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The Bellevue Gold Ltd (ASX: BGL) share price is edging lower despite the company providing a positive resource update prior to the market open. At the time of writing, Bellevue shares are trading 0.57% lower at 87.5 cents.

The company’s shares did open higher this morning and reached an intraday high of 91 cents before retreating to their current level. 

For comparison, the S&P/ASX 300 Index (ASX: XKO) is currently trading 0.13% lower for the day so far. 

Let’s take a look at what the company announced.

Bellevue Gold share price sinks despite increased resources

Bellevue this morning reported an increased Maiden Resource as part of its Bellevue Gold Project in Western Australia. The company reported a Marceline discovery of 310,000 ounces at 9.7 grams per tonne of gold. That includes indicated resources of 130,000 ounces at 10.1 grams per tonne of gold.

The Marceline Resource will form part of the stage two feasibility study currently underway as part of the project. Bellevue said it will accelerate the Marceline drilling program on the back of the strong results.

Both Marceline and the neighbouring Deacon North sit in the upper levels of the mine plan. That reportedly means their inclusion in the feasibility study could be good for the Bellevue Gold Project.

Bellevue managing director Steve Parsons said this could increase the project’s production, mine life and overall returns. “These newly discovered resources have the potential to have a positive impact on the project’s economics, due to their location sitting closer to the surface”, he said.

The Bellevue share price jumped higher in early trade before paring back those gains following the announcement.

Bellevue’s Global Resource has increased to 2.7 million ounces at 9.9 grams per tonne as a result of the update. Global Indicated Resources have climbed to 1.2 million ounces at 11.0 grams per tonne of gold.

Foolish takeaway

The Bellevue Gold share price is up and down in today’s session on the back of the miner’s upgraded resource estimate and plans for an accelerated drilling program at its site.

More reading

• Is it time for ASX gold shares to make a comeback?
• ASX shares making the biggest moves today
• Why the Bellevue (ASX:BGL) share price is charging higher today

Motley Fool contributor Ken Hall 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 Pendal Group Ltd (ASX: PDL) share price is edging higher in morning trade, up 0.5%.

We take a look at the S&P/ASX 200 Index (ASX: XJO) listed global investment manager’s latest quarterly funds under management (FUM) update below.

What did Pendal report on its FUM?

The Pendal share price is edging higher after the company revealed its FUM increased by 4.4% during the March quarter. Pendal’s FUM rose by $4.3 billion to reach $101.7 billion.

According to the release, net inflows for the quarter were $900 million. There was also a $900 million boost from currency movements with the Aussie dollar falling against a basket of key currencies during the 3-month period. Pendal said that strong investment performance and higher markets combined to contribute $2.5 billion.

Commenting on the March quarter results, Pendal Group CEO Nick Good said:

There has been a discernible turnaround in flows during the quarter with most channels achieving positive net flows. Inflows of $0.7 billion in Australia combined with substantially improved flows in the UK and Europe delivered healthy organic FUM growth during the quarter. Only the Westpac Legacy book and the OEICs experienced net outflows, and the level of outflow among the OEICs was markedly reduced.

According to Good, Pendal witnessed an uptick in investment performance across its business during the reported quarter.

He noted that the company’s recently launched Regnan Global Equity Impact Strategy had recorded strong inflows. The Regnan Global Equity Impact Strategy attracted inflows of $100 million, bringing its total inflows since launch to $200 million.

Good concluded:

With our diversified portfolio of investment strategies, we have been able to capitalise on the recent market rotation from growth to value and the increasingly positive investor sentiment globally. As the economic outlook continues to improve, particularly in the US, we are well positioned to take advantage of changes in investor preferences and market trends.

Pendal share price snapshot

The Pendal share price is up 38% over the past 12 months, outpacing the 28% gain posted by the ASX 200.

Year-to-date, Pendal shares have gained 10%.

More reading

• What’s happening with the Boral (ASX:BLD) share price?
• Is the Afterpay (ASX:APT) share price set to surge later this month?
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 rises above 7,000, Resolute Mining soars, Galaxy jumps
• Could the Galaxy (ASX:GXY) share price be next to raise capital after Zip (ASX:Z1P)?

Motley Fool contributor 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.

The post The Pendal (ASX:PDL) share price lifts on funds update appeared first on The Motley Fool Australia.

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The Universal Biosensors, Inc. (ASX: UBI) share price is in negative territory today despite announcing a distribution deal. In early morning trade, the medical diagnostics company is swapping hands for 71 cents, down 2.7%.

What did Universal Biosensors announce?

Investors are driving the Universal Biosensors share price lower today. This comes despite the company’s latest positive announcement.

According to this morning’s release, Universal Biosensors advised it has signed a non-exclusive distribution agreement with Wine & Beer Supply.

Founded in 2015, Wine & Beer is a rapidly growing business that provides an array of products to beverage companies. This includes bottles, tasting glasses, carriers, shippers, corks, AND vineyard supplies in addition to other items used by winery, brewery, and cidery industries.

The new deal allows Wine & Beer Supply to provide distribution channels for Universal Biosensors’ wine testing platform device, Sentia. This includes coverage over the eastern part of the United States. Importantly, this deal also sets up Sentia for a global launch.

Furthermore, the distribution agreement will run for a period of 3 years and contains standard renewal and termination options.

Management commentary

Universal Biosensors CEO, John Sharman welcomed the deal, saying:

Securing another distributor in the USA is a positive step in the commercialisation of Sentia globally. Wine & Beer Supply has a strong presence in the USA, particularly in the eastern half of the USA and will give Sentia greater access to the 11,500 wineries across the country.

Along with the current capability we believe the possibility of Sentia’s future testing capability for Glucose, Fructose, Malic Acid and others will add significant value to the winemaking industry. We are negotiating terms with a number of key industry players around the world and look forward to reporting additional distribution partnerships in due course.

Wine & Beer Supply CEO, Dave Robertson added:

We are delighted to partner with Sentia in the United States. We have received positive feedback from our customers and believe Sentia will make a significant impact in the wine testing market in the USA.

About the Universal Biosensors share price

In the past 12 months, the Universal Biosensors share price has gained over 300%. The share price is also up more than 60% year-to-date. Additionally, the company’s shares reached a multi-year high of 84.5 cents yesterday following another signed distribution agreement with a Singularity SpA.

On valuation grounds, the Universal Biosensors commands a market capitalisation of around $129.6 million, with 177.5 million shares outstanding.

More reading

• Why the Universal Biosensors (ASX:UBI) share price is up 6% today
• Here’s why the Universal Biosensors (ASX:UBI) share price is soaring 10%
• Why the Universal Biosensors (ASX:UBI) share price is shooting 36% higher today
• Universal Biosensors (ASX:UBI) share price is lifting today. Here’s why

Motley Fool contributor Aaron Teboneras 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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On Wednesday I looked at three ASX shares that brokers have given buy ratings to this week.

Unfortunately, not all shares are in favour with them right now. Three ASX shares that have just been given sell ratings by brokers are listed below. Here’s why these brokers are bearish on them:

AGL Energy Limited (ASX: AGL)

According to a note out of Morgan Stanley, its analysts have retained their underweight rating and $9.28 price target on this energy company’s shares. The broker has been looking at the company’s separation plans and suspects it may find limited investor appetite for its generation business. And while it sees the retail operations as a more attractive option for investors, it isn’t enough for a positive overall rating. The AGL share price is trading at $9.38 on Thursday.

Galaxy Resources Limited (ASX: GXY)

Another note out of Morgan Stanley reveals that its analysts have retained their underweight rating and $1.80 price target on this lithium miner’s shares. This follows the release of an update on its Sal de Vida operation this week. Although the broker was pleased with the update, it believes everything is already factored into the current Galaxy share price. In light of this, it isn’t in a rush to change its rating. The Galaxy share price is fetching $3.59 at the time of writing.

Zip Co Ltd (ASX: Z1P)

Analysts at UBS have retained their sell rating but lifted their price target on this buy now pay later (BNPL) provider’s shares to $6.50. According to the note, the broker was pleased with Zip’s strong growth during the third quarter. However, it isn’t enough to become positive on the company. UBS notes that Zip is still a relatively early stage investment with significant execution risks. In addition to this, it notes that BNPL providers have benefited greatly from COVID-19 stimulus. It has concerns about what will happen when stimulus is wound back by governments. The Zip share price is trading at $9.47 today.

More reading

• Is the Afterpay (ASX:APT) share price set to surge later this month?
• Strike Energy (ASX:STX) goes into trading halt for $80m cap raise
• Zip (ASX:Z1P) share price sinks lower after $400m notes offering
• Why the IOUpay (ASX:IOU) share price is up 15% this week
• Is the Klarna / Flybuys partnership the future for ASX BNPL providers?

James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. 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.

The post Top brokers name 3 ASX shares to sell today appeared first on The Motley Fool Australia.

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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

Wednesday was a tumultuous day for stocks with ties to the cryptocurrency market. Leading digital tokens Bitcoin (CRYPTO: BTC) and Ethereum traded sideways, which usually indicates a calm market day for crypto stocks.

However, the initial public offering (IPO) of cryptocurrency exchange Coinbase Global (NASDAQ: COIN) drove many of the most volatile crypto stocks lower. Bitcoin-mining heavyweights Marathon Digital Holdings (NASDAQ: MARA) and Riot Blockchain (NASDAQ: RIOT) fell as much as 17.1% and 16.6%, respectively. Fellow crypto miner Bit Digital (NASDAQ: BTBT) started the day nearly 25% higher due to positive momentum from Bitcoin price increases in recent days but was trading 6.7% lower at 3 p.m. EDT. Even data-analytics company Microstrategy (NASDAQ: MSTR), which has invested its cash reserves in Bitcoin tokens, dropped as much as 12.5% lower.

So what

Why should Coinbase’s public offering trigger a wave of falling share prices among Bitcoin miners and others with a heavy interest in rising Bitcoin prices? After all, this event has been widely advertised as an important turning point in the history of cryptocurrencies as a legit investment class. A well-heeled Coinbase could act as a stabilizing force in this volatile market and help traditional investors find their way into this new idea.

The new stock surged more than 30% higher on day one, briefly touching a $100 billion market capitalization. This IPO checked all the boxes that were expected to support the generally positive pricing momentum for Bitcoin, Ethereum, and other leading crypto names. All of that should be good news for crypto miners and investors, too.

That stabilizing effect can be bad news for some of the highest fliers in the cryptocurrency market, though. Marathon’s stock has gained 9,600% over the last year, while Riot Blockchain soared 4,800% higher. Their massive gains were built around the idea of skyrocketing Bitcoin prices for the foreseeable future.

A Bitcoin market with more influence from steady hands like a well-funded Coinbase may be good for the cryptocurrency’s long-term value, but with less exciting gains in the near term. The same speculators who drove these stocks to the moon in recent months are reconsidering their tactics at this market crossroads.

Now what

Coinbase raised nearly $3 billion in Wednesday’s direct listing, bolstering a balance sheet that held just $4.9 billion of cash equivalents at the end of 2020. Most of that cash balance consisted of customers’ custodial funds, which limits what Coinbase can do with it. The IPO may turn out to be a game-changing moment in the market history of cryptocurrencies.

That should be an exciting thought for long-term investors who expect Bitcoin and other digital currencies to become a standard form of value storage, much like gold or government bonds are today. It could also be terrifying for short-sighted speculators who make their living on extreme volatility.

Personally, I’m starting to think of my modest cryptocurrency holdings as serious long-term investments. Coinbase didn’t drive me to that conclusion all by itself, but this IPO played a significant part in my thought process. You can take a deep dive into how the crypto market works before you make up your own mind.

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

More reading

• Coinbase (NASDAQ:COIN) shares pop and drop in debut
• The Coinbase (NASDAQ:COIN) IPO price has been announced
• Bitcoin price hits new record high as Bitcoin ETF tops $1.3 billion
• The DigitalX (ASX:DCC) share price is up 30% this week
• What’s driving the Bitcoin price higher?

Anders Bylund owns shares of Bitcoin and Ethereum. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Bitcoin. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends MicroStrategy. 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.

The post Why Cryptocurrency stocks like Marathon Digital and Riot Blockchain crashed Today appeared first on The Motley Fool Australia.

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

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The Boral Limited (ASX: BLD) share price is bouncing around in early morning trade, currently up 0.3%.

Below, we take a look at the S&P/ASX 200 Index (ASX: XJO) listed building products and construction materials company’s latest market announcement.

What did Boral report this morning?

The Boral share price is edging higher after the company reported it is studying various options for its North American fly ash business. Those options include a potential joint venture (JV), strategic alliance, divestment to a third party or continued ownership

If you’re not familiar, fly ash is a byproduct of coal combustion. It’s mainly used to improve the durability of concrete.

Commenting on the plans for its North American fly ash business, Boral’s CEO Zlatko Todorcevski said:

We have conducted a detailed study of the US fly ash industry and remain confident in the long term demand dynamics for the industry, including significant incremental demand growth potential from the US government’s proposed new infrastructure program.

United State’s President Joe Biden has pledged to spend some US$2 trillion to revamp the US economy and upgrade the nation’s ageing infrastructure. That, as Todorcevski points out, will see a boost in the demand for concrete and fly ash.

Addressing the US shift to renewables and away from coal-fired power, Todorcevski continued:

New opportunities for supply exist from harvesting landfills, imports and natural pozzolans, which we expect will more than offset the decline in fresh fly ash supply as the US transitions away from coal fired power generation. As we continue to build our alternative supply strategy, strategic alliances and opportunities for partnership will be considered in parallel with divestment options or continued ownership.

The company said it has appointed advisors to assist with the study of its US fly ash business. It will provide an update when there is material progress or with its full year results in August, whichever comes sooner.

Earlier this month, on 1 April, the Boral share price got a big lift on a separate announcement related to its US businesses. That came after the company reported it had completed the sale of its 50% share in the USG Boral joint venture to Gebr Knauf KG for US$1.02 billion.

Boral share price snapshot

Boral shares have performed strongly over the past 12 months, up 120%. That compares to a gain of 28% on the ASX 200.

So far in 2021, the Boral share price is up 20%.

More reading

• Is the Afterpay (ASX:APT) share price set to surge later this month?
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 rises above 7,000, Resolute Mining soars, Galaxy jumps
• Could the Galaxy (ASX:GXY) share price be next to raise capital after Zip (ASX:Z1P)?
• 3 latest ASX shares that top brokers have upgraded to “buy” today

Motley Fool contributor 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.

The post What’s happening with the Boral (ASX:BLD) share price? appeared first on The Motley Fool Australia.

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The Genex Power Ltd (ASX: GNX) share price is up today following news of the company’s Kidston Pumped Hydro Storage Project. Genex has secured all the financing it needs to go ahead with the project.

The Genex Power share price has had a poor month. At the time of writing, it’s down 14% since this time last month.

However, today’s news has given the Genex share price a much-needed boost. It’s currently up 2.5%, trading for 21 cents.

Let’s look closer at today’s news from the renewable energy developer.

Kidston hydro storage project funding

This morning, Genex announced it’s secured $660 million of financing to close contracts for its 250MW Kidston Pumped Hydro Storage Project.  

The final piece of the financing puzzle was the $3 million variation deed to the loan note subscription agreement it secured from the Clean Energy Finance Corporation.

Prior to that, Genex had received a $610 million debt facility from the Northern Australia Infrastructure Facility.

It also secured a $47 million project grant funding agreement from the Australian Renewable Energy Agency (ARENA), the McConnell Dowell Constructors Pty Ltd and John Holland Group Pty Ltd. Combined with the forgiveness of $9 million of convertible notes previously issued to ARENA by Genex.

In conjunction with Genex’s fully underwritten fundraising of $115 million in late March, the project is now fully funded.

Construction is set to commence this month.

More about the project

The Kidston Pumped Hydro Storage Project is a first-of-its-kind venture into hydro energy.

It is utilising the abandoned Kidston Gold Mine in Far North Queensland, making use of pre-existing mining accommodation and road access.

It will integrate Genex’s 270WM Kidston Solar Project.

The company claims it will be able to generate, store and dispatch renewable energy on demand during peak periods.

Commentary from management

Genex CEO James Harding welcomed the progress, saying:

I would sincerely like to thank our financiers NAIF, ARENA and the CEFC, together with the Queensland Government, for their continued and longstanding support of Genex and the project, without which the realisation of this iconic project would not be possible.

We look forward to updating the market when we commence construction at the Kidston site toward the end of this month.

Genex Power share price snapshot

The Genex Power share price is having a particularly volatile time on the ASX of late.

It’s up by 28% over the last 6 months, but down 6% year to date. It’s also up 57% over the last 12 months.

Genex has a market capitalisation of around $158 million, with approximately 1 billion shares outstanding.

More reading

• The ClearVue (ASX:CPV) share price is up 65% in a month. Here’s why
• Genex Power (ASX:GNX) can count Atlassian founders as major backers
• Genex (ASX:GNX) share price frozen on hydro project fund raising

Motley Fool contributor Brooke Cooper 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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April has witnessed a number of initial public offerings (IPOs) hit the ground running. As such the 92 Energy Ltd (ASX: 92E) share price will be on the radar when the company makes its ASX debut today.  

Newly listed shares such as Island Pharmaceuticals Ltd (ASX: ILA), Delorean Corporation Ltd (ASX: DEL) and Iceni Gold Ltd (ASX: ICL) all opened at least 45% higher than their initial listing prices. There is clearly an investor appetite for IPOs, which 92 Energy investors will be hoping bodes well for the company’s float today.  

Why the 92 Energy share price is in focus

92 Energy is scheduled to make its ASX debut at 1 pm AEST on Thursday after successfully raising $7 million at an offer price of 20 cents per share. This gives the company a market capitalisation of approximately $13.2 million. 

92 Energy is an Australian uranium exploration company searching for high-grade uranium in the Athabasca Basin, Saskatchewan, Canada. 

The company recently acquired significant databases of uranium exploration opportunities based in both Saskatchewan and Eastern Europe.

This led to the 100% purchase of Thunderbird Metals Pty Ltd, which holds information regarding uranium exploration opportunities in Saskatchewan, and European Resources Pty Ltd, which holds information for Eastern European opportunities.  

Relying on the information acquired from Thunderbird, the company entered into an agreement with IsoEnergy Ltd, holding a 100% legal and beneficial interest in a number of uranium mineral claims adjacent to IsoEnergy. 

Current projects

92 Energy currently has three projects that have the potential for unconformity-type uranium mineralisation, which the Athabasca Basin is renowned for. The basin is estimated to have produced around a quarter of the world’s uranium from 2016 to 2018. 

The Gemini Project is an early-stage uranium project located on the eastern margin of the Athabasca Basin, Saskatchewan, Canada. This project consists of six granted claims of which the company has 100% legal and beneficial interest in five. 

The company notes that most uranium exploration programs worldwide took place in the 1980s, but because of an oversupplied uranium market and low prices, there has been little activity in the area since. 

92 Energy believes there are considerable untested prospective areas with the potential to host unconformity-type uranium mineralisation. The use of modern geophysical methods and processing techniques will provide greater definition for the targeting of future drill holes.

The Tower Project is an early-stage uranium project also located on the eastern margin of the Athabasca Basin. The company considers its area to be underexplored with untested potential to host uranium mineralisation. Follow-up work is needed involving more detailed geophysics to define drilling targets. 

The Clover Project is located approximately 820 km northeast of Saskatoon. The company is looking to use the best available airborne magnetic data for mapping the basement rocks and important structures before drilling.

Could uranium demand drive the 92 Energy share price? 

Uranium fuels nuclear power generation which many believe has a critical role to play alongside renewables in a low carbon future.

Uranium prices were as high as ~US$130/lb around 2007 before diving to the mid US$20/lb mark between 2016 to 2019. This has resulted in a significant pullback in worldwide exploration and mine development. 

With that backdrop, Tim Gitzel, CEO of Cameco Corp the world’s largest publicly traded uranium company, commented: 

Growing demand for nuclear power means growing demand for uranium. However, on the supply side there are some big question marks about where uranium will come from to fuel the world’s growing demand for nuclear power due to years of persistently low prices that have led to planned production curtailments, lack of investment, the end of reserve life for some mines, shrinking secondary supplies, and trade policy issues, which are currently being amplified by unplanned disruptions due to the COVID-19 pandemic. These are the fundamentals that give us growing confidence the uranium market will undergo a transition similar to the conversion and enrichment markets.

More reading

• Here’s why the Genex Power (ASX:GNX) share price is up today
• Is the Afterpay (ASX:APT) share price set to surge later this month?
• Why the Ampol (ASX:ALD) share price is climbing
• Why the Race Oncology (ASX:RAC) share price is rocketing 10% higher
• GameStop looks to become debt-free with early debt retirement plan

Motley Fool contributor Kerry Sun 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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All eyes are on the Zip Co Ltd (ASX: Z1P) share price but the Afterpay Ltd (ASX: APT) share price could soon be back in the spotlight.

Investors have been focused on the Zip share price after it released a better-than-expected update and move straight into a $400 million capital raise.

The Zip share price fell 1.4% to $9.48 this morning and Afterpay lost a similar amount to $126.12.

In contrast, the S&P/ASX 200 Index (Index:^AXJO) shed 0.4% to fall to just under the psychologically important 7,000 mark.

Upcoming update puts Afterpay share price back in spotlight

But Afterpay could be back in focus when it releases its quarterly trading update. This update is due before the end of this month.

Like Zip, Afterpay could surge if the update beats expectations. While it’s hard to know precisely what the consensus forecast is, Morgan Stanley thinks it’s around what it is predicting.

What investors are expecting from Afterpay’s update

“We look for 14.8m active users (+76% YoY) and A$4.9bn GMV (+90% YoY) in APT’s March quarter (3Q21) update,” said the broker.

“While quarterly consensus is hard to gauge, our 2H21 forecasts are in line with consensus.

“Split by region, we expect A$2.1bn GMV for ANZ and A$2.4bn for the US. We expect 3.5m ANZ users vs 9.4m US users.”

If Afterpay can beat those numbers, it will almost certainly trigger a share price rally for the buy now play later group.

US growth the key focus

More specifically, the US figures could be the main one to watch. This is where Zip Co excited the market.

“APT’s US app downloads were particularly strong in the month of March at 760k, or 3x the amount of the prior year, and exceeded Dec 2020 levels (730k),” added Morgan Stanley.

“This will support future growth. US BNPL peers did not see an increase as large as APT in March.”

Talk about the weight of expectation!

What is the Afterpay share price worth?

But die-hard Afterpay supporters can take heart. Morgan Stanley doesn’t think Afterpay needs to beat expectations to look cheap.

The broker has an “overweight” recommendation on the Afterpay share price with a 12-month price target of $149 a share.

That leaves a more than 18% upside for the Afterpay share price.

More reading

• Strike Energy (ASX:STX) goes into trading halt for $80m cap raise
• Zip (ASX:Z1P) share price sinks lower after $400m notes offering
• Why the IOUpay (ASX:IOU) share price is up 15% this week
• Is the Klarna / Flybuys partnership the future for ASX BNPL providers?
• 5 things to watch on the ASX 200 on Thursday

Brendon Lau has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Is the Afterpay (ASX:APT) share price set to surge later this month? appeared first on The Motley Fool Australia.

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The Ampol Ltd (ASX: ALD) share price is climbing higher this morning after providing unaudited financials for the quarter ended 31 March 2021 (Q1 2021). At the time of writing, the Ampol share price was trading for $25.43, up 4.22%.

Why is the Ampol share price worth watching?

Ampol reported higher earnings before interest and tax (EBIT) numbers across its 3 major segments. Australian Fuels & Infrastructure (F&I) ex Lytton EBIT came in at $59 million, up from $47 million in both Q4 2020 and Q1 2020.

International F&I EBIT increased to $26 million, up from $18 million last quarter and $24 million in the year prior. That represents an 11% increase on prior corresponding period (pcp) as higher prices offset lower volumes. Lytton EBIT recorded losses of $4 million and $18 million in Q4 2020 and Q1 2020 respectively.

The Ampol share price is one to watch in early trade following this morning’s update. Overall F&I EBIT climbed to $85 million from $61 million last quarter and $53 million last year while convenience retail EBIT edged lower came in at $78 million. 

Convenience retail shop performance remains strong despite the impact of snap lockdowns. Ampol reported a positive response to the Ampol rebrand with 109 sites rebranded at the end of March.

Ampol’s Corporate segment posted a $13 million EBIT loss, the same as Q4 2020 and less than the $15 million figure last quarter. Replacement cost of sales operating profit (RCOP) EBIT excluding significant items edged higher on the back of strong segment results.

The Ampol share price has jumped out of the blocks early this morning as strong earnings flowed through to the bottom line.

RCOP EBIT totalled $150 million for the quarter, up from $142 million in Q1 2020 and $122 million last quarter. Group Historic Cost Operating Profit (HCOP) net profit after tax totalled $175 million, up from $12 million in Q4 2020 and a $29 million loss in Q1 2020.

Foolish takeaway

The Ampol share price is climbing higher as investors react well to the latest numbers. Notably, crude oil prices continued to rebound last quarter as the recovery from the coronavirus pandemic continues. 

More reading

• The Ampol (ASX:ALD) share price is up 6% as its chair gets on board

Motley Fool contributor Ken Hall 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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