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The Commonwealth Bank of Australia (ASX: CBA) is the latest of the big four banks to bring forward its estimates for the Reserve Bank of Australia’s first interest rate hike.

While Australia’s biggest bank isn’t the first to shift its estimates, its expectation is the earliest of the bunch.

CBA forecasts higher rates sooner, ASX dips

Head of Australian economics at Commonwealth Bank, Mr Gareth Aird has made known the bank’s latest interest rate prediction.

According to Aird, the RBA’s first rate rise in more than 11 years could occur as early as November next year.

In a note, Mr Aird explained how the CBA sees interest rate increases unfurling:

We have pencilled in an increase of 15 basis points, which would take the cash rate to 0.25 per cent. We expect that to be followed by an increase of 25 basis points in December 2022. We have three further 25-basis-point hikes in the first, second and third quarters of 2023.

Furthermore, today’s forecast is the earliest of those made by Australia and New Zealand Banking GrpLtd (ASX: ANZ) and Westpac Banking Corp (ASX: WBC). Potentially shocking the ASX share market. The S&P/ASX 200 Index (ASX: XJO) is trading 0.37% lower to 7,315.4 points, at the time of writing.

Earlier in the month, ANZ moved its rate increase forecast to the second half of 2023, with the potential of being earlier if the trend of rapid economic improvement continues.

Likewise, Westpac brought forward its estimates to the first quarter of 2023 earlier this week. The move followed the May employment report, which was described as a ‘game changer’ by Westpac’s Chief Economist, Bill Evans.

Crystal-balling the future

Attempting to peer into the future, ASX-listed CBA also forecasts that once the RBA cash rate hits 1.25%, it will be at a neutral level. Essentially that means CBA deems 1.25% the likely rate for an economic environment at equilibrium.

There are situations where Mr Aird could see the RBA hiking rates even earlier than November next year. Such a case would be if wage growth becomes irrefutably on a path to 3% per annum.

The post CBA (ASX:CBA) says interest rates could jump as early as next year appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler owns shares of Commonwealth Bank of Australia. 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 Vanadium Resources Ltd (ASX: VR8) share price jumped to a two-year high after announcing a bullish pre-feasibility study (PFS) on the Steelpoortdrift project.

The Vanadium Resources share price shot up 29.6% to 7 cents at the time of writing when the S&P/ASX 200 Index (Index:^AXJO) slumped 0.4%.

The junior miner excited the market as it reported that Steelpoortdrift could be worth US$1.2 billion ($1.6 billion). The valuation is done on a net present value basis using a discount rate of 8%.

Vanadium Resources share price jumps on $1.6bn project

Vanadium Resources owns 50% of the project, but that increases to 73.95% ownership pending final S11 governmental approval. The ASX junior does not have to pay anything extra for the increased ownership.

The company said that the PFS confirmed Steelpoortdrift’s potential to be a large scale and low-cost vanadium producer. It also has competitive opex and capex metrics. The PFS has an accuracy of -15% to +25%.

Appealing fundamentals

The project requires US$200 million in capex at the start with a 25 month pay-back period. Operating costs are estimated at US$3.08 a pound of vanadium (V205) and annual production is forecast at 39 million pounds.

The current price of V205 is a little harder to work out as it isn’t freely traded on an exchange, like copper.

But some experts are forecasting the mineral to fetch US$6 a pound on average this year (European prices, nominal) before increasing to US$6.80 per pound. This leaves the miner with room to make a decent margin.

What is vanadium used for?

Vanadium is used to strengthen steel and is prized for its toughness. This makes vanadium steel alloys ideal for nuclear reactors, aircraft carriers, industrial grinders and construction tools and equipment.

The metal is also leveraged to the surge in demand for batteries as the world moves towards greener energy sources. Vanadium redox flow batteries are generally used for storing grid power.

Vanadium Resources share price plugged in to renewables

This is a hot space for investors. You only need to look at the Pilbara Minerals Ltd (ASX: PLS) share price and Galaxy Resources Limited (ASX: GXY) share price to see that.

These lithium miners have surged by between 300% to 500% over the past year. In contrast, the Vanadium Resources share price has jumped by 250%.

But price volatility for Vanadium Resources can be quite extreme given its market cap of around $20 million and general lack of liquidity.

On the other hand, this is sometimes seen as a positive by some investors.

The post Why the Vanadium (ASX:VR8) share price surged to a 2-year high today appeared first on The Motley Fool Australia.

More reading

• Why the Pilbara Minerals (ASX:PLS) share price is up 7% to a record high
• These ASX 200 shares are on the move today
• The Pilbara Minerals (ASX:PLS) share price is flying 8% higher
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Motley Fool contributor Brendon Lau owns shares of Galaxy Resources Limited. 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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How wealthy are Australians compared to the rest of the world? Being the ‘lucky country’, we Aussies have always fancied ourselves as a fortunate lot. But exactly how lucky are we when it comes to wealth? That’s exactly what a new report from Credit Suisse answers. The Swiss bank has just released its Global Wealth Report for 2021. And it makes for some interesting reading.

Firstly, it finds that Australians have never been wealthier. 392,000 Australians managed to increase their net wealth to more than US$1 million last year, making the total figure 1.8 million. That means that 1 in 10 Aussie adults are US-dollar millionaires. Head of private banking at Credit Suisse Australia, Michael Marr,  told the Australian Financial Review (AFR) that this number is expected to increase by 70% to 3.1 million over the next five years too.

These numbers already put Australia at the top of the global pile when it comes to wealth. The report found that the only country with a greater proportion of wealthy residents as a proportion of the population was Switzerland. Almost 15% of the Swiss adult population were estimated to be US-dollar millionaires. But we come out on top in another respect. The report found that the median Australian adult had a net worth of $US238,000 at the end of 2020. That puts our median net wealth higher than every other country in the world.

Aussie wealth: The lucky country indeed

So why this dramatic jump in Aussies’ net worth? Well, the report found that it is largely thanks to two factors: booming house prices and a rampaging ASX share market.

By now, most of us would be at least vaguely familiar with the current state of the Aussie housing market. Since Australians tend to own more housing compared to other countries around the world, the rapidly rising prices of the past 2-3 decades have had a huge impact on the number of Aussie millionaires. But the performance of our local share market has also helped.

The report found that around 42% of Australian wealth assets were concentrated in financial assets like ASX shares. Mr Marr told the AFR that Aussies hold an “unusually large” proportion of our wealth in local shares. This was likely due to the favourable tax benefits of franking (which are not available for international shares).

The S&P/ASX 200 Index (ASX: XJO) has not performed as well as some of the other global share markets such as the US S&P 500 Index (INDEXSP: .INX). Even so, it has still managed to return 9.5% year to date so far in 2021, 22.9% over the past 12 months, and more than 52% since the March lows last year. That would have been a huge benefit to the 42% of Australian wealth that is concentrated in financial assets.

The lucky country indeed!

The post Why the number of Aussie millionaires is skyrocketing appeared first on The Motley Fool Australia.

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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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Trading in Arafura Resources Limited (ASX: ARU) shares has been halted following the announcement of a capital raise. The Arafura share price is currently frozen at Monday’s closing price of 16.5 cents.

The company’s ASX announcement yesterday did not go into any detail regarding the capital raising, but according to the Australian Financial Review (AFR), Arafura is seeking $40 million to shore up its engineering investment and provide extra capital. 

The AFR report said Arafura was offering shareholders 12 cents a share — a 29% discount on the price that the company shares closed at on Monday. The company is expected to resume normal trading on Thursday.

More capital?

The capital raising is in addition to Arafura’s announcement last week that it had received a letter of support from the Northern Australia Infrastructure Facility (NAIF) to a potential debt facility worth up to $100 million.

The company said the facility would be over a 15-year term and formed part of the funding package for its Nolans Rare Earth Project in the Northern Territory.

The Nolans mine is Arafura’s main project and focuses on neodymium-praseodymium (NdPr), a substance required in electric vehicles.

In an announcement in May, the company advised its feasibility study found Nolans “has a mine life of 38 years and the ability to produce 4,440 tonnes of NdPr oxide each year”. Arafura expects earnings before interest, tax, depreciation, and amortisation (EBITDA) for the Nolans project to be $354 million a year.

It was reported in the AFR that the rare earths company would be able to supply 5% to 10% of the world’s magnet supply.

Arafura share price snapshot

Arafura has had a great year. The Arafura share price is up 183% over the last 12 months while the Australian metals and mining industry is up 25% over the same period. Its share price has lifted more than 30% since January alone.

The company has a market capitalisation of $193 million.

The post Arafura (ASX:ARU) share price frozen ahead of capital raising appeared first on The Motley Fool Australia.

More reading

• Why the number of Aussie millionaires is skyrocketing
• Why the Pilbara Minerals (ASX:PLS) share price is up 7% to a record high
• Following another wild night, the Ethereum price is gaining…for now
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• Why Adairs, Flight Centre, InvoCare, & Santos shares are sinking

Frank Tzimas 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 share market may be tumbling lower today but that hasn’t stopped the Pilbara Minerals Ltd (ASX: PLS) share price from charging higher.

In afternoon trade, the lithium producer’s shares are up 7% to a record high of $1.55.

This latest gain means the Pilbara Minerals share price is now up a massive 78% since the start of the year.

Why is the Pilbara Minerals share price charging higher?

The catalyst for the rise in the Pilbara Minerals share price on Wednesday has been the release of a drilling update this afternoon.

According to the release, the company has achieved further significant assay results from the current exploration and resource extension drilling program underway at its 100%-owned Pilgangoora Project in Western Australia. This drill program is targeting the under-explored region on the tenement boundary adjacent to the former Altura Lithium Operation. This is with the intention of optimising and growing the future pit inventory.

The release explains that the initial results from the program have identified zones of high-grade pegmatite mineralisation adjacent to the tenement boundary and future South Pit expansion area. This is outside of the previously identified mineral resource.

What now?

Geological modelling is currently underway and on track for the delivery of an updated Pilgangoora Project Mineral Resource in the September quarter of 2021.

Pilbara Minerals’ Managing Director and CEO, Ken Brinsden, believes this exploration and drill program will help realise the full potential the company saw in the area, which was a key reason for the acquisition of Altura Mining’s assets.

He said: “The wide and near-surface intercepts of relatively high-grade mineralisation will go a long way to expanding our mining envelope and pit inventory of the combined South Pit areas.”

“As we work towards a restart at the Ngungaju Plant, the success of this exploration and drill program and the efforts of our team to further integrate both assets means we can be confident in a bright future for the greater Pilgangoora Operation,” he added.

The post Why the Pilbara Minerals (ASX:PLS) share price is up 7% to a record high appeared first on The Motley Fool Australia.

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• Here are the best performing ASX 200 shares so far in 2021

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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The Ethereum (CRYPTO: ETH) price is gaining at the time of writing, up 3% over the past 24 hours.

One Ether is currently worth US$2,009 (AU$2,679).

It’s been another wild day for the Ethereum price, with some huge hourly price swings.

To give you an idea, Ether was trading as high as US$2,020 over the past 24 hours and as low as US$1,701. That’s a 19% variance just since this time yesterday.

The world’s number 2 crypto currently has a market cap of US$232.4 billion.

Why China’s crypto crackdown could be for the best

Although the Ethereum price is up over the past 24 hours, it remains down 21% over the past 7 days. Last Wednesday, 16 June, Ether was trading for US$2,536. And it was only on 12 May that Ether hit an all-time high of US$4,383.

Like Bitcoin (CRYPTO: BTC), the Ethereum price has come under renewed pressure from the Chinese government. China is cracking down on crypto mining as well as crypto transactions among Chinese financial institutions. (You can get the full scoop here.)

While that’s seen both Bitcoin and Ether fall, Simon Peters, market analyst for online trading platform eToro, believes China’s suppression may turn out for the best…eventually.

According to Peters:

Whilst short term uncertainty off the back of the latest news is driving the sell-off, in the long-term this market transition could be very beneficial to bitcoin and crypto more broadly. Decentralising crypto mining and ending Chinese dominance when it comes to mining could help other more crypto-friendly countries become leaders in the space.

New mining operations – or existing operations moving out of China – could now look towards renewable energy sources to enable clean operations. Over time, this could decrease the amount of fossil fuel energy used for global bitcoin mining.

Cryptos’ immense carbon footprint (global Bitcoin mining uses more energy than the entire Netherlands) has drawn the ire of environmentalists, regulators, and, perhaps most famously, Tesla Inc (NASDAQ: TSLA) boss Elon Musk.

Musk recently stated that Tesla wouldn’t sell its Bitcoin holdings, but it wouldn’t accept Bitcoin anymore until the token’s carbon emissions issues are cleared up.

How the Ethereum price moves compare to Bitcoin

Before we look at how the Ethereum price has moved this year compared to Bitcoin, a quick summary for the uninitiated on what Ether really is.

I recently heard the Ethereum network referred to as creative computation.

What does that mean?

CoinDesk sums it up well:

Ether is the cryptocurrency built on top of the open source Ethereum blockchain, which runs smart contracts. The cryptocurrency acts as a fuel that allows smart contracts to run unlike bitcoin, which is meant to be a unit of currency on a peer-to-peer payment network.

With that out of the way, the Ethereum price has widely outperformed Bitcoin year-to-date. Ether has gained 170% so far in 2021 while Bitcoin is up 16%.

Ether has also outperformed Bitcoin over the past 12 months. The Ethereum price has gained 727% since 23 June 2020 compared to a gain of 254% for Bitcoin.

The post Following another wild night, the Ethereum price is gaining…for now appeared first on The Motley Fool Australia.

More reading

• Here’s Why Bitcoin, Ethereum, and Dogecoin Crashed Tuesday
• Ignore the ‘death cross’…here’s why the Bitcoin price is crashing
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• Are 4 million Aussies about to lose a fortune on Bitcoin?
• ASX 200 Weekly Wrap: ASX makes it 5 out of 5

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

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The Zip Co Ltd (ASX: Z1P) share price looks like it’s making a comeback, up another 6.19% today to $8.58 at the time of writing.

The last few months have arguably tested the resolve of Zip shareholders, with the company’s shares sliding as low as $6.32 on 13 May.

One recent event that may have been particularly frustrating for investors was the announcement of the company’s European and Middle East expansion on 24 May. The Zip share price tipped 3% higher to $7.25 on the day, but came back to pre-announcement levels just a few days later.

The Zip share price has lifted an extraordinary ~25% over the last 9 trading sessions. Let’s take a look at what could be helping boost the company’s shares to a new 2-month high.

Tech back in favour

Zip has provided a number of positive announcements throughout the year, including its half-year results and third-quarter update. These reiterated the opportunity at hand and the company’s strong growth trajectory.

Despite the positive news, Zip shares tanked all the way from ~$14.50 record highs on 16 February to the $6.32 low on 13 May.

Arguably, the tumbling Zip share price was more closely linked to the wider tech sell-off than any factors related to the company itself.

Between Zip’s highs and lows, the S&P/ASX 200 Info Tech Index (ASX: XIJ) also tumbled by about 25%.

Many of Zip’s tech peers, including Afterpay Ltd (ASX: APT), Xero Limited (ASX: XRO), NextDC Ltd (ASX: NXT) and WiseTech Global Ltd (ASX: WTC), were also caught up in the market’s rotation out of technology stocks.

The ASX 200 Info Tech Index has rebounded some 25% since its late-May lows, somewhat coinciding with the recent resurgence of Zip shares.

Over on Wall Street, the tech-heavy Nasdaq Composite (NASDAQ: .IXIC) hit a new all-time high on Tuesday night.

Afterpay and Zip shares bouncing back

Both ASX buy now, pay later (BNPL) shares, Afterpay and Zip, have been bouncing back strongly in recent weeks.

Despite the resurgence of these leading BNPL names, smaller players such as Splitit Ltd (ASX: SPT), Laybuy Holdings Ltd (ASX: LBY) and Openpay Group Ltd (ASX: OPY) have struggled to follow.

With concern over rising interest rates ever present, it’s possible some investors returning to the sector are choosing to get behind bigger, stronger players, rather than what could be perceived as more speculative investments in smaller players.

The post Up another 6%, Zip (ASX:Z1P) share price hits 2-month high appeared first on The Motley Fool Australia.

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Motley Fool contributor Kerry Sun owns shares of NEXTDC Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, WiseTech Global, Xero, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, WiseTech Global, and Xero. 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 course to record a disappointing decline. At the time of writing, the benchmark index is down 0.5% to 7,306.9 points.

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

Adairs Ltd (ASX: ADH)

The Adairs share price is down a sizeable 10% to $4.11. This decline appears to have been driven by a broker note out of Ord Minnett this morning. According to the note, the broker has downgraded the homewares retailer’s shares to a hold rating and cut the price target on them to $4.45. Ord Minnett suspects that its acquired Mocka business is underperforming expectations.

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price has fallen 2% to $15.27. This may have been driven by concerns over Sydney’s COVID-19 outbreak and subsequent border closures. This looks set to negatively impact the domestic tourism market in the coming weeks. A number of other travel shares are trading lower today.

InvoCare Limited (ASX: IVC)

The InvoCare share price is down 2.5% to $11.29 despite there being no news out of the funerals company. However, late last week Citi downgraded the company’s shares to a sell rating and cut the price target on them to $10.00. The broker suspects that InvoCare is losing market share despite acquisitions and significant investment. A lower death rate is also expected to weigh on demand in the near term.

Santos Ltd (ASX: STO)

The Santos share price has dropped 3% to $7.26. Investors have been selling the energy producer’s shares after weakness in oil prices overnight. It isn’t just the Santos share price that is under pressure today. In afternoon trade, the S&P/ASX 200 Energy index is down by 1.4%.

The post Why Adairs, Flight Centre, InvoCare, & Santos shares are sinking appeared first on The Motley Fool Australia.

More reading

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• 5 things to watch on the ASX 200 on Wednesday
• Why the Adairs (ASX:ADH) share price is edging 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. has recommended ADAIRS FPO. The Motley Fool Australia owns shares of and has recommended ADAIRS FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and InvoCare Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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

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

What happened

The cryptocurrency market endured a brutal decline on Tuesday, as regulators clamped down on the industry. Bitcoin (CRYPTO: BTC), Ethereum (CRYPTO: ETH), and Dogecoin (CRYPTO: DOGE) were down 7%, 9%, and 20%, respectively, as of 11 a.m. EDT — and many other cryptoassets were down even more.

So what

Investors are on edge after China cracked down on cryptocurrency miners last week. The Chinese government is reportedly concerned about the mining industry’s soaring energy usage, at a time when climate change fears are mounting. The crackdown will result in a greater than 90% reduction in Bitcoin mining capacity in the country, according to the Chinese newspaper Global Times. 

China also moved to curtail its financial institutions’ ability and proclivity to work with crypto-focused companies. The nation’s central bank ordered digital payments giant Alipay and several of its largest banks to cease any crypto-related services. 

Now what 

China’s recent moves coincide with calls from regulators in the U.S. and other countries for increased scrutiny of the crypto markets. Securities and Exchange Commission (SEC) chair Gary Gensler wants Congress to allow financial watchdogs to directly oversee cryptocurrency exchanges. Sen. Elizabeth Warren has urged regulators to address the industry’s negative aspects, including its environmental impact and the sizable losses incurred by many smaller investors. Bank of England Governor Andrew Bailey event went so far as to warn crypto investors to be “prepared to lose all your money.” 

There’s also rising concern that Tether (CRYPTO: USDT), a stablecoin with a reported market value of more than $62 billion, could also soon be the subject of heightened regulatory scrutiny. Roughly 70% of the cryptocurrency trading volume at exchanges is denominated in Tether, according to some reports. 

Rising regulatory risks are causing investors to reevaluate their outlook for cryptocurrencies like Bitcoin, Ethereum, and Dogecoin — and many are deciding to sell today.

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

The post Here’s Why Bitcoin, Ethereum, and Dogecoin Crashed Tuesday appeared first on The Motley Fool Australia.

More reading

• Ignore the ‘death cross’…here’s why the Bitcoin price is crashing
• Cryptocurrencies like Bitcoin just tanked again!
• Are 4 million Aussies about to lose a fortune on Bitcoin?
• ASX 200 Weekly Wrap: ASX makes it 5 out of 5
• How Elon Musk’s tweets move the cryptocurrency market

Joe Tenebruso 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 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.

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

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Shares in the DEXUS Property Group (ASX: DXS) are edging lower during early afternoon trade. This comes after the real estate group announced it has externally valued its property portfolio.

At the time of writing, the Dexus share price is down 1.19% to $10.84.

Dexus’ property value increases

Investors are selling off their positions in Dexus shares regardless of the company providing a positive update.

According to its release, Dexus advised that 117 of its 128 property assets has been externally valued.

For the 6 months to 30 June 2021, the report indicated that Dexus’ book value increase by around $362 million. This represents a 2.3% lift on the prior corresponding period.

The assets valued consisted of 41 office properties, 75 industrial properties and one healthcare property.

Dexus noted that its office portfolio grew slightly from recent leasing deals, improved market conditions, and cap rate compression on various longer WALE assets. WALE refers to a common commercial property term as ‘weighted average lease expiry’.

Moving across to the industrial portfolio, Dexus’ assets jumped roughly 9.8% in value over the previous period. The company stated cap rates and discount rates remained stable, with high occupancy rates, and the completion of development projects.

The weighted average capitalisation rate across the total portfolio tightened roughly 10 basis points over the past 6 months. Dexus is recording a shift from 5.01% at 31 December 2020 to 4.91% at 30 June 2021.

Dexus CEO, Darren Steinberg commented:

The latest independent valuations reinforce the quality of our property portfolio. We have had a consistent focus on improving the portfolio quality via leasing, acquisitions, divestments and developments and that, combined with continued investment demand, contributed to the consistent growth in underlying asset values. Amongst global investors Australia continues to be a highly attractive investment destination and we expect continued strength in investment demand for quality assets in the year ahead.

About the Dexus share price

The Dexus share price has gained around 8% over the past year, and 15% since the beginning of 2021. The company’s shares reached a 52-week high of $11.04 yesterday and could break that feat again.

Dexus presides a market capitalisation of roughly $11.6 billion, with 1.07 billion shares outstanding.

The post Dexus (ASX:DXS) share price dips despite positive update appeared first on The Motley Fool Australia.

More reading

• Top brokers name 3 ASX dividend shares to buy today
• The Dexus (ASX:DXS) share price has hit a new 52-week high
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• The Dexus (ASX:DXS) share price is in the green today. Here’s why

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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