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The Vimy Resources Ltd (ASX: VMY) share price is charging higher today, up 8% in morning trade.

Below we look at the latest market announcement from the ASX uranium share.

What did Vimy Resources announce to the ASX this morning?

The Vimy Resources share price is moving higher after the company reported it has been added to a second uranium tracking index.

After completing its “reconstitution and rebalance” for the first quarter of 2021, Vimy has been added to the North Shore Global Uranium Mining Index. This index is intended to track the performance of uranium explorers, miners and producers. It also includes companies that hold physical uranium.

This index provides the composition for the North Shore Global Uranium Mining ETF (NYSEARCA: URNM). Investors can buy and sell shares in the exchange traded fund (ETF) just as they would with any specific uranium shares.

Vimy reported that it is one of 8 uranium companies added to the index.

The North Shore Global Uranium Mining Index marks the second uranium tracking index Vimy has been added to in 2021. In January the company was added to the Solactive Global Uranium Pure-Play Index. This index provides the composition for the Horizons Global Uranium Index ETF (TSE: HURA).

Commenting on the company’s inclusion in the new indexes, Vimy’s Managing CEO Mike Young said:

Inclusion in these indices raises Vimy’s profile and is recognition for the progress made at our flagship Mulga Rock Project in Western Australia and ongoing development of our high-grade Alligator River Project in the Northern Territory. Investor sentiment continues to improve in the uranium sector and the influx of funds into these indices allows for greater portfolio exposure.

Vimy Resources share price snapshot

With the world seemingly reawakening to the potential of uranium to provide power with virtually zero carbon emissions, uranium and ASX uranium shares are largely enjoying a great run over the past year.

Vimy Resources is no exception.

Over the past 12 months Vimy Resource shares have soared 367%, compared to a gain of 33% on the All Ordinaries Index (ASX: XAO). Year-to-date the Vimy Resource share price is up 75%.

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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.

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The Splitit Ltd (ASX: SPT) share price has returned to its starting point in mid-morning trade today despite announcing a new market entry.

After falling lower at the open, the buy now, pay later (BNPL) company’s shares have regained ground and are back to their opening price of 74 cents at the time of writing.

What did Splitit announce?

In this morning’s release, Splitit advised it has expanded into the Japanese market with the launch of its services on the Google Store. Customers are now able to use instalment plans to make purchases.

In addition, the company noted that Japanese customers who bought selected Google-operating phones could now use Split’s payment options. This allows customers to turn their payments into equal monthly instalments on their linked credit card. The offer includes Google’s new 5G phone, the Pixel 5, or Nest products and Chromecast streaming devices.

Splitit could not provide any indication on what revenue it would likely receive from its offer. This was due to the unpredictable variable of customer uptake on specific Google products.

Words from management

Splitit CEO Brad Paterson touched on the company’s geographical expansion, saying:

I’m excited to announce that Splitit is now live in Google Store Japan, providing the best possible experience for Google Japan’s customers.

The seamless integration of Splitit in the Google platform means shoppers never have to navigate away from the Google site to complete their transaction when using Splitit. Even more significantly, Splitit allows shoppers to make instalment payments on their existing credit cards without incurring additional debt or fees.

Splitit share price in review

The Splitit share price has gained more than 100% over the past 12 months but fallen more than 40% year-to-date. The company’s shares have been treading significantly lower since the beginning of February.

Splitit commands a market capitalisation of roughly $338 million, with 456.7 million shares outstanding.

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Motley Fool contributor Aaron Teboneras owns shares of Splitit Ltd. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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The corporate watchdog has started legal action against the Commonwealth Bank of Australia (ASX: CBA), accusing it of misleading or deceptive conduct.

The Australian Securities and Investment Commission (ASIC) will also allege that the bank has violated its Australian financial services licence requirements.

The accusations revolve around almost $55 million in fees charged to more than 800,000 accounts, affecting almost a million customers.

ASIC will allege in the Federal Court that Commonwealth Bank incorrectly charged monthly fees to customers who were actually entitled to have it waived. The waiver criteria were stated in their contracts with the bank.

This allegedly occurred over more than 9 years between June 2010 and September 2019.

The corporate regulator will attribute the erroneous charges to 30 instances of “inadequate or improperly configured” systems, plus manual mistakes by bank staff.

Commonwealth Bank acknowledged the court case in a statement to the ASX on Thursday morning.

“CBA has cooperated fully with ASIC during its investigation, however it does not accept the way that the alleged contraventions have been formulated in the proceedings and therefore will defend the matter.”

ASIC has a problem with not just the fees

As well as the actual erroneous fees, ASIC accuses the bank of making “false or misleading” representations to customers that the charges were legitimate. 

CBA is also accused of “misleading or deceptive conduct” for telling newly contracted customers that adequate systems were in place to calculate waivers.

ASIC alleges CBA’s failure to investigate the “multiple systemic issues” amounts to a breach of its obligations to “provide financial services efficiently, honestly and fairly”.

The bank apologised to impacted customers in its statement.

“Remediation payments of $64.2m (including interest) have been sent to customers. Of the total remediation payments, approximately 90% related to two fee waiver issues that were identified in 2017 and 2019,” the company stated.

“The remediation of customers affected by the issues in these proceedings has been completed. CBA continues to invest in strengthening its systems and procedures.”

The court can legally only penalise for violations between April 2015 and September 2019, which equate to 2.4 million monthly charges totalling $11.5 million.

“ASIC commenced this proceeding because financial institutions need to have robust compliance systems to meet their obligations to customers,” stated the watchdog.

“Financial institutions need to put customers first, and customers should have confidence that the banks they deal with charge fees correctly.”

A date for the hearing has not yet been set.

At the time of writing, the CBA share price is trading flat at $86.02, down just 0.09%

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Motley Fool contributor Tony Yoo 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 South32 Ltd (ASX: S32) share price has climbed higher in early trade following a pre-market open announcement. At the time of writing, the South 32 share price is trading at $2.85, up 1.4%.

The South32 share price is climbing higher this morning on the back of the news in line with the S&P/ASX 200 Index (ASX: XJO).

Why is the South32 share price climbing?

The Aussie mining group this morning provided an update on its South Africa Energy Coal divestment. South32 had previously said it expected to conclude the transfer of its shareholding in South32 SA Coal Holdings Proprietary Limited to Seriti Resources Holdings Proprietary Limited (Seriti) by the end of the March quarter.

Furthermore, South32 has now become aware that key information has ceased to be confidential ahead of finalising transaction terms. The company will also provide additional support to underpin the sustainability of the South Africa Energy Coal business under Seriti’s ownership.

Key elements of that support include:

• Amending the original share price agreement by adjusting the upfront cash payment and removing the deferred consideration.
• Entering into a US$50 million facility with a Seriti subsidiary to fund costs incurred for restructuring.
• Providing US$200 million to fund rehabilitation activity at the South Africa Energy Coal operations.

The restructuring facility is expected to be drawn down before the end of FY22 with a 10-year repayable period. South32 CEO Graham Kerr said, “Securing the long-term sustainability of the South Africa Energy Coal business has been our key objective in transitioning the business to black ownership, consistent with South Africa’s transformation imperative”.

The latest changes move South32 closer to a completed sale, simplifying the business and reducing South32’s capital intensity.

Foolish takeaway

The South32 share price has edged higher in early trade following the latest update. Today’s update indicates South32 is moving closer to a divestment of its SA Energy Coal shareholding. South32 hopes for completion by 30 June 2021.

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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 Pro Medicus Limited (ASX: PME) share price has been a strong performer on Thursday.

In early trade, the health imaging company’s shares were up as much as 5% to $43.44.

The Pro Medicus share price has pulled back a touch since then but remains up 3% to $42.61 currently.

Why is the Pro Medicus share price charging higher?

Investors have been buying the company’s shares after it provided an update on its share buyback.

One year ago, Pro Medicus commenced an on-market share buyback for a period of 12 months. This allowed the company to buy back up to 10% of its shares on issue over the period.

However, this buyback has now completed without the purchase of a single share.

What now?

The good news for shareholders is that in light of its failure to buy shares over the last 12 months, the Pro Medicus board has announced the commencement of a new on-market share buyback today.

Once again, this will run for a period of 12 months and allows the company to acquire up to 10% of its shares on issue. This buyback program will commence in approximately 14 days and be handled by Goldman Sachs Australia.

Will Pro Medicus buy shares this time?

It remains unclear at what level the Pro Medicus share price would have to be trading at for the company to begin buying shares.

However, with its shares trading within sight of its all-time high, it seems unlikely that Goldman Sachs will be buying shares in the near term. Particularly given how they were trading below $30.00 for much of last year when its previous buyback program was in place.

Though, it is also worth noting that Goldman currently has a buy rating and $53.80 price target on the company’s shares. So clearly its analysts see a lot of value in them at the current level.

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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 recommends Pro Medicus Ltd. The Motley Fool Australia has recommended Pro Medicus Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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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

Shares of electric-car maker and green-energy specialist Tesla Inc (NASDAQ: TSLA), soared on Wednesday, jumping about 4.7% by 1:30 p.m. EDT.

The stock’s gain is likely fueled by both an optimistic day in the overall market and an analyst note expressing a bullish view for the auto company’s first-quarter deliveries.

So what

In an upbeat day on Wall Street, the S&P 500 was up about 0.8% as of this writing on Wednesday. The tech-heavy Nasdaq Composite had gained more than 1.8%. Many growth stocks like Tesla were up even more.

For two trading days in a row, growth stocks generally seem to be rebounding from a brutal sell-off that occurred between mid-February and late March.

Relating to Tesla specifically, Wedbush analyst Daniel Ives said on Wednesday that he believes Tesla’s first-quarter deliveries will exceed analyst expectations for the period. 

Now what

There’s a lot of uncertainty around Tesla’s first-quarter deliveries due to semiconductor supply shortages that have weighed on broader auto production. But Ives thinks that strong deliveries in the U.S. and China will help the company report better-than-expected deliveries.

Though Tesla’s quarterly deliveries are expected to be lower sequentially, analysts are generally modeling for extremely strong year-over-year growth of around 80% to 90%.

Tesla will likely report its first-quarter vehicle deliveries on Friday or Saturday.

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

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Daniel Sparks has no position in any of the stocks mentioned. His clients may own shares of the stocks mentioned. The Motley Fool owns shares of and recommends Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends 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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This article was originally published on Fool.com. All figures quoted in US dollars unless otherwise stated.

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The Evolve Education Group Ltd (ASX: EVO) share price is spiralling lower in morning trade, down 5%.

Evolve, which trades on both the ASX and New Zealand exchange, entered a trading halt at its request on Wednesday so it could undertake the placement of new shares.

This morning Evolve announced the successful completion of that capital raising. We look at the details of the ASX education share’s placement below.

What did Evolve Education report on its capital raising

The Evolve share price is moving lower in morning trade after the company reported a successful $21.7 million institutional share placement.

The childcare and education centre operator will issue roughly 19.7 million shares ay AU$1.10 per share. That’s 8.3% below the closing price of $1.20 per share prior to the trading halt but still 2.7% above the current price of $1.13 per share.

Commenting on the capital raising, Evolve’s Managing Director Chris Scott said:

We are delighted with the support for the placement, confirming the investment community’s belief in Evolve’s value proposition and growth trajectory… The capital raising will contribute to further implementing our Australian expansion strategy, as we believe the current market conditions are highly favourable for centre acquisitions and market consolidation. We look forward to putting investors’ money to work.

The company reported that Canaccord Genuity Limited and Petra Capital Pty Limited acted as Joint Lead Managers and Joint Bookrunners to the placement. Settlement on the ASX is expected on Monday, 12 April.

Evolve Education share price snapshot

Evolve has a market cap of $167 million. The company has recently been acquiring numerous new child care centres.

2021 hasn’t been off to a great start for Evolve shareholders, with the share price down 12%.

But if you’d bought shares 12 months ago, you’d have watched the Evolve share price rocket 109%. That compares to a gain of 33% on the All Ordinaries Index (ASX: XAO).

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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.

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The Douugh Ltd (ASX: DOU) share price is soaring this morning after news from the company that it can launch a wealth management service in the United States.

The news sent the Douugh share price up 16% in opening trade, a welcome rise after this week’s fall of 8.8%, which included a significant drop yesterday. At the time of writing, shares in the AI-driven financial management app provider are up 12.9, trading at 18 cents.

Let’s look closer at the announcement Douugh made this morning.

Wealth Jars

In today’s release, the company announced it’s been granted a registered investment advisor (RIA) licence by the US Securities and Exchange Commission.

Douugh’s new RIA licence will allow the company to launch its Douugh Wealth products, including its anticipated crown jewel: Wealth Jars.

The company said Wealth Jars would initially allow users to invest money in custom-built managed portfolios. Its new RIA status has made it possible for the app to provide “Robo-Advice and Trading”.

Douugh will ultimately expand Wealth Jars to enable users to invest in stocks, exchange-traded funds (ETFs) and cryptocurrency. It will eventually allow users to create separate investing accounts. For instance, a high-risk cryptocurrency investing account could sit alongside a low-risk investment account for retirement savings.

The company is set to launch Wealth Jars in the coming months. It will sit alongside Douugh’s newly released features Autopilot and instant virtual card provisioning.

The company stated that, with its new US products underway and its acquisition of Goodments nearing, Douugh would soon be able to launch in Australia.

What did management say?

Douugh CEO Andy Taylor commented on the company’s progress:

We continue to execute on our plan to successfully build out new and exciting features to rapidly strengthen the value proposition of the Douugh banking platform, to accelerate customer growth and activation. Overall deposits and card spend continue to build strongly in the US and the company looks forward to providing a quarterly update on platform metrics in due course.

The RIA status in the US allows for the rollout of Wealth Jars. With this feature we can target customers in the investing space who are currently using platforms like Betterment, Acorns and Stash with a holistic solution for their money management, focused on growing automated long-term wealth.

This should result in larger deposits balances being received and ultimately a higher penetration of customers paying in their salaries, which is our north star metric.

Douugh share price snapshot 

So far, volatility has characterised 2021 on the ASX for the Douugh share price, with today’s news being only the latest potential shakeup.

Year to date, the Douugh share price is down by 2.94%. But those who invested this time last year can rejoice, as it’s up 150% over the last 12 months.

The company has a market capitalisation of $55.7 million, with approximately 655 million shares outstanding.

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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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The BHP Group Ltd (ASX: BHP) share price slumped 9.5% in March, underperforming both the broader ASX 200 and its S&P/ASX Materials (INDEXASX: XMJ) peers in March. 

Why the BHP share price underperformed

Ex-dividend driving underperformance 

The BHP share price went ex-dividend on 4th March for a fully franked $1.311 dividend. Shares generally fall on the ex-dividend date to reflect the dividend being paid. This is similar to how shares typically fall after a capital raising. On 4 March, the BHP share price closed $1.58 or 3.10% lower. 

By including the dividend investors would have received in March, the BHP share price fell 6.9% compared to the face value 9.5% fall. 

China’s crackdown on pollution 

China, the world’s largest greenhouse gas emitter, has made firm commitments to net-zero emissions by 2060. This means China will have to phase out key Australian exports. Which will include resources such as coal and slash the production of carbon-intensive steel, cement, and chemicals. 

While the target is decades away, China has taken some baby steps to mitigate the pollution. In particular, in some of its heavy industrial cities. In mid-March, factories in Tangshan were ordered to limit or halt production. This was applied on days when a heavy pollution alert was in place.  

Iron ore prices high but for how long? 

Despite potential headwinds for iron ore prices over the medium to long term, prices have remained firm at around US$167 per tonne this week. However, the outlook for prices is far less rosy.  

In a quarterly review by Australia’s Office of the Chief Economist, iron ore prices were forecasted to “remain well above US$100 a tonne until mid-2021 before easing to just over US$75 by the end of 2022”.

From an export perspective, it said that “Stronger prices are expected to push Australia’s iron ore export values up to a peak of $123 billion in 2020–21. An easing in prices and stronger Australian dollar are subsequently expected to push earnings back to a still-strong $95 billion by 2021–22.”

Keep tabs on Brazilian supply 

Production constraints in Brazil have supported record iron ore prices. The Office of Chief Economist believes that these factors are likely to persist for at least another six months. However, its commentary puts the spotlight on Brazil’s iron ore giant, Vale. 

On December 2, Vale released an update to its guidance, which
reduced its expected output for 2020 from 310-330 million tonnes to 300- 305 million tonnes. This will add significantly to supply pressures over the coming year.

China’s stimulus could slow 

China’s infrastructure driven economic recovery is a key catalyst for the rapid purchases of Australian iron ore. The report notes that “any easing in Chinese stimulus measures will also lead to fairly rapid downward shifts in prices from the current forecast level”. 

What’s next for the BHP share price? 

ASX iron ore majors are heavily reliant on a buoyant iron ore price. This allows them to maintain market leading dividends and solid share price performances. If the forecasts from the Office of the Chief Economists hold true, then this would see a domino effect in lower iron ore prices. And, possibly, a weaker BHP share price and lower dividends. 

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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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The Maggie Beer Holdings Ltd (ASX: MBH) share price has returned from its trading halt and is charging higher today.

At the time of writing, the premium food company’s shares are up an impressive 18% to 43 cents.

Why was the Maggie Beer share price in a trading halt?

Maggie Beer requested a trading halt earlier this week so that it could raise funds to acquire Hampers & Gifts Australia for $40 million in cash and shares.

Hampers & Gifts Australia is the company behind the Hamper Emporium and Gifts Australia ecommerce businesses.

The release advises that these businesses are forecast to generate revenue of $36.4 million and EBITDA of approximately $9.1 million in FY 2021.

Capital raising

This morning Maggie Beer revealed that it has successfully completed the placement and the institutional component of its entitlement offer.

This means the company has raised gross proceeds of $20.4 million, comprising $10.9 million from the placement and $9.5 million from its institutional entitlement offer.

These funds were raised at 35 cents per share, representing a 4.1% discount to its last close price.

According to the release, the capital raising had strong support from institutional investors. The placement attracted strong demand from both existing and new investors, whereas the entitlement offer experienced a take-up rate from eligible investors of greater than 97%.

Maggie Beer’s CEO, Chantale Millard, said: “We are very pleased with the strong support shown by new and existing shareholders for the capital raising and the acquisition of Hampers & Gifts Australia Pty Ltd. This exciting transaction will help us transform the MBH Group and move it to its next level of growth and shareholder value. We look forward to sharing the journey with our shareholders, as we execute our e-commerce and direct to consumer strategy.”

The company will now seek to raise a further $9.6 million from retail shareholders at the same price.

More reading

• Maggie Beer (ASX:MBH) share price on watch after announcing major acquisition

Motley Fool contributor James Mickleboro 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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