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Australia’s leading investment platform provider CommSec has released data on the most traded ASX shares on its platform from last week.

Here’s the data:

Zip Co Ltd (ASX: Z1P)

Zip continued its run as being the most traded ASX share for a sixth week in a row. The buy now pay later (BNPL) provider’s shares were attributable to 2.4% of trades on the CommSec platform last week, with 55% coming from buyers. Due to weakness in the tech sector, the Zip share price lost 3.5% of its value during the period.

88 Energy Ltd (ASX: 88E)

A surprise addition to the top five was this energy exploration company’s shares ,which were responsible for 1.7% of trades on CommSec. Although its shares surged 36% higher last week, the buying and selling was evenly split. Interestingly, the volume of shares traded was so high it prompted an ASX query. 88Energy advised that it was not aware why its shares were in demand. Though, it notes that it had recently announced the commencement of drilling of the Merlin-1 exploration in Alaska.

Betashares Nasdaq 100 ETF (ASX: NDQ)

This exchange traded fund (ETF) was popular with investors again last week. The NDQ ETF accounted for 1.4% of trades on CommSec over the five days, with 78% coming from the buy side. The US tech-focused ETF lost 1.3% of its value last week.

Afterpay Ltd (ASX: APT)

Afterpay was among the most traded shares on CommSec again last week. It was attributable to 1.4% of trades on the platform, with the buying and selling evenly split at 52% to 48%, respectively. The sellers will have been the happier group, with the Afterpay share price losing 4.5% of its value last week. This was the fourth week in a row of declines.

Oneview Healthcare PLC (ASX: ONE)

Oneview Healthcare shares were another surprise addition to the top five. The healthcare software company’s shares were responsible for 1.4% of trades on CommSec, with buyers making up 57% of these trades. Those buyers will have been delighted to see the Oneview Healthcare share price jump 130% over the five days thanks to a new strategic investment.

More reading

• How to counter the ASX 200’s Achilles heel
• ASX 200 crash anniversary: 5 of the best performing shares of the last 12 months
• Time to be bullish or bearish on the Afterpay (ASX:APT) share price?
• 5 things to watch on the ASX 200 on Tuesday
• 3 top ETFs for ASX investors to buy

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 BETANASDAQ ETF UNITS and ZIPCOLTD FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended BETANASDAQ ETF UNITS. 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 Deep Yellow Limited (ASX: DYL) share price spent most of the day 4% higher than yesterday’s closing price, but has dropped this afternoon after the company made an announcement. The uranium exploration company announced its share purchase plan, intended to raise $2 million, was heavy oversubscribed.

The company received applications for more than 3.7 times the number of shares available within the purchase plan.

At the time of writing, the Deep Yellow share price is 75 cents, flat on yesterday’s close.

Let’s look more into this afternoon’s announcement from Deep Yellow.

Oversubscribed share purchase plan

 On the ASX, there are oversubscribed share purchase plans, and then there’s what happened to Deep Yellow.

The company intended to offer a maximum of approximately 3,076,000 shares but received applications for 11,420,000.

Apparently, excited investors must have felt the offered price of 65 cents per share was a bargain.

The company will now conduct a pro-rata scale-back of applications. Each investor who placed an application with the company will receive 26.94% of the shares they applied to receive. Meaning Deep Yellow will be handing out its intended number of shares.

The issued shares are expected to be issued and allotted on 29 March.

Interested investors will begin to receive refunds from Deep Yellow for any excess shares they wished to purchase in the plan that they were unable to receive.

More about Deep Yellow 

Deep Yellow is a differentiated, advanced uranium exploration company. It is still in development phase but has plans to become world-wide geographically diverse asset portfolio.

The company states its long-term outlook is positive due to the role nuclear power will have in meeting clean energy targets.

Currently, Deep Yellow has 3 projects underway in Namibia.

Deep Yellow share price snapshot

The Deep Yellow share price is having a great year. It is currently up 50% year to date and an incredible 525% over the last 12 months.

The company has a market capitalisation of around $241.5 million, with approximately 322 million shares outstanding.

More reading

• Why ASX uranium shares could run even hotter in 2021

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 Telstra Corporation Ltd (ASX: TLS) share price is having a great day today. At the time of writing, Telstra shares are up 2.15% to $3.32 a share. That’s roughly the highest Telstra has climbed since August last year. But Telstra is also having a great week. Over the past 5 trading days, Telstra is up more than 5.5%. The Telstra share price is also up 8.3% since 11 March, and up 10.13% year to date.

So what’s going on with the ASX’s biggest telco?

What does the Telstra share price have going for it in 2021?

There’s a lot going for Telstra right now in the eyes of many investors. The ASX is abuzz with rising bond yields and talk of future inflation down the road. Record stimulus over in the US is fuelling these fears, now that the passage of the Biden administration’s US$1.9 trillion stimulus package has passed. Commitments from central banks around the world, including our own Reserve Bank of Australia (RBA), to keep record low-interest rates and quantitative easing (QE) programs in place are also helping.

Since Telstra provides services (like internet, mobile phones and data) that are ‘needs’ rather than ‘wants’ these days, it could be viewed by investors as an inflation-resistant company. That’s because if inflation did hit, Telstra could probably raise its prices to keep up without losing customers. That’s all theoretical of course, but it is worth considering.

Further, Telstra also has an attractive dividend yield in the current market. The telco kept its generous 16 cents per share dividend intact through all of last year. It has also all-but-promised to do so again this year. On current pricing, that dividend is worth a yield of 4.82%, or 6.88% grossed-up with Telstra’s full franking. That compares very well against other ASX 200 blue chips like the banks right now.

Hitting the switchboard

Telstra has also been the talk of the town following an update to its proposed legal restructuring this week. Yesterday, Telstra told the markets that its proposed restructure, which will involve separating the company into four divisions under ‘The Telstra Group’, would be completed by December 2021. That’s if it gets shareholder approval at its October annual general meeting, of course.

Many investors are hoping that this restructure will unlock a lot of value for shareholders. Investors are particularly excited about the new InfraCo Fixed division, which will house Telstra’s fixed-line infrastructure assets. These include fibre ducts, data centres and exchanges. There is also the elephant in the room – the potential that InfraCo could bid for the government-owned nbn network once it goes up for sale.

It’s likely that a combination of these factors has been what’s behind the strength in the Telstra share price of late.

More reading

• Is the Telstra (ASX:TLS) share price a buy after its restructure update?
• Top brokers name 3 ASX dividend shares to buy today
• Why the Spacetalk (ASX:SPA) share price has exploded 40% in a week
• Why the Telstra (ASX:TLS) share price is on the move today
• ASX 200 Weekly Wrap: Inflation fears hold ASX down

Motley Fool contributor Sebastian Bowen owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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A2 Milk Company Ltd (ASX: A2M) and Bubs Australia Ltd (ASX: BUB) shares have slumped to multi-year lows as COVID-19 has put a halt on any near-term growth prospects.

While some investors may perceive these heavily discounted infant formula shares as a bargain, Citi thinks the Bubs and A2 Milk share prices are headed lower. 

A2 Milk share price rated as a sell 

Citi analysts have paid close attention to the results of Feihe, the largest and most highly recognised Chinese infant milk formula company. Feihe reported an online and offline market share of 17.20% in Q3 2020, with an ambitious goal to have at least 30% market share by 2023. The broker believes that competition is likely to continue for foreign infant milk formula players such as A2. 

Citi maintained a sell rating for A2 Milk shares with a $7.15 target price. The broker believes that reseller inventory could be moving closer to expiry, forcing them to sell it at a discount. 

Taking a look at the bigger picture, Citi highlights ongoing pressures with birthrates as a threat to infant formula demand. It also believes that Australia-China geopolitical tensions could ultimately restrict inventory flow.

Citi isn’t the only one bearish on the A2 Milk share price. The Commonwealth Bank of Australia (ASX: CBA) announced on Tuesday it had reduced its stake in A2 Milk from 46.9 million shares or 6.34% of the company to 39.5 million shares or 5.32%. 

Bubs also slapped with a sell 

Citi also highlighted increasing competition as a key challenge for the Bubs share price. The growing market share of Chinese brands is likely to weigh on its growth prospects. 

The broker believes that COVID-19 has delayed and increased the uncertainty with the company’s pathway to profitability. As a result, Citi rates the Bubs share price as a sell with a 35 cent target price. 

More reading

• Leading brokers name 3 ASX shares to sell today
• How to counter the ASX 200’s Achilles heel
• Which ASX 200 shares haven’t recovered from the COVID-19 crash?
• ASX 200 up 0.35%: Crowns surges, ANZ & CBA settle class actions
• Will mounting competition break the Afterpay (ASX:APT) share price?

Kerry Sun has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of BUBS AUST FPO. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia has recommended BUBS AUST FPO. 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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Lithium miner Piedmont Lithium Ltd (ASX: PLL) placed its shares in a trading halt today after announcing a US public offering. At the close of the previous day’s trade, shares in the dual-listed company were selling for $1.055. 

Let’s take a closer look at what Piedmont Lithium announced.

What did the company announce today?

In a statement to the ASX, Piedmont Lithium announced its plan “to conduct a U.S. public offering,” of up to 1.5 million of its American Depository Shares (ADS). 1 ADS will be the equivalent of 100 of its ordinary shares. As mentioned, the company placed shares in a suspension in anticipation of further announcements.

JPMorgan Chase & Co. (NYSE: JPM), Evercore Inc (NYSE: EVR), and Canaccord Genuity Group Inc (TSE: CF) will be joint book-runners and lead underwriters for the offering. As part of the agreement between Piedmont Lithium and the underwriters, each will have a 30-day option to purchase an additional 225,000 at the issue price.

Proceeds from the offering will be used to fund an expansion of Piedmont Lithium projects. These projects include further mineral exploration and investments in Sayona Mining Ltd (ASX: SYA) and its subsidiaries.

Piedmont will make the offering pursuant to the US Securities and Exchange Commission (SEC) regulations.

The company did not declare the price of the ADSs in the statement.

Piedmont Lithium is one of the fastest-growing companies on the ASX

As previously reported, the growth in the Piedmont Lithium share price has been exponential. Significantly, in the space of only 12 months, its share price has grown an astronomical 1,523.08%. Piedmont, in addition to other ASX lithium miners, has been going gangbusters over the past year.

The Piedmont Lithium share price and the lithium commodity price are correlated with each other. According to the website Trading Economics, lithium has a going price of US $85,000.00 a tonne. In other words, its price has risen an incredible 82.8% in the year-to-date alone.

Furthermore, as demand for electric vehicles is set to increase, the price of lithium is expected to continue on its upward trajectory. Lithium is a major component in the manufacture of car batteries.

Piedmont Lithium has a market capitalisation of $1.5 billion.

More reading

• Why the Sayona Mining (ASX:SYA) share price is rocketing 25%
• Victoria to tax electric vehicles? What this could mean for ASX lithium shares
• These are the top performing ASX lithium stocks in 2021 so far
• Why the Piedmont Lithium (ASX:PLL) share price is zooming 9% higher today
• Why Afterpay, Piedmont Lithium, ResApp, & Santos are charging higher

Motley Fool contributor Marc Sidarous 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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There are a few ASX retail shares that are delivering strong growth thanks to their online operations and these stocks could be worth looking at.

Online sales are helping some businesses deliver stronger growth in this new operating environment.

COVID-19 has caused some significant difficulties for some areas of the retail world – just look at Vicinity Centres (ASX: VCX) and Scentre Group (ASX: SCG).

These two retail ASX shares could still be worth watching with more growth potentially to come:

Adairs Ltd (ASX: ADH)

Adairs is one of the country’s leaders in the retailing of home furnishings and home decoration products. It operates both Adairs and Mocka and sells quality in-house designed product direct to customers in Australia and New Zealand.

The ASX retail share has benefited from being on the receiving end of households spending more on their houses during these strange COVID-19 times.

In the recent half-year result for the 26 weeks to 27 December 2020, the company managed to achieve record sales and profitability despite 43 Melbourne stores being closed for almost half of the relevant reporting period. It managed to beat its sales and underlying earnings before interest and tax (EBIT) guidance after adjusting for the $6.1 million repayment of the jobkeeper wage subsidy.

Group sales increased by 34.8% to $243 million, but it’s the online sales that particularly impressed. Adairs online sales went up 95.2%, store sales rose 4.6% and, excluding store closures, like for like store sales went up 14.4%. Mocka sales – which are entirely online – rose by 44.4% to $28 million. Total online sales amounted to $90.2 million, which represented 37.1% of group sales. Adairs has really tapped into this new retail environment. 

There was growth of profit margins too from the ASX retail share. Adairs said this was a mix of sourcing, retail pricing initiatives and a strong focus on the reduced level of promotional activity. The number of storewide promotional events was reduced by 29 days during the half.

The gross margin increased 500 basis points, with the underlying Adairs gross margin improving by 690 basis points to 67.8%.

Underlying group earnings before interest and tax (EBIT) went up 166% to $60.2 million and statutory net profit after tax jumped 233.4%. This shows how much these margin initiatives have benefited the business.

In the first seven weeks of the second half of FY21, Adairs saw total sales growth of 25%, with Adairs online sales going up 65.9%. The margins remain elevated.

Morgans rates the Adairs share price as a buy with a price target of $4.50.

City Chic Collective Ltd (ASX: CCX)

City Chic is an ASX retail share that seeks to sell to plus-size women that want clothes, shoes and accessories.

It has been on an acquisition spree in recent years to expand its presence in the northern hemisphere. Avenue in the US and Evans in the UK are two businesses that offer the company access into the two large markets of the US and the UK.

The ASX retail share saw enormous levels of online sales growth – up 42% for the FY21 half-year result. Total sales went up 13.5% to $119 million, with online sales representing 73% of total sales, up from 65% in FY20.

Underlying earnings before interest, tax, depreciation and amortisation (EBITDA) grew 21.8% to $23.3 million, the EBITDA margin improved from 18.2% to 19.6% and statutory net profit rose 24.8% to $13.1 million.

Broker Morgan Stanley rates the City Chic share price as a buy, with a price target of $4.75.

City Chic is planning to leverage the Avenue business in the US by introducing the City Chic brand to leverage the significant traffic. It’s also excited by the Evans business with it thinks is a perfect strategic fit and was a good value acquisition.

More reading

• 2 ASX REITs to grab (and 2 to avoid): fundie
• 2 quality ASX shares to buy for the long-term
• Which ASX shares with ethical values are seeing returns in 2021?
• 3 top ASX shares rated as buys by brokers
• Leading brokers name 3 ASX shares to sell today

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends ADAIRS FPO. The Motley Fool Australia has recommended ADAIRS FPO. 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 Cettire Ltd (ASX: CTT) share price is having a fantastic day today. At the time of writing, the Cettire share price is up 8.42% to $1.30. This comes after closing at $1.18 yesterday and opening at $1.27 this morning. It was even better for Cettire shareholders earlier in the day too. Around lunchtime, CTT shares hit an intra-day high of $1.33 a share, which put them up more than 10% on yesterday’s close.

Cettire is a new company on the ASX, having only listed back in December last year. However, it sure has been a winner since then. Cettire only listed at 50 cents a share on 18 December. That means that this company, based on today’s prices, has given investors a 159% return since its IPO, and 164% year to date. Not bad for 3 months’ work.

So who is Cettire? And why is this company rocketing once again today?

Attire at Cettire

According to Cettire, the company is an “online destination exclusively for luxury fashion”. The company sells a wide range of products (over 160,000) from over 1,300 designer labels, including well-known luxury brands like Gucci, Dolce and Gabbana, and Prada. The company stocks both men and women’s clothing, with items ranging from your standard t-shirts, jackets and jeans, to bags, jackets, belts, hats, luggage, and sunglasses.

Cettire has adopted an online-only model, and services Australia and New Zealand as well as other countries like the United States, Canada, Japan, Saud Arabia, Hong Kong, Taiwan, and China, amongst many others.

Why is the Cettire share price moving today?

It’s unclear why Cettire shares are moving so decisively today. There have been no major announcements or official news out of the company since 12 March. That was an announcement from S&P Global that Cettire would be joining the All Ordinaries Index (ASX: XAO) in the March rebalance. Index inclusions often prompt buying pressure, so this could be relevant.

But it’s more likely that today’s moves are a result of momentum. Cettire released its earnings for the first half of the 2021 financial year (1H21) back on 26 February. It’s possible that investors are still piling into this company in the aftermath, given the strength of the numbers Cettire reported.

For 1H21, the company announced that gross revenues had grown 476% from $9.2 million in 1H20 to $52.7 million in 1H21. More than 90% of this revenue came from outside Australia. Active customers also grew by 319% to 67,700, while site visits were up 300% year on year to ~5.8 million.

Meanwhile, earnings before interest, tax, depreciation and amortisation (EBITDA) also grew 300% to$3.6 million. Net profits after tax were also on the up, rising 354% to $2.3 million. Product margins also grew from 35.7% in 1H20 to 38% in 1H21.

Needless to say, it was a very pleasing set of numbers that came out last month. Evidently, the market agrees. Since 26 February, the Cettire share price is up 35.8%.

On its current share price, Cettire has a price-to-earnings (P/E) ratio of 133. That tells us that while the market has rewarded Cettire for its performance so far, it is also clearly expecting this growth to continue. At the time of writing, Cettire shares have a market capitalisation of $491.8 million.

More reading

• 2 ASX retail shares delivering strong growth
• Leading brokers name 3 ASX shares to sell today
• Why the Quickstep (ASX:QHL) share price is sinking 8% today
• Why BrainChip, Crown, Qantas, & Quickstep shares are tumbling lower
• The Fortescue (ASX:FMG) share price is down 20% in March

Motley Fool contributor Sebastian Bowen 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 Monday 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 that have just been given sell ratings are listed below. Here’s why these brokers are bearish on these ASX shares:

A2 Milk Company Ltd (ASX: A2M)

According to a note out of Citi, its analysts have retained their sell rating and $7.15 price target on this infant formula and fresh milk company’s shares. The broker has concerns about rising competition in the key China market following the release of the results of China-based rival Feihe. Citi suspects that domestic producers could win a greater market share in the future. In addition to this, it has concerns that resellers of its infant formula may have to discount products soon as the expiry date of their inventory draws closer. The a2 Milk share price is trading at $8.39 on Tuesday. Incidentally, for the same reasons, Citi has reiterated its sell rating and 35 cents price target on Bubs Australia Ltd (ASX: BUB) shares.

AGL Energy Limited (ASX: AGL)

Analysts at Morgan Stanley have retained their underweight rating and $10.68 price target on this energy company’s shares. According to the note, the broker was pleased to see AGL renegotiate its supply deal with the Portland smelter last week. This removes an element of uncertainty from the equation. However, it is predicting that the new pricing will be below current market pricing, which could weigh on future earnings. The AGL share price is now trading below this price target at $10.54.

Blackmores Limited (ASX: BKL)

Another note out of Citi reveals that its analysts have retained their sell rating and $59.20 price target on this health supplements company’s shares. The broker has been looking at Blackmores’ options in the China market. Citi appears to believe the company should consider a partnership in the country to support it with regulatory and distribution capabilities. However, for the time being, the broker remains bearish. Especially given concerns over increasing competition in Australia, tough trading conditions in the daigou market, and its soft second half guidance. The Blackmores share price is trading notably higher than Citi’s price target at $83.36 today.

More reading

• Why the AGL Energy (ASX:AGL) share price is charging 5% higher
• ASX 200 up 0.4%: Bank shares lower, Xero shares upgraded
• Which ASX 200 shares haven’t recovered from the COVID-19 crash?
• Why the A2 Milk (ASX:A2M) share price is under pressure in 2021
• ASX 200 dips, Sydney Airport falls, AGL rises

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk and Blackmores Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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Quickstep Holdings Limited (ASX: QHL) shares are sinking today after the company provided a business update last night. At the time of writing, the Quickstep share price is down 8.45% to 6.5 cents.

Let’s take a closer look and see what the carbon fibre composites manufacturer updated the ASX market with.

Business update

Investors are selling down the Quickstep share price after the company revealed a disappointing update.

According to its release, Quickstep advised it has received notice from Chemring Australia that its tender for the MJU-68B flare housings contract has not been successful. This follows a recent proposal in which Quickstep would supply MJU-68 decoy flares from its custom-built flare housing manufacturing facility during FY21 and FY22.

As a result of the decision, Quickstep has issued a formal protest to both the United States and Australian Departments of Defence. The company stated that it will provide an update to its shareholders if there are any further developments.

Quickstep noted that its FY21 guidance released in its half-year results did not include the proposed supply of MJU-68B flare housings.

Quick take on Quickstep

Founded in 2001, Quickstep is an Australian-based company focused on providing advanced composite materials for important industries. These include aerospace, defence, marine, automotive, and other transportation sectors.

Most notably, the company has an impressive list of clients such as United States behemoths, Northrop Grumman, and Lockheed Martin. In addition, BAE Systems and Boeing are also recognised partners of Quickstep.

Quickstep share price snapshot

The Quickstep share price has moved around 8% higher in the past 12 months but is down roughly 28% year to date. The company’s shares were hit particularly hard during the middle of February, a week before it revealed its half-year scorecard.

Based on current valuation grounds, Quickstep has a market capitalisation of about $47.2 million, with over 716 million shares outstanding.

More reading

• Why BrainChip, Crown, Qantas, & Quickstep shares are tumbling lower

Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Lockheed Martin. 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 followed the lead of US markets and is pushing higher. At the time of writing, the benchmark index is up 0.2% to 6,764.8 points.

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

Brainchip Holdings Ltd (ASX: BRN)

The BrainChip share price has fallen 4% to 72 cents. This is despite there being no news out of the artificial intelligence services company today. However, it is worth noting that its shares are up 33% in the space of a month, even after today’s decline. As a result, it looks as though profit taking could be weighing on the BrainChip share price today.

Crown Resorts Ltd (ASX: CWN)

The Crown share price is down almost 2% to $11.76. This decline also appears to have been driven by profit taking. With the Crown share price jumping 21% on Monday following a takeover offer, it appears as though some investors are cashing in now. Especially given how close Crown’s shares are trading to the offer of $11.85 cash per share.

Qantas Airways Limited (ASX: QAN)

The Qantas share price has fallen over 2% to $5.21. A number of travel shares have come under pressure today. Investors may be concerned that the terrible floods in New South Wales and South Queensland could impact the Easter holiday period.

Quickstep Holdings Limited (ASX: QHL)

The Quickstep share price has sunk 8.5% to 6.5 cents. This follows the release of an update by the aerospace company after the market close on Monday. According to the release, Quickstep has been informed by Chemring Australia that its recent proposal for the supply of MJU-68B flare housings has not been successful. The company advised that the grounds for this decision are contestable. As a result, Quickstep has initiated a formal protest to the United States and Australian Departments of Defence.

More reading

• Qantas (ASX:QAN) share price dips after dismissed legal defection case
• Motley Fool CIO Scott Phillips talks to SBS News: A takeover in the offing for Crown Resorts (ASX:CWN)
• Is the Crown (ASX:CWN) takeover offer good value for shareholders?
• ASX 200 climbs, Crown soars, Mineral Resources drops
• Why AnteoTech, Crown, Dotz Nano, & Galan Lithium are zooming higher

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Crown Resorts Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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