Tag: Motley Fool

  • Bank of Queensland shares outperforming all ASX 200 banks this month

    Man pumps fist while using mobile phone in the street

    Over the last 30 days, shares in Bank of Queensland Limited (ASX: BOQ) have outperformed those of all other S&P/ASX 200 Index (ASX: XJO) banks. At the time of writing, the Bank of Queensland share price is $9.05 – 1.12% higher than it was this time last month.

    That makes it the best performing ASX 200 bank of the last 30 days.

    Coming in second best is the Bendigo and Adelaide Bank Ltd (ASX: BEN) share price, which has gained 0.39% in the same time frame.

    The Commonwealth Bank of Australia (ASX:CBA) share price has fared the best out of the big four. Its shares have fallen 0.02% since this time last month.

    Shares in Australia and New Zealand Banking Group Ltd (ASX: ANZ) have fallen 1.71%, while those of Westpac Banking Corp (ASX: WBC) are 2.20% lower than they were 30 days ago.

    Bringing up the rear is National Australia Bank Ltd (ASX: NAB). Its share price has dropped 3.12%.

    Let’s take a look at what Bank of Queensland has been up to this month.

    The month that’s been

    The Bank of Queensland has released 2 pieces of price sensitive news to the market lately.

    The first was on 15 June, when the bank announced its upcoming APRA Basel III Pillar 3 report will include a decrease in its collective provision.

    It also stated it plans to reduce its collective provision by another $75 million. Its share price gained 1.5% on the back of the news.

    Then, on 21 June, Bank of Queensland released news the Treasurer of the Commonwealth of Australia had approved its proposed acquisition of Members Equity Bank (ME Bank).

    Bank of Queensland has been updating the market on its planned acquisition of ME Bank since February. It is to pay around $1.3 billion in cash for the acquisition.

    Now that the acquisition has received the Treasurer’s approval, the deal will go ahead on 1 July.

    The market seemed excited by the news, as the Bank of Queensland share price ended the day’s trade 5.47% higher than its previous close.

    Bank of Queensland share price snapshot

    It’s been a good year so far for the Bank of Queensland share price.

    Currently, it’s 20% higher than it was at the start of the year. It has also gained 51% since this time last year.

    The bank has a market capitalisation of around $5.7 billion, with approximately 639 million shares outstanding.

    The post Bank of Queensland shares outperforming all ASX 200 banks this month appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Bank of Queensland right now?

    Before you consider Bank of Queensland, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Bank of Queensland wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

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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. 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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  • Here are 3 of the most actively traded ASX 200 shares today

    stock market gaining

    The S&P/ASX 200 Index (ASX: XJO) is having a rather flat start to the trading week this week. At the time of writing, the ASX 200 is currently up a paltry 0.02% to 7,309.6 points. So let’s take a look at some of the ASX 200 shares that are proving popular today in terms of sheer trading volume.

    3 ASX 200 shares that are making moves today

    South32 Ltd (ASX: S32)

    Diversified ASX 200 miner South32 is proving a popular share on the share market today, with 9.81 million shares having traded hands so far. There has been no major news or announcements out of the company today that might prompt an uptick in trading volume. Apart from a daily share buy-back notice, which is possibly contributing. However, South32 shares are currently defying the broader market’s gloom, and are up 1.37% at the time of writing. As we covered last week, South32 has also been a beneficiary of some attention from brokers recently, which might also be helping.

    Qantas Airways Limited (ASX: QAN)

    The Flying Kangaroo is also, well, flying on the ASX boards today. This ASX 200 share has seen a bumper 12.79 million shares change hands today so far. Unlike South32 though, this might be the result of a share price slump from the airline today. At the time of writing, Qantas shares are down a nasty 4.33% to $4.52 a share after falling close to 6% earlier in the trading day. We can probably blame the COVID/lockdown situation in Sydney and other parts of the country for this malaise. Other ASX travel-related shares have seen similar moves today.

    Pilbara Minerals Ltd (ASX: PLS)

    Yet again, Pilbara Minerals is starting the week off where it spent most of last week – at the top of the ASX 200’s most traded shares list. A hefty 14.06 million Pilbara shares have traded so far today. Like Qantas, this may be the result of a substantial fall in the value of Pilbara shares themselves today. Currently, Pilbara Minerals is down 3.57% to $1.43 a share after making a new all-time high of $1.60 a share last week. As my Fool colleague Brooke covered earlier, there’s not much in the way of major news or announcements out of Pilbara so far today. So this move might just be driven by market sentiment.

    The post Here are 3 of the most actively traded ASX 200 shares today appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

    *Returns as of May 24th 2021

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

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  • Why analysts rate Westpac (ASX:WBC) and this dividend share as buys

    ASX shares upgrade best buy Stopwatch with Time to Buy on the counter

    If you’re on the lookout for dividend shares to buy, then you may wish to look at the ones listed below.

    Here’s why analysts rate these ASX shares highly and are expecting generous yields ahead for investors:

    Accent Group Ltd (ASX: AX1)

    The first ASX dividend share to look at is this retail conglomerate. Accent has a focus on the leisure footwear market and has a growing stable of brands such as HYPEDC, Platypus, Sneaker Lab, and The Athlete’s Foot.

    Thanks to favourable consumer spending trends, its growing store network, and strong business model, the company has been tipped to continue growing its earnings and dividend at a solid rate in the future.

    Bell Potter is very positive on the company’s outlook and currently has a buy rating and $3.30 price target on its shares. It is also forecasting dividends of 11.7 cents per share in FY 2021 and then 12.3 cents per share in FY 2022. Based on the current Accent share price of $2.75, this will mean fully franked yields of 4.25% and 4.5%, respectively.

    Commenting on Accent’s recent acquisition of Glue Store, its analysts said: “The acquisition of Glue Store will accelerate AX1’s growth in the fragmented youth apparel market. Glue Store strongly complements AX1’s existing banners in youth footwear and significantly expands AX1’s addressable market beyond footwear.”

    Westpac Banking Corp (ASX: WBC)

    This banking giant has been tipped as a dividend share to buy over at Citi. Its analysts have put a buy rating and $29.50 price target on its shares, making it the only big four bank that Citi is recommending at present.

    The broker is forecasting fully franked dividends of 116 cents per share this year and the 118 cents per share in FY 2022. Based on the latest Westpac share price, this represents yields of 4.5% and 4.6%, respectively, over the next two years.

    Citi revealed that it likes Westpac due to its improving outlook and the potential for earnings upgrades over the coming years. Especially given its bold cost reduction plans.

    The broker said: “The premise of multi-year core earnings upgrades, layered on sector-wide asset quality improvements, leave WBC with a differentiated investment thesis. It remains our sole Buy in a sector that has rallied strongly in the COVID recovery.”

    The post Why analysts rate Westpac (ASX:WBC) and this dividend share as buys appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Westpac right now?

    Before you consider Westpac, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Westpac wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

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    Motley Fool contributor James Mickleboro owns shares of Westpac Banking Corporation. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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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  • Top broker gives its verdict on the Pro Medicus (ASX:PME) share price

    The Pro Medicus Limited (ASX: PME) share price has been an outstanding performer in 2021.

    Since the start of the year, the health imaging technology company’s shares have raced 61% higher.

    This means the Pro Medicus share price is now up a remarkable 110% since this time last year.

    Can the Pro Medicus share price keep on rising?

    Unfortunately, one leading broker is calling a top on the rampant Pro Medicus share price run.

    According to a note out of Bell Potter from late last week, the broker has retained its hold rating with an improved price target of $49.00.

    Based on the latest Pro Medicus share price of $57.00, this implies potential downside of 14% over the next 12 months.

    What did the broker say?

    Bell Potter recognises Pro Medicus as a quality company and notes that the moat around its earnings continues to widen as the use of sophisticated imaging technology continues to expand.

    However, the “eye watering multiples” its shares trade on means the broker doesn’t see enough value right now to consider it a buy.

    It commented: “We have a positive view of the company, although maintain our Hold rating based on valuation.”

    Positioned for strong long term growth

    Although Bell Potter may be waiting for a pullback before rating the Pro Medicus share price as a buy, it has spoken very positively about its long term growth prospects. This is due to its relatively modest market share at present.

    It explained: “Despite encouraging progress with new business wins, we estimate PME’s share of market at 3% to 5% (in the market for radiology image viewing), hence there remains a vast horizon of potential new business opportunity, all of which may reasonably be expected to come to market over the next 2 decades.”

    “Increasingly we expect new business will come from second and third tier healthcare systems operating below the pre-eminent Institutional level healthcare systems (i.e. Northwestern, UCLA, Yale). The contract wins announced to the market over the LTM included three such deals (Medstar, Intermountain & Vermont). While these clients maintain a lower profile, their average deal size remains highly attractive business. The Intermountain Healthcare deal (January 2021) was one of the largest deals in PME’s history ($40m over 7 years, covering 24 hospitals and 200 outpatient clinics),” the broker added.

    The post Top broker gives its verdict on the Pro Medicus (ASX:PME) share price appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Pro Medicus right now?

    Before you consider Pro Medicus, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Pro Medicus wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

    More reading

    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 Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus 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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  • ASX travel shares tumble amid widening COVID restrictions

    shutdown relating to asx shares and etfs represented by road sign stating shutdown ahead

    Big-name ASX travel shares have endured a harsh start to the new trading week. This comes following broadening news of State Government restrictions and border shutdowns amid increasing COVID-19 infections.

    By Monday’s close of trade, Qantas Airways Limited (ASX: QAN) shares were down 4.02%, the Webjet Limited (ASX: WEB) share price had sunk 4.74% lower, and Flight Centre Travel Group Ltd (ASX: FLT) shares had fallen by 3.45%. By comparison, the S&P/ASX 200 Index (ASX: XJO) only finished the day down by 0.01%.

    While there are many factors that influence the movement of a company’s share price, the raft of public health restrictions coming into force across the country are likely contributing to these sector-wide falls.

    Australia’s COVID uptick

    Australia’s largest city, Sydney, and its surrounding areas were placed into a 2-week lockdown over the weekend after New South Wales reported 59 new cases across the two days. Many other states had already shut their borders to the harbour city.

    Since then, local cases have been reported in Victoria, Queensland, Western Australia, and the Northern Territory. New Zealand responded by shutting down its travel bubble with the whole of Australia for the time being. South Australia has closed its border to everywhere bar Victoria and Tasmania.

    Every state and territory has either introduced new restrictions or, at the very least, maintained existing restrictions. These range from social distancing and mandatory wearing of masks to full lockdowns.

    With the rise in new cases coinciding with the beginning of the school holidays, many family vacations have been thrown into disarray. This may be spooking some investors and could be contributing to the falls in ASX travel shares today.

    In March 2020, when the initial stages of the pandemic saw the market head into freefall, travel shares were hit especially hard. Many, including Qantas and Flight Centre, have not returned to their pre-coronavirus levels.

    The latest rise in cases may be now unnerving investors just as it did in March last year, albeit not to the same extent. Australia’s sluggish vaccine rollout could also be negatively impacting ASX travel shares.

    ASX travel shares snapshot

    Over the past 12 months, the abovementioned ASX travel shares have all increased by double-digit figures. This ranges from Qantas’ approximately 19% rise to Webjet’s almost 43% increase. The share prices of all three companies, however, are still significantly lower than where they were 18 months ago when nobody had heard of COVID-19.

    The post ASX travel shares tumble amid widening COVID restrictions appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

    *Returns as of May 24th 2021

    More reading

    The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool 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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  • Boral (ASX:BLD) share price seesaws after rejecting increased bid

    Two men and a woman in high vis gear on a Construction site

    The Boral Limited (ASX: BLD) share price fluctuated today after the company recommended shareholders reject Seven Group Holdings Ltd (ASX: SVW)’s bid to increase its stake in the company.

    At one point during intraday trade, shares in the construction materials company broke their 52-week record again and hit $7.36. At close of trade, however, its shares ended at $7.34 – flat on Friday’s close.

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

    Why the Boral share price was in focus today

    In a statement to the ASX, Boral recommended its shareholders reject the updated offer from Seven Holdings for up to 34.5% of its company for $7.40 a share. Seven’s initial bid of $6.50 a share was rejected for “undervaluing the company by 40%”.

    As a result, Seven made a second bid of $7.30 a share on the proviso it increases its stake in Boral to 29.5%, or $7.40 a share if they obtain 34.5% of the company.

    Boral says shareholders should continue to reject this offer from Seven and gave the following reasons.

    • The new price of $7.30 or $7.40 is not guaranteed. If not enough shareholders accept the offer, an investor agrees to sell their shares to Seven Holdings for the original bid of $6.50.
    • Boral says Seven’s latest offer still does not reach fair value. According to the company, the Boral share price is valued between $8.25 and $9.13. Boral believes Seven’s offer should be at this level if it wishes to increase its influence in the company. The construction materials business called Seven’s offer “opportunistic.”
    • Boral claims it is unlocking “significant value” for shareholders in the near term. Its recent sale of its North American business should result in a distribution of around $3.02 per share to shareholders, according to the statement. However, Seven has slammed the deal as a “rushed process” and a bargain price for the buyer.

    Seven Holdings has made no comment at this time on Boral’s latest rejection.

    Boral share price snapshot

    Over the past 12 months, the Boral share price has almost doubled – rising by 94.7% in the period. The last time Boral’s share price was around its current levels was in April 2018, hovering around $7.30.

    Boral has a market capitalisation of $8.7 billion.

    The post Boral (ASX:BLD) share price seesaws after rejecting increased bid appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Boral right now?

    Before you consider Boral, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Boral wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

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  • $4.7 billion of Bitcoin still missing in alleged mass fraud

    Two figures run up steps to three bitcoin moneybags at the top

    US$3.6 billion (AU$4.7 billion) of Bitcoin (CRYPTO: BTC) is still AWOL.

    This comes after Ameer and Raees Cajee (I’ll let you draw your own conclusions on the irony of their last name.) allegedly disappeared with the fortune in Bitcoin.

    The brothers operated Africrypt, a cryptocurrency investment platform based out of South Africa, since in 2019.

    In April, they told clients that their platform had been hacked, and urged them not to contact authorities as that would complicate attempts to retrieve the missing Bitcoin.

    Brothers not answering family or clients

    Despite efforts by authorities to locate the pair to date, including attempting to track any of the missing Bitcoin that may be exchanged for fiat currencies, the brothers’ whereabouts – as well as the fate of the $4.7 billion worth of digital tokens – remains unknown.

    As Bloomberg reports, “It’s still hard to establish the whereabouts of Ameer and Raees Cajee… They appear to have vanished, along with an estimated [US]$3.6 billion in Bitcoin.”

    The Cajee’s lawyer, John Oosthuizen, said the brothers “categorically denied” stealing the crypto, insisting they were the victims of an April hack. A cyber breach they never reported to police. The lawyer also suggested the amount of the missing funds has been exaggerated.

    At the end of the day, regardless of how the fortune in Bitcoin disappeared, real people are smarting from the losses.

    Attorney Gerhard Botha, working on behalf of some of Africrypt’s customers said, “There were rich people, without a doubt,” Botha said. “And people that invested their parents’ pension funds.”

    Yet another handy reminder never to invest money into cryptos you can’t afford to lose.

    Bitcoin price gaining today

    It’s unclear what Bitcoin price was used to come up with the US$3.6 billion sum for the missing funds.

    Whatever price was used, whoever has their virtual hands on those Bitcoin has seen the value of their stolen hoard increase 4% over the past 24 hours.

    At the time of writing, one Bitcoin is worth US$34,345. That’s after hitting a low over the past 24 hours of US$32,385.

    The post $4.7 billion of Bitcoin still missing in alleged mass fraud appeared first on The Motley Fool Australia.

    Should you invest $1,000 in Bitcoin right now?

    Before you consider Bitcoin, you’ll want to hear this.

    Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Bitcoin wasn’t one of them.

    The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

    *Returns as of May 24th 2021

    More reading

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

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  • 2 beaten down ASX 200 shares that could be buys

    shadow of a man looking out a window with arrows signifying falling share price

    While the S&P/ASX 200 Index (ASX: XJO) may be trading close to its record high, not all shares on the benchmark index have fared so well.

    Two ASX 200 shares that are trading significantly lower this year are listed below. Could this be a buying opportunity for investors?

    Appen Ltd (ASX: APX)

    The Appen share price has been a particularly poor performer in 2021. Since the start of the year, the artificial intelligence (AI) data services company’s shares have lost 44% of their value. This has been driven by softening demand for its services during the pandemic from some of its biggest customers.

    Management appears confident that demand will rebound strongly and its growth will accelerate again. Particularly given its plan to evolve into a provider of a broad range of AI data annotation products and solutions that unlock growth in new markets.

    One leading broker that believes the weakness in the Appen share price is a buying opportunity is Ord Minnett. Last month the broker put a buy rating and $24.75 price target on its shares.

    Kogan.com Ltd (ASX: KGN)

    The Kogan share price has also been out of form in 2021. And despite a recent and significant rebound by its shares, they are still down by almost a third year to date.

    This has been caused by an abrupt end to its impressive growth after consumers started to shop offline again. While slowing sales growth is disappointing, the company’s inventory management was even worse. Kogan ended up with far more stock than it could handle, leading to heavy discounting and increased marketing to help shift it.

    However, this is only expected to be a short term headwind and the company has been tipped to resume its strong growth again once its inventory levels are balanced out. This may end up happening quicker than anticipated following the lockdown in Sydney.

    Credit Suisse is positive on the company and currently has an outperform rating and $17.93 price target on its shares.

    The post 2 beaten down ASX 200 shares that could be buys appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

    *Returns as of May 24th 2021

    More reading

    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 Appen Ltd and Kogan.com ltd. The Motley Fool Australia owns shares of and has recommended Appen Ltd and Kogan.com ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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  • Why the Ardea Resources (ASX:ARL) share price is soaring 7% higher

    Miner looking happy with thumbs up at camera

    The Ardea Resources Ltd (ASX: ARL) share price is racing higher during late afternoon trade. This comes after the minerals mining company provided an update on its recent capital raise.

    At the time of writing, Ardea shares are up 6.54% to 57 cents – slightly below its 52-week high of 63 cents.

    What’s driving the Ardea share price higher?

    Ardea shares are roaring higher following a successful capital raise to accelerate the Kalgoorlie Nickel Project (KNP) feasibility work.

    According to its release, the company announced it has received $5.7 million in binding commitments by a way of placement. The offer saw sophisticated investor and professional clients apply for the shares, showing strong support.

    Around 10.3 million new ordinary shares will be added to its registry at a price of 55 cents a pop. This represents a premium of 2.8% to the last closing price of 53.5 cents on 25 June 2021.

    Ardea will use its existing placement capacity to create the new shares. Under listing rule 7.1A, this allows up to 15% of its total shares to be issued without shareholder approval.

    The proceeds of the placement will see Ardea fund hydrology and metallurgical drilling programs, metallurgical test work, and pit optimisation studies. In addition, an independent engineering group has been approached to complete a gap analysis of previous KNP feasibility studies. This is expected to be finalised before Ardea begins metallurgical programs at the site.

    It’s expected the placement’s new shares will be settled on or around 5 July 2021.

    Management commentary

    Ardea managing director, Andrew Penkethman touched on the company’s progress, saying:

    We have drill rigs contracted for the KNP Goongarrie Hub to commence drilling water production bores and metallurgical core holes during the September 2021 Quarter.

    Borefield exploration drilling has recently been completed and defined production bore targets are ready for drilling. This hydrology drilling will lock in secure process water supplies for the development of our nickel and critical mineral resources at the Goongarrie production hub.

    …We will also be assessing options to recover additional critical minerals, in addition to the planned nickel-cobalt and scandium production. All of these work streams will further enhance the Kalgoorlie Nickel Project and build upon the prefeasibility and expansion studies completed by Ardea in 2018.

    The Ardea share price has gained 110% in the last 12 months, and is up over 40% in 2021.

    The post Why the Ardea Resources (ASX:ARL) share price is soaring 7% higher appeared first on The Motley Fool Australia.

    Wondering where you should invest $1,000 right now?

    When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

    Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

    *Returns as of May 24th 2021

    More reading

    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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  • These are the 10 most shorted shares on the ASX

    At the start of each week I like to look at ASIC’s short position report to find out which shares are being targeted by short sellers.

    This is because I believe it is well worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn’t quite right with a company.

    With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

    • Kogan.com Ltd (ASX: KGN) remains the most shorted share on the ASX with short interest of 11.5%, which was down slightly week on week once again. Short sellers have been targeting Kogan due to significant inventory issues and a slowdown in sales. However, the recent outbreak of COVID-19 has given Kogan’s shares a major boost, much to the dismay of short sellers.
    • Webjet Limited (ASX: WEB) has seen its short interest rise to 10.6%. Short sellers appear to believe this online travel agent’s shares are overvalued given the stuttering travel market recovery. Especially considering the recent outbreak in Sydney.
    • Flight Centre Travel Group Ltd (ASX: FLT) has seen its short interest ease to 9%. As with Webjet, lockdowns and border closures appear to be weighing on this travel agent as well. There are concerns that the domestic travel market recovery could be derailed by the latest COVID outbreak.
    • Inghams Group Ltd (ASX: ING) has 8.8% of its shares held short, which is up week on week once again. Short sellers may have concerns over risks associated with an upcoming major contract renewal with a supermarket giant.
    • Electro Optic Systems Hldg Ltd (ASX: EOS) has 8.4% of its shares held short, which is down week on week once again. There are concerns this communications, defence, and space company could be negatively impacted by supply chain issues. Unusual accounting methods and its lack of cash generation could also be weighing on sentiment.
    • Tassal Group Limited (ASX: TGR) has short interest of 8.1%, which is down notably week on week. Short sellers may be closing positions on the belief that salmon prices are rebounding.
    • Resolute Mining Limited (ASX: RSG) has seen its short interest tumble to 8%. Short sellers may believe this gold miner is now over the worst of its issues. These include production disruption and regulatory concerns.
    • Temple & Webster Group Ltd (ASX: TPW) has seen its short interest ease to 7.9%. Short sellers may be regretting this one. As with Kogan, the recent outbreak of COVID-19 has given ecommerce companies a major lift.
    • Zip Co Ltd (ASX: Z1P) has short interest of 7.4%, which is up week on week. Short sellers could believe that Zip’s Quadpay business will be disrupted by Afterpay’s new pay anywhere service.
    • Metcash Limited (ASX: MTS) has re-entered the top ten with short interest of 7%. However, unfortunately for short sellers, the Metcash share price is pushing higher today after delivering strong profit growth in FY 2021 and announcing a share buyback.

    The post These are the 10 most shorted shares on the ASX 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 Electro Optic Systems Holdings Limited, Kogan.com ltd, Temple & Webster Group Ltd, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Electro Optic Systems Holdings Limited, Kogan.com ltd, and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Temple & Webster Group 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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