie Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Computershare Ltd (ASX: CPU) has a new yearly-record.

At the time of writing, shares in the information technology (IT) company are trading for $17.74 – up a whopping 4.78%. Earlier today, shares reached an intraday and 12-month high of $17.945 per share. The S&P/ASX 200 Index (ASX: XJO), meanwhile, is down 0.39%.

While the company hasn’t made any market sensitive announcements in over a month, something is clearly exciting investors.

Let’s take a closer look.

One possible reason Computershare is rising

The rising Computershare share price has coincided with the announcement that its founder, Chris Morris, will leave the board come 11 November.

John Nendick, a senior financial executive who, according to the company, “is an expert in new business models, global financial, accounting and audit matters, transactions and technology and Technology, Media and Telecomm (TMT) trends globally,” will replace Morris on the board. He was appointed on 21 September and will seek a full term at the Computershare annual general meeting.

He was, until recently, the Deputy Global Leader of EY’s TMT business and served on EY’s Global Practice Group.

Computershare Chair, Simon Jones, said of Morris’ retiring

Chris was instrumental in taking Computershare from a local player to an international success story – his knowledge, long-term strategic vision and passion for the industry have underpinned Computershare’s evolution into a successful global public company.

Chris has previously managed a seamless transition from CEO to Executive Chairman, Non-Executive Chairman and Non-executive Director, and we will look forward to his ongoing involvement as a Computershare shareholder. We will recognise Chris’s immense contribution to Computershare at the AGM later this year.

Morris added

Little did I know all those years ago that the business I co-founded would go on to be the global success it is today. It’s been an exciting journey and I am really proud of what the team has achieved. It has been great being part of an Australian global success story.

The Company is in very strong and competent hands with an exciting outlook ahead of it and I have confidence it will go from strength to strength. I expect to remain a shareholder to see the benefits of growth strategies and investments come to fruition.

Computershare share price snapshot

Over the past 12 months, the Computershare share price has increased 46.73%. It’s outpaced the ASX 200 by about 21 percentage points. Year-to-date, Computershare’s value has appreciated 23.19%. The ASX 200 has only increased 10% in the same time.

Computershare has a market capitalisation of approximately $10.2 billion.

The post Why the Computershare (ASX:CPU) share price has a new 52-week high appeared first on The Motley Fool Australia.

More reading

• Why Computershare, Lake, Premier Investments, & Woodside shares are rising
• ASX 200 (ASX:XJO) midday update: Telstra buys Vita stores, Cochlear sinks

Motley Fool contributor Marc Sidarous 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 Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is sliding today despite the bank’s announcement of a new partnership.

The bank has partnered with clothing recycler Upparel following a change to its employees’ uniforms.

At the time of writing, the Bendigo Bank share price is $9.31, 0.37% lower than its previous close.

Let’s take a closer look at today’s news from Australia’s fifth largest retail bank.

New partnership to up-cycle old uniforms

The Bendigo Bank share price is in the red despite the bank making another step towards better sustainability practices.

In the wake of the bank reaching carbon neutrality this year, it has partnered with Upparel to recycle old employee uniforms.

Upparel is a Melbourne-based initiative focused on reducing Australia’s textile waste. It up-cycles used clothing, linen, and shoes to create socks and children’s furniture.

Under the partnership, the bank’s employees’ now-outdated uniforms will be transformed into filling for furniture and other products.

Bendigo Bank consumer banking executive Richard Fennell said:

We have forecast that there may be up to 10 kilograms of used uniform textiles per employee in storerooms and cupboards nationwide, so it’s important to us that nothing is dumped or sent off-shore for processing and that this material is sustainably reused.

Employees can also put 10 kilograms of their personal clothing items towards the initiative.

Each kilogram of clothing recycled by Upparel saves between 3 kilograms and 4 kilograms of greenhouse gasses from being released into the atmosphere.

The bank has already committed to using only renewable energy by 2025 and reducing its total emissions to zero by 2030.

Bendigo Bank share price snapshot

This year so far hasn’t been great for the Bendigo Bank share price.

It has fallen 1.2% since the start of 2021. However, Bendigo Bank shares are 53% higher than this time last year.

The bank has a market capitalisation of around $5.2 billion.

The post Bendigo Bank (ASX:BEN) share price slips despite recycling partnership appeared first on The Motley Fool Australia.

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• Is the Bendigo and Adelaide Bank (ASX:BEN) share price in the buy zone?
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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 owns shares of and has recommended Bendigo and Adelaide Bank 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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