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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.4% to 7,500.6 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are racing higher:

AnteoTech Ltd (ASX: ADO)

The Anteotech share price is up a further 22% to 22 cents. Investors have been buying this surface chemistry company’s shares this week after it announced the signing of a distribution agreement in Turkey with Pera Medikal Anonim Sirketi. This deal is for the distribution of the EuGeni Reader platform and SARS-CoV-2 Antigen Rapid Diagnostic Test (RDT) in the country.

BlueBet Holdings Ltd (ASX: BBT)

The BlueBet share price has rebounded and is up 11% to $2.15. Investors have been buying the sports betting company’s shares after analysts Morgans held firm with their add rating despite BlueBet missing out of a sports betting licence in the US state of Virginia. According to the note, the broker has retained its add rating with a reduced price target of $2.57. While disappointing, the broker remains positive on its prospects in US.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up over 5% to $18.43. This follows news that the travel agent’s shares have been upgraded by analysts at Credit Suisse this morning. According to the note, the broker has upgraded the company’s shares to an outperform rating with an improved price target of $19.00. Credit Suisse made the move partly in response to the positive progress being made with the vaccine rollout.

Mosaic Brands Ltd (ASX: MOZ)

The Mosaic Brands share price has jumped 14% to 62 cents. This morning the retailer revealed an underwritten $32 million capital raising that will secure its future. Mosaic Brands notes that this will provide the business with additional balance sheet support until COVID-19 related lockdown measures are eased and stores re-open for trade.

The post Why AnteoTech, BlueBet, Flight Centre, & Mosaic Brands are racing higher appeared first on The Motley Fool Australia.

More reading

• Which ASX 300 shares are making the biggest moves on Tuesday?
• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade
• Why the Mosaic Brands (ASX:MOZ) share price is shooting 16% higher
• These are the 10 most shorted ASX shares

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended BlueBet Holdings Ltd and Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

Apple‘s (NASDAQ: AAPL) App Store has been under pressure to make some changes around payments, and it’s finally giving some apps a break. Starting next year, Apple will allow what it calls “reader” apps like Netflix and Spotify to bypass Apple’s payment system and direct users to their own websites for payment.

The move was prompted by a ruling from the Japan Fair Trade Commission, but it’ll apply worldwide. It also follows a new South Korean law passed in August requiring Apple to offer alternative payment options in the App Store.

Here’s how the change will impact Apple investors.

Small source of revenue, big profits

The App Store generated less than $20 billion in net revenue for Apple in 2020. The company takes a maximum 30% commission on App Store purchases, which totaled $64 billion worldwide last year.

In total, App Store sales account for less than 7% of Apple’s total revenue. However, the operating profit margin on the business is extraordinarily high. It was 78% in 2019, and that number’s only expanding as the business scales, according to testimony and documents provided in Epic Games’ lawsuit against Apple. For comparison, Apple’s overall operating profit margin in 2020 was 24%.

While the App Store counts for a single-digit percentage of revenue, it may account for over 20% of Apple’s total operating income. So, investors need to pay close attention to how any changes to its policies will impact the business.

What exactly is changing

Starting in early 2022, Apple will allow “reader” apps to direct users to their own website to sign up for a subscription instead of requiring users to subscribe in-app. Apple defines reader apps as those that “provide previously purchased content or content subscriptions for digital magazines, newspapers, books, audio, music, and video.”

What’s notable is that subscriptions have become a growing business within the App Store. As of the end of the third quarter, Apple counted more than 700 million paid subscriptions across all of its services, which also includes Apple’s first-party services like Apple Music and iCloud. That’s up 150 million from the same time last year, CFO Luca Maestri said on Apple’s third-quarter earnings call.

But, it’s unlikely anything is going to happen to those subscriptions. Apple will continue to collect a monthly commission on existing subscriptions.

Furthermore, the impact on subscription revenue going forward could be muted as well. The biggest subscription services, like Netflix and Spotify, currently don’t allow users to sign up directly in their iOS apps. Now, at least, they’ll be able to direct new users who approach them through their iOS apps to sign up on their websites.

While subscriptions account for a significant portion of App Store sales, the change probably won’t have a drastic impact on revenue growth.

So, what’s the big deal?

Apple’s decision to extend the Japanese Commission’s ruling globally is something of a pre-emptive strike. Apple is under increasing regulatory pressure in the U.S. with regard to its App Store policies. By making a move in favor of developers without having a big impact on its growth, Apple may be able to ease some of that pressure.

In other words, Apple would rather decide on the concessions it makes to developers instead of letting lawmakers and regulators decide, as they have in Japan and South Korea. If Apple can appease governments and courts, it can minimize the negative impact on its business.

In that light, Apple’s decision to let reader apps bypass its in-app payment system is a positive move for the shareholders of the FAANG stock, even if it means Apple forgoing a little bit of revenue. 

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

The post Apple’s making a big change to the App Store; Here’s what investors need to know appeared first on The Motley Fool Australia.

More reading

• ASX investors were buying Alibaba, Pfizer shares last week
• Why Apple stock jumped to a new all-time high on Monday
• Commonwealth (ASX:CBA) share price lifts despite Apple crying foul
• Here are Warren Buffett’s biggest stock picks
• Why CBA (ASX:CBA) is backing the RBA in push for payment reforms

Adam Levy owns shares of Apple and Netflix. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Apple, Netflix, and Spotify Technology. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Apple and Netflix. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The S&P/ASX 300 Index (ASX: XKO) is in reverse in afternoon trade today. At the time of writing, the ASX 300 is down 0.32% to 7,508 points.

Let’s take a look at which ASX companies are leading the charge today.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price accelerated 6% to a 5-month high of $18.55 in morning trade. At the time of writing it has fallen slightly to $18.40, still a gain of 5.14%.

The rise comes despite no news out of the travel agent since its positive market release last week.

A possible catalyst for the strong rise in the company’s shares could be Australia’s accelerated vaccination program.

Current estimates indicate that in a little over two months, Australia will have 70% of its citizens fully vaccinated. This will allow state governments to relax harsh restrictions, and reopen the economy.

Imugene Limited (ASX: IMU)

The Imugene share price is surging by 5.50% to 42 cents despite no news coming from the clinical-stage immuno-oncology company.

It appears investors are taking advantage of Imugene shares, following the inclusion to the ASX Index. This is set to occur officially prior to the market open on September 20.

Chalice Mining Ltd (ASX: CHN)

Another big mover on the ASX 300 is the Chalice share price, up 5.48% to $7.32.

The gold explorer has been on the move this week due to the rising spot price of gold. Demand for the yellow metal has soared since 2 September to hit US$1,826 per ounce.

And the biggest fallers for the day?

Johns Lyng Group Ltd (ASX: JLG)

The worst performer on the ASX 300 today is the Johns Lyng share price, down 5.53% to $5.81.

After the building services group’s shares gained almost 12% since 27 August, some investors have taken profit off the table.

Over the past 12 months, Johns Lyng shares are up more than 120%, and more than 80% year to date.

Centuria Office REIT (ASX: COF)

Lastly, the Centuria Office REIT share price is also heading lower on Tuesday, declining 5.21% to $2.455.

The property company announced the successful completion of its institutional entitlement offer, raising $129 million.

A further $72 million is expected to be raised in a retail entitlement offer, opening next Monday to eligible shareholders.

The post Which ASX 300 shares are making the biggest moves on Tuesday? appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher
• Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade
• These are the 10 most shorted ASX shares
• Which ASX shares are leading the way on the ASX 300?
• Which ASX shares are set to finish the week as the top movers on the ASX 300?

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 Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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There are a group of ASX shares that brokers really like. The fact that so many analysts like these stocks could mean they are an opportunity.

These businesses are supposedly at good value and may be able to produce good returns over the next 12 months according to multiple brokers.

However, there is a chance that all of the brokers are wrong at the same time.

Here are two of those ideas:

Alliance Aviation Services Ltd (ASX: AQZ)

Alliance describes itself as Australasia’s leading provider of contract, charter and allied aviation and maintenance services.

Its clients come from industries like mining, energy, tourism and government sectors. The business is planning to have more capacity in the coming years. It has 25 additional E190s scheduled to be added to the fleet by the middle of 2022. The expansionary capital expenditure is $176 million which will result in an increase of up to three times annualised flight hours by the end of FY22.

Total flying hours for the year were stable at 37,913 hours and revenue increased 3% to $308.7 million. However, profitability increased over the year. Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) rose 15% to $90.5 million and underlying profit before tax increased 25% to $51 million.

The ASX share’s management said that it has a positive outlook for FY22 with organic growth opportunities geographically and across the majority of revenue streams. Resource and energy sector services are expected to increase organically across the network during the year and will benefit from the capacity that five additional Fokker aircraft will bring.

It also said that it will continue to focus on cost management during the year, ensuring profit margins are maintained or increased where possible.

It’s currently rated as a buy by at least three brokers, including Morgans which has a price target of Alliance of $5.10.

IOOF Holdings Limited (ASX: IFL)

IOOF is another ASX share that’s well liked. Currently there are at least four brokers that like it, including Credit Suisse which has a price target on the business of $5.20.

The broker is attracted to the fact that IOOF is now a lot bigger with its acquisitions, including MLC from National Australia Bank Ltd (ASX: NAB). Synergies from these acquisitions could help with earnings growth over the next couple of years.

IOOF generated $147.8 million of underlying net profit after tax from continuing operations in FY21. This was an increase of 19%.

The board decided to pay a FY21 annual dividend of $0.23 per share, which included 5.5 cents per share of special dividends. The ordinary dividend of 17.5 cents per share translates to a trailing grossed-up dividend yield of 5.4%.

In FY22, IOOF is expecting to deliver annualised run-rate synergies of between $80 million to $100 million. It’s also expecting substantial improvement in financial performance of the advice business by leveraging technology and capabilities across the advice business and increasing revenue and cost efficiencies.

In the longer-term, the ASX share’s management said that it “continues to see significant opportunities through expanding its addressable market and changing demographics”. The business is aiming for growth of earnings and dividends.

The post 2 ASX shares rated as strong buys by brokers appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Tuesday
• IOOF (ASX:IFL) share price jumps as profit surges 19%
• Move over Qantas (ASX:QAN). This ASX airline share is profiting during COVID

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

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The Medical Developments International Ltd (ASX: MVP) share price has fallen to a new 52-week low today.

The company hasn’t released any news for nearly a fortnight. However, the last time the market heard from Medical Developments, it shared dire news.

Right now, the Medical Developments share price is $3.25, 2.99% lower than its previous close. It marks a new 12-month record low.

Additionally, Medical Developments was dropped from the S&P/ASX 300 Index (ASX: XKO) on Monday night.

Let’s take a closer look at the latest from the specialised healthcare company.

Medical Developments struggles on the ASX

The last 2 weeks have been tough for the Medical Developments share price.

First off, the company released its earnings for financial year 2021 (FY21), sending its stock plummeting.

Medical Developments reported it had ended FY21 with a $12.6 million loss. For comparison, it reported a net profit after tax of $379,000 for FY20.

However, the company’s revenue increased by 12.1% to 25.6 million in FY21.

Medical Developments also provided a promising outlook for FY22, stating it’s looking forward to seeing strong sales growth for the year ending 30 June 2022.

Since the company released its FY21 results, Medical Development’s shares have fallen 18.6%.

More recently, the company was dropped from S&P Dow Jones Indices’ S&P/ASX 300 Index after Monday’s close.

Following the company’s removal from the index, Medical Developments’ stock fell by 3% on Tuesday.

Medical Developments share price snapshot

Today’s fall included, the Medical Developments share price has dropped more than half its value in 2021.

It is currently 51% lower than it was at the start of this year. It is also 41% lower than it was this time last year.

The company has a market capitalisation of around $233 million.

The post Medical Developments (ASX:MVP) share price hits new 52 week low appeared first on The Motley Fool Australia.

More reading

• Medical Developments (ASX:MVP) share price falls on $13 million loss

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. owns shares of and has recommended Medical Developments International Limited. The Motley Fool Australia owns shares of and has recommended Medical Developments International 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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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. The benchmark index is currently down 0.45% to 7,493.5 points.

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

Iron ore price tumbles

BHP Group Ltd (ASX: BHP), Fortescue Metals Group Limited (ASX: FMG), and Rio Tinto Limited (ASX: RIO) shares are under pressure on Tuesday and weighing heavily on the ASX 200. This has been driven by a sizeable decline in the iron ore price overnight. According to Metal Bulletin, the benchmark iron ore price fell US$13.55 a tonne or 9.3% to US$131.50 a tonne. This follows Chinese authorities taking a stricter stance against steelmakers on steel production curbs and the start of sintering restrictions.

Flight Centre shares storm higher

The Flight Centre Travel Group Ltd (ASX: FLT) share price is storming higher today after being upgraded by analysts at Credit Suisse this morning. According to the note, the broker has upgraded the company’s shares to an outperform rating with an improved price target of $19.00. It made the move partly in response to the positive progress being made with the vaccine rollout.

Telstra rated as a buy

The Telstra Corporation Ltd (ASX: TLS) share price is trading lower today despite being the subject of a bullish broker note. According to the note out of Ord Minnett, its analysts have retained their buy rating and $4.50 price target on the telco giant’s shares. It believes the company is reaching an inflection point now that its mobile average revenue per user metric is rising and the NBN rollout is reaching an end.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Flight Centre share price with a 6% gain. This follows the aforementioned broker note out of Credit Suisse. Going the other way, the worst performer on the ASX 200 has been the Appen Ltd (ASX: APX) share price with a 4% decline. This appears to have been driven by profit taking after a strong gain in recent sessions.

The post ASX 200 midday update: BHP & Fortescue fall, Flight Centre storms higher appeared first on The Motley Fool Australia.

More reading

• The Lynas Rare Earths (ASX:LYC) share price is soaring 4% on Tuesday
• Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade
• Telstra (ASX:TLS) share price struggles amid possible union action
• Fortescue’s big fall, job ad numbers disappoint and rates in focus. Scott Phillips on Nine’s Late News
• Transurban (ASX:TCL) share price could get boost from WestConnex rumour

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 Appen Ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Telstra Corporation Limited. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Lynas Rare Earths Ltd (ASX: LYC) share price is gaining today despite no news from the company.

The rare earth producer is leading the S&P/ASX 200 Materials Index on Tuesday, potentially protecting it from the worst of its 1.2% fall.

The Lynas share price is currently $7.14, 2.59% higher than its previous close after hitting a high of $7.30 earlier today.

Let’s take a look at what’s been driving Lynas’ shares on the ASX lately.

Lynas’ leading the materials sector

The Lynas share price is gaining again today, despite no news being released by the company.

However, the rare earths producer’s stock has soared 8% since it released its earnings for financial year 2021 (FY21) late last month. Today’s gains from Lynas’ stock could be part of an ongoing reaction to its profitable FY21.

The company reported it brought in $489 million in revenue in FY21, a 60% increase to that of FY20.

It also boasted it had recovered from the $19.4 million loss it reported for FY20. Lynas posted $157.1 million of net profit after tax for FY21.

While the Lynas share price initially fell 3.6% on the back of its FY21 earnings, it has since soared.

Lynas is also one of only a few ASX 200 materials shares to be decisively in the green today.

The Boral Limited (ASX: BLD) share price is in second place on the materials index today, having gained 0.59%.

Meanwhile, the share prices of Fortescue Metals Group Ltd (ASX: FMG) and Mineral Resources Limited (ASX: MIN) are bringing up the material index’s rear. Today, they’ve fallen 2.91% and 2.96% respectively.

Lynas share price snapshot

Today’s gains included, the Lynas share price has been performing exceptionally well lately.

It is currently 80% higher than it was at the start of 2021. It has also gained an impressive 198% since this time last year.

The post The Lynas Rare Earths (ASX:LYC) share price is soaring 4% on Tuesday appeared first on The Motley Fool Australia.

More reading

• Fortescue’s big fall, job ad numbers disappoint and rates in focus. Scott Phillips on Nine’s Late News
• Top broker says Mineral Resources (ASX:MIN) share price is in the buy zone
• Why BHP, Fortescue, & Rio Tinto shares could tumble today
• Why BlueBet, Fortescue, Hansen, & Pro Medicus shares are sinking
• Which ASX shares are leading the way on the ASX 300?

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 Brisbane Broncos Limited (ASX: BBL) share price has stepped firmly into the green during early trade on Tuesday.

Brisbane Broncos’ shares are now exchanging hands at 84 cents apiece, a 16% jump from the opening of trade.

Let’s investigate further.

Quick recap on Brisbane Broncos

Brisbane Broncos is a sports entertainment business that is best known for its ownership of the National Rugby League (NRL) football team of the same name.

The Brisbane Broncos franchise generates revenue from sponsorships and from sales of its merchandise and memberships.

At the time of writing, Brisbane Broncos has a market capitalisation of $71 million.

What tailwinds are behind the Brisbane Broncos share price lately?

There has been no market sensitive information released for the company on Tuesday.

However, the Brisbane Broncos share price has been on the move since the company reported its half year results in early August.

Brisbane Broncos’ share price – significant uptick since August to date

Source: The Motley Fool

In its report, the company recognised a net profit before income tax (PBIT) of $3.17 million, a significant increase from $22,000 a year ago.

This came from revenue recognition of $25.34 million in the half year ended June 30 2021, underscored by an NRL grant of $7.2 million and sponsorship growth of 26% over the year.

One factor that is important to note, is that the performance for the same time in 2020 “reflects the unprecedented negative impact that Covid-19 restrictions had on the Group”.

However, in saying this, the company’s half yearly PBIT for 2019 came in at $1.3 million. This means the company still grew its profitability in 2021 when backing Covid-19 out of the equation.

Aside from these driving factors, there has been no market-moving announcements that relate to the company.

However, the recent uptick in the Brisbane Broncos share price from 27 August does show an interesting correlation to the NRL finals series.

For example, several NRL finals games are scheduled at the Brisbane Broncos’ home ground, Suncorp Stadium. This is in accordance with the NRL competition being relocated to Queensland due to the Covid-19 pandemic.

In other words, this is an anomaly for the 2021 season, as the majority of NRL finals games would otherwise be played in NSW venues located in Sydney.

As a result, the group is set to benefit from revenues associated with crowd attendance at this venue, that are asymmetrical to previous years.

Brisbane Broncos share price snapshot

The Brisbane Broncos share price has posted a return of 93% over the year to date. This extends the gain over the previous 12 months to 110%.

Both of these results have outpaced the S&P/ASX 200 index (ASX: XJO)’s climb of around 25% over the past year.

The post Why the Brisbane Broncos (ASX:BBL) share price up 16% on Tuesday appeared first on The Motley Fool Australia.

More reading

• Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade
• Why the Pan Asia Metals (ASX:PAM) share price is rocketing 39% today
• Why the BetMakers (ASX:BET) share price has rocketed 50% in 7 weeks
• Why the Mosaic Brands (ASX:MOZ) share price is shooting 16% higher
• Openpay (ASX:OPY) share price rallies on major expansions

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

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The Australian share market may be dropping today but that hasn’t stopped the Flight Centre Travel Group Ltd (ASX: FLT) share price from storming higher.

At the time of writing, the travel agent’s shares are up 6.5% to $18.67.

This compares very favourably to a 0.4% decline by the S&P/ASX 200 Index (ASX: XJO).

Why is the Flight Centre share price storming higher?

The catalyst for the rise in the Flight Centre share price on Tuesday has been a bullish broker note out of Credit Suisse this morning.

According to the note, the broker has upgraded the company’s shares to an outperform rating with an improved price target of $19.00.

Based on the Flight Centre share price at Monday’s close of $17.50, this implied potential upside of 8.6% over the next 12 months.

However, with the company’s shares storming higher today, the upside is now a more modest 1.8%.

Why did the broker upgrade Flight Centre?

Credit Suisse upgraded the Flight Centre share price from a neutral rating to an outperform rating for a number of reasons.

One of those was the positive progress Australia is making with the vaccine rollout. This is expected to support the travel market recovery and underpin its return to break-even.

In addition to this, the broker is a big fan of Flight Centre’s corporate business. It notes that the high quality business has been winning market share and appears to believe this trend will continue.

What about its rivals?

Unfortunately, Credit Suisse isn’t as positive on the Webjet Limited (ASX: WEB) share price. This morning it downgraded the online travel agent’s shares to a neutral rating with a $5.70 price target.

While the broker sees significant upside if Webjet delivers on its cost reduction targets, it isn’t enough for a more positive rating. This is due largely to valuation reasons.

Nevertheless, this hasn’t stopped the Webjet share price from climbing almost 1% today.

The post Flight Centre (ASX:FLT) share price storms 6% higher on broker upgrade appeared first on The Motley Fool Australia.

More reading

• These are the 10 most shorted ASX shares
• ASX 200 down, Flight Centre rises, Redbubble falls
• A2 Milk and Zip were among the most traded ASX shares last week
• ASX 200 midday update: BHP sinks, Flight Centre expansion
• Flight Centre (ASX:FLT) share price falls despite expansion news

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 Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Pan Asia Metals Ltd (ASX: PAM) share price is surging again in early trade. Shares are up 39% at the time of writing to 79 cents.

Today’s meteoric rise for the ASX battery metals explorer follows a series of recent huge daily gains.

Those daily leaps have seen Pan Asia Metals share price soar an astonishing 380% since 30 August. Yep, that’s just 6 days ago.

Yesterday, investor enthusiasm was roused by the company’s announcement of its capital raising.

Today, investors appear to be snapping up stock following the release of promising drilling results.

What drilling results did the resource explorer report?

The Pan Asia Metals share price is off to the races again today after the company reported it had intersected thick pegmatites at its Reung Kiet Lithium Prospect in Thailand.

The promising results come from 6 additional drill holes. According to the explorer, they indicate the potential of “extensive lithium mineralisation hosted in lepidolite rich pegmatite dykes and veins”.

Pan Asia Metals managing director Paul Lock noted, “Peer feasibility studies suggest that lepidolite is the lowest cost source of lithium and potentially has one of the lowest carbon footprints.”

The company has defined a 1-kilometre strike length which remains open.

Some of the top results include:

• RKDD031: 14.9 metre wide pegmatite from 90.1 metre; and 18.4m thick pegmatite from 130.7m
• RKDD030: 31.4m of composite pegmatite thickness from 42.3m-80.2m
• RKDD029: 23.25m thick pegmatite dyke from 49.95m

Commenting on the results, Lock added:

We are rapidly progressing to a Mineral Resource and we are targeting the delivery of a Scoping Study in the first quarter of calendar year 2022. Our aim at the Reung Kiet Lithium Project is to deliver a Mineral Resource which is sufficient to operate a 10,000 tonne per annum lithium hydroxide or lithium carbonate plant for 10 plus years, initially.

The company said it intends to continue drilling, aiming to report a Mineral Resource in accordance with the JORC Code 2012.

It expects assay results for 7 previously drilled holes in about 2 weeks.

Pan Asia Metals share price snapshot

Year-to-date, the Pan Asia Metals’ share price has soared 461%. To put that in some perspective, the All Ordinaries Index (ASX: XAO), which is having a very strong year so far, is up 12% in 2021.

The Pan Asia Metals share price is up 342% since this time last month.

The post Why the Pan Asia Metals (ASX:PAM) share price is rocketing 39% today appeared first on The Motley Fool Australia.

More reading

• Up 265% in 5 days, why the Pan Asia Metals (ASX:PAM) share price is rocketing 23% today
• Pan Asia Metals (ASX:PAM) share price soars another 53% following results update
• Pan Asia Metals share price soars 130% on lithium project update

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