Tag: Motley Fool

It has been another busy week for Australia’s top brokers. This has led to the release of a large number of broker notes.

Three broker buy ratings that have caught my eye are summarised below. Here’s why brokers think these ASX shares are in the buy zone:

Galaxy Resources Limited (ASX: GXY)

According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this lithium miner’s shares to $4.90. The broker was very pleased with Galaxy’s second quarter update. It notes that the company’s production was higher than it expected. Whereas its costs were materially lower than what Macquarie was forecasting. Overall, the broker remains positive on the future and its proposed merger with Orocobre Limited (ASX: ORE). The Galaxy share price is trading at $4.36 today.

Kogan.com Ltd (ASX: KGN)

A note out of Credit Suisse reveals that its analysts have retained their outperform rating but cut the price target on this ecommerce company’s shares to $15.21. This follows the release of Kogan’s business update earlier this week. While the broker notes that Kogan’s sales growth is slowing and its inventory issues are impacting margins, it remains positive on the future due to the structural shift online. In addition to this, it feels that the company’s valuation is attractive at the current level. The Kogan share price is fetching $10.99 this afternoon.

Zip Co Ltd (ASX: Z1P)

Analysts at Morgans have retained their add rating but trimmed their price target on this buy now pay later provider’s shares to $8.57. This follows the release of Zip’s fourth quarter update. According to the note, the broker was pleased with its overall performance during the quarter. And while it has trimmed its earnings forecasts, and thus its price target, to reflect higher costs, it remains positive on the long term. The broker believes management has executed well and it sees longer term upside if Zip can execute on its ambitions of becoming a global payments player. The Zip share price is trading at $7.05 today.

The post Brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

More reading

• Zip (ASX:Z1P) share price gaining on Friday
• Here’s what brokers think about the Zip (ASX:Z1P) share price
• The Afterpay (ASX:APT) share price is gaining 3% today
• Zip share price falls, Pilbara Minerals flies. And the BHP share price gets a Tesla bounce. Scott Phillips on Nine’s Late News
• Why Kogan, Service Stream, Whispir, & Zip shares are sinking

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Kogan.com ltd and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Kogan.com 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 BARD1 Life Sciences Ltd (ASX: BD1) share price is deep in negative territory late this afternoon. This comes after the medical diagnostics company provided investors with an update on its capital raising efforts.

At the time of writing, BARD1 shares are down 6.39% to $1.685.

What’s happening to the BARD1 share price?

BARD1 shares are falling despite a successful capital raise to accelerate the development and commercialisation of its cancer diagnostics pipeline.

According to its release, the company has raised $15 million (before costs) through a placement. The offer saw sophisticated, institutional and professional investors apply for the shares. The company said this shows strong support for the programs, which are focused on the early detection of cancer to improve patient outcomes.

Around 9.67 million new ordinary shares will be added to its registry at a price of $1.55 cents a pop. This represents a discount of 13.9% to the last closing price of $1.80 per share on 20 July 2021.

In addition, BARD1 noted that for every 2 shares issued under the placement, each investor will be entitled to one free quoted option. This will be exercisable at a price of $2.32 until the expiry date of 24 August 2023.

The shares will be ranked equally and BARD1 will use its existing placement capacity to create the new shares. Under listing rule 7.1 and 7.1A, this allows the allotted shares to be issued without shareholder approval.

The proceeds of the placement will primarily be used to advance SubB2M programs for breast and ovarian cancers. These programs have so far shown high accuracy in proof-of-concept studies. BARD1 is aiming to have a laboratory partner in the United States in 2023.

Settlement of the new shares is expected to occur on 23 August 2021.

Furthermore, the company is seeking to raise another $2 million through a Share Purchase Plan (SPP). The SPP will offer the same terms as the placement.

Post completion of both capital raising components, BARD1 forecasts a proforma net cash balance of around $20.6 million.

Management commentary

BARD1 CEO Dr Leearne Hinch touched on the company’s plans, saying:

BARD1 is developing a pipeline of cancer diagnostics for the early detection of breast, ovarian, prostate and pancreatic cancers. We are advancing our cancer diagnostics pipeline towards commercialisation, with a focus on our lead SubB2M programs for breast and ovarian cancers that have shown high accuracy in proof-of-concept studies. The funds raised will accelerate development, validation and planned commercial launch of these products as laboratory developed tests in the US with a laboratory partner in 2023.

The BARD1 share price has gained 80% in the last 12 months, and is up more than 140% in 2021.

The post BARD1 (ASX:BD1) share price falls 6% on placement update appeared first on The Motley Fool Australia.

More reading

• Here’s why the BARD1 (ASX:BD1) share price is frozen today
• Why the BARD1 (ASX:BD1) share price is surging 10% higher

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 Woolworths Group Ltd (ASX: WOW) share price is climbing higher today, despite the company temporarily closing one of its Sydney stores.

Woolworths’ Glenrose supermarket, located in Sydney’s northern suburbs, will be closed for an indetermined amount of time after 3 Woolworths employees and a contractor were confirmed to have COVID-19.

The Woolworths share price hasn’t been noticeably affected by the news. It’s currently $39.39 – 0.56% higher than its previous closing price.

Let’s take a closer look at today’s news from Woolworths.

Glenrose supermarket closed

The Woolworths share price is performing well despite the company temporarily closing its Glenrose supermarket after 4 workers tested positive to COVID-19 between Tuesday and Thursday.

According to Woolworths, the closure follows consultation from NSW Health.

Woolworths hasn’t stated when the store will reopen. However, it said it is currently waiting for more of its staff to receive results from COVID-19 testing.

Woolworths is taking the opportunity to give the store an additional deep clean.

Employees will be paid for their rostered shifts while the store is shut.

Woolworths will also be providing a Priority Assistance service. The service means people in mandatory isolation due to age or underlying health conditions can get groceries delivered sooner.

Commentary from management

Woolworths’ general manager for NSW Michael Mackenzie said of the closure:

There have been a number of positive cases and exposure sites listed within the Glenrose Village Shopping Centre in recent days.

While we understand the closure will be frustrating for many in the community, the safety of our team members and customers always comes first. 

Woolworths share price snapshot

The Woolworths share price has been tracking well on the ASX lately.

It has gained 16% since the start of 2021. It is also 20% higher than it was this time last year.

The company has a market capitalisation of around $49.6 billion, with approximately 1.2 billion shares outstanding.

The post Woolworths (ASX:WOW) store closes after staff contract COVID-19 appeared first on The Motley Fool Australia.

More reading

• What is the outlook for the Woolworths (ASX:WOW) share price?
• Has Dry July hit the Endeavour (ASX:EDV) share price?
• Which ASX 200 shares are winning from latest retail trade figures?
• The Woolworths (ASX:WOW) share price is surging to record highs
• Woolworths (ASX:WOW) share price rises amid $4m start-up support

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 Western Areas Ltd (ASX: WSA) share price has been a strong performer on Friday.

In afternoon trade, the nickel producer’s shares are up 6% to $2.55.

Why is the Western Areas share price rising?

Investors have been bidding the Western Areas share price higher today following the release of its fourth quarter update.

That update reveals that Western Areas finished FY 2021 in fine form. This includes delivering its strongest quarterly production of the financial year.

According to the release, the company produced 4,622 nickel tonnes in concentrate during the quarter. This was up 8% on the previous quarter and brought its full year nickel tonnes in concentrate production to 16,180 tonnes. This was in line with guidance.

Another positive supporting the Western Areas share price today was its costs and pricing update.

The release explains that the company’s cash cost was $3.84 per pound during the quarter and its average realised price was $10.42 per pound.

The former was the lowest quarterly cost per pound achieved during the year, helping Western Areas record a full year cash cost of $4.23 per pound. This was in line with its guidance. The company’s average price realised was $10.06 per pound for the year.

Management commentary

Western Areas’ Managing Director, Dan Lougher, was pleased with the significant momentum across all key projects and workstreams during the quarter. This was particularly the case for its Forrestania operation.

He said: “Our Forrestania operations have had their best quarter on both production and costs for the year, and delivered within updated guidance after overcoming some operational difficulties earlier in the financial year.”

Mr Lougher appears positive on the future. This is due to increasing demand for nickel from electric vehicle markets (EV).

“At Odysseus, our new long life mine continues to advance towards production of first ore in this September quarter, which will mark a very significant milestone in its expected 10 plus year mine life. Odysseus remains one of the few long dated supplies of nickel sulphide to enter the market in the coming years, as the EV market continues to drive nickel demand for delivery into the EV battery supply chain,” he added.

The Western Areas share price is down 6.5% year to date despite today’s gain.

The post Why the Western Areas (ASX:WSA) share price is racing 6% higher today appeared first on The Motley Fool Australia.

More reading

• Why Bigtincan, EOS, Evolution, & Western Areas shares are charging higher
• Why Humm, Premier Investments, Western Areas, & Zip shares are sinking
• Why the Western Areas (ASX:WSA) share price is racing higher

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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It’s fairly safe to say that almost everyone knows that running a public company in Australia is one of the most lucrative jobs out there. But with 200 companies in the S&P/ASX 200 Index (ASX: XJO), obviously there are going to be some disparities between the wealth of the various ASX 200 CEOs.

The Australian Financial Review (AFR) has recently done some work in this area. In a report today, the AFR looked at the wealthiest ASX 200 CEOs, based on the wealth that their own companies have given them in their individual shareholdings. It makes for some interesting reading:

ASX CEO	ASX 200 Company	CEO Wealth from Company Shares
Richard White	WiseTech Global Ltd (ASX: WTC)	$4.23 billion
Kerry Stokes	Seven Group Holdings Ltd (ASX: SVW)	$4.22 billion
Rupert Murdoch	News Corporation (ASX: NWS)	$2.53 billion
Nicholas Molnar	Afterpay Ltd (ASX: APT)	$2.19 billion
Anthony Eisen	Afterpay	$2.15 billion
Gerry Harvey	Harvey Norman Holdings Limited (ASX: HVN)	$2.3 billion
Michael Heine	Netwealth Group Ltd (ASX: NWL)	$2.03 billion
Sam Hupert	Pro Medicus Ltd (ASX: PME)	$1.65 billion
Anthony Hall	Pro Medicus	$1.65 billion
Hamish Douglass	Magellan Financial Group Ltd (ASX: MFG)	$1.2 billion

Which ASX 200 CEO is the richest of them all?

So WiseTech CEO Richard White is the winner here, with $4.23 billion worth of WiseTech shares. We’ve already checked out Mr White’s WiseTech wealth today, so make sure to read more about it here.

Going down the list, and we see Seven’s Kerry Stokes. As the AFR noted, Stokes’ seems to be profiting from Seven’s recent saga with ASX 200 construction company Boral Limited (ASX: BLD), which the Seven Group is in the process of potentially acquiring. Boral shares are up close to 50% in 2021 so far, while Seven has seen its share price rocket almost 14% since early July.

Rupert Murdoch, chair of News Corporation, has been a big beneficiary of the pandemic. Newscorp was quick to close a number of regional newspapers last year with the onset of the pandemic. But its holdings in ‘COVID winners’ like REA Group Ltd (ASX: REA) have seen the news mogul bolster his ASX 200 assets in 2021 so far.

Afterpay founders Nick Molnar and Anthony Eisen have reaped huge rewards as they watched their company go from close to $8 a share in the nadir of last year’s share market crash to a high of over $160 a share by February 2021.

Although Afterpay has cooled since then the company is still trading at well over $100 a share, cementing these billionaires’ stakes in Afterpay at more than $2 billion apiece. Not bad for a company that went from ASX 200 to ASX 20 quicker than winking.

Gerry Harvey and Michael Heine head another pair of pandemic winners in famous retailer Harvey Norman and wealth management platform Netwealth. Harvey Norman is up almost 55% over the past year, while Netwealth has managed a 36% boost. As such, these founders’ shares equate to a fortune in their own right.

Pro Medicus up, Magellan flat

ASX 200 medical company Pro Medicus has also made a motza for its CEO Sam Hupert and executive director Anthony Hall. Pro Medicus is up almost 65% year to date, and 137.5% over the past 12 months. No doubt a very pleasing event for Messrs Hall and Hupert to watch unfold.

And finally, we have Magellan co-founder Hamish Douglass. Unlike most of the other people on this list, Mr Douglass has seen the fortunes of his company get stuck in the mud somewhat. At the current share price (at the time of writing) of around $54 a share, Magellan has yet to reclaim the high ground of ~$74 a share that we saw back in early 2020.

Subdued performances of many of Magellan’s funds have seen performance fees dry up, which has impacted the value of Mr Douglass’s large swathe of Magellan shares. Still, $1.2 billion is nothing to complain about, one would think.

The post These ASX 200 CEOs have the most wealth tied up in their companies appeared first on The Motley Fool Australia.

More reading

• The Afterpay (ASX:APT) share price is gaining 3% today
• WiseTech (ASX:WTC) CEO tops rich bosses list 5 years on from listing
• Why the Boral (ASX:BLD) share price has gained 45% in 6 months
• 3 excellent ASX growth shares analysts love
• COVID Delta is raging: 4 ASX shares to buy in turbulent times

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. owns shares of and has recommended AFTERPAY T FPO, Netwealth, Pro Medicus Ltd., and WiseTech Global. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Netwealth, Pro Medicus Ltd., and 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 Mincor Resources NL (ASX: MCR) share price is rocketing up 14% in afternoon trade.

Below we take a look at the market update which appears to be driving investor interest in the ASX resource share today.

What update did Mincor report?

Mincor’s share price is surging after the company reported more positive nickel exploration results in the 1.1-kilometre zone between its Long and Durkin North mines, located in Western Australia.

According to the release, assay results for the massive sulphide intercept returned “an outstanding intercept” of 0.5 metres at 6.3% nickel, including 0.3m @ 8.5% Ni.

Last Thursday, 15 July, Mincor’s share price got another big daily lift after the company reported strong results in the same area. An area it refers to as Golden Mile. The Mincor share price has now gained 25% since that first announcement.

Atop today’s positive assay results, the company also reported on a separate intersection, with an estimated width of 0.3 metres, 24 metres down-dip from the assays revealed today. Mincor noted this was based on visual inspection alone, and it is awaiting assays to confirm nickel grades.

Commenting on the results Mincor’s managing director, David Southam said:

Having assays confirm the high-grade nature of our first nickel intersection gives us great confidence in the enormous potential of the untested space we have called the “Golden Mile”. This intersection is located just 100 metres from existing underground mining infrastructure, highlighting its strategic importance to the company as our underground drilling program advances…

We are very encouraged by the fertility of the Golden Mile for massive sulphide discoveries and, once we have our down-hole EM infrastructure installed in August, our geological understanding and targeting approach can be further refined as this substantial drilling program unfolds.

Southam also congratulated BHP Nickel West [BHP Group Ltd (ASX: BHP)] on its newly revealed nickel supply arrangement with Tesla Inc (NASDAQ: TSLA). Southam noted that, “Our nickel concentrate off-take agreement with BHP means that Mincor will be a key participant in this ESG-friendly global EV battery supply chain.”

Mincor share price snapshot

Over the past 12 months the Mincor share price has gained 71%, handily outperforming the 23% gains posted by the All Ordinaries Index (ASX: XAO) over that same time.

Year-to-date, Mincor’s share price is up 9.4%.

The post Here’s why the Mincor (ASX:MCR) share price is shooting 14% higher today appeared first on The Motley Fool Australia.

More reading

• These ASX 200 CEOs have the most wealth tied up in their companies
• Rio Tinto (ASX:RIO) share price slides despite $100 million copper investment
• Here’s why the DDH1 (ASX:DDH) share price is rocketing 9% today
• BlueBet (ASX:BBT) share price surges 13% to record highs
• ASX 200 travel shares slide as New Zealand closes travel bubble

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Tesla. 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 Rio Tinto Limited (ASX: RIO) share price is under pressure on Friday despite the release of a positive announcement.

In afternoon trade, the mining giant’s shares are down 1% to $126.25.

What did Rio Tinto announce?

The Rio Tinto share price is falling despite announcing the approval of a $108 million investment in underground development to enable early orebody access and undertake orebody characterisation studies for underground mining at the Kennecott copper operations in the United States.

According to the release, the investment builds on $25 million approved in early-2020 to complete a pre-feasibility study to determine the viability of underground mining operations at Kennecott. Management notes that potential underground mining would occur concurrently with open pit operations and result in increased copper output.

The company feels this investment is more than worthwhile. It notes that Kennecott holds the potential for a significant and attractive underground development, with declared Mineral Resources of 20 Mt at 3.65% copper and 1.62 g/t gold1 with further upside potential based on drilling.

Underground battery electric vehicles

The release explains that the company intends to trial underground battery electric vehicles at the project. It notes that these have the potential to reduce carbon emissions at Kennecott and across Rio Tinto’s global operations.

Sandvik Mining and Rock Solutions will supply a battery electric haul truck and loader to evaluate performance and suitability for future underground mining fleets.

Rio Tinto Copper’s Chief Executive, Bold Baatar, said: “Kennecott holds a range of options to extend our supply of copper and other critical materials, to meet the strong demand being driven by electric vehicles and renewable power technologies. The operation is uniquely positioned to supply these emerging markets, with one of only two operating smelters in the United States that also processes concentrates from third parties, a long history delivering high quality products and significant resources that are yet to be developed.”

Why is the Rio Tinto share price trading lower?

The weakness in the Rio Tinto share price today appears to be due to a pullback in iron ore prices.

According to CommSec, the spot iron ore price fell US$12.10 or 5.7% over night to US$201.50 per tonne. This was driven by reports that some Chinese provinces were told by the government to cut steel production.

The Rio Tinto share price is up 9.5% in 2021.

The post Rio Tinto (ASX:RIO) share price slides despite $100 million copper investment appeared first on The Motley Fool Australia.

More reading

• 5 things to watch on the ASX 200 on Friday
• Rio Tinto (ASX:RIO) share price on watch following South Africa update
• The 2 best shares to hang your hat on: fund managers
• Leading brokers name 3 ASX shares to sell today
• ASX 200 Weekly Wrap: ASX shakes off lockdowns to rise higher

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 DDH1 Limited (ASX: DDH) share price is shooting higher on Friday after the company provided a business update.

At the time of writing, the drilling company’s shares are up 9.55% to $1.20. In comparison, the All Ordinaries Index (ASX: XAO) is ascending 0.9% to 7,665 points.

How did DDH1 perform?

Investors are buying up DDH1 shares after the company reported robust growth for the year ending 30 June 2021.

According to the release, DDH1 reported preliminary unaudited pro-forma earnings before interest, tax, depreciation and amortisation (EBITDA) of $74.8 million.

This represents an increase of 7.9% on the original forecast of $69.3 million in its February 2021 prospectus.

In addition, the company expects preliminary unaudited pro-forma earnings before interest and tax (EBIT) to be $51.1 million, a lift of 16.1%. Its initial public offering (IPO) prospectus predicted the metric to come in at $44 million.

DDH1 attributed the improved performance to revenue exceeding previous estimates. Further training incentives received $2.3 million, with $1.6 million lower depreciation than assumed.

The company is scheduled to release its full-year FY21 audited financial results late next month.

DDH1 managing director and CEO Sy Van Dyk commented:

Since listing on the ASX in March, DDH1 has continued to benefit from the strong macro-economic conditions that suit our diversified commodities exposure, client base and geographic footprint.

… Our Australia-wide, diverse client base and prospective client base remain actively engaged across all stages of mineral exploration and resource-definition drilling and we are delivering the range of quality drilling services that they are demanding.

The preliminary unaudited results for FY21 are very pleasing and are the result of the company’s operational excellence, strong balance sheet and disciplined investment in growth.

About the DDH1 share price

From its debut on the ASX in March, DDH1 shares have gained close to 40%. The DDH1 share price is nearing its all-time high of $1.265. It is currently just 5% shy of this record.

DDH1 presides a market capitalisation of roughly $408.7 million, with 342 million shares on its books.

The post Here’s why the DDH1 (ASX:DDH) share price is rocketing 9% today appeared first on The Motley Fool Australia.

More reading

• BlueBet (ASX:BBT) share price surges 13% to record highs
• ASX 200 travel shares slide as New Zealand closes travel bubble
• Why Bigtincan, EOS, Evolution, & Western Areas shares are charging higher
• Dubber Corp (ASX:DUB) share price hits 52 week high today
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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 BlueBet Holdings Ltd (ASX: BBT) share price has surged more than 13.5% higher in today’s trading session.

The bullish price action has propelled shares in the betting company to record highs.

At the time of writing, the BlueBet share price is trading more than 9% higher at around $2.09. Shares in BlueBet were up more than 13.5% earlier after hitting an intra-day and all-time high of $2.17.

Let’s take a look at what’s been fuelling the BlueBet share price.  

What’s been fuelling the BlueBet share price?

BlueBet is relatively new to investors, after only listing on the exchange at the start of this month.

BlueBet hasn’t released any price-sensitive news that could explain today’s euphoric price action. As a result, it could be assumed that shares in the betting company are riding the waves of a generally stronger market.

Shares in the wagering start-up debuted at $2 per share, with investors still contemplating the company’s value.

Earlier this month, the BlueBet share price received a boost after updating the market on its US operations.

The update highlighted BlueBet’s agreement with the Dubuque Racing Association. As a result, the company will be allowed to conduct its online sportsbook operations in the state of Iowa. However, the agreement is subject to regulatory approval.

In addition, shares in BlueBet have also been on the receiving end of favourable analysis from brokers.

Recently, analysts from noted broker Ord Minnet put a buy rating on the company’s shares. Analysts cited that BlueBet is positioned for growth given the gradual shift of sports betting online and the company’s expansion into the US.

More information on BlueBet

BlueBet is an online bookmaker that provides products to customers of both Australian and international sports.

BlueBet offers wagering products on 31 sports in Australia and internationally, in addition to entertainment and politics wagering markets.

The company’s platform is powered by customised, cloud-based technology.

As mentioned previously, BlueBet’s expansion into the US marks an important milestone for the newly-listed company.

According to BlueBet’s management, the Iowa wagering market has huge potential for the company. Following the approval of sports betting in 2019, the Iowa market has grown in excess of US$1 billion.

The post BlueBet (ASX:BBT) share price surges 13% to record highs appeared first on The Motley Fool Australia.

More reading

• Leading brokers name 3 ASX shares to buy today
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• Is BlueBet or Pointsbet the better bet right now?
• 3 growing small cap ASX shares to watch

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

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If shareholders of S&P/ASX 200 Index (ASX: XJO) travel shares needed anything more to fret over, they just received it — courtesy of New Zealand’s Prime Minister, Jacinda Ardern.

Fresh COVID-19 cases are being reported in multiple states today. New South Wales alone has 136 new infections.

As a result, Ardern is closing her nation’s vaunted travel bubble with Australia.

The travel corridor, which only opened 3 months ago on 19 April, enabled Aussies and Kiwis to fly back and forth like it was 2019 again. Well, almost. No quarantine is required, though any sign of the sniffles and you’re grounded.

But no more. For the next 2 months, at least, the trans-Tasman travel bubble has been deflated.

Citing threats from the more transmissible delta variant, msn.com quotes Ardern saying:

We’ve always said that our response would evolve as the virus evolved. This is not a decision we have taken lightly, but it is the right decision to keep New Zealanders safe.

Free travel between Australia and New Zealand ends at midnight tonight.

However, some flights will continue to operate for returning New Zealanders.

My strong message to every New Zealander in Australia right now who does not want to stay there long-term is come home,” Ardern said.

Domestic travel squeezed too

Progress with domestic travel is being interrupted by lockdowns, which is no good for ASX 200 travel shares.

At the moment, some 14 million Aussies – more than half the population – are living under lockdown.

That’s 14 million potential travellers, including this financial reporter, discouraged from travelling. Except in emergencies, we can’t travel more than a few kilometres from home right now, let alone interstate.

So, it’s little wonder that ASX 200 travel shares are under pressure today.

The ASX 200 itself is edging lower in early afternoon trade and is down 0.06%.

The Flight Centre Travel Group Ltd (ASX: FLT) share price is down 1.53% at time of writing.

The Qantas Airways Limited (ASX: QAN) share price is down 1.8%.

Qantas shares are likely facing further headwinds with news that the airline is flying at less than 40% of pre-COVID capacity. Qantas had earlier said it was back to 90% of domestic capacity, before lockdowns began to bite.

Meanwhile, the Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is up slightly by 0.06%.

Sydney Airport shares are likely holding up better in light of the recent all cash buy-out offer from a consortium of infrastructure investors. These include IFM Investors, Global Infrastructure Management and QSuper.

The group of institutional investors valued the airport at $22.6 billion. Or $8.25 per share.

While that offer has been rejected by the board, investors appear to be keeping that value in mind. Shares are currently trading 5.6% below the takeover offer at $7.79.

How have ASX 200 travel shares fared since COVID?

ASX 200 travel shares have certainly had their fair share of woes over the past 18 months.

Every company in the large-cap travel space got absolutely hammered during the initial COVID-19 fuelled market meltdown in February and March last year.

The Sydney Airport share price plunged 42% from 21 February 2020 through to 20 March 2020.

The Flight Centre share price plummeted 75% in that same time. The Qantas share price crashed 64%.

Since the lows of 20 March, there’s been a huge rebound for all of these ASX 200 travel shares.

Sydney Airport is up 65% since then, and now only 5% below its pre-pandemic price. Year-to-date, thanks to the takeover offer mentioned above, the Sydney Airport share price is up 21%.

As for the Flight Centre share price, it has gained 68% since that March 2020 low. While that sounds impressive – and it is if you bought near the low – Flight Centre remains down 58% compared to 21 February 2020 before COVID struck.

Year-to-date, the Flight Centre share price has struggled and is down 7%.

Rounding off with Qantas, the airline’s shares have rebounded 94% since the March 2020 low. Today, the shares are still trading 30% below its 21 February 2020 level.

Year-to-date, the Qantas share price has fallen 7%.

Foolish takeaway

What’s next for ASX 200 travel shares?

Australians love to travel both interstate and internationally. And foreign travellers love to visit Australia.

Once we have a higher rate of vaccinations in Australia and travellers can once again move around freely — at least between states, ASX 200 travel shares should see a rebound.

The big question facing investors today is, just when can we expect that to happen?

The post ASX 200 travel shares slide as New Zealand closes travel bubble appeared first on The Motley Fool Australia.

More reading

• How is the ASX 200 performing against the FTSE 100 in 2021?
• Electro Optic Systems (ASX:EOS) share price up 9% on quarterly report
• Qantas (ASX:QAN) share price falls as capacity drops below 40%
• ASX 200 midday update: Crown-Star merger talks end, Evolution jumps
• ASX 200 shares near all-time high despite COVID-19 fears

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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