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The Wesfarmers Ltd (ASX: WES) share price is inching higher today despite reports there could be some competition over its takeover target, Australian Pharmaceutical Industries Ltd (ASX: API) – operator of the Priceline chain of stores.

Shares in the diversified conglomerate are currently trading hands for $58.62, up 0.57%.

The latest development concerning the takeover of Australian Pharmaceutical Industries follows Wesfarmers’ $687 million non-binding indicative offer yesterday. The announcement sent API shares 20% higher.

Enter possible challenger

As reported by The Australian this morning, there are rumours that Wesfarmers may be in for a tussle over Priceline before all is said and done. The publication believes that resigning Sigma Healthcare Ltd (ASX: SIG) CEO Mr Mark Hopper had been approached by API regarding a possible merger, merely weeks prior.

However, it is thought that Sigma palmed off the proposal as it hunkers down while implementing an update across its IT systems. On top of that, Sigma is still contesting with finding a replacement for Mr Hopper.

While Sigma may not have been interested in the synergistic move earlier, Wesfarmers’ move might have changed the game. Given the size and success of Wesfarmers’ past investments, Sigma might now be forced to consider the cost of not shacking up with its Priceline operating rival.  

Despite the rumours, the Wesfarmers share price is in the green today. At this stage, there’s no official word from Sigma on how it intends to react.

Merger and acquisition frenzy

Wesfarmers is not the only company that has been driving share prices higher with takeover bids lately. The last few months have seen an acceleration in the number of mergers and acquisitions.

To summarise a handful of recent offers, we have IFM Investors’ shot at Sydney Airport Holdings Pty Ltd (ASX: SYD), Galaxy Resources and Orocobre’s proposed merger, and Soul Patts merger with Milton. And those are just a few in the last month…

According to Refinitiv, global M&A transactions for the first four months of the year were up 124% to $1.77 trillion. In short, analysts put this down to plenty of excess cash and low-interest rates.

Wesfarmers share price snapshot

The Wesfarmers share price has been a solid performer since rebounding from the COVID-19 crash. In the past year, the conglomerate’s shares have experienced a rally of almost 28%. Investors would be pleased to know that is an S&P/ASX 200 Index (ASX: XJO) outperformance of around 5% excluding dividends.

At the time of writing, the company holds a market capitalisation of $66.5 billion.

The post Wesfarmers (ASX:WES) share price gains amid rumours of Priceline rival appeared first on The Motley Fool Australia.

More reading

• 2 ASX 200 blue chip shares that might be the best to buy
• 5 things to watch on the ASX 200 on Tuesday
• ASX 200 rises, API soars, Wesfarmers up
• Why is the Soul Patts (ASX:SOL) share price down this Monday?
• Why Australian Pharma Industries, Audinate, NRW, & Vulcan are racing higher

Motley Fool contributor Mitchell Lawler has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company Limited and Wesfarmers 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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Shares in iCar Asia Ltd (ASX: ICQ) are soaring today following news the company’s received an acquisition proposal. Right now, the iCar Asia share price is 41.67% higher than its previous close, with shares in the company trading for 42.5 cents apiece.

Earlier this morning, iCar Asia shares reached 46 cents – a new 52-week high and their highest point since 2016.

iCar Asia develops and operates an internet-based vehicle portal allowing people in Malaysia, Indonesia, and Thailand to buy, sell, and learn about new and used vehicles.

Let’s take a look at the news boosting the iCar Asia share price today.

Acquisition proposal

iCar Asia has announced Carsome Group has submitted a non-binding acquisition proposal to buy all iCar Asia shares it doesn’t already own for 55 cents apiece.

Carsome is a Singapore-based company operating an automotive e-commerce platform in Malaysia, Indonesia, Thailand, and Singapore.

At 55 cents per share, Carsome has valued iCar Asia at around $243 million.

iCar Asia had a market capitalisation of approximately $132.5 million as of market close yesterday.

Initially, Carsome will buy 89.4 million iCar Asia shares – approximately 19.9% of all outstanding shares in the company – from digital investment group Catcha. Carsome will pay Catcha will newly issued Carsome shares.

Additionally, a joint bid agreement will see Catcha’s remaining stake in iCar Asia transferred to Carsome. Once again, Carsome will pay Catcha with newly issued shares.

The acquisition proposal faces several conditions, including receiving joint bid relief from the Australian Securities and Investments Commission, the finalisation of Carsome’s financing agreements, and iCar shareholder and court approval.

iCar Asia share price snapshot

Today’s gains have put the iCar Asia share price back in the green.

It’s now gained 16% year to date. It is also 43% higher than it was this time last year.

The company has around 441 million shares outstanding

The post Here’s why the iCar Asia (ASX:ICQ) share price is up 41% appeared first on The Motley Fool Australia.

More reading

• Article Correction – iCar Asia (ASX:ICQ)

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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At lunch on Tuesday, the S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is pushing higher. The benchmark index is currently up 0.5% to 7,370.5 points.

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

Nearmap share price rockets

The Nearmap Ltd (ASX: NEA) share price is rocketing higher today. The catalyst for this was the release of a full year update by the aerial imagery technology and location data company. According to the release, a record performance in the United States has led to Nearmap outperforming its guidance in FY 2021. It expects to report a 26% increase in annual contract value (ACV) to $133.8 million on a constant currency basis. This compares to its previously upgraded guidance of $128 million to $132 million.

PolyNovo sales update impresses

The PolyNovo Ltd (ASX: PNV) share price is rising today after investors responded positively to its sales update. According to the release, the medical device company achieved record US Biodegradable Temporizing Matrix (BTM) revenue in the fourth quarter of US$4.9 million. This underpinned a 49% increase in full year US BTM revenue. Management also revealed that it is well-placed to build on this in FY 2022.

Incitec Pivot share price rises

Another ASX 200 on the rise today is Incitec Pivot Ltd (ASX: IPL). Its shares were given a boost by both an update on its manufacturing model and a broker note out of Citi. In respect to the latter, the broker has retained its buy rating and lifted its price target to $3.00. Citi made the move after upgrading its earnings estimates partly to reflect increasing fertiliser prices.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Nearmap share price with a 15% gain. This follows its FY 2021 update this morning. The worst performer has been the Platinum Asset Management Ltd (ASX: PTM) share price with a 6% decline. This follows another disappointing funds under management update.

The post ASX 200 midday update: Nearmap rockets, Incitec Pivot jumps appeared first on The Motley Fool Australia.

More reading

• Are the 10 highest paid ASX 200 CEOs worth their paypackets?
• Why the Incitec Pivot (ASX:IPL) share price is racing 8% higher today
• Why Nearmap, PolyNovo, Select Harvests, & Youfoodz shares are storming higher
• Why the Platinum (ASX:PTM) share price is sinking 7.5% on Tuesday
• Why the Nearmap (ASX:NEA) share price has risen 10% this morning

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nearmap Ltd. and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Nearmap 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 10 best-paid chief executives in the S&P/ASX 200 Index (ASX: XJO) have been revealed, as investors wonder whether they deserve their massive salaries.

The latest research from the Australian Council of Superannuation Investors (ACSI) did show that the COVID-19 pandemic had an impact on executive pay packets.

Within the S&P/ASX 100 (ASX: XTO), 31% of chiefs received $0 of performance bonuses for the 2020 financial year. Even among those who received something, the relative median amount almost halved.

“The research shows that boards have responded positively to more than a decade of active investor engagement and are now better aligning short and long term pay with investor outcomes,” said ACSI chief Louise Davidson.

“Newly appointed CEOs almost always now start on a salary base significantly lower than their predecessors and bonuses are becoming not just harder to achieve, but more often paid in equity rather than cash.”

How much the ASX 200 top 10 took home, and how their shares fared

But at the top end, chief executives still did pretty well. 

For the first time in 20 years of the ACSI study, a CEO’s take-home pay topped the $40 million mark. CSL Limited (ASX: CSL)’s Paul Perreault took home $43 million, up from $30.5 million the previous year.

CSL’s share price has been flat in the past 12 months. However, it did rise about 38% over the 2020 financial year.

Perhaps reflective of rising commodity prices last year, 5 of the top 10 bosses headed mining or energy companies.

Rank	Chief executive	ASX 200 company	Realised pay	Stock performance past 12 months
1	Paul Perreault	CSL	$43 million	(0.39%)
2	Bill Beament	Northern Star Resources Ltd (ASX: NST)	$31.8 million	(30.77%)
3	Greg Goodman	Goodman Group (ASX: GMG)	$26.9 million	40.72%
4	Shemara Wikramanayake	Macquarie Group Ltd (ASX: MQG)	$16.4 million	28.64%
5	Jake Klein	Evolution Mining Ltd (ASX: EVN)	$15.8 million	(24.14%)
6	Brad Banducci	Woolworths Group Ltd (ASX: WOW)	$12.7 million	17.45%
7	JS Jacques	Rio Tinto Limited (ASX: RIO)	$11.9 million	28.86%
8	Michael Clarke	Treasury Wine Estates Ltd (ASX: TWE)	$11.3 million	8.53%
9	Kevin Gallagher	Santos Ltd (ASX: STO)	$11.04 million	35.73%
10	Sandeep Biswas	Newcrest Mining Ltd (ASX: NCM)	$10.99 million	(21.92%)
Source: ACSI, stock performance and table created by author

In recent years there’s been a trend for ASX companies to reduce the cash proportion of chief executive remuneration in favour of equities.

“ACSI has been engaging with companies on executive remuneration to improve outcomes for its members,” said Davidson.

“Boards have worked to ensure remuneration is aligned to the value delivered to investors over the long-term.”

Davidson urged companies to keep an eye on inflated CEO pay in the post-COVID era.

“As the impact of the pandemic subsides, boards will need to keep assessing whether performance hurdles and the value of shares being awarded are appropriate to ensure any new incentives align with gains made by investors.”

The post Are the 10 highest paid ASX 200 CEOs worth their paypackets? appeared first on The Motley Fool Australia.

More reading

• Which ASX 200 shares helped deliver record profits and a 4.5% dividend?
• 5 things to watch on the ASX 200 on Tuesday
• These 3 ASX 200 shares were big movers this Monday
• ASX 200 rises, API soars, Wesfarmers up
• Why is the Mineral Resources (ASX:MIN) share price up 4% today?

Motley Fool contributor Tony Yoo owns shares of CSL Ltd. and Macquarie Group Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended CSL Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited and Treasury Wine Estates 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 Incitec Pivot Ltd (ASX: IPL) share price is soaring during morning trade following a manufacturing and business update.

At the time of writing, the industrial chemicals company’s shares are up by 8.02% to $2.62.

What did Incitec Pivot announce?

Investors are buying up Incitec Pivot’s shares after the company revealed it is implementing changes to its manufacturing model.

According to its release, Incitec Pivot is switching its manufacturing model from a global to a regional structure. This will allow the company to improve its manufacturing excellence strategy and support operations, while international travel is restricted.

As a result, Incitec Pivot president of global manufacturing and health, safety and environment Tim Wall will be leaving the company.

A global search is underway to find a new manufacturing lead. In the interim, regional manufacturing vice presidents will report to the heads of the Americas and Asia Pacific regions.

Incitec Pivot CEO and managing director Jeanne Johns commented:

I would like to thank Tim for his considerable contributions to IPL. Tim’s tireless efforts are deeply appreciated as well as his support with our transition to a regional manufacturing model.

Incitec Pivot noted additional resources have been allocated to the Americas manufacturing team to assist with the transition to a regional model.

On a different note, the company revealed its Waggaman ammonia plant in Louisiana reached full production last month. Its capacity is 800,000 metric tonnes of ammonia.

Furthermore, its Moranbah ammonium nitrate plant in Queensland is running smoothly, and FY21 planned turnarounds are complete.

Incitec Pivot said it will release a trading update on 29 July 2021.

About the Incitec Pivot share price

In 2021, Incitec Pivot shares have lifted by 14%, and are up by almost 40% over the past 12 months. In addition, the company’s share price has a 52-week range of $1.81 to $2.98.

Incitec Pivot has a market capitalisation of around $4.7 billion, with close to 2 billion shares outstanding.

The post Why the Incitec Pivot (ASX:IPL) share price is racing 8% higher today appeared first on The Motley Fool Australia.

More reading

• The Incitec Pivot (ASX:IPL) share price has gained 20% in the last 12 months

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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In late morning trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.5% to 7,368.5 points.

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

Nearmap Ltd (ASX: NEA)

The Nearmap share price has jumped 15% to $2.28. Investors have been buying the aerial imagery technology and location data company’s shares after it provided an update on its performance in FY 2021. According to the release, Nearmap expects its annual contract value (ACV) to finish at $133.8 million on a constant currency basis for FY 2021. This will be a 26% year on year increase and ahead of its previously upgraded guidance of $128 million to $132 million. This strong growth was underpinned by a record performance in the United States.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is up 3% to $2.45. This follows the release of a sales update this morning which revealed strong growth in the fourth quarter of FY 2021. For the three months ended 30 June, US Biodegradable Temporizing Matrix (BTM) revenue came in at a record of US$4.9 million. This led to PolyNovo’s US BTM revenue increasing 49% in US dollars for FY 2021. Management also spoke very positively about its prospects in FY 2022.

Select Harvests Limited (ASX: SHV)

The Select Harvests share price has stormed 15.5% higher to $7.50. This morning the almond producer revealed that it expects its crop volume for the 2021 harvest to be 28,250 million tonnes. That represents a 22% increase on the 23,250 million tonnes harvested in 2020. The company also revealed that growing almond demand has supported strong prices.

Youfoodz Holdings Ltd (ASX: YFZ)

The Youfoodz share price is rocketing 78% higher to 90.7 cents. Investors have been fighting to buy the ready-made meals company’s shares after it received a takeover approach from meal kit delivery company HelloFresh. HelloFresh has offered 93 cents cash per share, which the board is recommending shareholders accept. While this is an 82% premium to its last close price, it is a 38% discount to Youfoodz’ December IPO listing price of $1.50.

The post Why Nearmap, PolyNovo, Select Harvests, & Youfoodz shares are storming higher appeared first on The Motley Fool Australia.

More reading

• Why the Select Harvests (ASX:SHV) share price is soaring 15% today
• Why the Nearmap (ASX:NEA) share price has risen 10% this morning
• Youfoodz (ASX:YFZ) share price rockets 80% after HelloFresh takeover offer
• PolyNovo (ASX:PNV) share price jumps 8% on strong update
• ASX 200 Weekly Wrap: COVID wobbles ASX as shares retreat

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Nearmap Ltd. and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended Nearmap 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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WAM Leaders Ltd (ASX: WLE) provides investors with exposure to ASX 200 shares, focused on “compelling fundamentals, a robust macroeconomic thematic and a catalyst”.

This morning, WAM Leaders announced its fund delivered a strong outperformance in FY21, translating to an increase in fully franked dividends and record profits.

WAM Leaders delivered a FY21 operating profit before tax of $318.1 million, compared to a $1.2 million loss in FY20. It’s also notched a record operating profit after tax of $228.9 million.

The WAM Leaders board declared a fully franked final dividend of 3.5 cents per share. This brings its full-year dividend to 7.0 cents per share, a yield of about 4.5% at today’s prices.

Let’s take a look at which ASX 200 shares helped WAM Leaders achieve its record result and generous dividends.

Which ASX 200 shares does WAM Leaders hold?

WAM Leaders’ portfolio is concentrated towards the banking and financial sector, accounting for 34.1% of its holdings.

According to the company’s top 25 holdings, it has positions in Australia and New Zealand Banking Group Ltd (ASX: ANZ), Commonwealth Bank of Australia (ASX: CBA), National Australia Bank Ltd (ASX: NAB), Suncorp Group Ltd (ASX: SUN) and Westpac Banking Corp (ASX: WBC).

The financials sector has been a strong performer this year, with the S&P/ASX 200 Financials (INDEXASX: XFJ) rallying 17.77% year-to-date and 33.7% in the last 12-months.

In second place, the company has allocated 18.8% of its funds to ASX 200 shares in the materials sector.

Its top 25 holdings contain household names including BHP Group Ltd (ASX: BHP), Oz Minerals Ltd (ASX: OZL), Rio Tinto Ltd (ASX: RIO) and South32 Ltd (ASX: S32).

In the company’s most recent investment update, the fund increased its holding in CSL Ltd (ASX: CSL) and added Computershare Ltd (ASX: CPU) and Challenger Ltd (ASX: CGF) to the portfolio.

The post Which ASX 200 shares helped deliver record profits and a 4.5% dividend? appeared first on The Motley Fool Australia.

More reading

• Here’s what has been moving the ANZ (ASX:ANZ) share price in 2021
• Why this leading fundie is bullish on the Westpac (ASX:WBC) share price
• 2 excellent ASX 200 dividend shares that could be buys
• 5 things to watch on the ASX 200 on Tuesday
• Why is the Mineral Resources (ASX:MIN) share price up 4% 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. owns shares of and has recommended CSL Ltd. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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

You’ll often hear that a diverse investment portfolio could be the ticket to growing wealth. Plus, the more diverse your portfolio, the better protection you buy yourself in the face of market volatility.

But assembling a diverse portfolio is easier said than done when you don’t know the first thing about picking stocks. The good news, though, is that you don’t need to be an expert to put together the right investment mix. All you really need to do is focus on one specific type of investment.

Get broad market exposure without breaking a sweat

Some people build diverse portfolios by researching companies individually and then buying up several dozen individual stocks across a variety of market segments (for example, some tech stocks, some energy stocks, and some healthcare stocks). That’s a strategy that may seem overwhelming to you if you have no idea what you’re doing.

But fear not, because if you don’t know much about investing, index funds can come to the rescue — specifically, S&P 500 index funds.

Index funds are passively managed funds whose goal is to perform as well as the market indexes they’re associated with. Meanwhile, the S&P 500 is one specific index that’s comprised of the 500 largest publicly traded stocks today.

The benefit of investing in S&P 500 index funds is that you get immediate diversification without having to do a lot of research. Or, to put it another way, if you buy shares of an S&P 500 index fund, you’ll effectively get to own 500 different stocks without actually having to go out and buy every single one.

Of course, this isn’t to say that S&P 500 index funds carry no risk. When the broad market experiences a crash, the value of your portfolio is apt to decline.

But one thing you should know about the S&P 500 is that it has a long history of recovering from downturns and rewarding investors who stick with it for the long haul. As such, if you load up on S&P 500 index funds today and hold them for 20 or 30 years, you might accumulate enough wealth to meet your various financial goals, whether they involve retiring early or buying a second home.

Now you may be wondering if there’s a downside to buying S&P 500 index funds, and, well, there is. In addition to the general risk that comes with owning stocks, one negative you might grapple with is having no say over your investments. If there’s a company that’s part of the S&P 500 that you specifically don’t want to own because it doesn’t align with your values as an investor, well, you unfortunately don’t get that choice.

But if you can get past that, you may find that S&P 500 index funds do a great job of helping you attain a nice level of diversity in your portfolio. And if you’re brand-new to investing or don’t have the time or patience to learn more about how to choose stocks, then they’re definitely an option worth looking into.

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

The post How to build a diverse portfolio with zero investing experience whatsoever appeared first on The Motley Fool Australia.

More reading

• Why the JB Hi-Fi (ASX:JBH) share price is down 7% this month
• Why the Select Harvests (ASX:SHV) share price is soaring 15% today
• Why I’d rather invest in ‘working from home’
• Here’s what has been moving the ANZ (ASX:ANZ) share price in 2021
• Why the Plenti (ASX:PLT) share price is rocketing higher today

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.

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

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The JB Hi-Fi Limited (ASX: JBH) share price is having a month to forget. Since 30 June, shares in the electronics and home appliance retailer have fallen 6.84%. The S&P/ASX 200 Index (ASX: XJO) is up 0.27% over the same period.

While the company hasn’t made any announcements to the share market since May, and no price-sensitive ones since April, there have been a few goings-on that may be factors playing on the JB Hi-Fi share price movement.

Let’s take a closer look.

Why is the JB Hi-Fi share price underperforming?

The company was coming off a relatively high base at the beginning of the month – so any fall would translate into a higher percentage than investors would usually expect to see.

Analyst Credit Suisse slapped a buy rating on JB Hi-Fi in late April, saying it expected the company’s shares to reach as high as $57.39. The market watchers said the company’s strong March quarter and CEO transition were drivers for its upgraded rating.

Broker notes historically have influenced the share price movements of ASX companies.

So why the sudden fall then?

One answer could be the coronavirus spike currently impacting parts of Australia and sending Sydney into extended lockdown.

Retail has suffered in the past when cities have gone into lockdown. According to recent data from the Australian Bureau of Statistics, 64% of businesses suffered when states have imposed stay-at-home orders to curb the spread of the virus.

As the COVID outbreak in Sydney worsens, we have seen falls not just in the JB Hi-Fi share price, but across the retail sector. Since the end of last month, the Harvey Norman Holdings Limited (ASX: HVN) share price has fallen 3.1%, Premier Investments Limited (ASX: PMV) shares dropped 4.1%, and shares in Super Retail Group Ltd (ASX: SUL) sunk 2.3%.

The post Why the JB Hi-Fi (ASX:JBH) share price is down 7% this month appeared first on The Motley Fool Australia.

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• 2 high-yielding ASX 200 dividend shares
• Myer (ASX:MYR) share price jumps 7% as investor calls its lawyers
• Why Humm, Premier Investments, Western Areas, & Zip shares are sinking
• 2 ASX 200 shares that could be great for dividends
• Myer (ASX:MYR) share price on watch after responding to Premier investment

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 Premier Investments Limited and Super Retail Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The Select Harvests Limited (ASX: SHV) share price is soaring in morning trade, up more than 15%.

Below, we take a look at the ASX agricultural share’s latest crop and market update.

What crop update did the company provide?

Select Harvests’ share price is rocketing higher after the company reported an estimated almond crop volume for the 2021 harvest of 28,250 million tonnes. That’s 22% higher than the 23,250 million tonnes harvested in 2020.

The estimate includes crops from its acquisition of the Piangil almond orchard in Victoria. According to the release, the entire 2021 crop has been delivered to Select Harvest’s processing facility, with more than 60% processed to date.

The company pointed to almonds as an exceptionally strong market, with demand growing across the world, particularly in India, Europe and China, its traditional markets. It said Australian almond exports increased 54% year-on-year, with Europe up 69% and India helping fuel a 200% increase in south-central Asia.

The continuing drought in California indicates almond production from the United States will fall 12.5% from last year’s levels. That’s helped drive almond prices 5-10% higher over the past 6 weeks and is likely helping drive the Select Harvest share price sharply higher today.

Commenting on the crop and market update, Select Harvest’s CEO Paul Thompson said:

Record almond shipments and the worsening Californian drought have led to a recent price appreciation. Demand for almonds, both in their natural form and as a value-added food ingredient, in products such as plant based milks and yoghurts, continues to grow.

Thanks in part to the December 2020 acquisition of Piangil Almond orchard, Select Harvests is set to achieve a record almond crop of 28,250MT in 2021.

Looking to the year ahead, Thompson added, “With good progress being made on the 2022 crop, Select Harvests remains focused on the factors within its control, including almond volume, quality, value adding and operating costs.”

Select Harvests share price snapshot

Over the past 12 months, Select Harvests’ share price has gained 29%, edging out the 26% gains posted by the All Ordinaries Index (ASX: XAO) over that same time.

Year-to-date the Select Harvests share price is up 42%.

The post Why the Select Harvests (ASX:SHV) share price is soaring 15% today appeared first on The Motley Fool Australia.

More reading

• Select Harvests (ASX:SHV) share price hits new 52-week high

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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