Tag: Motley Fool

The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a high. In afternoon trade, the benchmark index is up 0.5% to 7,301.7 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

BWX Ltd (ASX: BWX)

The BWX share price is down over 2% to $5.11. This morning the personal care products company announced the completion of the acquisition of vegan-focused online retail platform operator Flora & Fauna. Investors may be disappointed that the new acquisition is only on track to achieve the low end of the guidance range BWX provided when first announcing the deal.

IPH Ltd (ASX: IPH)

The IPH share price is down 5% to $7.56. This appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has downgraded the intellectual property services company’s shares to a neutral rating with an $8.35 price target. Goldman made the move on valuation grounds.

Novatti Group Ltd (ASX: NOV)

The Novatti share price has sunk 9% to 58 cents. The catalyst for this decline was the company raising $45 million at a 14% discount of 55 cents. This comprises a $40 million placement and a $5 million share purchase plan. These funds will be used to expand the company’s presence in existing markets, enter new markets, and acquire a 19.9% interest in Reckon Limited (ASX: RKN).

QBE Insurance Group Ltd (ASX: QBE)

The QBE share price is down 1% to $10.62. This morning the insurance giant revealed that Strand Fitness and others have filed a representative proceeding against QBE Insurance in the Federal Court of Australia. Those proceedings allege that QBE wrongfully denied cover to certain policyholders during the COVID 19 pandemic for losses arising from business interruption. QBE advised that the allegations will be defended. Nevertheless, it is satisfied that its reserving in respect of Business Interruption claims remains robust.

The post Why BWX, IPH, Novatti, & QBE shares are dropping appeared first on The Motley Fool Australia.

More reading

• Here’s why the Reckon (ASX:RKN) share price has gained 25% this week
• BWX (ASX:BWX) share price drops after completing acquisition
• Why the IPH (ASX:IPH) share price is edging higher today
• The Reckon (ASX:RKN) share price is gaining as an ASX mystery unfolds
• 5 outperforming ASX dividend shares unmasked

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 recommended IPH Ltd. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia has recommended IPH 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 Province Resources Ltd (ASX: PRL) share price has had a bumper year thus far. Shares in the natural resources company are up by more than 1000% since the start of the year.  

Province Resources shares opened the year at around 1.3 cents, hitting a high of 25 cents in late April. Since then, shares in the company have consolidated, and are currently trading in the range of 14 to 15 cents per share.

At the time of writing, the shares were swapping hands for 14.8 cents, up 13.46% on yesterday’s close.

Lets take a closer look at what’s been happening.

What’s been fuelling the Province Resources share price?

The initial catalyst for the ballistic move in Province Resources shares can be traced back to mid-February. Around this time, Province Resources announced the acquisition of its Industrial Minerals and Renewable Green Hydrogen project.

After trending higher, Province Resources shares went on to hit a high of 25 cents in late April.

Shares in the company surged on news that Province Resources had entered a binding memorandum with French-based company Total Eren.

The announcement noted both companies were to perform a feasibility study in view of potentially developing a major green hydrogen project in Western Australia.

Following the announcement, the Province Resources share price began to wane.

In addition, the company also launched an $18 million equity raising in May. In total, it issued 120 million shares at 15 cents.

Province Resources said funds raised will be put towards advancing the scoping and feasibility studies at its HyEnergy Zero Carbon Hydrogen project.

In addition, Province will also seek to further its mineral exploration portfolio.

More on Province Resources

Province is an ASX-listed natural resources company focused on mineral exploration, with projects in Australia and Sweden.

The company is currently investigating the growing green energy market and the potential of renewable green hydrogen in Australia.

In addition to launching projects and partnerships, Province Resources has been on the receiving end of favourable tailwinds in the green hydrogen sector.

The post Province Resources (ASX:PRL) share price rockets 1000% in 2021 appeared first on The Motley Fool Australia.

More reading

• Why green hydrogen is in the news again and 3 ASX shares in the sector
• These 5 ASX shares are delivering the biggest gains in 2021

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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The Webjet Limited (ASX: WEB) share price is charging higher this afternoon. Shares in the booking platform provider are up 4.6% to $5.12.

Webjet is not alone though, with other travel companies also gathering optimism. At the time of writing, Flight Centre Travel Group Ltd (ASX: FLT), Corporate Travel Management Ltd (ASX: CTD), and Qantas Airways Limited (ASX: QAN) are 4.8%, 2.4%, and 3.5% higher respectively.

This follows the announcement of a new COVID-19 plan, shared at the government’s National Cabinet meeting today. Prime Minister Scott Morrison shared the plan which hopes to better manage the pandemic.

New COVID-19 plan

It appears investors are looking upon travel shares with a more optimistic lens today following the announcement of a new COVID-19 plan from the National Cabinet.

The four-phase plan will be delineated by percentages of the eligible population vaccinated. Currently, we are in the first phase of this new endeavour to return to ‘normal’. This phase is all about ‘Vaccinate, prepare, and pilot’, according to Morrison.

During this step, the government plans to temporarily reduce commercial inbound passenger international arrivals by 50% to ease pressure on quarantine facilities due to increased risks from the delta strain.

Further to this, the National Cabinet agreed lockdowns in the current phase of the plan would only be used as a ‘last resort’. Although some states have responded that they are already implementing this approach. The problem is ‘last resort’ isn’t exactly a quantifiable distinction.

Additionally, the government plans to adopt the Medicare digital vaccination certificate. The PM suggested that by the end of the month it would be able to be incorporated into Apple Wallets, “and the like”.

A beacon of light for the Webjet share price

The next phase (post-vaccination) of the plan poses lockdowns to occur only in extreme circumstances. In addition to this, arrival caps would be increased – particularly for vaccinated persons.

Where it starts to look interesting for travel shares such as Webjet is the third phase. This is where the plan would remove lockdowns as a control measure entirely and vaccinated persons be exempt from all restrictions, that includes outbound travel.

Hence, if/when we get to this phase, travel companies may start to see international segments come back to life. Mr Morrison pointed out that this would be the phase where travel bubbles may be extended to Singapore and other destinations.

Speaking to the press today, Prime Minister Scott Morrison said:

What it means is, Australia gets vaccinated, Australia is able to live differently. Winning in the post-vaccination phase looks very different to winning in the phase we are in now. Winning now, means we suppress the virus as best as we can.

The announcement follows Webjet CEO, John Guscic’s calls for clear frameworks governing when international borders will open and close, in order to give travellers booking confidence.

We’ve seen significant long-lead time bookings for markets that are currently amber, where they’re making a prediction they will go to green.

From here the plan will go to the COVID-19 Risk Analysis and Response Taskforce to make recommendations for finalisation. The PM anticipates this will be done over the course of the month.

Webjet share price in the rearview

The Webjet share price has endured a volatile year so far in 2021. Between February and March, the company’s shares rallied while domestic restrictions were minimal.

However, the impact of the more virulent delta strain has taken a toll on many travel shares. Even with today’s gain, the Webjet share price year-to-date remains flat.

The post Webjet (ASX:WEB) share price jumps on new four-step COVID-19 plan appeared first on The Motley Fool Australia.

More reading

• 3 worst ASX travel shares of financial year 2021
• 3 best ASX travel shares of financial year 2021
• The Qantas (ASX:QAN) share price finished 2.5% higher today
• Here are 3 of the most actively traded ASX 200 shares today
• ASX travel shares tumble amid widening COVID restrictions

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 Corporate Travel Management Limited and Webjet Ltd. 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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Shares in Nine Entertainment Co Holdings Ltd (ASX: NEC) fell from their good start today following news the Australian Competition & Consumer Commission (ACCC) is fining the media company for overcharging its customers.

After the news broke, the Nine Entertainment share price dropped 2.05% into the red to trade at $2.85 apiece. However, it has since recovered and is currently bumping along close to its previous closing price of $2.88.

The penalties imposed by the watchdog total $159,840 and are spread across 6 of the conglomerates’ subsidiaries.

Let’s take a closer look at Nine’s journey into the ACCC’s bad books.

Infringements issued

According to an ACCC release, Nine Entertainment has been handed 12 infringement notices for allegedly charging “excessive” payment surcharges.

On top of the fine, Nine will be returning around $450,000 to affected advertisers, home delivery and digital subscription customers.

According to the ACCC, it holds concerns that Nine has been overcharging some customers since it merged with Fairfax Media in 2018.

The infringement notices regarded surcharges on Mastercard Inc (NYSE: MA) and Visa Inc (NYSE: V) payments between August 2020 and December 2020.

During this time, surcharges of between 0.9% and 1.55% were added to Nine’s customer’s payments. The ACCC noted the surcharges imposed were between 0.09% and 0.84% more than it cost Nine to process the transactions.

The ACCC sent infringement notices to Fairfax Media Management, Nine Radio Operations, Fairfax Media Publications, NBN, Nine Digital, and Nine Network Australia.

As a result, Nine will return to around 220,000 subscribers a cash adjustment of $1.92 – the average excess payment surcharge. In some cases, it will offer subscribers an extension of their subscription. It will also offer to refund the surcharge to affected advertising clients.

According to the ACCC, Nine has now fixed the disparity in its surcharges.

Commentary from ACCC

ACCC’s deputy chair Mick Keogh commented on Nine’s infringements, saying:

A payment surcharge is excessive and in breach of the law if it exceeds the costs to the business of processing the payment.

While the average over-charge per consumer was relatively small, given the number of transactions processed by Nine, this added up to a significant amount.

Nine Entertainment share price snapshot

The Nine Entertainment share price has been performing well in 2021 – gaining 24% since the beginning of the year.

It’s also 107% higher than it was this time last year.

The company has a market capitalisation of around $4.9 billion, with approximately 1.7 billion shares outstanding.

The post ACCC fines Nine Entertainment (ASX:NEC) for ‘excessive’ surcharges appeared first on The Motley Fool Australia.

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Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Mastercard and Visa. The Motley Fool Australia has recommended Mastercard. 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 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:

Amcor CDI (ASX: AMC)

According to a note out of Macquarie, its analysts have upgraded this packaging company’s shares to an outperform rating with an improved price target of $16.56. Macquarie made the move partly on valuation grounds after recent softness in the Amcor share price. In addition, the broker expects Amcor’s full year result in FY 2021 to be strong, with further growth being recorded in FY 2022. And with Amcor generating significant free cash flow each year, the broker sees opportunities for the company to make bolt-on acquisitions. The Amcor share price is fetching $15.40 today.

Nanosonics Ltd (ASX: NAN)

A note out of Morgans reveals that its analysts have retained their add rating but trimmed their price target on this infection prevention company’s shares to $6.57. According to the note, the broker is pleased with Nanosonics’ plans to launch a new digital platform, AuditPro. However, Morgans already had a new product launch built into its forecasts, so no real changes have been made to its estimates. Nevertheless, it remains positive on its outlook and continues to rate it as a buy. The Nanosonics share price is trading at $5.68 this afternoon.

Telstra Corporation Ltd (ASX: TLS)

Analysts at Ord Minnett have retained their buy rating and lifted the price target on this telco giant’s shares to $4.25. This follows news that the company has agreed to sell a 49% stake in InfraCo Towers for $2.8 billion. In addition to this, the broker believes that Telstra’s head start with its 5G rollout leaves it well-placed in the mobile market. It suspects the company could make market share gains with lucrative postpaid subscriptions because of this lead. The Telstra share price is fetching $3.77 on Friday.

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

More reading

• Here are the 3 most traded ASX 200 shares on the market today
• Here’s how the Telstra (ASX:TLS) share price fared in June
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 rises, Telstra up, AGL sinks
• Why the Telstra (ASX:TLS) share price jumped 4% higher today

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 Nanosonics Limited. The Motley Fool Australia owns shares of and has recommended Amcor Limited, Nanosonics Limited, and Telstra Corporation 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 Whitehaven Coal Ltd (ASX: WHC) share price is rising today despite no recent market announcements. At the time of writing, shares in the coal miner are trading for $2.00 – up 2.56%. By comparison, the S&P/ASX 200 Index (ASX: XJO) is 0.42% higher.

Let’s take a closer look at what might be driving today’s price jump.

Coal prices are flying

Coal is currently trading on the commodity market for about US$132 a tonne – its highest price in more than 10 years. A 2.7% jump in the fossil fuel’s price overnight saw the black rock reach this record.

Coal has been trending upwards for at least a year. Its market price is 150% higher than compared to this time last year, 63% greater than the beginning of 2021, and 21% above its price last month.

The website Trading Economics puts this sharp price rise down to constricting supply and surging demand, especially out of Asia. Trading Economics is also forecasting the price of coal to increase by almost 20% in 12 months’ time.

This could be one explanation for the growing Whitehaven share price.

Brokers are digging the Whitehaven share price

As Motley Fool Australia reported, Whitehaven shares appreciated by almost 24% over the month of June. A series of positive broker notes related to the company and its chief product, coal, seem to have piqued the interest of investors.

For example, Ord Minnett upgraded Whitehaven shares to a buy rating with a target price of $3.00 – 50% higher than its current share price.

Whitehaven share price snapshot

Over the past 12 months, the Whitehaven share price has increased by 33%. While it has been good news for investors over the past year, for longer-term shareholders, it has not been as bright.

Two years ago, shares were trading for $3.65 and 3 years ago Whitehaven shares were valued at $5.87. In percentage terms, this is respectively a 45% and a 66% fall.

The shift in global demand from coal-fired power to renewable energy probably fuelled this decline. Whitehaven Coal has a market capitalisation of around $2 billion.

The post Why the Whitehaven (ASX:WHC) share price is climbing today appeared first on The Motley Fool Australia.

More reading

• These were the best performing ASX 200 shares in June
• Woodside among ASX energy shares claiming financiers are pulling the pin
• ASX 200 Weekly Wrap: ASX makes it 5 out of 5
• These were the worst-performing ASX 200 shares last week
• Here are the 3 most active ASX 200 shares 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.

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The Afterpay Ltd (ASX: APT) share price is slipping today despite the broader market gaining.

In early morning trade, the buy now, pay later (BNPL) giant hit an intraday low of $116.60, which was a 2% fall on yesterday’s close. It then recovered and is now trading at $118.22, down 0.70% at the time of writing.

Conversely, the S&P/ASX 200 Index (ASX: XJO) and the All Ordinaries Index (ASX: XAO) are both currently trading around 0.40% higher.

If you’re looking for one word to sum up Afterpay’s share price in recent months, it’s volatility.

Let’s take a look at how Afterpay has been tracking on the ASX lately.

What’s going on with Afterpay shares?

Afterpay hasn’t announced any price sensitive news since late April. Its share price continues to fluctuate, regardless.

It’s now mostly recovered from the massive drop it experienced in May, along with many other BNPL shares.

It hit its lowest point in more than 8 months on 12 May at $81.85 during intraday trading. Luckily, it has scraped back its May losses after a bumper June saw tech shares gaining across the board.

The Afterpay share price was boosted again in late June by a broker note and deals with some of the United States’ largest brands.

What happens next is anyone’s guess.

Afterpay share price snapshot

It goes without saying that 2021 has been the best of times and the worst of times for Afterpay on the ASX.

The Afterpay share price began the year at $119.68 at open on the first trading day of 2021. It rose to a record high of $160.05 in February before falling steeply to $101.50 by the end of the March quarter.

It headed north once again to close at $117.65 on April 30 before a second major decline in May.

The BNPL giant has a market capitalisation of about $34 billion, with approximately 290 million shares outstanding.

The post The Afterpay (ASX:APT) share price is slipping today while the ASX 200 gains appeared first on The Motley Fool Australia.

More reading

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• Here are the 5 best performing ASX All Ords shares from FY21
• ASX 200 up 0.25%: IDP Education rockets, Westpac hit with $87m bill
• Got Zip (ASX:Z1P) shares? Here’s what the company has in store for FY22
• BWX (ASX:BWX) share price drops after completing acquisition

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T 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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on track to end the week on a solid note. At the time of writing, the benchmark index is up 0.4% to 7,295.1 points.

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

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up 5% to $6.53. This appears to have been driven by a bullish broker note out of Bell Potter this morning. According to the note, the broker has retained its buy rating and $8.50 price target. It notes that a number of key data points are improving, which could be a sign that the company is over the worst of its issues. In other news, the company has appointed a new Chief Marketing Officer.

Chalice Mining Ltd (ASX: CHN)

The Chalice Mining share price has risen 3.5% to $7.22 following a drilling update at its Julimar nickel-copper-platinum element project. According to the release, more high-grade assay results from a step-out drilling program have been achieved, further defining the Julimar project’s mineralisation.

IDP Education Ltd (ASX: IEL)

The IDP Education share price has rocketed 20% higher to $29.40. Investors have been fighting to get hold of the company’s shares after it announced a new acquisition. The language testing company is acquiring 100% of the British Council’s Indian International English Language Testing System operations for 130 million pounds (A$240 million). The deal will mean that IDP Education is the sole distributor of IELTS in the massive Indian market.

Imugene Limited (ASX: IMU)

The Imugene share price is up 4% to 36.5 cents. This morning the clinical stage immuno-oncology company provided an update on its oncolytic virotherapy candidate, CHECKvacc. According to the release, the City of Hope independent cancer research and treatment centre near Los Angeles has received US Food and Drug Administration Investigational New Drug approval to initiate a Phase I clinical trial of CHECKvacc. CHECKvacc is Imugene’s novel chimeric orthopoxvirus with robust anti-cancer activity, including triple-negative breast cancer xenografts.

The post Why a2 Milk, Chalice Mining, IDP Education, & Imugene are charging higher appeared first on The Motley Fool Australia.

More reading

• Here are the 5 best performing ASX All Ords shares from FY21
• Why the IDP Education (ASX:IEL) share price is up 20% to a record high
• ASX 200 up 0.25%: IDP Education rockets, Westpac hit with $87m bill
• Chalice (ASX:CHN) share price gaining on high-grade assay results
• Imugene (ASX:IMU) share price jumps 8% on FDA update

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 Idp Education Pty Ltd. The Motley Fool Australia has recommended A2 Milk. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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You may have come across our weekly column where the Motley Fool looks at the most bought and sold international shares that ASX investors are trading.

Well, today we’re looking at the shares ASX investors were holding across the 3-month period that’s just passed, the quarter ending 30 June. The data comes from the global broker and investing platform eToro.

Here are the top 10 most popular shares from around the world that Aussies were holding last quarter:

Rank	Stock	Rank from previous quarter	Rank from June quarter 2020
1	Tesla Inc (NASDAQ: TSLA)	1	2
2	Nio Inc (NYSE: NIO)	2	9
3	GameStop Corp (NYSE: GME)	3	259
4	Apple Inc (NASDAQ: AAPL)	4	1
5	Palantir Technologies Inc (NYSE: PLTR)	5	N/A
6	Amazon.com Inc (NASDAQ: AMZN)	6	4
7	BioNano Genomics Inc (NASDAQ: BNGO)	7	N/A
8	Microsoft Corporation (NASDAQ: MSFT)	10	6
9	AMC Entertainment Holdings Inc (NYSE: AMC)	N/A	N/A
10	Alibaba Group Holding Ltd (NYSE: BABA)	9	17

Tesla and Nio shares win the ASX race

First off, it’s worth noting eToro also gave us the most popular shares its global investor base were holding over the quarter as well. But interestingly, the list was almost identical to what Aussie investors were holding. The only exception was a preference for cryptocurrency brokerage company Coinbase Global Inc (NASDAQ: COIN) in the place of AMC.

But what is immediately obvious is the dominance of electric vehicle and battery manufacturers in Tesla and Nio.

Tesla is of course the US company helmed by Elon Musk. After a breathtakingly successful share price run over 2019 and 2020, Tesla shares have stalled somewhat in 2021, and are currently down 7.1% year to date. That hasn’t stopped Aussie investors from showing their commitment to the company though, it seems.

Nio’s fortunes have been remarkably similar to those of Tesla’s. Although it is listed in the US, Nio is a Chinese company that is sometimes called the ‘Tesla of China’.  Like Tesla, Nio had a 2020 to remember, but is also slightly down in 2021 so far (albeit up 52% since 14 May).

Here’s what eToro market analyst Josh Gilbert had to say on the dominance of Tesla and Nio:

Tesla and Nio have been the two most prominent stocks for Australian investors over the last six months. We can see that Australian investors are adapting to a long-term buy-and-hold strategy with both these assets, anticipating that the EV space will dominate the automotive industry for many years to come. Tesla has slightly more skin in the game than Nio, and that’s why Australian Investors are opting for Tesla shares right now.

Blue chips and meme stocks also popular

In terms of the other popular shares we see above, there seems to be a healthy mix of US blue-chip tech companies such as Apple, Amazon and Microsoft (and the Chinese tech giant Alibaba), as well as some high-growth and (dare we say) ‘meme stock’ plays in companies such as GameStop, Palantir and AMC.

It’s likely not too many investors would have even heard of AMC or GameStop before 2021. We can see this in GameStop’s startling rise from placing 259 this time last year and placing 3 last quarter.

AMC wasn’t even on last year’s list. But the share price insanity we have seen across these companies in various phases through 2021 has certainly put these two names on the map.

Fuelled by social media-driven short squeezes and momentum trades, AMC and GameStop both saw incredible share price appreciation in just a matter of days at various points this year. Aussies have evidently been very excited to try their hands at this type of trading.

In contrast, the dominance of Apple, Microsoft, and Amazon is clear. They were at the top of this list last year, and nothing much has changed.

The post Wondering which US shares Aussies bought last quarter? Here’s the answer appeared first on The Motley Fool Australia.

More reading

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• FANG+ ETF (ASX:FANG) tumbles 10% on ex-dividend day
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• This ethical ASX ETF has doubled the ASX 200 in 2021 so far

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Teresa Kersten, an employee of LinkedIn, a Microsoft subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen owns shares of Tesla and Coinbase. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended Alibaba Group Holding Ltd., Amazon, Apple, Microsoft, NIO Inc., Palantir Technologies Inc., and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long January 2022 $1,920 calls on Amazon, long March 2023 $120 calls on Apple, short January 2022 $1,940 calls on Amazon, and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Amazon and Apple. 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 LiveTiles Ltd (ASX: LVT) share price is one of the best performers on the ASX today. This comes after the employee experience software company announced it has secured a major deal with Fortune Global 100 company, Nestlé.

At the time of writing, LiveTiles shares are up an astonishing 20% to 18 cents.

What’s the deal?

Investors are fighting to get a hold of LiveTiles shares following the company’s significant contract win.

According to its release, LiveTiles revealed that it has signed another large enterprise licencing deal with international company, Nestlé.

Headquartered in Switzerland, Nestlé is the world’s leading nutrition, health and wellness company. The business has a market capitalisation of roughly US$333 billion and employs over 328,000 people worldwide.

Under the agreement, LiveTiles will deliver a range of products and services encompassing its employee experience solution. Around 125,000 users will adopt the initial phase. If successful, a second phase will take place where 300,000 people will participate in the program.

Most notably, the contract is a record signing for LiveTiles EMEA. The project integrated and rolled out services last month, and is scheduled to go live on 1 November 2021.

The contract is valid for a period of 3 years and will generate a minimum revenue of $2.1 million for LiveTiles.

LiveTiles co-founder and CEO, Karl Redenbach commented:

We’re proud to be working with Nestlé and delivering an all-encompassing Employee Experience Platform solution to one of the world’s biggest employers. To have a quality brand such as Nestlé signing with LiveTiles shows us that Employee Experience is now top of mind for the biggest employers in the world, particularly in a post-pandemic environment.

LiveTiles share price summary

While the LiveTiles share price is accelerating today, when comparing against the last 12 months, its shares are heavily down. The LiveTiles share price is sitting close to a 30% loss from this time last year, and 26% down year-to-date.

Based on valuation grounds, LiveTiles presides a market capitalisation of roughly $161 million, with about 912 million shares outstanding.

The post Why the LiveTiles (ASX:LVT) share price is rocketing 20% today appeared first on The Motley Fool Australia.

More reading

• These ASX shares just sank to 52-week lows

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended LIVETILES FPO. The Motley Fool Australia has recommended LIVETILES 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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