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The S&P/ASX 200 Index (ASX: XJO) has had an interesting start to the trading week. At the time of writing, the ASX 200 is looking at a loss, down 0.07% to 7,290.6 points after initially rising strongly this morning.

Among the best performing ASX 200 shares so far today is Afterpay Ltd (ASX: APT). The Afterpay share price is currently up a healthy 1.8% to $96.18, after rising almost 4% earlier today. As you might have gathered, that’s significant outperformance of the broader market today.

So why is Afterpay suddenly in demand? As you may remember from last week, Afterpay was not doing a whole lot, even though the ASX 200 was rising strongly and making new all-time highs. So what’s changed?

ASX tech shares in demand

Well, today’s move looks like nothing to do with Afterpay itself, seeing as there is no major news out of the company. Instead, it’s likely to be reacting to a strong showing from the US markets last week.

On Friday night (our time), the US NASDAQ-100 (NASDAQ: NDX) had an extremely positive session, rising 1.78% to 13,771 points, putting it within 2% of its all-time high. The Nasdaq is a tech-heavy index and thus tends to reflect a broader market sentiment over tech shares in general. And that seems to be spilling over into Afterpay shares this morning.

It’s not just Afterpay either. We are seeing similar moves across many popular ASX tech shares today. Appen Ltd (ASX: APX) shares are up 4.82% today to $12.83. The WiseTech Global Ltd (ASX: WTC) share price is up 2.94% today to $29.40. And the Nuix Ltd (ASX: NXL) share price, which had a clanger of a week last week, is up a hefty 6.56% to $2.76. Indeed, the entire S&P/ASX All Technology Index (ASX: XTX) is up a substantial 1.34% this morning.

About the Afterpay share price

The Afterpay share price has spent 2021 on something of a roller coaster ride. After rising by more than 30% year to date and topping out at an all-time high of $160.05 per share back in February, Afterpay shares have been on a slide ever since.

Even at today’s prices, the company’s share price is still down by around 18% year to date and down by around 39% from its February peak. At the current share price, Afterpay has a market capitalisation of $28 billion.

The post Why the Afterpay (ASX:APT) share price is starting the week on a high appeared first on The Motley Fool Australia.

More reading

• Why Afterpay, Altium, Hansen, & MNF shares are racing higher
• ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation
• ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time
• 5 things to watch on the ASX 200 on Monday
• 2 fantastic ASX shares that could be quality buy and hold options

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. owns shares of and has recommended AFTERPAY T FPO, Appen Ltd, and WiseTech Global. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Nuix Pty Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Appen Ltd, and WiseTech Global. 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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The Star Entertainment Group Ltd (ASX: SGR) share price is down today. Star is the latest ASX company to confirm it is being investigated by financial crimes watchdog AUSTRAC for potential “serious” breaches of anti-money laundering and counter-terrorism legislation.

At the time of writing, shares in the casino operator are trading for $3.83 – down 3.53%. At the same time, the S&P/ASX 200 Index (ASX: XJO) is only 0.09% lower.

Shares in National Australia Bank Ltd (ASX: NAB), Crown Resorts Ltd (ASX: CWN), and SKYCITY Entertainment Group Limited (ASX: SKC) are all down after all confirmed they are also being investigated by AUSTRAC.

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

Star share price dims on investigation

In a statement to the ASX, Star Entertainment said AUSTRAC has begun investigations into the company for “potential serious non-compliance… with the Australian Anti-Money Laundering and Counter-Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter-Terrorism Financing Rules Instrument 2007 (No. 1).”

According to Star, the investigation includes “concerns” about proper customer due diligence and potentially not maintaining an anti-money laundering or counter-terrorism financing program. The statement goes on to say these alleged breaches were identified in September 2019 and relate to FY16 and FY19. The matter is now being handled by AUSTRAC’s enforcement division.

Star also says AUSTRAC has not made any decision yet about what action it will take and if the company will face any penalties, and to what extent. AUSTRAC has requested to review documents from Star as part of the investigation, according to the gaming operator. The prospect of hefty fines may be weighing on investors’ minds and the Star share price.

In its statement, Star says it “takes its anti-money laundering obligations very seriously and will fully co-operate with AUSTRAC in relation to its requests for information and documents and the investigation.”

A spokesperson for AUSTRAC confirmed the agency is investigating Star’s Sydney casino for potential breaches and that the investigation stems from work that began in 2019. The spokesperson goes onto say AUSTRAC is working with state and territory agencies in regard to potential money-laundering in casinos.

Anti-money laundering blitz

As mentioned, Star is not the only ASX-listed company that is facing a government probe into potential breaches of law. NAB, SkyCity and Crown (which Star is currently vying to takeover) have all said they are being investigated by AUSTRAC.

Between the four companies, a collective $3.27 billion in value has been obliterated in the market due to today’s news.

The news could potentially have ramifications for Star’s takeover bid of Crown. Crown has been under pressure to sell itself after being refused a gaming license in NSW due to breaches in anti-money laundering legislation.

Star share price snapshot

Over the past 12 months, the Star share price has gained 17%. Today’s losses see the company’s shares come down to a level not seen in two months.

Given its current valuation, Star Entertainment has a market capitalisation of $3.6 billion.

The post Star (ASX:SGR) share price latest to fall on anti-money laundering investigation appeared first on The Motley Fool Australia.

More reading

• Crown (ASX:CWN) share price under pressure from AUSTRAC enforcement investigation
• ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation
• NAB (ASX:NAB) share price slumps as AUSTRAC begins investigation
• SkyCity (ASX:SKC) share price sinks 9% on AUSTRAC news
• ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time

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 IXUP Ltd (ASX: IXU) share price is gaining in late morning trade. Shares are up 3% at the time of writing after earlier posting intraday gains of more than 11%.

IXUP develops software to help securely share and analyse data using encryption technology.

Below we look at the latest acquisition announcement from the ASX technology share.

What acquisition did IXUP report?

IXUP’s share price is moving higher after the company announced it has entered into a binding agreement to acquire Data Republic’s entire intellectual property and associated technology product portfolio.

Administrators for Data Republic commenced the rapid sales process for the Data Republic Technology Assets in mid-May.

IXUP has agreed to pay $3 million, less agreed deductions, for the entire portfolio. It says the purchase price represents a 94% discount to the roughly $50 million that Data Republic spent to develop and deploy its Data Republic Technology Assets.

Commenting on the agreement, Marcus Gracey, IXUP’s CEO said:

Due to Data Republic being a market competitor to IXUP, we have followed Data Republic’s evolution closely for many years. While it is unfortunate that the Data Republic business was not able to achieve the necessary scale required to continue in its previous form and we empathise with the affected employees and customers of their business, we believe that with a new and reinvigorated commercialisation strategy and in combination with IXUP’s aggressive growth plan, the Data Republic Technology Assets will demonstrate significant value…

[W]e are confident that we will generate significant commercial returns from this modest investment and breathe significant life back into the Data Republic Technology Assets to fulfill their full potential.

Gracey added that, where possible, IXUP intends to continue to deliver services to all of Data Republic’s customers.

The company said it has identified “significant potential product and commercial synergies” from the acquisition.

IXUP share price snapshot

Over the past 12 months, IXUP shares have gained a whopping 1,600%. That blows the doors off the 20% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date the IXUP share price has continued to outperform, up 113% so far in 2021.

The post Up 1,600% in 12 months, why the IXUP (ASX:IXU) share price is gaining again appeared first on The Motley Fool Australia.

More reading

• Why the Afterpay (ASX:APT) share price is starting the week on a high
• Star (ASX:SGR) share price latest to fall on anti-money laundering investigation
• Why Afterpay, Altium, Hansen, & MNF shares are racing higher
• Why the Universal Biosensors (ASX:UBI) share price is climbing 7% today
• Why the Japara (ASX:JHC) share price just hit a 52-week high

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

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is edging lower. At the time of writing, the benchmark index is down almost 0.1% to 7,290.9 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are racing higher:

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 2% to $96.32. This gain appears to have been driven by a positive finish to the week on the Nasdaq index. The tech-heavy index stormed a sizeable 1.5% higher on Friday night following the release of a solid US jobs report. This has led to the S&P/ASX All Technology Index (ASX: XTX) charging 1.6% higher today.

Altium Limited (ASX: ALU)

The Altium share price is rocketing 36% higher to $36.84. Investors have been buying the electronic design software provider’s shares after it announced the receipt of a takeover approach from US giant Autodesk. The US based multinational software giant has made a formal, non-binding, indicative and unsolicited proposal of $38.50 per share to acquire the company. While this represents a 41.5% premium to its last close price, it is also a 4.2% discount to its 52-week high. The Altium Board believes it undervalues the company and has therefore rejected the proposal.

Hansen Technologies Limited (ASX: HSN)

The Hansen share price has jumped 22% to $6.30. Investors have been scrambling to buy the billing technology company’s shares after it also received a takeover approach. However, on this occasion the Hansen Board is recommending it to shareholders at this stage. According to the release, Hansen has received an unsolicited, preliminary, conditional and non-binding proposal from BGH Capital of $6.50 cash per share. This represents a 25% premium to its last close price.

MNF Group Ltd (ASX: MNF)

The MNF share price has stormed almost 8% higher to $5.34. This morning the VoIP network provider announced an agreement to sell part of its Direct Business to Vonex Limited (ASX: VN8) for $31 million. Management advised that the sale is in-line with its strategy to simplify its business, grow recurring revenues, and focus on growing the MNF wholesale business, Symbio. The two parties also intend to enter into a binding five-year wholesale supply agreement for phone numbers and minutes.

The post Why Afterpay, Altium, Hansen, & MNF shares are racing higher appeared first on The Motley Fool Australia.

More reading

• ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation
• Why the MNF (ASX:MNF) share price is up 6% today
• Altium (ASX:ALU) share price shoots 40% higher on takeover approach
• Hansen (ASX:HSN) share price rockets 22% on takeover approach
• ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time

James Mickleboro does not own any shares mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and has recommended AFTERPAY T FPO, Altium, Hansen Technologies, and MNF Group Limited. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Altium, and MNF Group Limited. The Motley Fool Australia has recommended Hansen Technologies. 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 Universal Biosensors, Inc. (ASX: UBI) share price is rising higher during mid-morning trade. This comes after the medical diagnostics company announced its first sales into Europe.

At the time of writing, Universal shares are up 7.32% to 66 cents.

What’s driving the Universal share price higher?

Investors appear pleased with the company’s latest update, with management hinting revenue is on track for 2021 targets.

According to this morning’s release, Universal welcomed the first sales of its Sentia device and free Sulphur Dioxide (SO2) test strips into Europe. The products were sent to companies operating in France, Italy, Germany, Spain, Portugal and Switzerland.

Universal entered into a non-exclusive agreement with Vinventions SA to market and trial Sentia in France and Italy. In addition, the company made its first sales of Sentia to AZ3Oeno SL Enologia Viva for the Spain and Portugal markets. Universal noted that both distributors are seeking a more in-depth evaluation of Sentia’s performance, before committing to new deals.

In Switzerland, Universal revealed it has completed its first sales and partnered with Swiss leading manufacturer, XC Oenologie Sarl. The distribution agreement is valid for a term of 3 years and contains minimum purchase volumes.

Management commentary

Universal Biosensors CEO, John Sharman hailed the company’s progress, saying:

The launch of Sentia into the main European markets is a significant step forward for the company. Between Vinventions, AZ3Oeno and XC Oenologie Sarl, we have access to more than 26,000 wineries across Europe.

Universal first supplied Sentia products during March 2021 and given the global COVID 19 pandemic, lockdowns and associated difficulties, sales during the first three months has been excellent. Our business is forecasting to hit $1 million of sales before the end of September. There are currently 19 distributors trialling Sentia devices across Europe. We are confident that over the next few months additional distribution agreements and sales will be made in Europe.

XC Oenologie Sarl CEO, Xavier Chevallay went on to add:

I am excited to be bringing Sentia into the Swiss market. I’m confident its speed of results and ease of use will be well received. XC Oenologie Sarl, is proud to start this collaboration with UBI and looks forward to representing Sentia with which we have carried out very convincing tests.

Over the last 12 months, the Universal share price has rocketed by more than 200%, with 2021 performance above 50%.

The post Why the Universal Biosensors (ASX:UBI) share price is climbing 7% today appeared first on The Motley Fool Australia.

More reading

• Why the Japara (ASX:JHC) share price just hit a 52-week high
• Crown (ASX:CWN) share price under pressure from AUSTRAC enforcement investigation
• ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation
• NAB (ASX:NAB) share price slumps as AUSTRAC begins investigation
• Up 220% in 1-year, Kazia Therapeutics (ASX:KZA) share price is edging lower today

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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The Japara Healthcare Ltd (ASX: JHC) share price is flying higher today. In morning trade, shares in the aged care provider reached a new, 52-week high of $1.19. The Japara share price has since retreated slightly to $1.18, up 5.83% for the day so far.

The positive price movement comes after Calvary Health Care upped its bid for Japara to $1.20 per share.

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

Why Japara shares are rising

In its statement to the ASX, Japara Healthcare said Little Company of Mary Health Care Ltd, known as Calvary, has submitted a new bid for 100% of the company at $1.20 per share.

Calvary’s original bid, which it submitted in late April, was for $1.04 per share. At the time, the Japara share price rocketed by more than 26% on the news. Since then, external factors have driven Japara shares higher than the original bid, such as the federal government’s proposed funding boost for the aged care sector.

The new bid represents a premium of roughly 7.6% on Friday’s closing price and a 94% increase compared to the first trading day of 2021.

Japara confirmed it will afford Calvary due diligence access to its records, subject to “appropriate conditions and confidentiality arrangements”. In its statement, Japara also made it clear there is no guarantee Calvary’s bid will result in a successful transaction.

Aged care sector in focus

The quality of aged care in Australia has come into the spotlight in recent times. It culminated in a Royal Commission into the industry, which was delivered in March this year. The commission found funding and staffing levels to be inadequate and made 148 recommendations to the federal government.

The sector has also been in the spotlight due to the COVID-19 pandemic, especially in Victoria. The southern state’s devastating second wave saw 820 people die, most of whom were aged care residents. Of all COVID-related aged care deaths in Australia, 95% were in Victoria.

Despite the troubles faced by the aged care sector recently, some ASX aged-care shares have fared surprisingly well. However, while the Japara share price, for instance, has been steadily increasing over the past 12 months, its value is still below what it was fetching in mid-2019.

Japara share price snapshot

Over the past 12 months, the Japara share price has increased by around 109%. Year to date, the company’s shares are up by around 90%.

Japara Healthcare has a market capitalisation of $315 million.

The post Why the Japara (ASX:JHC) share price just hit a 52-week high appeared first on The Motley Fool Australia.

More reading

• This beaten-up sector has some of the top performing ASX shares this year
• ASX aged care shares boosted after 2021 Federal Budget

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 Crown Resorts Ltd (ASX: CWN) share price has come under pressure this morning after the financial watchdog moved closer to charging the casino operator.

The Crown share price slumped 1.7% to $12.48 at the time of writing when the S&P/ASX 200 Index (Index:^AXJO) slipped 0.2%.

The Australian Transaction Reports and Analysis Centre (AUSTRAC) announced that it has identified potential serious non-compliance with Anti-Money Laundering (AML) and Counter-Terrorism Financing (CTF) laws by Crown Perth.

Bad news doesn’t stop for Crown share price

AUSTRAC started its formal enforcement investigation against Crown Resorts in October last year. Today’s news is a significant negative development against the Crown share price.

But it gets worse. Crown revealed that it may have also broken the law at its Melbourne casino.

“The Crown Board has recently received legal advice that a practice that existed at Crown Melbourne between 2012 and 2016 contravened section 68 of the Casino Control Act,” said Crown in an ASX statement.

“This practice involved Crown receiving payment from debit or credit cards of international guests at Crown Melbourne’s Crown Towers Hotel, with the funds then available to the patron for gaming at the Casino (the hotel card process).”

Fessing up to more bad behaviour

Section 68 of the Casino Control Act prohibits a casino operator from providing cash or chips from a patron’s credit or debit card, which will be used for gambling.

Crown admitted that it transacted $160 million through such a process before terminating the practice in November 2016.

“Crown is continuing its investigations into these matters, including whether it may have breached other laws by reason of the hotel card process,” added the company.

“Crown has notified the VCGLR and the Victorian Royal Commission of the matters the subject of this release.

“Crown will also notify all other relevant regulators and the Western Australian Royal Commission of these matters.”

AUSTRAC investigates other ASX shares

AUSTRAC declined to comment further on this development when contacted by the Motley Fool as investigations are ongoing.

The regulator has also commenced enforcement investigations in Star Entertainment Group Ltd (ASX: SGR).

Crown has become a takeover target since its illegal practices were uncovered in New South Wales. Star Entertainment is one of the bidders for Crown as it is hoping to merge with its rival.

Why the NAB share price is underperforming too

Separately, AUSTRAC announced today that it initiated a formal enforcement investigation into the National Australia Bank Ltd. (ASX: NAB).  

The NAB share price is also underperforming other ASX big bank shares. The NAB share price fell 2.8% to $26.73 at the time of writing.

The post Crown (ASX:CWN) share price under pressure from AUSTRAC enforcement investigation appeared first on The Motley Fool Australia.

More reading

• ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation
• NAB (ASX:NAB) share price slumps as AUSTRAC begins investigation
• SkyCity (ASX:SKC) share price sinks 9% on AUSTRAC news
• How has the Telstra (ASX:TLS) share price jumped to a 52-week high
• ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time

Brendon Lau owns shares of National Australia Bank Ltd. Connect with me on Twitter @brenlau.

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

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At lunch on Monday, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is edging lower. The benchmark index is currently down 0.1% to 7,285.6 points.

Here’s what is happening on the market today:

Altium rockets on takeover approach

The Altium Limited (ASX: ALU) share price surged a whopping 40% higher this morning after receiving a takeover approach from US giant Autodesk. The US$62 billion US-based multinational software company made a formal, non-binding, indicative and unsolicited proposal of $38.50 per share. This represents a 41.5% premium to its last close price. Though, it is also a 4.2% discount to its 52-week high. The Altium Board believes it undervalues the company and has rejected the offer.

AUSTRAC investigations

A number of ASX 200 shares have been hit with AUSTRAC investigations on Monday amid concerns over Australian Anti-Money Laundering and Counter-Terrorism Financing non-compliance. Banking giant National Australia Bank Ltd (ASX: NAB) and casino and resorts operators Crown Resorts Ltd (ASX: CWN), SKYCITY Entertainment Group Limited (ASX: SKC), and Star Entertainment Group Ltd (ASX: SGR) have all reported formal enforcement investigations. You can read about SKYCITY here and NAB here.

Tech shares rise

It isn’t just the Altium share price on the rise today in the tech sector. Fellow tech shares Afterpay Ltd (ASX: APT) and Appen Ltd (ASX: APX) are pushing higher today following a strong end to the week on the tech-heavy Nasdaq index. The famous index jumped a sizeable 1.5% on Friday night following the release of a solid US jobs report.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday is the Altium share price by some distance. It is up over 33% following its takeover approach. The worst performer has been the SKYCITY share price with a 4.5% decline following the AUSTRAC news.

The post ASX 200 down 0.1%: Altium rockets, NAB hit with AUSTRAC investigation appeared first on The Motley Fool Australia.

More reading

• NAB (ASX:NAB) share price slumps as AUSTRAC begins investigation
• Altium (ASX:ALU) share price shoots 40% higher on takeover approach
• SkyCity (ASX:SKC) share price sinks 9% on AUSTRAC news
• How has the Telstra (ASX:TLS) share price jumped to a 52-week high
• ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time

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 AFTERPAY T FPO, Altium, and Appen Ltd. The Motley Fool Australia owns shares of and has recommended AFTERPAY T FPO, Altium, and Appen 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 National Australia Bank Ltd (ASX: NAB) share price is falling this morning following news the bank’s activities have pricked the ears of AUSTRAC. NAB shares are currently down by 2.91% to $26.71, after closing on Friday at $27.51.

Shares in all the major banks are trading lower this morning, although NAB is leading the charge downwards.

NAB announced AUSTRAC is investigating the bank’s designated business group for potential breaches of Australian anti-money laundering legislation.

AUSTRAC is the body responsible for investigating criminal acts in Australia’s financial system. Also being investigated by AUSTRAC for potential anti-money laundering laws are SkyCity Entertainment Group Limited (ASX: SKC) and Crown Resorts Ltd (ASX: CWN)’s Crown Perth.

Let’s take a closer look at the news released by NAB this morning.

AUSTRAC investigation

According to a letter from AUSTRAC to NAB, dated 4 June 2021, the body believes there is “potential serious and ongoing non-compliance” regarding the NAB business group’s customer identification procedures and ongoing customer due diligence.

Anti-money laundering and counter-terrorism laws dictate financial institutions must properly identify their customers, keep customers’ identities up to date, and make efforts to recognise suspicious activities.

AUSTRAC has now begun a formal investigation into potential breaches.

There are 5 reporting entities within NAB’s designated business group subject to investigation. These are: NAB Limited, JBWere Limited, Wealthhub Securities Limited, Medfin Australia Pty Ltd, and AFSH Nominees Pty Ltd.

In September last year, Westpac Banking Corp (ASX: WBC) was ordered to pay a record $1.3 billion dollars for breaching anti-money laundering laws. AUSTRAC found Australia’s second-largest bank had made 23 million separate breaches of the legislation.

According to NAB, it has been open about facing anti-money laundering and counter-terrorism compliance issues since 2017 and has been working towards resolving them.

Commentary from management

NAB CEO Ross McEwan commented on the news of AUSTRAC’s investigation, saying:

NAB takes its financial crime obligations seriously. We are very aware that we need to further improve our performance in relation to these matters. We have been working to improve and clearly have more to do.

NAB has an important role in monitoring and reporting suspicious activity and keeping Australia’s financial system, our bank, and our customers safe.

NAB share price snapshot

Despite today’s falls, the NAB share price has been performing well on the ASX of late.

The bank’s share price is currently around 18% higher than it was at the start of 2021. It had also gained just over 37% since this time last year.

NAB has a price-to-earnings (P/E) ratio of 19.90 and a market capitalisation of around $88 billion. It also has approximately 3 billion shares outstanding.

The post NAB (ASX:NAB) share price slumps as AUSTRAC begins investigation appeared first on The Motley Fool Australia.

More reading

• ASX 200 Weekly Wrap: ASX hits 7,300 points for the first time
• NAB (ASX:NAB) responds to open letter from climate advocates
• Expected spike in Aussie dollar to >US80 cents spells trouble for these ASX shares
• IOOF (ASX:IFL) share price rises as it completes MLC purchase from NAB
• ASX 200 Weekly Wrap: ASX record highs tumble like… Costa shares

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 Kazia Therapeutics Ltd (ASX: KZA) share price is edging lower, down 2% in morning trade.

Below we take a look at the oncology-focused drug development company’s latest clinical trial update.

What update did Kazia provide?

Kazia Therapeutics’ share price is sliding despite the company reporting that a phase II study of its investigational new drug paxalisib, has commenced at Dana Farber Cancer Institute in Boston, Massachusetts.

The first patient has now enrolled in the study, which is expected to recruit up to 25 patients and take up to 2 years to complete.

Paxalisib is intended to treat primary CNS lymphoma (PCNSL). Lymphoma, a cancer of white blood cells, can spread throughout the body, while PCNSL solely afflicts the brain and central nervous system. Paxalisib belongs to the PI3K inhibitor class.

According to the release, the incidence of PCNSL has been increasing with time. The company also notes that many drugs administered to treat lymphoma in other areas of the body don’t work for PCNSL, as they can’t cross the blood-brain barrier.

Lakshmi Nayak, principal investigator for the study said:

Our centre has a strong research focus in primary CNS lymphoma. We are very interested to explore the potential for a brain-penetrant PI3K inhibitor in this disease. Patient outcomes in PCNSL remain far from optimal, and there is a pressing need for new treatment options.

Kazia’s CEO, James Garner added:

With paxalisib now in an international pivotal study for glioblastoma, we are increasingly focused on identifying other groups of patients who may benefit from the drug. There is a very sound rationale to explore PCNSL in this disease, and we are looking forward to seeing the study progress.

Kazia said it will support the study by proving the study drug as well as a financial grant.

There are now 8 ongoing clinical studies of paxalisib in brain cancer.

Kazia Therapeutics share price snapshot

Over the past 12 months, Kazia’s shares have gained 220%, well outpacing the 20% gains posted by the All Ordinaries Index (ASX: XAO).

Year-to-date the Kazia Therapeutics share price is up 5%.

The post Up 220% in 1-year, Kazia Therapeutics (ASX:KZA) share price is edging lower today appeared first on The Motley Fool Australia.

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The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. Bernd Struben 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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