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Commonwealth Bank of Australia (ASX: CBA) shares are in the green in late afternoon trading.

The CBA share price is up 0.6% to $101.94 per share.

If it can hold onto the gains through market close, this will mark 3 consecutive days of positive moves for the CBA share price.

CommBank closed lower on Monday and Tuesday.

What happened with CommBank this week?

CommBank was in the news for both good reasons and bad this week.

First, the bad.

On Tuesday the bank was called out for the poor performance of its superannuation fund under the government’s new ‘Your Future Your Super’ reforms.

Under the reforms, companies providing a default ‘MySuper’ offer need to pass a yearly performance test judging their returns and fees.

Unfortunately for CommBank, and its superannuation clients, the bank was among the 16% that failed the assessment. It will now need to send letters to customers informing them of the poor performance and advising them that they should consider moving to a different superannuation product.

The CBA share price closed down 0.3% on Tuesday, to $110.12 per share.

On a brighter note for CommBank this week, yesterday the bank reported on its ongoing commitment to sustainable energy solutions.

CBA is one of 5 banks helping finance the $330 million development of the 180MW Dulacca Wind Farm in Queensland. On completion in 2023, the project will have 43 wind turbines. That’s reported to be enough to power some 124,000 households. The turbines have a 30-year design life.

Commenting on the development, Sally Reid, CommBank’s executive general manager of global client solutions, said:

Helping our clients advance Australia’s transition to a more sustainable future is a strategic priority for CBA, and we’re very proud to be able to help RES Group and Octopus Investments Australia expand our nation’s renewable energy generation.

Grant Willis, the bank’s managing director, natural resources and energy added, “CBA is delighted to partner with RES Group and Octopus Investments Australia in the development of a high quality renewable energy project.”

RES Group is the developer and asset manager for the Dulacca Wind Farm. Octopus Investments Australia is the project’s long-term owner.

CBA share price snapshot

CBA’s share price is up 22% year-to-date, compared to a gain of 13% posted by the S&P/ASX 200 Index (ASX: XJO).

Over the past month the CBA share price is up 0.5%.

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

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• ASX investors were buying Alibaba, Pfizer shares last week
• ASX 200 bank shares could struggle due to lockdowns – expert
• The CBA (ASX:CBA) share price is now trading on a 3.46% fully-franked dividend yield
• Top broker picks best ASX 200 bank shares to buy coming out of reporting season
• How does the NAB dividend compare to its sector?

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 Afterpay Ltd (ASX: APT) share price is underperforming the broader market on Friday.

At the time of writing, shares in the buy now, pay later company are swapping hands for $130.53, down 2.9%.

Meanwhile, the S&P/ASX 200 Index (ASX: XJO) is getting a boost, charging 0.5% higher. As a result, Afterpay shareholders might be wondering what is to blame for today’s weakness.

Attached at the hip

Since announcing the deal which is expected to see Afterpay be acquired by Square, the Afterpay share price has been tied to its acquirer’s share price. This is a consequence of the all-scrip offering, which would see shareholders receive 0.375 Square shares for each share in the Aussie BNPL player.

As a result, the market now tends to value the Australian company’s shares proportionally to Square. This can be a blessing or a curse, depending on the day. Unfortunately for Afterpay shareholders, Square weakened overnight in the United States.

Interestingly, the market is selling off Afterpay more than its acquiring company slipped last night. Specifically, US investors pushed the Square stock price down 0.86% overnight. Meanwhile, Afterpay has fallen significantly more — indicating some level of disconnect.

What could be weighing on the Afterpay share price?

There’s a developing story today that could be weighing on Afterpay. Firstly, it is no secret that the instalment provider is planning to delve into banking services. In short, the company is expected to launch ‘Afterpay Money’ in October, which will offer a savings account and a debit card.

Keeping all that in mind, shareholders might be getting nervous as two tech behemoths reveal their plans to expand further into payments.

Today we started rolling out Facebook Pay as a payment option outside of our apps, giving businesses another easy and secure payment method for their websites. Expect to see it soon in more online stores – starting with @Shopify merchants in pic.twitter.com/GbAk0eLvoA

— David Marcus (@davidmarcus) September 1, 2021

https://platform.twitter.com/widgets.js

Facebook has announced its launch of Facebook Pay in Australia. This product from the social media giant will allow users to add a bank card and pay merchants or other people through Instagram and other Facebook apps. While the website doesn’t indicate that the payment method will offer instalments, the entry of a trillion dollar company might have some shareholders unsettled.

This development follows recent news of Amazon.com, Inc. (NASDAQ: AMZN) partnering with US-based BNPL provider Affirm Inc (NASDAQ: AFRM) to introduce instalment payments to the largest eCommerce company on the planet.

All in all, the Afterpay share price appears to be reacting to the potential of fierce competitors.

The post Here’s why the Afterpay (ASX:APT) share price is sliding on Friday appeared first on The Motley Fool Australia.

More reading

• How has the Square share price performed since announcing the Afterpay deal?
• A2 Milk and Zip were among the most traded ASX shares last week
• Refundid rides the Afterpay (ASX:APT) wave with $3m funding round
• Afterpay (ASX:APT) ‘Touch Ventures’ eyes IPO
• These were the best performing ASX 200 shares in August

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Randi Zuckerberg, a former director of market development and spokeswoman for Facebook and sister to its CEO, Mark Zuckerberg, is a member of The Motley Fool’s board of directors. Motley Fool contributor Mitchell Lawler owns shares of AFTERPAY T FPO and Facebook. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Affirm Holdings, Inc., Amazon, Facebook, and Square. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $1,920 calls on Amazon and short January 2022 $1,940 calls on Amazon. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Amazon and Facebook. 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 Alumina Limited (ASX: AWC) share price has had a brilliant week on the ASX despite silence from the company. While there’s been no news from Alumina this week, its shares have seen a surge in activity.

An average month sees around 10.5 million Alumina shares swap hands. However, that number has been surpassed every day this week.

Prior to today, the most active day for Alumina’s shares this week was Wednesday, when 22.8 million were traded. So far today 28.32 million have swapped hands in around 8,700 transactions.

Additionally, the Alumina share price has gained 8.02% today. It’s currently sitting at $2.02.

Not bad considering it started this week at just $1.68.

Let’s take a look at the latest news from the bauxite mining, alumina refining, and aluminium smelting company.

The latest news from Alumina

The last time the market heard news from Alumina was on 24 August when the company released its half-year results.

The market responded positively to the company’s earnings for the 6 months ended 30 June 2021. The Alumina share price gained 1.8% on the back of the release.

While the company reported that its profits had fallen over the period, it did boost its dividend by 21%.

The price of alumina increased over the first half of 2021. However, so did Alumina’s production and freight costs.

According to Alumina, demand for its products is now back to pre-pandemic levels. Additionally, it expects the shipping delays and lack of ships that damaged its bottom line to abate in the near future.

Therefore, it might be reporting a better outcome for the second half.

Alumina share price snapshot

The Alumina share price’s recent gains have placed it back in the green.

Right now, it is 8% higher than it was at the start of 2021. It has also gained 32% since this time last year.

The post Why has the Alumina (ASX:AWC) share price rocketed 20% in the last week? appeared first on The Motley Fool Australia.

More reading

• These 3 ASX 200 shares were the most heavily traded on Wednesday
• Here are the top 10 ASX 200 shares on Wednesday
• ASX 200 miners dominate most traded shares on Monday
• Lower profits but higher dividend, Alumina (ASX:AWC) share price lifts on 1H21 results

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 A2 Milk Company Ltd (ASX: A2M) share price has certainly given its investors a lot of ups and downs over the past few years. In fact, not too many ASX 200 shares could arguably have given investors as wild a ride as A2 Milk has.

Or, sad as it is to say, so much disappointment.

Backtrack a year or so, and A2 Milk was one of the most popular ASX 200 shares on the market.

It had given investors eye-watering returns for many years. That includes close to 3,500% for any investor lucky enough to bag some A2 Milk shares back in its April 2015 ASX IPO for roughly 50 cents each, and sell them at their $20 peak in July last year.

But the fall has been equally dramatic. A2 has spent the past 14 months falling off a cliff.

After touching $20 a share in July last year, A2 has been steadily sold off. It eventually found a bottom at the share price of $5.04 back in May. Since then, the company has recovered somewhat. But a poorly-received FY21 earnings report last month seemed to confirm a lot of investor fears, and the company is now decisively back under $6 a share.

So when was the best day ever for the A2 Milk share price? You might be thinking we’ll have to back a while to find it. 

When was the A2 Milk share price’s best day ever?

It’s hard to pinpoint exactly when A2 Milk had its best trading day ever, seeing as this company has been on the ASX boards for more than 6 years now.

But a leading contender would be 21 February 2018. On that day, A2 Milk had just reported its then-interim results. And it smashed expectations, bringing in a 70% increase in revenues and a 150% increase in profits after tax (sorry if you’re an A2 Milk shareholder and this is a painful recollection of happier times).

As we reported at the time, investors sent A2 shares up a whopping 18% after these results were published. That could well be A2 Milk’s single best day ever.

That’s not to say A2 hasn’t had some good days more recently too though. A more recent pop can be found just a few weeks ago. On 16 August, A2 shares rose 11% at one point after speculation arose that the company may be a takeover target of the global food and beverage titan Nestle.

Today, the A2 Milk share price is having a flat day so far. The company is currently sitting at $5.78 a share, right where it opened at this morning. The A2 share price remains down more than 50% year to date, and by 66.3% over the past 12 months. At the current A2 share price, the company has a market capitalisation of $4.3 billion.

The post When was the best ever day on the A2 Milk (ASX:A2M) share price chart? appeared first on The Motley Fool Australia.

More reading

• A2 Milk and Zip were among the most traded ASX shares last week
• Why the A2 Milk (ASX:A2M) share price has underperformed the ASX 200 in the last year
• Here’s why the A2 Milk (ASX:A2M) share price is down 12% in a week
• ASX 200 Weekly Wrap: A mixed bag of earnings dominates ASX
• Top brokers name 3 ASX shares to sell next week

Motley Fool contributor Sebastian Bowen owns shares of A2 Milk. 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 A2 Milk. 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 WiseTech Global Ltd (ASX: WTC) share price has shown strength on the chart over the past week.

Whereas the S&P/ASX 200 index (ASX: XJO) has climbed by 0.6% since last Friday, Wisetech shares are more than 5% in the green.

What tailwinds are behind WiseTech?

The WiseTech Global share price has been on the move ever since the cloud-based software company reported its FY21 earnings last week.

In it, the company recognised an 18% increase in revenue to $507 million. It also grew earnings before interest, taxes, depreciation, and amortisation (EBITDA) by 63% year-on-year (YoY), smashing EBITDA guidance by a country mile.

One important takeout was that more than 95% of WiseTech’s sales of $101 million was from recurring revenue.

Much of this strength was underlined by increased adoption of its software, resulting in a greater market penetration, according to WiseTech.

As a result, the company doubled net profit after tax (NPAT) to $105 million, and left the year with free cash flow of around $140 million, a 150% YoY increase.

The growth in NPAT and free cash flow allows WiseTech to increase its dividend by 140% to 3.85 cents per share. Consequently, WiseTech shareholders will enjoy a 6.55 cents per share total dividend in FY21.

One other factor that could weigh in on the WiseTech Global share price is the fact management upgraded guidance for its FY22 expectations. Management is now calling for an 18%–25% revenue growth in FY22 to $600 million–$635 million.

This should lead to EBITDA of $260 million to $285 million according to WiseTech’s modelling, which calls for a growth of 26%–38% over the year.

Investors appear to have heavily favoured WiseTech’s results. For instance, they rewarded the company by pushing the WiseTech Global share price from $36.20 to $46.50 on the day of the earnings release, an almost 30% gain on the day.

Since then, WiseTech shares have continued their ascent northwards. However, they are trading 0.35% down on Friday at the time of writing.

WiseTech Global share price snap shot

The WiseTech Global share price has been a major performer this year, posting a return of 58% since January 1. WiseTech shares are also around 64% in the green over the past 12 months.

Both of these results have outpaced the broad index’s gain of around 25% over the past 12 months.

The post The WiseTech Global (ASX:WTC) share price is up 5% in the last week appeared first on The Motley Fool Australia.

More reading

• These ASX 200 dividend shares increased their payouts this earnings season
• These were the best ASX All Ordinaries performers in August
• This ASX 200 share delivered the highest share price gains this earnings season
• These were the best performing ASX 200 shares in August
• Here are the top 10 ASX 200 shares on Tuesday

The author Zach Bristow has no positions in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended WiseTech Global. The Motley Fool Australia owns shares of and has recommended WiseTech Global. 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 CSL Limited (ASX: CSL) share price has fallen around 3% since hitting its year-to-date high of $315.18 on Tuesday.

The global biotech recently reported its full year results, recording modest growth against very challenging conditions caused by the pandemic. However, there are a couple of catalysts as to why its shares have fallen in the past two days.

At the time of writing, CSL shares are traversing the other way, slightly up 0.25% to $304.19.

What’s happened to CSL shares recently?

With Australia’s COVID-19 cases at exponential levels, it seems that the current lockdown could last for a little longer. This is of course unless vaccination rates reached the designed target of 80% in the population.

Today’s statistics revealed New South Wales acquired 1431 new COVID-19 cases while Victoria registered 208 local cases.

However, a deal struck by the Morrison government with Singapore saw 500,000 Pfizer vaccines delivered last night. Furthermore, Australia will receive 4 million Pfizer doses from the United Kingdom this month.

It’s no secret that Australia has been short on vaccines lately, with has, in turn, delayed a return to a post-COVID normal.

CSL has faced plasma collection issues since early 2020 due to government-mandated restrictions on passenger movements. The company relies on plasma from blood donors to make life-saving medicines.

In its most recent report, CSL noted that current plasma numbers are around 20% below the levels recorded in FY20.

Another likely reason for the fall is that the company’s shares went ex-dividend on Thursday. This means that investors who were holding CSL shares beforehand could sell their holding yesterday and still be eligible for the upcoming dividend.

Typically, when a company goes ex-dividend, its shares decline around the same value as you would have received from its dividend distribution.

CSL share price snapshot

Over the past 12 months, CSL shares have taken investors on a rollercoaster ride, registering gains of just 4%. When looking at year-to-date, the company’s shares have fared a little better, around 7% higher.

CSL is the second largest company on the ASX with a market capitalisation of approximately $138.5 billion.

The post It hasn’t been a great week for the CSL (ASX:CSL) share price appeared first on The Motley Fool Australia.

More reading

• These ASX 200 dividend shares increased their payouts this earnings season
• Top broker says CSL (ASX:CSL) share price is a buy
• 5 things to watch on the ASX 200 on Thursday
• The CSL (ASX:CSL) share price is up 6% since earnings result
• Top broker names 3 ASX 200 shares to buy

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

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The Cochlear Limited (ASX: COH) share price is having a great start to the new month after struggling through a less than ideal August.

Cochlear shares fell 4.97% over the course of last month, with the biggest catalyst for the drop being the company’s financial year 2021 earnings.

Fortunately, Cochlear’s stock ended August and started September on an upward trajectory. It has gained 4.47% over the course of this week.

Right now, the Cochlear share price is trading at $237.10, gaining 1.96% today alone.

Let’s take a look at what’s been happening lately.

What’s up with Cochlear this week?

Shares in the hearing device manufacturer appear to be recovering after a poor month’s performance in August.

It has pulled itself up by the bootstraps this week after posting lower than expected profits for the 2021 financial year and less than satisfactory guidance for the financial year 2022.

As The Motley Fool Australia reported at the time, despite the company reporting profits inside its previously given guidance, it fell short of the market’s expectations.

The Cochlear share price suffered as a result, falling 7.4% on the day it posted its earnings results. The following week, shares in the company continued their downwards trajectory, falling another 4.3%.

The market hasn’t heard any fresh news from Cochlear since. However, investor confidence in the ASX healthcare giant appears to have rebounded and its shares are recovering the lost ground.

Cochlear share price snapshot

The Cochlear share price has performed well on the ASX this year.

Including this week’s upturn, it has gained 24% since the start of 2021 and is 20% higher than it was this time last year.

The post The Cochlear (ASX: COH) share price is up 4% this last week appeared first on The Motley Fool Australia.

More reading

• 3 fantastic ASX shares that could be buys
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• Leading brokers name 3 ASX shares to sell today
• The ASX reporting wrap-up: Cochlear, Sydney Airport, TPG
• Cochlear (ASX:COH) share price sinks: How did its result compare to expectations?

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 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 Neuren Pharmaceuticals Ltd (ASX: NEU) share price has jumped into the green during afternoon trading on Friday.

Neuren shares are on the move after the company made a key announcement earlier today.

Let’s investigate further.

What did Neuren announce?

Neuren advised that the US Food and Drug Administration (FDA) has granted “orphan drug designation” to one of the company’s drug candidates.

For reference, the term “orphan drug” is a label given to a drug or treatment that has been developed for medical conditions that are so rare, it would be unprofitable to produce without assistance from either a sponsor or the government.

The orphan drug designation gives companies involved a special tax window of 7 years. It also gives them exclusivity over the rights to develop a cure for these kinds of rare conditions.

According to today’s announcement, the FDA granted the orphan status to Neuren’s drug candidate “NNZ-2591”, which is about to initiate Phase 2 clinical trials across a number of complex diseases.

NNZ-2591 was granted orphan drug status for the treatment of Prader-Willi syndrome. This is a neurodevelopmental disorder that causes issues with weight regulation, learning disabilities, growth hormone deficiencies, gastrointestinal issues, and difficulty controlling emotions, amid other signs and symptoms.

Neuren had previously demonstrated positive outcomes from studies of NNZ-2591 in mice.

Investors have favoured the news and are rewarding the company, pushing the Neuren Pharmaceuticals share price higher.

Neuren shares are now exchanging hands at $2.50 apiece, an 11.11% jump on the day.

What did management say?

Speaking on the announcement, Neuren CEO Jon Pilcher said:

We were excited by the strong pre-clinical efficacy of NNZ-2591, which clearly demonstrated the potential for the mechanism of action to have a positive impact on Prader-Willi syndrome. We are now delighted to receive Orphan Drug designation from the FDA following review of our rationale and data. This underpins the commercial opportunity and follows Orphan Drug designation already granted for PhelanMcDermid, Angelman and Pitt Hopkins syndromes.

Neuren Pharmaceuticals share price snapshot

The Neuren Pharmaceuticals share price has climbed 89% into the green this year to date. It has also gained 94% over the past 12 months.

These results have outpaced the S&P/ASX 200 index (ASX: XJO)’s return of about 25% over the past year.

The post Here’s why the Neuren Pharmaceuticals (ASX:NEU) share price is up 11% appeared first on The Motley Fool Australia.

More reading

• Why Metalstech, Mineral Resources, TechnologyOne, & Webjet are storming higher
• Why the Leigh Creek Energy (ASX:LCK) share price is lifting higher today
• ASX Tech shares are lagging behind the ASX 200 on Friday
• Here’s why the FYI Resources (ASX:FYI) share price is down 9% on Friday
• The Webjet (ASX:WEB) share price is up 5% in the last week

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) is on course to finish the week with a decent gain. At the time of writing, the benchmark index is up 0.7% to 7,535.5 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Metalstech Ltd (ASX: MTC)

The Metalstech share price has jumped 12% to 27.5 cents. This follows the release of an update on its lithium spin-out plans. On 4 October, Metalstech shareholders will be able to vote to spin-out the company’s lithium assets to Winsome Resources. If approved, Metalstech shareholders will receive 1 Winsome share – worth 20 cents – for every 3.5 Metalstech shares held.

Mineral Resources Limited (ASX: MIN)

The Mineral Resources share price is up 2.5% to $54.65. This morning the mining and mining services company announced the completion of the acquisition of Red Hill Iron’s 40% participating interest in the Red Hill Iron Ore Joint Venture. However, this was largely priced in already. Therefore, today’s gain appears to be more likely due to bullish sentiment in the lithium sector.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price has climbed 3% to $10.42. Investors have been buying the enterprise software company’s shares after it announced an acquisition. According to the release, TechnologyOne has entered into an agreement to acquire Scientia Resource Management for 12 million pounds (A$22.4 million). Scientia is a United Kingdom-based technology company servicing the higher education sector.

Webjet Limited (ASX: WEB)

The Webjet share price is up 3% to $5.90. Investors have been buying the online travel agent’s shares this week following the release of a positive trading update. That update revealed that its key WebBeds business has become profitable again. Management expects this to continue and underpin a return to positive operating cash flow during the first half of FY 2022.

The post Why Metalstech, Mineral Resources, TechnologyOne, & Webjet are storming higher appeared first on The Motley Fool Australia.

More reading

• The Webjet (ASX:WEB) share price is up 5% in the last week
• ASX 200 midday update: TechnologyOne hits record high, lithium miners rise
• Why the Metalstech (ASX:MTC) share price is rocketing 16% on Friday
• Why the Mineral Resources (ASX:MIN) share price is lifting today
• How does the Mineral Resources (ASX:MIN) dividend compare to the materials sector?

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 has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Leigh Creek Energy Ltd (ASX: LCK) share price is lifting higher today, up 3.7% at the time of writing to 14 cents per share.

Below, we take a look at the licencing announcement that appears to be driving investor interest in the ASX resource explorer, which is a 100% subsidiary of Leigh Creek Oil and Gas Pty Ltd.

What did Leigh Creek announce?

Leigh Creek Energy’s share price is gaining today after the company reported it has been awarded a Petroleum Exploration Licence 676 (PEL) in key Cooper Basin oil and gas acreage by the South Australian Minister for Energy and Mining.

The licence enables Leigh Creek to progress with its agreed exploration program, which will focus on leads it identified from existing 2D seismic surveys.

Leigh Creek reported that the Native Title agreement for its prospect has been completed. It now plans a farm down, after which it will commence drilling exploration wells.

In a statement, the company said it chose to invest in Cooper Basin because it offers “a low cost of entry, relatively low risk, potential for near-term revenue as well as a favourable and stable regulator in the South Australian and Queensland governments”.

Commenting on the licence award, Leigh Creek’s managing director Phil Staveley said:

LCK’s portfolio of Cooper Basin exploration permits allow the company to diversify activities with a secondary development project which complements the Leigh Creek Energy Project (LCEP). While building the LCEP remains our ongoing focus the grant of PEL 676 illustrates our continued progress on our portfolio diversification strategy and the ongoing support of the South Australian government.

Leigh Creek Energy share price snapshot

Leigh Creek Energy’s share price is up 75% over the past 12 months, more than 3 times the 24% gains posted by the All Ordinaries Index (ASX: XAO).

Over the past month, the Leigh Creek Energy share price has seen a few big ups and downs, and is currently trading right where it was on 3 August.

The post Why the Leigh Creek Energy (ASX:LCK) share price is lifting higher today appeared first on The Motley Fool Australia.

More reading

• ASX Tech shares are lagging behind the ASX 200 on Friday
• Here’s why the FYI Resources (ASX:FYI) share price is down 9% on Friday
• The Webjet (ASX:WEB) share price is up 5% in the last week
• Up 50% this week, the Paladin Energy (ASX:PDN) share price is booming. Here’s why.
• Bitcoin cracks above US$50,000 as more altcoins soar… now what?

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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