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The S&P/ASX 200 Index (ASX: XJO) has had a bit of a topsy-turvy Tuesday today. While the ASX 200  finished the day up 0.024% at 7,530.30 pints, it was down as low as 7,488 points earlier in the day (0.5%).

Looking at the ASX 200 sectors that contributed and detracted to today’s ASX 200 performance, and one sector jumps out. That would be the ASX materials sector. Materials companies are generally those who dwell in the mining and drilling space.

So the S&P/ASX 200 Materials Index (ASX: XMJ) closed the day at 0.81%, vastly underperforming the broader ASX 200. It happened to be one of the worst-performing ASX sectors today, so investors can largely blame this corner of the ASX 200 for the losses this Tuesday has brought us.

So let’s look at how some major ASX materials shares are sailing today.

Some of the biggest ASX materials winners and losers on Tuesday

BHP Group Ltd (ASX: BHP) is the ASX’s largest materials company. It’s shares finished the day down 0.36% to $42.04 a share.

Another major constituent is Rio Tinto Limited (ASX: RIO). Rio shares were are also down today by 1.80%, trading at $108.70 a share.

Fortescue Metals Group Limited (ASX: FMG) is a real clanger today. Fortescue shares finished the day down 3.12%, and are sitting at $17.88.

But it’s not just the big iron ore diggers that are in the red today. Gold miners are also hurting. Newcrest Mining Ltd (ASX: NCM) shares finished the day down at 1.35% at $24.86. Its fellow gold miners Regis Resources Limited (ASX: RRL) and Ramelius Resources Limited (ASX: RMS) fared even worse. Regis lost a nasty 4.60% today to $2.28 a share, while Ramelius shares finished the day down 2.65% to $1.47.

A recent winner is also giving back some of its gains today. South32 Ltd (ASX: S32) shares have been on a bit of a tear in recent weeks. But today, this diversified miner slid by around 1.8% to $3.29 a share. Even so, South32 remains up more than 11% over the past month, so nothing too catastrophic there.

Another recent star performer in Alumina Limited (ASX: AWC) is doing something similar. It’s lost 1.94% today at $2.02 a share, but remains up by a very healthy 16% over the past month.

The rare ASX materials shares that are in the green today include Lynas Rare Earths Ltd (ASX: LYC) and Brickworks Limited (ASX: BKW). These companies finished the day up by 1.58% and 1.11% respectively. 

So ASX materials shares are certainly a drag on the ASX 200 today. But yet again, it wasn’t too long ago that this sector was repeatedly holding up the rest of the ASX 200. As they say, everyone eventually has their turn in the sun.

The post Materials Sector lagged the ASX 200 on Tuesday appeared first on The Motley Fool Australia.

More reading

• Here are the 3 most heavily traded ASX 200 shares today
• Here are the top 10 ASX 200 shares on Tuesday
• ASX 200 bounces back as RBA holds interest rates
• The CBA share price has struggled in the last month. Here’s why
• Why the Rio Tinto (ASX:RIO) share price is in the red on Tuesday

Motley Fool contributor Sebastian Bowen owns shares of Newcrest Mining Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks. 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) has ended the trading day only slightly in the green. The ASX 200 closed at 7,530 points, up a paltry 0.02%.

But rather than dwelling on that uninspiring figure, let’s instead check out the heaviest trading ASX 200 shares this Tuesday.

The 3 most heavily traded ASX 200 shares today

Whitehaven Coal Ltd (ASX: WHC)

Our first ASX 200 share today is coal miner Whitehaven. This Tuesday has seen a sizeable 15.28 million Whitehaven shares change hands. There was no major news or announcements out of this company today. However, it has been enjoying some impressive share price gains which are probably behind so many shares trading.

Whitehaven shares were one of the ASX 200’s best performers this Tuesday, with the company even hitting a new 52-week high of $3.02 a share earlier this morning. Whitehaven shares finished the day at $2.98 apiece, up 3.11% on yesterday’s closing price.

Fortescue Metals Group Ltd (ASX: FMG)

Fortescue shares had the opposite experience to Whitehaven today. This ASX 200 iron ore giant saw a hefty 18.53 million of its shares bought and sold. However, this appeared to be a consequence of the company’s steep share price fall.

Fortescue shares ended the session at $17.99 a share, down 3.12% for the day. However, the company fell all the way down to $15.62 earlier this afternoon, a drop of roughly 4%. It’s this steep fall that is probably behind Fortescue’s heavy trading volume.

Pilbara Minerals Ltd (ASX: PLS)

Our final share today is none other than ASX 200 lithium producer Pilbara. A frequent guest on this list, Pilbara saw a whopping 19.22 million of its shares swap hands this Tuesday.

Unlike the other two shares here, Pilbara has had a day of indecisiveness from investors it seems. The Pilbara share price ended the day up 0.47% at $2.15 a share. However, it was as much as 1% higher today as well as being down by roughly 1% at another point. This ‘Goldilocks’ volatility is likely to be behind the large trading volumes we witnessed today.

The post Here are the 3 most heavily traded ASX 200 shares today appeared first on The Motley Fool Australia.

More reading

• Here are the top 10 ASX 200 shares on Tuesday
• ASX 200 bounces back as RBA holds interest rates
• The CBA share price has struggled in the last month. Here’s why
• Why the Rio Tinto (ASX:RIO) share price is in the red on Tuesday
• 5 ASX shares under $10 that have more than doubled in the past year

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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Today, the S&P/ASX 200 Index (ASX: XJO) went for a rollercoaster ride, ending the session just above breakeven. The benchmark index closed 0.02% higher to 7,530.3 points. Shares bounced back after the Reserve Bank of Australia held interest rates at their historic low of 0.10% this afternoon.

However, the question is: which shares from the top 200 delivered the most green on the ASX today? Here are the ten stocks that delivered the biggest gains while the market fell:

Top 10 ASX 200 shares countdown today

Looking at the top 200 listed companies, Chalice Mining Ltd (ASX: CHN) was the biggest gainer today. Shares in the mining company rallied 6.34% despite no news out. Find out more about Chalice Mining here.

The next best performing ASX share out of the top 200 today was Flight Centre Travel Group Ltd (ASX: FLT). The travel manager’s shares continued to charge higher, gaining 5.83% to $18.52. Uncover the latest Flight Centre information here.

Today’s top 10 biggest gains were made in these ASX 200 shares:

ASX-listed company	Share price	Price change
Chalice Mining Ltd (ASX: CHN)	$7.38	6.34%
Flight Centre Travel Group Ltd (ASX: FLT)	$18.52	5.83%
Technology One Ltd (ASX: TNE)	$11.215	4.62%
Megaport Ltd (ASX: MP1)	$17.99	4.17%
Eagers Automotive Ltd (ASX: APE)	$17.28	3.35%
Seek Ltd (ASX: SEK)	$33.99	3.34%
Whitehaven Coal Ltd (ASX: WHC)	$2.98	3.11%
Sealink Travel Group Ltd (ASX: SLK)	$8.99	3.10%
Pinnacle Investment Management Group Ltd (ASX: PNI)	$16.95	2.42%
Platinum Asset Management Ltd (ASX: PTM)	$3.84	2.40%

Our top 10 ASX 200 shares countdown is a recurring end-of-day summary to ensure you know which companies were making the biggest 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 200 shares on Tuesday appeared first on The Motley Fool Australia.

More reading

• ASX 200 bounces back as RBA holds interest rates
• The CBA share price has struggled in the last month. Here’s why
• Why the BHP (ASX:BHP) share price is slumping 1% today
• Why AnteoTech, BlueBet, Flight Centre, & Mosaic Brands are racing higher
• Which ASX 300 shares are making the biggest moves on Tuesday?

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended MEGAPORT FPO and PINNACLE FPO. The Motley Fool Australia owns shares of and has recommended PINNACLE FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited, MEGAPORT FPO, and SEEK 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 Harvey Norman Holdings Limited (ASX: HVN) share price has been a strong performer over the last 12 months.

Since this time in 2020, the retail giant’s shares have rallied 22% higher.

Can the Harvey Norman share price keep climbing?

The good news is that one leading broker still believes the Harvey Norman share price can go higher from here.

According to a note out of Citi, its analysts have put a buy rating and $6.00 price target on the retailer’s shares.

Based on the current Harvey Norman share price of $5.21, this implies potential upside of 15% over the next 12 months.

And with the broker expecting a very generous dividend yield of 7% in FY 2022, this potential return stretches to 22%.

Citi’s forecasts

Citi is forecasting a full year profit of $482 million in FY 2022, with earnings per share coming it at 39 cents. Based on this the Harvey Norman share price is trading at a little over 13x forward earnings.

From these earnings, the broker expects a sizeable 37 cents per share dividend to be paid to shareholders.

What did Citi say?

It commented: “Harvey Norman delivered FY21 underlying PBT (ex-revaluations and pre-AASB16) of $1,034 million, up 67% YoY, ~6% ahead of Citi estimates. Harvey Norman’s underperformance in the July/August trading update is not representative of true underlying demand, in our view, given several distorting factors that skewed the result downward.”

“Key fundamental macro pillars that have underpinned Harvey Norman’s solid FY21 result remain despite lock down disruptions. Given the stock’s relatively undemanding valuation, we maintain our Buy rating with our target price unchanged at $6.00 per share,” it added.

The post Top broker tips Harvey Norman (ASX:HVN) share price as a buy appeared first on The Motley Fool Australia.

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• ASX reporting wrap-up: Harvey Norman, Cettire, PointsBet
• Why Bubs, Harvey Norman, Mesoblast, & Regis shares are dropping
• ASX 200 midday update: Harvey Norman’s record profit, PointsBet posts large loss

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 Harvey Norman Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Reserve Bank of Australia (RBA) has opted to keep interest rates at their historic low for a 10th consecutive month. The S&P/ASX 200 Index (ASX: XJO) edged into the green after the RBA made the announcement at its September meeting.

Following the news, the Australian benchmark index finished 0.02% higher to 7,530.3 points. The index had been as low as 7,487.8 points earlier in the day.

Let’s have a closer look at what was shared at the latest RBA meeting.

Economic bounce back

Refraining from increasing interest rates might appear negative on the surface. However, the central bank shared an optimistic perspective for the Australian economy. This coincided with the ASX 200 retracing upwards from its session lows.

In the meeting, Governor Philip Lowe outlined that the disruptions lockdowns have had on the economy are merely a “setback”.

Mr Lowe added that the Delta outbreak is expected to delay, but not derail, Australia’s economic recovery. Furthermore, the RBA is forecasting the economy to respond strongly as vaccination rates increase, leading to an easing of restrictions.

As a result, the central bank has decided to forge forth with its plan to taper quantitative easing (QE). This means the Reserve Bank will reduce its government bond-buying scheme to $4 billion per week, down from its previous $5 billion.

Demonstrating the balancing act being conducted, the RBA has kept interest rates at their all-time low of 0.10%. This is in light of the financial impact that will likely lead to a material reduction in gross domestic product for the September quarter — coinciding with an anticipated increase in the unemployment rate in the coming months.

Additionally, the central bank noted it would not consider reducing its level of weekly QE again until at least mid-February 2022. The combination of historically low interest rates and continued monetary intervention by the Reserve Bank appears to have left investors of the ASX 200 more optimistic this afternoon.

Looking back at the ASX 200

The S&P/ASX 200 Index has benefitted from a quick injection of monetary stimulus and intervention since the COVID crash. Consequently, the Australian index has broken multiple records over the course of the past 18 months. For instance, the ASX 200 has touched never-before-seen highs around the 7,600 point level.

Similarly, the index posted one of its largest gains in a financial year in history in FY21. Over the course of FY21, the ASX 200 surged a monumental 24%. Investors might be hoping for further gains given the continued economic support from the RBA.

The post ASX 200 bounces back as RBA holds interest rates appeared first on The Motley Fool Australia.

More reading

• The CBA share price has struggled in the last month. Here’s why
• Why the BHP (ASX:BHP) share price is slumping 1% today
• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• Transurban (ASX:TCL) share price could get boost from WestConnex rumour
• 5 things to watch on the ASX 200 on Tuesday

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 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 Qantas Airways Limited (ASX: QAN) share price has travelled higher in the past week, nearing its 6-month high. This comes as the airline operator plans to kickstart international flights in December this year.

At Tuesday’s market close, Qantas shares edged 0.74% higher to $5.43. It’s worth noting that since August 20, the company’s share price has jumped around 25% in value.

What’s driving up Qantas shares this past week?

While local COVID-19 cases are climbing in the southern states, Australia’s accelerated vaccination program has been the focal point.

The federal government has signalled its intention to reopen the economy once COVID-19 vaccinations reached 80% of the population. In turn, this would see businesses resume under a post-pandemic world, with relaxed border restrictions for domestic and international travel.

During December 2019, Qantas shares were hovering above the $7.30 mark. If the company can get back on track, its shares could push past those levels. At present, this implies an upside of around 35%.

One of the first travel routes to restart is with Singapore, along with the United States, Japan, and the United Kingdom. Qantas is also hopeful that New Zealand will join that list in the near future.

However, flights to destinations such as Bali, Jakarta, Manila and Johannesburg aren’t expected until sometime around April 2022.

This means Qantas will recall some of its A380 aircraft that are parked in the Mojave Desert in California. The long-haul super jumbo jets have been there since mid-last year in deep storage.

No doubt, the company’s blueprint for resurrecting its services has investors excited.

Qantas share price snapshot

Since the start of 2021, Qantas shares have moved largely sideways, posting a gain of around 10%. However, zooming out to a longer time frame, its shares are up almost 40% in the last 12 months.

Qantas commands a market capitalisation of roughly $10.1 billion, making it the 54th largest company on the ASX.

The post The Qantas (ASX:QAN) share price is up 5% in a week. Here’s why appeared first on The Motley Fool Australia.

More reading

• Why the Qantas (ASX:QAN) share price is in focus on Tuesday
• The Qantas (ASX:QAN) share price is having a great start to the week
• Leading brokers name 3 ASX shares to buy today
• If you invested $1,000 in Qantas (ASX:QAN) shares a decade ago, here’s what they would be worth now
• Qantas (ASX:QAN) share price falls while international ‘Points Planes’ considered

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

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The TNT Mines Ltd (ASX: TNT) share price is soaring today after the company released news of an acquisition.

TNT will pay $11 million in cash for the Mt Ida gold/copper project. To purchase the project, it has raised $15 million through binding loan commitments.

Right now, the TNT share price is 21 cents, 20.5% higher than its previous close.

Let’s take a closer look at TNT’s new project.

New acquisition

The TNT Mines share price is surging today after the company announced it will be acquiring Mt Ida Gold Pty Ltd.

Mt Ida Gold is a subsidiary of Ora Banda Mining Ltd (ASX: OBM) and the holder of the Mt Ida gold/copper project.

The project is made up of 19 tenements and spans 155 square kilometres in Western Australia’s goldfields.

The company believes the project will come with an annual expenditure of $340,000.

A condition of the sale was that TNT Mines must raise at least $12 million, which it already has.

The company has raised $15 million through the sale of loan commitments to institutional investors. The loans will convert into fully paid ordinary shares at a conversion price of 15 cents per share, together with free attaching options on a 1:4 basis exercisable at 25 cents apiece, expiring 3 years from the date of issue.

The Mt Ida project has total resources of:

• 318,000 tones at 13.8 grams of gold per tonne for 141,000 ounces

 And indicated resources of:

•  136,000 tones at 18.6 grams of gold per tonne for 81,000 ounces with 182,000 tonnes at 10.3 grams of gold per tonne for 60,000 ounces in inferred category

Commentary from management

TNT’s chair, Alex Hewlett, commented on the acquisition driving the company’s share price today, saying:

This proposed transaction and capital raise will be transformative for TNT. It will bring in a project with a very high-quality high-grade gold resource and a mineral field with multiple advanced gold, copper, nickel, and lithium targets. The quality of the capital raise and significant support from global institutional investors further supports our view of the project and our team’s ability to generate returns for our shareholders.

TNT Mines share price snapshot

Despite today’s gains, the TNT share price is still 24% lower than it was at the start of 2021. However, it is 13% higher than it was this time last year.

The post The TNT Mines (ASX:TNT) share price explodes 20% on acquisition news appeared first on The Motley Fool Australia.

More reading

• These ASX 200 shares are trading ex-dividend today
• How is the Aristocrat (ASX:ALL) share price hitting record highs during lockdowns?
• Reedy Lagoon (ASX:RLC) share price rockets 95% on lithium update
• The CBA share price has struggled in the last month. Here’s why
• COVID-19 saw these 5 international tech shares boom…now what?

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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Investors may be wondering why a number of popular ASX 200 shares have fallen today despite no news coming from the companies.

The conclusion of the August earnings season has led to a vast majority of ASX shares trading ex-dividend in September.

The ex-dividend date is when investors must have purchased a company’s shares to be eligible for the upcoming dividend. If an investor buys the shares on or after this date, the dividend will go to the seller.

Below, we take a look at the list of shares that are trading ex-dividend today.

IGO Ltd (ASX: IGO)

IGO provided its full-year results to the market at the end of August, highlighting growth in key metrics.

Revenue rose 12% on the prior corresponding period to $671.7 million. This led profit from continuing operations to be up 35% to $116.8 million.

The board declared a fully franked final dividend of 10 cents per share, payable on 23 September 2021.

The IGO share price has accelerated more than 118% over the past 12 months with year-to-date gains above 51%.

BlueScope Steel Ltd (ASX: BSL)

BlueScope Steel released its full-year result in mid-August, delivering triple-digit increases across the board.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) surged 207% to a record $1.72 billion. An even better percentage came from the company’s reported net profit after tax, rocketing 1,222% to $1.19 billion.

BlueScope Steel advised of an unfranked final dividend of 25 cents per share. In addition, a special dividend of 19 cents apiece will also be paid. The company is set to distribute its rewards to shareholders on 13 October 2021.

The BlueScope Steel share price has travelled almost 80% higher since this time last year and is up 32% in 2021.

Origin Energy Ltd (ASX: ORG)

Origin revealed its full-year results on 19 August, recording a disappointing finish for the 2021 financial year.

Total group revenue slumped 8% to $1.2 billion which impacted the company’s bottom line, down 69% to $318 million.

The board decided to reduce its final unfranked dividend to 7.5 cents per share, landing in shareholder accounts on 1 October 2021.

The Origin share price has lost 13% in the past 12 months and is treading 6% lower this year alone.

Sonic Healthcare Ltd (ASX: SHL)

Sonic Healthcare issued its full-year results on 23 August, registering a positive performance for the financial year’s end.

Revenue lifted by 28% on the prior comparable period to $8.8 billion. The bumper earnings translated to a 149% surge in net profit to $1.3 billion.

Management noted that the progressive dividend will be maintained, announcing a 65% franked final dividend of 55 cents.

The funds are scheduled to be paid to eligible shareholders on 22 September 2021.

The Sonic Healthcare share price has jumped 33% higher in the past year, with these gains coming in 2021.

The post These ASX 200 shares are trading ex-dividend today appeared first on The Motley Fool Australia.

More reading

• Why the IGO (ASX:IGO) share price is slipping today
• Why Appen, BlueScope, Fortescue, & Marley Spoon shares are dropping
• 5 things to watch on the ASX 200 on Tuesday
• 2 highly-rated ASX dividend shares named as buys
• Top brokers name 3 ASX shares to sell today

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 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 Aristocrat Leisure Limited (ASX: ALL) share price has bolted to a record high in today’s session.

Shares in the gaming technology giant have shrugged off COVID-19 induced lockdowns and restrictions.  

Since the start of the year, shares in Aristocrat have surged more than 54% higher.

In comparison, the broader S&P/ASX200 (ASX: XJO) Index has only managed to gain 12.5% in 2021.

So, what’s been propelling the Aristocrat share price higher?

Digital gaming fuelling Aristocrat share price

Despite the COVID-19 pandemic weighing heavily on traditional gaming machines, the Aristocrat share price has continued to soar.

Shares in the gaming machine giant have been buoyed by growth in its digital gaming business.

Earlier this year, Aristocrat reported its half-year report for FY21.

For the 6 months ending 31 March 2021, operating revenues fell 1% to $2.23 billion and gross profit decreased 3.5% to $1.13 billion.

However, the company declared an 18.4% increase in net profit after tax (NPAT) of $362.2 million.

Aristocrat attributed the increase in profits to substantial growth in its digital segment.

For the first half, 54% of group revenue was generated from the company’s digital gaming arm.

Overall, revenue for Aristocrat’s digital segment surged more than 28% for the period.

On a booking basis, the company highlighted that it ranks in the top 5 mobile game players across Tier 1 western markets.

The outlook for Aristocrat

Aristocrat’s management noted plans for strong growth over the full year to 30 September 2021.

Despite no dollar figure guidance, the company expects to enhance its market-leading position in casino gaming operations and drive further growth in its digital games business.

The gaming giant expects further growth in digital bookings. As a result, Aristocrat expects user acquisition investment to be modestly above the historic range of 25% and 28% of overall digital revenues.  

Aristocrat’s growth outlook has also been supported by numerous brokers and analysts.

Recently, leading broker Citi released a bullish outlook on the company, initiating a buy rating of a $46 share price target.

Analysts noted that Aristocrat’s digital business and traditional gaming segments are pulling together.

At the time of writing, shares in Aristocrat are up more than 2% for the day at a record high of $47.75.

The post How is the Aristocrat (ASX:ALL) share price hitting record highs during lockdowns? appeared first on The Motley Fool Australia.

More reading

• 3 fantastic ASX shares to buy in September
• 10 ASX shares we’re overweight in right now: fund
• Revealed: The biggest shocker from results season

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 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 Reedy Lagoon Corporation Ltd (ASX: RLC) share price has soared firmly into the green in afternoon trade on Tuesday.

Reedy Lagoon shares are on the move after the company released an update on its lithium project in Nevada, USA.

Let’s investigate further.

First, a bit more on Reedy Lagoon

Reedy Lagoon is in the business of minerals exploration and development.

It has a number of projects dotted throughout Australia and the US, and has recently embarked on the quest to discover and sell lithium directly to battery manufacturers.

At the time of writing, Reedy Lagoon has a market capitalisation of $9.4 million.

What did Reedy Lagoon announce?

In a positive for the Reedy Lagoon share price, the company announced it had “successfully staked an additional 186 placer claims” in Nevada. These claims adjoin Reedy’s Akali Lake North Project.

As a result, Reedy said the project area “now covers the full extent” of a lithium brine target that was previously identified by the company in that region.

That is to say, the additional staked ground covers “1,554 hectares”, and now combines with “existing claims (of) 1,042 hectares” at Akali Lake North.

Now Reedy Lagoon has “fully secured the prospective area” and intends to conduct “further geophysical surveys” at the site.

The purpose of these studies is to “better define lithium-brine targets” at Akali and also the company’s Clayton Valley site.

Reedy Lagoon also just completed a $1.1 million capital raise from a placement made on 2 September. In the announcement today, Reedy confirmed these funds will be used to finance the development of its lithium-brine projects.

Investors have bought on the news and have sent the Reedy Lagoon share price flying in afternoon trade today.

At one point Reedy Lagoon shares were exchanging hands at 3.9 cents a share, a 95% gain from the open. Since then, however, the Reedy Lagoon share price has retreated to currently trade at 3 cents per share, still a 50% gain on the day.

Reedy Lagoon share price snapshot

The Reedy Lagoon share price has climbed 100% this year to date. It is also up 115% over the past 12 months.

These results have far outpaced the S&P/ASX 200 Index (ASX: XJO)’s return over the past year.

The post Reedy Lagoon (ASX:RLC) share price rockets 95% on lithium update appeared first on The Motley Fool Australia.

More reading

• The CBA share price has struggled in the last month. Here’s why
• COVID-19 saw these 5 international tech shares boom…now what?
• Here’s why the Imugene (ASX:IMU) share price is up 6% so far this week
• Why the Rio Tinto (ASX:RIO) share price is in the red on Tuesday
• Leading brokers name 3 ASX shares to sell today

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

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