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The Fortescue Metals Group Limited (ASX: FMG) share price jumped well into the green this morning from the market open.

Shares in the iron ore production and exploration company surged 2.89% to hit a high of $24.23 just after the open. However, they have retraced back down to $23.80 at the time of writing, up 1.06% for the day so far.

Let’s take a look at the Fortescue share price in a bit more detail.

What’s Fortescue been up to recently?

While there was no market-sensitive information released to explain today’s rise in the Fortescue share price, on 6 July the company announced it had delivered on the “ambitious stretch targets” concerning its initial decarbonisation projects.

Fortescue is investigating the possibility of producing “100% renewable green energy”, setting decarbonisation targets, and aiming to wipe carbon emissions from its own operations.

A key takeout from the report was that Fortescue has engaged in the “successful production of high purity (>97%) green iron ore” during the initiative.

The testing also examined the use of green waste to make green cement and successfully combusted ammonia in a locomotive fuel. Further testing is underway for the company’s haul trucks and ore carriers.

Speaking on the trial’s success, Fortescue chief executive Elizabeth Gaines commented:

At Fortescue, we are leading the heavy industry battle against global warming, transitioning from being a major fossil fuel importer to a significant green and renewable energy and product exporter.

Regarding the company’s future in decarbonisation, Gaines said:

All of us at Fortescue are committed to its decarbonisation. Our great progress to date and our ongoing projects underpin Fortescue’s plan to become a major renewable energy and industry product exporter. As part of this plan, we are aiming to meet or beat our internal global industry-leading target to achieve carbon neutrality by 2030.

Iron ore prices have also been a key driver in the growth of the Fortescue share price over the past year. The iron ore price has skyrocketed from around US$100 per tonne to currently trade at around US$218 per tonne.

Fortescue sits near the top of the iron ore production matrix, being one of the globe’s largest producers of iron ore. As such, significant increases in the price of the commodity are great news for the company’s bottom line.

Analysts at Macquarie have an outperform rating on Fortescue shares, citing a $27 price target that correlates with iron ore markets running hot. This target implies a 13% potential upside from the current share price.

Fortescue share price snapshot

This year to date, the Fortescue share price has delivered a return of around 1.5%, and over the previous 12 months has posted gains of 62%.

The gains have lagged those of the S&P/ASX 200 Index (ASX: XJO) year to date (11%), but have outpaced its 23% returns over a 12 month period.

At the current market price, Fortescue has a market capitalisation of $73.2 billion and trades at a price-to-earnings ratio (P/E) of 8.4.

The post The Fortescue Metals (ASX:FMG) share price just surged 3% this morning appeared first on The Motley Fool Australia.

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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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Shares in Mineral Resources Limited (ASX: MIN) hit an all-time high in early trade this morning, extending their run this year to date.

The Mineral Resources share price reached a record high of $58.17 before retreating slightly. At the time of writing, shares in the company are trading at $57.79, up 0.5%.

There has been no market-sensitive information specific to the company this morning, so let’s take a look at what’s been happening lately with the mining services provider.

What has Mineral Resources been up to lately?

The mining services player, with expertise in lithium and iron ore, has had a busy start to the month.

On 6 July, the company announced that a subsidiary had secured a drilling rig to start gas exploration drilling for the conventional gas exploration well Lockyer Deep 1, located onshore at the Perth Basin.

Shares have climbed from ~$56 to today’s all-time high following this announcement, so it’s possible today’s gains are an extension of the market pricing in this positive news.

Back in May, the company also released that it was in the top five mineral producers in Australia. It said in a Macquarie presentation it was well-positioned to capitalise on recent strengths in iron-ore markets.

Analysts and Macquarie agree with the company’s sentiment, and see further upside potential from these end-market drivers.

Mineral Resource share price snapshot

Over the year to date, shares in the company are up 53%, building on a 12-month return of 155% and well above the 52-week low of $22.49 in July 2020.

The returns exhibited over each of these time frames outpaces the S&P/ASX 200 Index (ASX: XJO) return of around 9.5% and just over 23%, respectively.

Today’s gains extend a solid run into the green for Mineral Resources. At the current market price, the company has a market capitalisation of $10.8 billion and trades at a price-to-earnings ratio (P/E) of 16.7.

The post Why the Mineral Resources (ASX:MIN) share price hit an all-time high today appeared first on The Motley Fool Australia.

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• 2 highly-rated ASX dividend shares for income investors in July
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• 5 best ASX 200 mining and resource shares of financial year 2021

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 early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. At the time of writing, the benchmark index is up 0.3% to 7,348.2 points.

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

Alkane Resources Limited (ASX: ALK)

The Alkane Resources share price is up 2% to $1.23. Investors have been buying the gold miner’s shares after its production outperformed expectations in FY 2021. According to the release, Alkane achieved production of 56,958 ounces of gold at its Tomingley Gold Operations in FY 2021. This exceeds its upgraded guidance of 50,000–55,000 ounces.

Audinate Group Ltd (ASX: AD8)

The Audinate share price has stormed almost 4% higher to $8.70. This gain appears to have been driven by a broker note out of Morgan Stanley this morning. It believes the digital audio networking technology company could exceed expectations in the fourth quarter. This is due to elevated sales in the audio-visual industry during the June quarter. It also feels Audinate is a likely candidate for analyst forecast upgrades in FY 2022.

Megaport Ltd (ASX: MP1)

The Megaport share price is up 1.5% to $16.76 after the release of its quarterly update. That update reveals that the elastic interconnection service provider had a very strong fourth quarter, with record quarterly customer additions. This helped drive an 11% or $0.7 million quarter on quarter increase in monthly recurring revenue (MRR) to $7.5 million.

Zip Co Ltd (ASX: Z1P)

The Zip share price has jumped 9% to $8.41. Investors have been buying the buy now pay later (BNPL) provider’s shares amid speculation that a rival BNPL provider has acquired a strategic stake. BNPL provider Klarna is believed to have acquired a 4% stake in Zip. This is understood to be a move designed to strengthen Klarna’s position if the BNPL market consolidates to two to three leading global players in the future. Neither company has commented on the speculation.

The post Why Alkane, Audinate, Megaport, & Zip shares are rising today appeared first on The Motley Fool Australia.

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• Why the Alkane Resources (ASX:ALK) share price is moving higher
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• 5 things to watch on the ASX 200 on Thursday

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 AUDINATEGL FPO, MEGAPORT FPO, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AUDINATEGL FPO. The Motley Fool Australia has recommended MEGAPORT FPO. 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 Envirosuite Ltd (ASX: EVS) soared almost 10% this morning after the company released record-breaking quarterly results. The Envirosuite share price gained 9.52% to trade at 12 cents in morning trade, before partially retreating.

At the time of writing, the shares are swapping hands for 11 cents, still up 4.76% on the previous close.

The creator of environmental management software released its results for the fourth quarter of the 2021 financial year earlier this morning.

Let’s take a look at what’s got the market so excited about Envirosuite.

Record-breaking results

The Envirosuite share price is gaining after the company reported it received $2.3 million worth of new annual recurring revenue sales over the final quarter of FY21.

Of those sales, $1.3 million was from existing customers. The company said that shows it’s able to grow strong relationships with “blue-chip” customers.

Airports were Envirosuite’s largest customer base – bringing in $1 million. Some $500,000 came from waste and water management, $400,000 from mining, while its other customer segments brought in $400,000.

That brings Envirosuite’s total annual recurring revenue up to $46.5 million. It also recorded $2.4 million worth of non-recurring sales over the quarter.

The company said the results set the stage for it to continue its growth while minimising risk, cost, and complexity.

Unfortunately, despite the business performing well over the quarter, the Envirosuite share price fell 30% in the 3-month period.

Commentary from management

Envirosuite’s CEO Jason Cooper said of the results:

These results reflect our focus to build a culture of high performance. The increasing emphasis surrounding environmental, social and governance (ESG) criteria highlights the critical role Envirosuite plays in safeguarding the environment and communities. As we enter FY22, (Envirosuite) is well positioned to capitalise on these macro themes with renewed focus and discipline to continue delivering on our customer acquisition strategy to land, expand and scale accounts across all sectors.

Envirosuite share price snapshot

The Envirosuite share price has been struggling lately.

It’s currently 42% lower than it was at the beginning of 2021. It has also fallen 26% since this time last year.

The company has a market capitalisation of around $125 million, with approximately 1.1 billion shares outstanding.

The post Envirosuite (ASX: EVS) share price jumps 10% on record-breaking result appeared first on The Motley Fool Australia.

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• Here’s why the Bellevue Gold (ASX:BGL) share price is higher today

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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ASX technology shares are making a bit of a comeback but there’s one in particular worth watching ahead of the August reporting season.

Tech darlings like the Afterpay Ltd (ASX: APT) share price, Nearmap Ltd (ASX: NEA) share price and Rhipe Ltd (ASX: RHP) share price have made strong gains over the past month.

But Morgan Stanley reckons it’s the Audinate Group Ltd (ASX: AD8) share price that will deliver the best surprise among small- to midcap ASX tech shares.

Audinate share price has biggest upgrade potential

“Audinate’s leadership position is clearly strengthening and we view its competitive position and rebound potential as underappreciated,” said the broker.

“We see AD8 as a high quality name offering the best potential for FY22 consensus upgrades.”

A consensus upgrade will likely send the Audinate share price jumping higher. Shares in the audio-visual networking technology company has rallied nearly 67% over the past year.

What is the Audinate share price really worth?

But there could be another 16% upside. Morgan Stanley’s 12-month price target on the Audinate share price stands at $10 a share.

There are several reasons why the broker is so bullish on Audinate. Its Dante system is the dominant leader in its space and has strong competitive advantages.

While the COVID-19 pandemic impacted on the business due to restrictions on live events and concerts, Audinate is making a quick recovery.

Sales recovery stronger than market believes

“AD8 delivered record sales in 2-3Q as end customers invest in technology to support whatever a new normal looks like,” explained Morgan Stanley.

“Networked AV shift is inevitable – and Covid-19 has accentuated its superiority. If industry forecasts are right, there could be another c. 20% upside to our Street-high FY23 revenue forecast.”

Additional catalyst

Another key catalyst is the launch of Dante-enabled video products. Dante was originally developed to allow disparate audio equipment to be on a common network for control and monitoring.

The same value proposition applies to video equipment and the first Dante video products are now available in the market.

If video equipment manufacturers also embrace Dante, this will drive a further re-rating in the Audinate share price.

Don’t overlook the risks

But the investment is not without risks. Most of Audinate’s earnings are in US dollars and if the Australian dollar were to strengthen, it will translate to lower earnings.

There is also uncertainty about when or how quickly the live sound scene will recover – particularly for indoor concerts.

The adoption and sales of Dante video products may also be slower than what the market is anticipating. All new technologies take time to ramp-up.

Nonetheless, Morgan Stanley believes the rewards justify the risks. It reiterated its “overweight” recommendation on the Audinate share price.

The post Top broker picks the emerging ASX tech shares with the biggest upside next month appeared first on The Motley Fool Australia.

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Motley Fool contributor Brendon Lau owns shares of AUDINATEGL FPO and Nearmap Ltd. Connect with me on Twitter @brenlau.

The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, AUDINATEGL FPO, and Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, AUDINATEGL FPO, and 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 Rumble Resources Ltd (ASX: RTR) share price is gaining in afternoon trade, up 6% after earlier posting gains of more than 8%.

Below, we take a look at the mineral explorer’s latest assay results, which appear to be spurring ASX investor interest.

What assay results did Rumble report?

The Rumble Resources share price is gaining today after the company reported promising first assay results from its drilling program at the Chinook Zinc-Lead discovery, at its Earaheedy Project in Western Australia.

According to the release, four reverse circulation (RC) drill-holes from the recently commenced 30,000 metres campaign confirmed wide zones of mineralisation. The results increased the ongoing zinc-lead mineralisation footprint by 125%, to an area of 3 kilometres by 1.8 kilometres.

To date, only 2,500 metres of the 30,000 metre drill program have been completed. The company said 2 more RC drill rigs will join the single rig currently on site over the next few weeks to accelerate the campaign.

Among other results, Rumble reported these “very significant widths intersected of near surface oxide Zn-Pb-Mn-Ag mineralisation” from the up-dip position of the south-western margin:

– 49m @ 2.45% Zn+Pb from 18m (0.5% Zn+Pb Cut-Off)

• including 38m @ 2.78% Zn+Pb, 4.6% Mn, 2.9g/t Ag from 23m
• with zone of 9m @ 3.67% Zn+Pb, 7.44% Mn, 3.6 g/t Ag from 46m

Commenting on the early results, Rumble Resources managing director, Shane Sikora said:

It’s important to understand we aren’t infill drilling, and the key first step we are currently undertaking to advance the Chinook Zinc-Lead discovery consists of broad spaced, step out drilling into new untested areas looking to find the edges of the mineralisation. Once the boundaries of mineralisation are defined, drilling will then shift to focus on the inferred feeder structures containing near surface, higher-grade Zn-Pb-Mn-Ag mineralisation…

With each drill hole we gather more data, and our understanding of the geology of this very large sediment hosted base metal system continues to improve. This in combination with our geophysical targeting methods will enable us to zero in on the higher-grade feeder structures inferred to be contained within this very large body of mineralisation.

Rumble Resources share price snapshot

Over the past 12 months the Rumble Resources share price is up 243%, well outpacing the 27% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date, the Rumble Resources share price has been a truly stellar performer, up 329% so far in 2021.

The post Why the Rumble Resources (ASX:RTR) share price is charging higher today appeared first on The Motley Fool Australia.

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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 Thursday, the S&P/ASX 200 Index (ASX: XJO) is on course to record another decent gain. The benchmark index is currently up 0.4% to 7,356.3 points.

Here’s what is happening on the market today:

Zip share price rockets

The Zip Co Ltd (ASX: Z1P) share price rocketed as much as 15% higher this morning before easing back. This follows speculation that a rival buy now pay later (BNPL) provider has acquired a strategic stake. The AFR is reporting that Swedish BNPL provider Klarna may have snapped up a 4% interest in Zip. This is understood to be a move designed to strengthen Klarna’s position if the BNPL market consolidates to two to three leading global players in the future.

Megaport update

The Megaport Ltd (ASX: MP1) share price is pushing higher today following the release of its quarterly update. For the three months ended 30 June, Megaport reported its strongest customer additions of any quarter. Megaport added 168 new customers, bringing its total to 2,285 customers. This led to the elastic interconnection service provider reporting an 11% or $0.7 million quarter on quarter increase in monthly recurring revenue (MRR) to $7.5 million.

AMP asset sale

The AMP Ltd (ASX: AMP) share price is edging higher today after entering into a binding agreement with Macquarie Group Ltd (ASX: MQG) to sell its AMP Capital’s Global Equities and Fixed Income (GEFI) business. Macquarie will acquire the business for a consideration of up to $185 million. AMP notes that this sale delivers on its strategy to focus on high-growth opportunities in private markets across real estate, infrastructure and associated adjacencies.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Zip share price with a 7% gain. This follows the aforementioned speculation about Klarna’s investment. The worst performer has been the WiseTech Global Ltd (ASX: WTC) share price is down 2.5%. This morning Macquarie downgraded the logistics solutions company’s shares to a neutral rating partly on valuation grounds.

The post ASX 200 midday update: Zip rockets, AMP asset sale appeared first on The Motley Fool Australia.

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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 MEGAPORT FPO, WiseTech Global, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited and WiseTech Global. The Motley Fool Australia has recommended MEGAPORT FPO. 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.

What happened

Shares of Tesla (NASDAQ: TSLA) stock slipped 2.5% in morning trading on the NASDAQ Wednesday, apparently hurt by a pair of bad news items — and a Barron’s report — just the day before.

As Barron’s reports, “safety appears to be the main reason” Tesla stock is struggling this week, as investors worry over news that one Tesla investor’s new Model S Plaid electric car burst into flames last week — while a separate family has launched a wrongful death suit against the company, blaming the performance of its “Autopilot” driver-assistance software.

So what

Some details are in order. Regarding the Plaid fire, The New York Post reported late last week that “a brand-new Tesla Model S Plaid … burst into flames in Pennsylvania” Tuesday in “a harrowing unexplained inferno.” That’s bad PR in and of itself, but what may make it worse is that the EV in question was owned by Susquehanna analyst Bart Smith.

While it’s not yet certain, this incident has the potential to turn “a longtime fan of the brand” into an enemy of Tesla — which might not be great news for the stock price.

Separately, The New York Times says a family in California is accusing Tesla of “partial” responsibility in the death of a 15-year-old child who was killed when a Tesla, possibly operating on Autopilot, collided with the family’s pickup truck.

Now what

All that being said, some context may also be in order. Because it’s a high-profile company, bad news about Tesla tends to gravitate to the top of news headlines. But according to data from Tesla — which admittedly has a vested interest in setting the record straight on this front — the first quarter of 2021 saw an average of:

• One accident per 4.2 million miles driven on cars using Autopilot, versus…
• One accident per 2 million miles driven in Teslas not using Autopilot but using other “active safety features,” versus…
• One accident per 978,000 miles driven in Teslas using neither Autopilot nor other active safety features, versus…
• One accident per 484,000 miles driven in cars in the United States on average.

Long story short and headlines notwithstanding, the data sure does seem to suggest that Teslas are anywhere from twice to nine times safer than any other car on the road — and over the long term, that data has to be good news for the stock price.

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

The post Why Tesla stock crashed and burned again on Wednesday appeared first on The Motley Fool Australia.

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Rich Smith 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 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.

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

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The Bellevue Gold Ltd (ASX: BGL) share price is jumped to an intraday high of $1.035 in early trade, before retreating back to $1.00 at the time of writing, up 0.5%.

Below, we take a look at the ASX gold share’s latest resource update and production forecast.

What resource update did Bellevue announce?

Bellevue Gold’s share price is gaining after the company revealed its total resources had increased by 11%. Bellevue’s total resource now stands at 3.0 million ounces of gold at 9.9 grams per tonne.

The company noted its total resource is now up 25% since February, when it completed the stage 1 feasibility study.

The ASX gold producer’s indicated resource also increased since the feasibility study. That now stands at 1.4 million ounces at 11.0 grams per tonne, up from 1.0 million ounces in February.

Bellevue Gold plans to release the results of its stage 2 feasibility study later this quarter. Taking the increased inventory into account, the company is contemplating increasing its production plant capacity from 750,000 tonnes per annum (tpa) to 1 million tpa. It expects to be able to achieve this with “minimal additional capital expenditure”.

What did management say?

Commenting on the progress, Bellevue Gold managing director Steve Parsons said:

We are advancing, growing and de-risking the project at the same time. This substantial resource increase means we have ticked an important box in our strategy to grow the forecast production rate by expanding mill throughput to 1Mtpa.

Given the surplus capacity built into the stage 1 feasibility study, we believe we can achieve this expanded throughput rate for minimal additional cost. This means we stand to generate increased free cashflow from the higher production rate and greater economies of scale, which in turn should increase the overall project economics significantly.

The company said its discussions for project funding are progressing rapidly, noting it had received 12 indicative proposals from lenders. “We expect to compile a shortlist of lenders in coming weeks,” Parsons said.

Bellevue Gold share price snapshot

The Bellevue Gold share price is down 8% over the past 12 months, compared to a gain of 27% on the All Ordinaries Index (ASX: XAO) over that same period.

Year-to-date, the Bellevue Gold share price is down 12%.

The post Here’s why the Bellevue Gold (ASX:BGL) share price is higher today appeared first on The Motley Fool Australia.

More reading

• Here’s why the Bellevue Gold (ASX:BGL) share price is charging 5% higher

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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Rural Funds Group (ASX: RFF) shares won’t be going anywhere on Thursday after being placed in a trading halt prior to market open this morning. The Rural Funds share price closed yesterday’s session flat for the day at $2.60.

Today’s trading halt was accompanied by a slew of announcements from the company. Let’s take a look at what Rural Funds reported.  

Capital raising and acquisition

The Rural Funds share price will remain frozen today after the company updated the market with details of a proposed capital raising and acquisition.

In a statement to the ASX, Rural Funds Group announced it proposes to undertake a $100 million equity raising via a fully underwritten entitlement offer.

The company noted the equity raising will be used for the development of 1,000 hectares of macadamia orchards. In addition, Rural Funds intends to use the capital raised to acquire cattle properties and water entitlements.

The equity raising will be undertaken at $2.47 per unit, a 5% discount from the last closing price of Rural Funds shares. The company noted that brokers Bell Potter, Wilsons and UBS will be underwriting the capital raising.

The Rural Funds share price will remain halted until the earlier of the open of trading on Friday 9 July 2021, or when the company announces the outcome of the proposed capital raising.

Rural Funds share price snapshot

Rural Funds is a real estate investment trust (REIT) that owns a diversified portfolio of Australian agricultural assets. These include almond and macadamia plantations, cattle, and vineyards. Overall, Rural Funds targets distribution growth of 4% per annum by owning and improving farms that are leased.

Rural Funds shares have remained relatively subdued in 2021. After an initial sell-off earlier this year, the Rural Funds share price has recovered to trade 0.78% higher for the year so far.

In February, Rural Funds flagged the company’s intentions to plant 500 hectares of new macadamia orchards this calendar year.

Provided a successful capital raising, Rural Funds forecasts FY22 adjusted funds from operations (AFFO) of 11.6 cents per unit (CPU).

Throughout FY20 and FY21, the group has acquired $104 million of land and water for the development of macadamia orchards. It expects 500 hectares to be planted by November 2021 with an additional 500 hectares planted by June 2022.

Based on the current share price, the group has a market capitalisation of around $884 million.

The post Why is the Rural Funds (ASX:RFF) share price halted? appeared first on The Motley Fool Australia.

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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 owns shares of and has recommended RURALFUNDS STAPLED. 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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