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The S&P/ASX All Technology Index (ASX: XTX) is trailing the S&P/ASX 200 Index (ASX: XJO) today. While the ASX 200 is gaining 0.32%, right now, the Tech Index is down 0.56%. And the index’s biggest addition is among those leading the decline.

Let’s take a look at the tech index’s bad day.

ASX 200 beats out tech shares

The ASX 200 is beating the Tech Index today as one of the market’s favourite shares is in the red.

The Afterpay Ltd (ASX: APT) share price is faltering today. It has slipped 3.03% at the time of writing, leaving its shares trading for $130.36 apiece.

Another weight on the Tech Index is Novonix Ltd (ASX: NVX) which, before today, had gained 20% this week. The Novonix share price is currently down 0.81%, trading at $4.91.

The 4DMedical Ltd (ASX:4DX) share price is also bringing the sector down. It’s fallen around 7% since Wednesday when it announced a new trial. It is continuing its poor week’s performance by dropping 1.64% today.

Finally, Dicker Data Ltd (ASX: DDR) has lost some of the gains it made yesterday after a number of its directors bought shares in the company on-market. It’s down 3.13% today despite releasing no news.

Fortunately, the Tech Index is also home to soaring Silex Systems Ltd (ASX: SLX) stock. The Silex share price is continuing its incredible run, gaining another 10% on Friday.  Additionally, the IOUPay Ltd (ASX: IOU) share price is up 3.57% — having earlier surged 7% — despite no news having been released by the payment provider.

Also fortunately, though this time for the ASX 200, the mining sector is booming. The ASX 200 hasn’t felt too much impact from the Tech Index’s struggles as Whitehaven Coal Ltd (ASX: WHC), Pilbara Minerals Ltd (ASX: PLS), Rio Tinto Limited (ASX: RIO), and Santos Ltd (ASX: STO) are all in the green.

In fact, the struggling Afterpay share price is bringing up the rear among the ASX’s biggest companies.

The post ASX Tech shares are lagging behind the ASX 200 on Friday appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: TechnologyOne hits record high, lithium miners rise
• What shares are moving the ASX 200 on Friday?
• 3 reasons why Soul Patts (ASX:SOL) could be a great share to own
• 5 things to watch on the ASX 200 on Friday
• Here are the 3 most traded ASX 200 shares on Thursday

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 AFTERPAY T FPO and Dicker Data Limited. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO and Dicker Data Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The FYI Resources Ltd (ASX: FYI) share price is having a woeful Friday afternoon. This comes after the mining company announced a mutual exclusivity agreement extension with Alcoa Australia.

At the time of writing, FYI Resources shares are down a sizeable 9.77% to 79 cents apiece. In comparison, the All Ordinaries Index (ASX: XAO) is up 0.49% to 7,822 points.

Extension disappoints FYI Resources investors

The FYI Resources share price is being driven down today as investor express their frustration over the extended agreement.

In the release, FYI Resources advised the potential joint venture on its high-purity alumina (HPA) project has been pushed back.

The company noted further time is needed to assess HPA opportunities that could enhance the joint venture in the market. This includes value-add initiatives that provide a delivery platform for HPA on a global scale, leveraging both companies’ expertise.

FYI Resources stated that the exclusivity agreement will be extended until 5 October 2021. It is expected that final negotiations can lead to a binding term sheet.

FYI Resources managing director, Roland Hill touched on the extended agreement, saying:

Alcoa and FYI have made tremendous headway in negotiating the significant HPA JV opportunity. In our view, both companies share a similar vision for the JV and growth opportunities of the HPA strategy. Both companies have invested a considerable amount of time and resources to progress the JV discussions to this point, it is a mutual decision to extend the negotiations to consider the value-add opportunities.

Hill went on to reassure investors about the company’s decision, adding:

We see the extension as positive as it allows both parties further time to assess and implement their intentions in order to achieve a positive outcome. We are simply giving the potential JV discussions all the time and consideration that the strategy deserves.

About the FYI Resources share price

Over the past 12 months, the FYI Resources share price has soared more than 770%, with year-to-date gains above 180%. The share price reached an all-time high of 88.5 cents on Tuesday before some profit-taking occurred.

Based on today’s price, FYI Resources has a market capitalisation of roughly $274 million, with approximately 349.1 million shares outstanding.

The post Here’s why the FYI Resources (ASX:FYI) share price is down 9% on Friday appeared first on The Motley Fool Australia.

More reading

• FYI Resources (ASX:FYI) share price soars 22% today, up 37% in a week

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 Webjet Limited (ASX: WEB) share price has continued its positive run on Friday.

At the time of writing, the online travel agent’s shares are up 3% to $5.91.

This means the Webjet share price is now up over 5% this week.

Why is the Webjet share price outperforming?

Investors have been bidding the Webjet share price this week after it released a trading update on Tuesday.

According to that update, the company’s key WebBeds business returned to profitability in recent months.

This was driven by a strong rise in WebBeds total transaction value (TTV) over recent months and particularly in July.

For example, management notes that its WebBeds TTV was as low as $18 million in February. It then recovered to reach $55 million in June, before catapulting to $96 million in July. Importantly, the latter is just ahead of its break-even point.

The good news is that the recovery has continued since then with a further improvement in August. Management was expecting the business to record TTV of $113 million last month.

And while this is still only approximately 50% of WebBeds’ pre-COVID TTV levels, its cost reductions have made the business profitable at this level.

This of course means that when its TTV reaches pre-COVID levels again, its business will be significantly more profitable than it was previously. This could bode well for the Webjet share price in the future.

What else did the company announce?

Also giving the Webjet share price a boost was management’s comments on what the above means for the whole company.

Webjet’s Managing Director, John Guscic, explained: “Our post-Covid strategy is delivering results and the Company will be operating cash flow positive for the first half of Financial Year 2022. The WebBeds business was profitable in July and August and is well on track to be profitable in September.”

The prospect of its cash burn coming to an end is a big positive for the Webjet share price. This is because any excess cash could be used to create value with acquisitions or capital returns.

Can its shares go higher?

The team at Goldman Sachs were pleased with the company’s update. In response they retained their buy rating and $6.40 price target on its shares.

Based on the current Webjet share price, this implies potential upside of 8% over the next 12 months.

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

More reading

• Here’s why the Webjet (ASX:WEB) share price is up 14% in a month
• Top brokers name 3 ASX shares to buy today
• ASX 200 rises, Harvey Norman falls, Mesoblast sinks
• Why Aussie Broadband, Dubber, Regis Healthcare, & Webjet are storming higher
• 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 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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We’re only three days into September and the Paladin Energy Ltd (ASX: PDN) share price has managed to surge more than 50% to an 8-year high of 78 cents.

Why the Paladin Energy share price is surging this week

The Paladin Energy share price is surging this week as uranium spot prices bounce back to 6-year highs of US$34.25/lb according to Cameco.

The strength behind uranium prices has witnessed broad-based buying across the uranium sector, with the Global X Uranium Exchange Traded Fund (ETF) surge 32% since 20 August.

The Uranium ETF invests in a range of companies involved in uranium mining and the production of uranium components.

Paladin Energy’s ASX-listed peers including Deep Yellow Limited (ASX: DYL) and Peninsula Energy Ltd (ASX: PEN) have also rallied strongly, up 38.7% and 35.7% respectively this week.

Paladin Energy: A comeback for the ages

Despite hitting 8-year highs, the Paladin Energy share price is still down 90% from its 2007 peaks of ~$9.45.

Back then, Paladin Energy was a major uranium producer with peak production of 5.6 million lbs in 2014 before operations were suspended due to plunging uranium prices.

Uranium prices surged to unsustainable levels of ~US$130/lb in 2007 before diving to the mid US$20/lb mark between 2016 and 2019.

Record low prices would force many projects, including Paladin Energy’s Langer Heinrich project, into hibernation.

Paladin Energy successfully raised $192.5 million back in March this year to pay off debts and eye the restart of its Langer Heinrich project.

The company’s July quarterly activities report highlighted the progress of “critical-path elements of its restart plan for the globally significant Langer Heinrich Mine”.

This included activities such as ongoing pit and mining schedule optimisation, critical engineering documentation and a high level project delivery schedule development.

Paladin Energy CEO Ian Purdy commented on the company’s progress, saying:

At Langer Heinrich we continue to advance optimisation work and have commenced detailed project
delivery and operational readiness planning. We continue to engage with global nuclear energy utilities
to secure long term contracts to underpin the restart of Langer Heinrich and ensure the project, when restarted, will deliver significant economic benefit to all of our shareholders.

The post Up 50% this week, the Paladin Energy (ASX:PDN) share price is booming. Here’s why. appeared first on The Motley Fool Australia.

More reading

• Which ASX shares are set to finish the week as the top movers on the ASX 300?
• Which ASX 300 shares are the biggest winners and losers on Thursday?
• Which shares on the ASX 300 are on the move today?

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

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Bitcoin (CRYTPO: BTC) has again cracked through the psychologically important US$50,000 level.

The biggest crypto by market cap hit a high of US$50,343 about 6 hours ago and has since edged lower to US$49,308.

At the current price, Bitcoin has a market valuation of US$928.5 million (AU$1.25 trillion).

While a number of altcoins have been making headline news this week for their outsized gains, Bitcoin maintains a firm grip as the world’s the dominant token. Its value equates to roughly 42% of the total cryptocurrency market cap of some US$2.2 trillion.

That’s one of the reasons crypto investors in other tokens watch Bitcoin closely, as it tends to set the wider trend.

What’s supporting the Bitcoin price?

According to Petr Kozyakov, CEO of global-payment network Mercuryo (quoted by Bloomberg):

Two fundamental factors that are likely behind Bitcoin’s push: Twitter’s potential integration of the coin as a Tip Jar payment option, and the official launch of Bitcoin as a legal tender in El Salvador come September 7. While we are expecting the $50,000 price point to hold, Bitcoin buyers are exercising more optimism for even a bigger price gain by year-end.

As for altcoins, which are any digital token that’s not Bitcoin, JPMorgan Chase & Co strategist Nikolaos Panigirtzoglou sounds a note of caution:

The previous phase of retail investors’ ‘mania’ into cryptocurrency markets was between the beginning of January and mid-May when the share of altcoins had risen from 13% to 37.6%.

While far from the record high of 55% seen in January 2018, at 32.6%, the share of altcoins looks rather elevated by historical standards and, in our opinion, it is more likely to be a reflection of froth and retail investor ‘mania’ rather than a reflection of a structural uptrend.

Speaking of potential mania…

Today’s best performing altcoin

The best performing altcoin over the past 24 hours is IOTA (CRYPTO: MIOTA).

The 36th largest crypto by market valuation at US$4.2 billion, IOTA is up 37% since this time yesterday. One IOTA is currently worth US$1.54.

So, what the heck is IOTA?

CoinMarketCap tells us:

IOTA is a distributed ledger with one big difference: it isn’t actually a blockchain. Instead, its proprietary technology is known as Tangle, a system of nodes that confirm transactions. The foundation behind this platform says this offers far greater speeds than conventional blockchains — and an ideal footprint for the ever-expanding Internet of Things ecosystem.

While IOTA has been enjoying a great day, it’s worth noting that it’s still down 39% from 16 April, when it was trading for US$2.53.

As for Bitcoin, it’s still down 22% from its 16 April record highs.

Caveat emptor.

The post Bitcoin cracks above US$50,000 as more altcoins soar… now what? appeared first on The Motley Fool Australia.

More reading

• These 2 altcoins are leaving Bitcoin in the dust this week
• Billionaire investor: Bitcoin going to zero but this ASX share should shine
• Bitcoin vs Ethereum: Which is better for me?
• The next Bitcoin? Why investors are bullish on fast-rising altcoin Cardano
• Bitcoin rockets past US$50,000 as analysts eye October price catalyst

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Bitcoin. 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 Santos Ltd (ASX: STO) share price has started the last day of this week’s trading with a bang. At the time of writing, Santos shares are going for $6.36 apiece, up a very healthy 2.5% today so far.

Yet the Santos share price has been struggling this year. In 2021 so far, Santos shares are still down around 1% year to date. That’s a fate shared by many ASX energy shares though – perhaps reflecting the wild and unpredictable year that the global economy has faced so far.

So today, let’s check out how the Santos dividend compares to other ASX energy shares in its sector. After all, many investors are attracted to miners and drillers for the potential dividend income that is available in this corner of the ASX.

How do Santos’ dividends stack up?

On the current share price, Santos has a dividend yield of 2.2%. That comes from the company’s latest pair of dividend payments. These consisted of a March final dividend of 6.32 cents per share, as well as the interim dividend Santos announced last month, which will hit shareholders’ bank accounts on 21 September. Both payments are fully franked, meaning that Santos’ current grossed-up yield stands at 3.16%.

So how does that compare to Santos’ peers in the ASX energy space?

Well, let’s run through some. The ASX’s largest pureplay energy share is Woodside Petroleum Limited (ASX: WPL). It’s currently trading at a share price of $20.03, which gives Woodside shares a current dividend yield of 2.87%.

Turning to Beach Energy Ltd (ASX: BPT), and Beach shares are up 1.11% so far today to $1.09 a share. That gives this driller a dividend yield of 1.83%.

Oil Search Ltd (ASX: OSH) has a similar, although smaller, yield on the table right now. At a price of $3.89 a share, Oil Search is putting up a yield of 1.35% today.

Although Ampol Ltd (ASX: ALD) is more of a downstream energy company with its refining and retailing businesses, it’s still an ASX energy share. Today, Ampol is offering a dividend yield of 2.62% at its current price of $28.65 a share.

So as we can see, Santos’ current dividend yield is pretty much right in the middle of its ASX energy peers. “Not too hot, not too cold”, some investors might say.

In addition to having a dividend yield of 2.2% at the current Santos share price, the company also has a market capitalisation of $13.25 billion.

The post How does the Santos (ASX:STO) dividend compare to the energy sector? appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• ASX energy shares on watch after OPEC’s latest move
• 5 things to watch on the ASX 200 on Wednesday
• The Santos (ASX:STO) share price is down 6% this month. What’s next?
• How does the Oil Search (ASX:OSH) earnings result compare to Santos (ASX:STO)?

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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The S&P/ASX 300 Index (ASX: XKO) is advancing today, recovering from two consecutive days of losses after the earnings season wrap-up.

At the time of writing, the ASX 300 is up 0.5% to 7,528 points.

Let’s take a look at which ASX companies are making moves on the ASX 300 chart.

Paladin Energy Ltd (ASX: PDN)

It appears investors can’t get enough of Paladin shares, which are up 26% to a multi-year high of 80 cents. Paladin shares are now up 54% in the past week alone.

The uranium producer hasn’t released any news since its full-year results last Friday. However, in the report, Paladin noted that the Langer Heinrich Mine is progressing towards restarting production. In addition, the company is engaging with global nuclear energy utilities to secure long-term contracts.

It’s worth noting that the Paladin share price hasn’t reached this level since the middle of 2013.

Liontown Resources Limited (ASX: LTR)

The Liontown Resources share price is also pushing ahead on Friday, up 7.5% to $1 in early trade.

The emerging lithium producer released a presentation on its demerger with a subsidiary, Minerals 260. Liontown Resources will focus on developing its world-class Kathleen Valley Lithium Project, while Minerals 260 will concentrate on exploring the PGE-nickel-copper-gold system in the Julimar region.

Vulcan Energy Resources Ltd (ASX: VUL)

Another significant mover today is the Vulcan share price, up 7.2% to $14.40 just after noon on Friday.

The lithium developer provided the ASX with a corporate presentation today, highlighting its Zero Carbon Lithium strategy.

Vulcan recently entered into a 5-year strategic partnership and a binding lithium offtake term sheet with Renault Group.

Which ASX companies are heading the other way?

HomeCo Daily Needs REIT (ASX: HDN)

The HomeCo Daily Needs REIT share price is down 3.5% to $1.58. Investors are selling the property company’s shares despite no news being reported since its full-year results on 19 August.

A possible catalyst for the decline could be some profit-taking from investors. HomeCo Daily Needs REIT shares reached an all-time high of $1.65 yesterday.

Dicker Data Ltd (ASX: DDR)

Also being weighed down by investors today is the Dicker Data share price, down 2.7% to $13.69.

The IT distributors’ shares are taking a breather after accelerating 10% over the last two days. A number of directors recently bought more shares which led investors to jump on the bandwagon.

The post Which ASX shares are set to finish the week as the top movers on the ASX 300? appeared first on The Motley Fool Australia.

More reading

• Up 50% this week, the Paladin Energy (ASX:PDN) share price is booming. Here’s why.
• Here are the top 10 ASX 200 shares on Thursday
• Why Altium, Catapult, Dicker Data, & PolyNovo shares are charging higher
• Dicker Data (ASX:DDR) share price surges 5% as directors buy the dip
• Which ASX 300 shares are the biggest winners and losers on Thursday?

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia owns shares of and has recommended Dicker Data 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 Friday, the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a positive note. The benchmark index is currently up 0.5% to 7,521.9 points.

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

TechnologyOne’s UK acquisition

The TechnologyOne Ltd (ASX: TNE) share price has climbed to a record high today after announcing an acquisition. The enterprise software company 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.

Lithium miners charge higher

One area of the market performing particularly positively today is the lithium sector. The likes of Mineral Resources Limited (ASX: MIN) and Pilbara Minerals Ltd (ASX: PLS) are recording solid gains despite there being no news out either company. Investors appear increasingly bullish on the lithium sector due to rising demand for the battery making ingredient from the electric vehicle market.

Bendigo and Adelaide Bank shares fall

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is tumbling lower today. However, this has nothing to do with the regional bank’s performance. Instead, this decline has been driven by its shares going ex-dividend this morning. Eligible shareholders can now look forward to receiving its fully franked 26.5 cents per share final dividend on 30 September.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Friday has been the Mesoblast limited (ASX: MSB) share price with a 5.5% gain. Investors have been picking up shares after a sizeable decline in August. The worst performer has been the Bendigo and Adelaide Bank share price with a 3% decline after going ex-dividend this morning.

The post ASX 200 midday update: TechnologyOne hits record high, lithium miners rise appeared first on The Motley Fool Australia.

More reading

• What shares are moving the ASX 200 on Friday?
• The Pilbara Minerals (ASX:PLS) share price is up 5% 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?
• 3 reasons why Soul Patts (ASX:SOL) could be a great share to own

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

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The S&P/ASX 200 Index (ASX: XJO) has jumped out of the gate on Friday morning. This follows another strong session in US markets overnight. Clearly, the enthusiasm has tipped over into ASX shares this morning.

At the time of writing the benchmark index is trading 0.32% higher to 7,510 points.

Let’s look at what ASX 200 shares are making the biggest moves on the market.

ASX 200 shares on the move

Shareholders might have something to celebrate at the end of today, as the benchmark index moves higher. While there are still some companies lagging behind, most of the ASX 200 shares are pulling ahead on Friday.

Heading into lunch, miners and energy shares are making the biggest moves to the upside today. These include Whitehaven Coal Ltd (ASX: WHC), Santos Ltd (ASX: STO), Orocobre Limited (ASX: ORE), and Alumina Limited (ASX: AWC). Energy shares are getting a boost today after oil surpassed $70 a barrel for the first time in over a month.

Meanwhile, making the heftiest moves to the downside is information technology shares. These include Afterpay Ltd (ASX: APT), and Xero Limited (ASX: XRO) — falling 2.7% and 1.1% respectively. Additionally, Dicker Data Ltd (ASX: DDR) is taking a breather today after gaining more than 5% per day for the last two trading sessions. Shares in the wholesale computer products distributor are down 2.1%.

Here are the top 10 movers on the ASX 200 heading into lunch on Friday:

ASX-listed company	Share price	Price change
Iluka Resources Limited (ASX: ILU)	$10.22	4.93%
Orocobre Limited (ASX: ORE)	$9.54	4.26%
Whitehaven Coal Ltd (ASX: WHC)	$2.77	4.14%
Pilbara Minerals Ltd (ASX: PLS)	$2.30	4.07%
IDP Education Ltd (ASX: IEL)	$31.18	3.93%
TechnologyOne Ltd (ASX: TNE)	$10.46	3.26%
Zimplats Holdings Ltd (ASX: ZIM)	$23.98	2.96%
Alumina Limited (ASX: AWC)	$1.925	2.94%
OZ Minerals Limited (ASX: OZL)	$24.55	2.89%
Mineral Resources Limited (ASX: MIN)	$54.75	2.74%

What else is making news?

Whether in the biggest movers list or not, there are few notable announcements from ASX 200 constituents today.

Firstly, Technology One has announced an acquisition. According to the release, the enterprise software company expects to pay $22.4 million for Scientia Resource Management. The company to be acquired is a software business in the United Kingdom that services the higher education sector.

Secondly, Lendlease revealed that its Chief Executive Officer, Mr Tony Lombardo, will be appointed Managing Director. This arrangement will be effective from today.

The post What shares are moving the ASX 200 on Friday? appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: TechnologyOne hits record high, lithium miners rise
• 3 reasons why Soul Patts (ASX:SOL) could be a great share to own
• 5 things to watch on the ASX 200 on Friday
• Here are the 3 most traded ASX 200 shares on Thursday
• ASX 200 down, Flight Centre rises, Redbubble falls

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

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The 92 Energy Ltd (ASX: 92E) share price is surging on Friday after the company provided an update for its inaugural drilling program at the Gemini Project.

92 Energy is an Australian uranium exploration company searching for high-grade uranium in the Athabasca Basin, Saskatchewan, Canada. The company successfully listed on the ASX on 15 April, closing at 28.5 cents on the day.

At the time of writing, shares in the uranium explorer are up 43.55%, trading at 45 cents. Let’s take a closer look at the news out today.

92 Energy share price jumps on radioactivity intersection

92 Energy announced that its Drill Hole GEM-004 intersected a 5.3-metre interval of elevated radioactivity from 229.9 metres to 235.2 metres.

According to the company, the 5.3m interval averages 760 cps [counts per second]. It includes a 0.7m sub-interval of stronger radioactivity (>1,000 cps) from 234.3m to 235.0m that averages 1,500 cps.

“The elevated radioactivity is associated with a broad zone of moderate to strong clay, hematite and quartz alteration from 216m to 255m, all of which are commonly associated with uranium mineralisation at unconformity-related uranium deposits in the Athabasca Basin,” 92 Energy said.

Looking ahead, the company has paused its summer drilling program to allow for the collection and interpretation of drilling data.

The company said it expected the geochemical assay results within approximately 4 weeks. This could serve as a near-term catalyst for the 92 Energy share price.

In addition, the company will use this time to bolster radiometric safety protocols in anticipation of additional drilling within the area.

Uranium sector is booming

The uranium sector is surging with ASX-listed players such as Paladin Energy Ltd (ASX: PDN) and Deep Yellow Limited (ASX: DYL) rallying 50% and 34% in the past week.

This is off the back of uranium prices pushing to 6-year highs US$34.25/lb, according to Cameco.

The booming sector could be another factor driving the jump in the 92 Energy share price on Friday.

The post The 92 Energy (ASX: 92E) share price is rocketing 44% today. Here’s why appeared first on The Motley Fool Australia.

More reading

• ASX 200 midday update: TechnologyOne hits record high, lithium miners rise
• What shares are moving the ASX 200 on Friday?
• Why the Metalstech (ASX:MTC) share price is rocketing 16% on Friday
• ClearView Wealth (ASX:CVW) share price surges 15% on strategic review
• Up 29% this week, the Boss Energy (ASX:BOE) share price is soaring again

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

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