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The S&P/ASX 200 Index (ASX: XJO) is back on form on Friday and pushing notably higher. In afternoon trade, the benchmark index is up 0.6% to 7,316.6 points.

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

New Hope Corporation Limited (ASX: NHC)

The New Hope share price is down 7.5% to $1.70.  The catalyst for this was news that the coal miner has priced its $200 million senior unsecured convertible notes. New Hope revealed that the notes will have a fixed coupon rate of 2.75%, paid twice a year for a five-year period. Settlement of the bonds is expected on or around July 2021, with a maturity date of 2 July 2026 and a conversion price of $2.10.

Nuix Ltd (ASX: NXL)

The Nuix share price has continued its slide and is down a further 3.5% to $2.47. Investors have been selling the embattled investigative analytics and intelligence software provider’s shares this week after it advised that a search warrant was executed at its Sydney office seeking documents. And while the company stressed that this is in relation to an investigation into the affairs of an individual and not an allegation of wrongdoing by Nuix, investors aren’t sticking around to see what happens.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 3.5% to $1.49. This morning the lithium producer announced plans to restart its Ngungaju Operation. It is set for a staged restart during the December quarter. After which, it is targeting annual full production capacity of 180,000 to 200,000 dry metric tonnes (dmt) by the middle of calendar year 2022. Combined operating costs are expected to be A$525-A$575/dmt. This may be more than investors were expecting. The company currently enjoys an operating cost of A$495/dmt.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is down 2% to $36.97. Investors continue to sell the retail conglomerate’s shares following the spin-off of Endeavour Group Limited (ASX: EDV). The latter, though, has been a very strong performer today. The drinks business is up 5% on its second day as a separate entity.

The post Why New Hope, Nuix, Pilbara Minerals, & Woolworths shares are dropping appeared first on The Motley Fool Australia.

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• Nuix (ASX:NXL) share price falls as warrant to search offices issued
• Endeavour Group (ASX:EDV) share price falls on ASX debut

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 Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty 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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Citi is planning to disrupt the local buy now, pay later (BNPL) players like Afterpay Ltd (ASX: APT) and Zip Co Ltd (ASX: Z1P) with the launch of its own offering in Australia.

The Australian Financial Review is reporting Citi plans to attract merchants to its platform with lower merchant fee charges.

Citi Australia is the fifth biggest provider in credit cards behind Commonwealth Bank of Australia (ASX: CBA), Westpac Banking Corp (ASX: WBC), Australia and New Zealand Banking Group Ltd (ASX: ANZ) and National Australia Bank Ltd (ASX: NAB).

Buy now, pay later has been taking payment market share away from credit cards. But Citi wants to “introduce new buy now, pay later customers to lines of credit for larger purchases.” Citi’s key target audience is 35 to 45 year olds.

Alan Machet, chief executive of Citi Australia’s consumer arm, said:

While perceptions might be that BNPL is for a very young audience, we do in fact think this product is appealing for a broad spectrum of adults.

People are going to start there, in BNPL, from a small ticket perspective. But when they are looking to access a bigger line of credit, for things such as holidays, school fees, that is where you click over into a responsible lending line of a credit card.

The AFR said that Australia is the global test market for Citi’s buy now, pay later offering because of the high level of understanding and usage of buy now, pay later services in the country.

The initial amount that customers can use is $1,000 which will be repaid in four instalments over six weeks. For a “small fee”, consumers will be able to utilise longer-term repayment repayments or larger lines of credit.

Citi’s BNPL service can be used where MasterCard is accepted – locally or internationally – and customers can link to any deposit account.

What have the share prices of the ASX BNPL operators done today?

At the time of writing, the Afterpay share price is flat. But over the last month it has risen by more than 40%.

The Zip Co Ltd (ASX: Z1P) share price has dropped by 2% so far today. Over the last month it has gone up 15%. 

One of the other larger Australian buy now, pay later operators is Humm Group Ltd (ASX: HUM), which is currently up 0.5%.

The post Citi plans to disrupt Afterpay (ASX:APT) and Zip (ASX:Z1P) appeared first on The Motley Fool Australia.

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Motley Fool contributor Tristan Harrison 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 and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO. The Motley Fool Australia has recommended Humm 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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Investors are all watching to see how the post-COVID world pans out.

In Australia, there are 2 ASX shares that have gone gangbusters in recent times that provide an insight into how Australians are living since the pandemic.

According to Bell Direct senior market analyst, Jessica Amir, the Australian economy has recovered rapidly from the coronavirus recession.

“There are 2 main drivers behind this,” she told Yahoo Finance Summit Live this week.

“Employment growth and changing behaviours of how we’re spending our money.”

Employment growth has benefitted ASX finance stocks, with the big four banks all recording handsome gains on their share prices over the past 12 months.

But consumer behaviour is the real mirror of what everyday Australians are doing to shake off their pandemic malaise.

“The consumer discretionary sector… is actually the second best performer on the ASX this year,” Amir said.

“And lockdown leisure stocks are really at the forefront of this.”

Itching to travel

There are many restrictions on our lives, so Australian dollars have been diverted to specific alternatives.

“We can’t travel anywhere… so a lot of us are taking to the roads for our holidays. We can’t travel overseas,” said Amir.

“That brings me to ARB Corporation Limited (ASX: ARB).”

ARB is a maker and distributor of 4-wheel driving accessories, like bull bars and roof racks.

According to Amir, it’s the best performing share in the ASX consumer discretionary sector this year.

“They’re up 50%.”

In fact, in the past 12 months, the ARB share price has gained an incredible 157%. On Friday afternoon, it was trading at $44.00.

Let’s have a punt

Pandemic restrictions have also caused boredom among the masses.

In Australia, that’s meant the gambling industry has seen some upside.

“Another really interesting one is the global online pokie company called Aristocrat Leisure Limited (ASX: ALL),” Amir said.

“Some of us are having a dabble on the pokie machines…their shares are up 40%.”

In the past 12 months, Aristocrat shares have gained more than 70%. They were trading at $43.31 on Friday afternoon, just shy of their 52-week high of $43.37.

The post 2 booming ASX shares show exactly what Aussies are up to during COVID appeared first on The Motley Fool Australia.

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Motley Fool contributor Tony Yoo 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 recommended ARB 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 Suncorp Group Ltd (ASX: SUN) share price is pushing higher today despite being dealt a blow in the High Court.

At the time of writing, the banking and insurance giant’s shares are up 1.5% to $11.06.

What has happened?

This afternoon Suncorp provided the market with an update on its business interruption insurance.

According to the release, the High Court of Australia’s has stated that special leave to appeal will not be granted for the Insurance Council of Australia (ICA) first industry test case. This test case relates to the application of the Quarantine Act exclusion to Business Interruption (BI) policies.

This means that the High Court of Australia is upholding the NSW Court of Appeal’s November 2020 judgment. As a result, certain policy exclusions referencing the “Quarantine Act and subsequent amendments” cannot be read as references to the Biosecurity Act, and therefore cannot be relied on in relation to COVID-19 BI claims.

However, Suncorp notes that the decision does not mean that policies referencing the Quarantine Act will automatically respond to COVID-19 related claims. Furthermore, the company also advised that it continues to monitor legal developments in relation to business interruption. This includes the second ICA BI industry test case, which is due to be heard later in the 2021 calendar year.

How will this impact Suncorp?

Suncorp has already prepared for this eventuality so the damage from these claims has already been taken into account.

The release explains that a provision for potential business interruption claims related to COVID-19 of $214 million was reported with its interim results in February this year. This provision amount is not expected to be impacted as a result of today’s decision from the High Court.

Though, the company will complete a full review of its provisions as part of its normal processes to prepare its full year results. It has also recommended customers lodge any COVID-19 business interruption claims they may still have and will assess them as expeditiously as possible and in accordance with the policy terms and circumstances.

The post Suncorp (ASX:SUN) share price higher despite High Court ruling 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. 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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Flight Centre Travel Group Ltd (ASX: FLT) will issue shares to employees who stick with the company for the next 18 months.

In an announcement to the ASX, the travel agency said any employee (excluding board and senior management) who stays until 31 December 2022 will receive 250 shares.

The company has been through a turbulent 15 months, and it does not seem to be easing up in the near term.

The COVID-19 pandemic sent the entire travel industry into a spiral. The Flight Centre share price was $39.52 at the start of 2020 and is now down more than 60%.

Many people at the company have lost their jobs. According to Flight Centre’s 2020 annual report, the total number of staff has decreased from almost 20,000 in 2019 to just above 10,000 in 2020.

Why give out free shares?

Calling it a “Global Recovery Rights (GRR) program”, Flight Centre expects 7,500 employees to be eligible. This means about 1.9 million shares worth about $30 million at today’s market price will be issued.

At the time of writing, the Flight Centre share price is trading at $15.12, making the offer worth $3,780 per person.

Managing director Graham Turner commented that the GRR program is a “specific, one-off response” to the pandemic. He said:

This is a material investment in the people who are integral to both our recovery and our future success.

The GRR program underlines our people’s importance and recognises their efforts and their loyalty since the pandemic began and heavy travel restrictions were imposed, adversely impacting their earning potential, while they continued to work incredibly hard to help customers secure refunds or rearrange their travel plans.

It is first and foremost a retention program that encourages our people to continue their careers with us during what we believe will be an important 18-month period as vaccination programs progress, trading conditions start to normalise, and the recovery starts to gain momentum.

Flight Centre share price snapshot

Over the past 12 months, the Flight Centre share price has increased by around 32%.

The company has a market capitalisation of about $3 billion.

The post Flight Centre (ASX:FLT) offers staff 250 shares to stay with the company 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 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 CSL Limited (ASX: CSL) have plummeted this week, despite no news having been released by the company.

At the time of writing, the CSL share price is $282.68. That represents a fall of 7.48% since Monday’s open for the largest of all ASX-listed companies. That figure includes today’s 1.37% drop.

The ongoing fall seems to have been spurred by a broker note released by Citi on Wednesday. The broker downgraded the company’s shares to a neutral rating and retained its $310 price target.

Let’s look at the note that’s seemingly driven the the biotech company’s share price down this week.

Citi downgrades CSL

The CSL share price looks to have faltered after Citi suggested the plasma collection market recovery is fully priced in.

Citi moved its recommendation for CSL shares from buy to neutral as the company’s share price has outperformed since March and it expects the plasma collection market to normalise this year.

Citi said its rating change is “purely valuation based”.

However, the broker stated it’s still 15% ahead of the consensus for 2023 financial year estimations.

The broker also noted it sees some upside risk to do with the CSL112 phase III trial currently being undertaken by the company.

The clinical trial is working to confirm the efficacy and safety of CSL112 in reducing reoccurring cardiovascular events after an acute myocardial infarction (MI). Myocardial infarction is the medical name for a heart attack.

CSL112 has so far shown an ability to remove cholesterol from arteries.

The trial is aiming to enrol more than 17,000 patients from approximately 1,000 medical centres globally. Its results are due at the end of this year.

CSL share price snapshot

This year has been tough on the CSL share price, which has fallen 0.81% year to date.

Shares in CSL are also 3.88% lower than they were this time last year.

The company has a market capitalisation of around $130 billion, with approximately 455 million shares outstanding.  

The post The CSL (ASX:CSL) share price has fallen 7% this week 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 CSL Ltd. 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 Cochlear Limited (ASX: COH) share price has been a positive performer on Friday.

In afternoon trade, the hearing solutions company’s shares are up 1.5% to $248.50.

This latest gain means the Cochlear share price is now up a sizeable 31% since the start of the year.

Why is the Cochlear share price pushing higher today?

Investors have been buying the company’s shares on Friday after it was the subject of a bullish broker note out of Macquarie Group Ltd (ASX: MQG) this morning.

According to the note, the broker has retained its outperform rating and lifted its price target on the company’s shares to $264.00.

Based on the current Cochlear share price, this implies potential upside of 6% over the next 12 months.

Why is Macquarie a fan of Cochlear?

The broker made the move following its latest survey of 12 US-based audiologists that specialise in cochlear implants. That survey revealed that Cochlear’s products were regarded as the best in their class for performance and features, outperforming rivals such as Med-El and Advanced Bionics.

In addition to this, the survey shows that cochlear implants patient numbers have been improving. So much so, new patient numbers are now higher than pre-COVID levels. This bodes well for Cochlear, particularly given how the survey indicates that it is winning market share and is expected to continue doing so in the next 12 months.

In light of the above, Macquarie is now forecasting earnings per share of ~$3.65 in FY 2021 and then $4.89 in FY 2022. Based on the current Cochlear share price, this means that its shares are currently changing hands at 51x estimated FY 2022 earnings.

While this is a premium to the market average, it is a price that Macquarie appears to believe is more than fair for such a quality company.

The post Cochlear (ASX:COH) share price rises on bullish broker note 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 Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. The Motley Fool Australia has recommended Cochlear 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 Cogstate Limited (ASX: CGS) share price has bolted more than 23% in today’s trading session.

At the time of writing, shares in Cogstate are trading at around $1.48, after hitting an intra-day high of $1.49.

Let’s take a look at what could be fuelling the Cogstate share price.

What is fueling the Cogstate share price?

Despite not releasing any price-sensitive news, the Cogstate share price is bolting more than 19% higher today. Due to the lack of market moving news, today’s euphoric price action can be attributed to many factors.

The last piece of news from Cogstate can be traced back to a market update released on 15 June. According to the update, Cogstate’s wholly-owned US subsidiary received confirmation that federal loan funds had been fully forgiven.

In May 2020, Cogstate Inc secured a US$2.44 million loan under the United States Government Small Business Administration Payroll Protection Program (PPP). Cogstate noted that the PPP allowed companies to maintain their workforce as the pandemic disrupted business operations.

Snapshot of the Cogstate share price.

Cogstate is a neuroscience technology company that specialises in brain health assessments, with the aim of advancing the development of new medicines and clinical insights. The company’s technologies allow for rapid and reliable computerised cognitive tests, which are designed to replace traditional costly and error-prone paper assessments.

Including today’s price action, the Cogstate share price is flying more than 35% higher for the year. Shares in Cogstate hit an all-time high of $1.60 earlier this month following a very positive business update.  

Cogstate announced that the U.S. Food and Drug Administration (FDA) had granted Eisai Co accelerated approval for aducanumab for the treatment of Alzheimer’s disease.

Late last year, Cogstate announced that it had entered into an agreement with Eisai Co to grant the company rights to exclusively develop and distribute Cogstate technologies.

As a result, Cogstate noted that following the approval of aducanumab by the FDA, Eisai no longer has the right to accelerated termination of the Cogstate-Eisai agreement. Eisai is contractually obligated to minimum contractual royalty payments over commercial years 1-5 of US$10 million.

The post Why the Cogstate (ASX:CGS) share price is surging 23% today 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 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 Southern Cross Media Group Ltd (ASX: SXL) share price is up 5.53% today to $2.12 after the company announced an agreement with Network 10.

Southern Cross Media share price higher on broadcast agreement

Southern Cross Media announced a new regional television affiliation agreement to broadcast channels 10, 10 Bold, 10 Peach and 10 Shake into its regional Queensland, Southern NSW and regional Victoria markets.

The new agreement will begin 1 July 2021 for a term of two years.

The arrangement will broadcast Network 10’s highly successful television programs including MasterChef Australia, Australian Survivor, The Bachelor Australia, The Masked Singer, The Project, live ALeague, Westfield W-League, as well as Socceroos, Matildas and FFA Cup matches.

Southern Cross Media says its sales team have a track record of converting ratings to revenue and look forward to generating strong commercial returns for both parties.

Television revenue update

Southern Cross Media advises that its television revenue booked to date for Q122 is in line with its internal forecasts and ahead of its prior year performance.

An improvement in year-on-year television revenue has been led by a recovery in the national advertising market and improving local investment across all regions.

Southern Cross Media said that this agreement will enable it to optimise the strategic and commercial position of its television business in the evolving free-to-air television market.

The company said it expects television earnings under the Network 10 affiliation to be neutral, compared to the current Nine affiliation, which is expected to expire on 30 June 2021.

Southern Cross Media share price in 2021

It’s been a choppy year for the Southern Media share price.

A key catalyst for its underperformance was on 12 March, when Nine Entertainment Co Holdings Ltd (ASX: NEC) said it would not extend its regional affiliation agreement. The company’s shares tanked ~10.4% on the day from $2.21 to $1.98.

The 6% rally today to $2.11 in intraday trade has helped push the Southern Cross Media share price to a 4-month high, but it is still down about 2.30% year-to-date.

The post Why the Southern Cross Media (ASX: SXL) share price is up 5% today appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Brickworks Limited (ASX: BKW) have hit a new 52-week high today, despite no news having been released by the company. The Brickworks share price reached an intraday high of $24.50 this morning – the highest it’s been in 12 months.

At the time of writing, the building material supplier’s shares are trading for $24.48, 0.95% more than their previous close.

Brickworks’ shares are running ahead of the broader market today. Currently, the S&P/ASX 200 Index (ASX: XJO) is up 0.25%, while the All Ordinaries Index (ASX: XAO) is up 0.33%.

Brickworks’ gains come despite the company’s managing director telling media the International Monetary Fund’s (IMF) calls for a worldwide carbon tax would obliterate the company.   

The latest on Brickworks

Brickworks’ managing director Lindsay Partridge has today slammed the IMF for suggesting a global carbon tax that’s 25 times more than the average carbon tax is currently.

Last Friday, the IMF’s managing director Kristalina Georgieva said the organisation wants to instate a carbon tax that would gradually increase over the coming decade, eventually reaching US$75 a tonne. She said:

Gradually increasing price on carbon encourages innovation and transition to renewable energy, clean mobility, and low carbon technologies…

There has been progress [towards cutting carbon emissions by 23% to limit global warming to between 1.5°C and 2°C] … But four-fifths of global emissions still remain unpriced and the global average emissions price is only $3 per tonne.

According to The Australian, Partridge believes most action to limit the effects of scientifically-proven climate change is “a little bit over egged”. However, he also said that potential carbon taxes “keep (the company) awake at night”.

Additionally, Partridge said Australian governments are less supportive towards business than those in the US. The US is where a large portion of Brickworks’ business takes place.

The Australian quoted Partridge as saying:

(Australian governments) are into the rule book to try and find out how they can stop you doing what you want to do, or try and delay you, whereas in America, representatives of the governor will come and see you and ask you how they can help.

Brickworks share price snapshot

It has been a good year for the Brickworks share price on the ASX. So far, it’s gained 24% year to date. It is also 60% higher than it was this time last year.

The company has a market capitalisation of around $3.6 billion, with approximately 151 million shares outstanding.

The post The Brickworks (ASX:BKW) share price hits a new 52-week high 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. has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks. 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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