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The Flight Centre Travel Group Ltd (ASX: FLT) share price is having a pretty decent day today. Flight Centre shares are, at the time of writing, up 2.64% to $19.86 a share.

That’s a pretty pleasing result for shareholders, considering the broader S&P/ASX 200 Index (ASX: XJO) is ‘only’ up 0.59% at the same time.

Today’s movement continues the positive momentum the Flight Centre share price has enjoyed over the past month or two in particular. Flight Centre is now up 27% since 22 February, and up 44.7% since 1 February. They are also up 98.6% over the past 12 months.

However, zooming out and the picture is still not quite as rosy for long-term investors. Flight Centre shares are still 44.2% down from the pre-COVID level of $35.54 a share, and 68% down from the all-time high of $61.56 a share we saw back in August 2018.

But that was then, and this is now. So, what’s been going on with Flight Centre today?

Why is the Flight Centre share price soaring today?

Well, let’s get this out of the way: there is no official news or announcements out of Flight Centre that might provide an easy explanation for why Flight Centre shares have taken off today. The company’s last ASX announcement was released on 17 March, but that was just some routine regulatory paperwork, nothing too exciting.

But we are seeing similar moves from the companies that share Flight Centre’s stable as a travel company. Corporate Travel Management Ltd (ASX: CTD) shares are up 0.7% today, while Webjet Limited (ASX: WEB) shares have been bumped 1.65%. So this is clearly an industry-wide trend here.

These shares have all been in investors’ sights ever since the government announced the $1.2 billion travel stimulus package earlier in the month. This package includes 800,000 half-price airline tickets, which is obviously a positive development for companies like Flight Centre.

Also likely adding to this momentum is the ongoing rollout of coronavirus vaccines. The US has flagged that all citizens will be eligible for their shot by the end of April.

Here in Australia, we are not quite as advanced, but the government is still planning on making vaccines universally available before the end of the year.

All of these developments add up to a fertile environment for the Flight Centre share price. Thus, it’s no big surprise that Flight Centre shares are lifting today.

More reading

• Top brokers name 3 ASX shares to sell next week
• End of oil price rally fires warning shot for the ASX COVID recovery trade
• 11 top ASX shares that WAM thinks will make great buys
• Is the Webjet (ASX:WEB) share price in the buy zone after its update?
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited and Webjet Ltd. The Motley Fool Australia has recommended Flight Centre Travel Group 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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The Coles Group Ltd (ASX: COL) and other retailers received unwelcome news on Friday after the Australian Bureau of Statistics (ABS) released data showing retail turnover was 1.1% lower in February compared to January 2021. Turnover was 8.7% higher, however, when compared to February 2020.

While the release of these statistics is unlikely to have a material effect on the share price of these companies, the numbers are indicative of the trading environment faced by many retailers.

The ABS attributes the fall mainly to COVID restrictions in place in Victoria and Western Australia during the month. Victoria went into a state-wide, 5-day lockdown in mid-February, while the WA government placed the greater Perth metro area in a 5-day lockdown at the beginning of the month. Retail sales were down 4% and 6% in the respective states.

New South Wales and Queensland recorded strong growth rates in the month, which partially offset the national results. Both states had their own COVID restrictions in January. The ABS cites this as a reason for the strong growth in retail in NSW and QLD.

Food retailing was the biggest loser in the month. It fell 3% nationally, and in every state and territory, although it was still 6.5% greater when compared to February 2020. All other industries were mixed.

Until the coronavirus pandemic subsides, retail trading could still be volatile in the near-term.

How the Coles share price has been performing recently

The Coles share price is 1.55% higher today. At the time, shares in the supermarket giant are trading at $15.73. On Friday, Coles announced it would target net zero greenhouse gas emissions for its business by 2050.

In its half-year report for FY21, Coles’ net profit increased 14.5% on the prior corresponding period (pcp) to equal $560 million. This was spurred by an 8% increase in revenue on the pcp, which equated to $20.6 billion. Supermarket revenue was up 7.3% ($17.8 billion), liquor sales were up 15.1% ($1.9 billion) and Coles Express sales were up 10.5% on the pcp ($632 million).

Coles shares have lost 6.26% in value over the last 12 months.

What about other Australian retailers?

Of course, Coles is not the only retailer listed on the ASX. Here’s a closer look at how 4 other popular ASX retail shares have fared. 

Wesfarmers Ltd (ASX: WES)

The Wesfarmers share price is up 1.05% at the time of writing and is currently trading at $50.56. The company (which owns brands such as Bunnings, Kmart, and Officeworks) has a market capitalisation of $57.2 billion. If an investor bought shares in it 1 year ago, they would be sitting on a tidy 44.91% return on investment (ROI). The share price, however, is down 10.48% from its 52-week record it achieved in February this year.

In the retailing giant’s half-yearly report for FY21, Wesfarmers reported a 23.3% surge in net profits after tax. Total net profit was $1.4 billion. Revenue increased 16.6% on the pcp to equal $17.8 billion. Earnings before income taxes (EBIT) grew 23.2% to total $2.1 billion.

Wesfarmers paid an interim dividend of 88 cents a share, fully franked. The payment was up 17.3% on the pcp.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is up 1.47%. Shares in the Coles archrival are swapping hands for $39.47, presently. The share price is 5.18% lower than this time last year, but 16.53% higher than its 52-week low.

Woolworths’ revenue growth did not quite match Coles during H1 FY21. Its revenue grew 10.5% on the pcp to equal $35.8 billion. EBIT was up 16.7% to equal $2.1 billion. Gross profit leaped 9.4% on the pcp to total $10.5 billion.

The board paid an interim dividend of 53 cents per share, fully franked.

JB Hi-Fi Limited (ASX: JBH)

JB Hi-Fi is trading 1.48% lower today, sitting at $51.24 at the time of writing. The ROI on JB Hi-Fi from 12 months ago is 85.86%.

In the electronic and home goods seller’s half-yearly report for FY21, it reported a huge lift in its net profits. The figure was up an astounding 86.2% on the pcp, coming in at $317.7 million. Earnings per share (EPS) went up 86.2% to $2.77.

By brand, revenue was up 23.3% for JB Hi-Fi Australia ($3.36 billion) – this included a 201.9% explosion in online sales ($515.6 million). JB Hi-Fi New Zealand saw sales grow 9.1% (NZ $144.9 million), including a 69.2% growth in online sales (NZ $6.9 million). Finally, The Good Guys brand saw sales lift by 9.1% on the pcp ($1.45 billion). Online sales increased 86.1% for the brand ($148 million). Total EBIT for the Group was up 76% to $462.8 million.

Harvey Norman Holdings Limited (ASX: HVN)

Finally, the Harvey Norman share price is down 0.83% to $5.95 per share. Shares in the company have gained 120.37% in the past year. The company came under fire recently for refusing to pay back $22 million in JobKeeper payments despite profits doubling to $462 million.

For the 6 months ending 31 December 2020, net profits in the multinational retailer grew 116%. Revenue in the company increased by 25.8% on the pcp ($5.2 billion). Earnings before interest, tax, depreciation and amortisation (EBITDA) leaped 76% year-on-year to $779.8 million. EPS leapt 109.5% to 37.08 cents.

The company paid an interim dividend of 20 cents a share, fully franked. That’s the biggest dividend ever paid by Harvey Norman.

More reading

• ASX 200 Weekly Wrap: Inflation fears hold ASX down
• 2 high quality ASX dividend shares to buy today
• 2 blue chip ASX dividend shares to buy
• These were the best performers on the ASX 200 last week
• When dividends can be a bad thing for an ASX share

Motley Fool contributor Marc Sidarous has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET, Wesfarmers Limited, and Woolworths 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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In early afternoon trade on Monday the S&P/ASX 200 Index (ASX: XJO) has fought back from a poor start and is pushing higher. At the time of writing, the benchmark index is up 0.45% to 6,737.6 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are zooming higher:

Anteotech Ltd (ASX: ADO)

The Anteotech share price has jumped 18% to 26.5 cents. The catalyst for this was the release of an update on its rapid COVID-19 test. According to the release, the biotech company’s COVID-19 Antigen Rapid Test was reviewed by the Victorian Infectious Diseases Reference Laboratory and achieved sensitivity of 97.3% and specificity of 99.6%. Management advised that the results will form the basis of its CE Mark submission.

Crown Resorts Ltd (ASX: CWN)

The Crown share price has surged 17.5% higher to $11.58. Investors have been fighting to get hold of the casino and resorts operator’s shares after it confirmed the receipt of a takeover approach. US investment company Blackstone has made an unsolicited, non-binding, and indicative proposal to acquire all of the shares in Crown at $11.85 cash per share. This was a 20.1% premium to its last close price. The Crown board is now assessing the proposal.

Dotz Nano Ltd (ASX: DTZ)

The Dotz Nano share price is up 7% to 29.5 cents. This morning the advanced technology company revealed that it has obtained CE Mark authorisation for its SARS-CoV-2 virus detection technology. The CE Mark clears the saliva-based diagnostic Dotz Test Kits for sale in the European Union. Management notes that the Dotz Test Kit is less intrusive than the current standard method of sample collection in most parts of the world. 

Galan Lithium Ltd (ASX: GLN)

The Galan Lithium share price has stormed 12% higher to 52.5 cents. This morning the lithium focused mineral exploration company announced that the testing of a new process has resulted in higher grade lithium product. In fact, the end product is the same quality as that of nearby mining giants SQM and Albemarle. Galan’s Managing Director, Juan Pablo Vargas de la Vega, commented: “These results are better than we envisaged and have more than solidified the serious potential of the Hombre Muerto West project.”

More reading

• ASX 200 up 0.35%: Crowns surges, ANZ & CBA settle class actions
• Why the Galan Lithium (ASX:GLN) share price is rocketing 19% higher today
• Crown (ASX:CWN) share price shoots up 18% after Blackstone takeover bid
• Why the AnteoTech (ASX:ADO) share price is surging 15% today
• Crown (ASX:CWN) share price on watch after receiving takeover approach

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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Sydney Airport Holdings Pty Ltd (ASX: SYD) released its February passenger data last week, with total passenger growth down 79.8% year-on-year compared to the 94.2% decline in January.

With increasing optimism for the travel industry, could investors expect a recovery for the Sydney Airport share price? 

Goldman Sachs rates Sydney Airport share price a buy

Goldman Sachs is buy-rated on the Sydney Airport share price with a 12-month price target of $6.73 on 19 March. The broker notes that the sharp improvement in February was supported by easing border restrictions.

It believes that Sydney Airport remains in “effective hibernation” and expects it to “be a major beneficiary of the Australian domestic inoculation strategy if it facilitates relaxation of border restrictions”. 

Goldman forecasts a strong recovery in Sydney Airport earnings. The broker forecasts revenues of $950.0 million, $1,382.8 million and $1,521.0 million from FY21 to FY23. This compares to the reported 51% decline to $803.7 million in its FY20 results. 

The earnings improvement should also see the return of dividends, with Goldman forecasting a dividend yield of 1.4%, 4.3% and 5.0% between FY21 to FY23. 

What do other brokers think? 

On 12 March, Citi took a more long-term view, believing that the Sydney Airport share price will get a major re-rate when international travel restarts.

Due to the uncertain nature of the COVID-19 vaccine rollout and when international borders will reopen, the broker retained a neutral stance with a $6.61 price target. 

When could international travel restart? 

In another research report from Goldman on 17 March, the broker’s base case assumes international travel recovery starts mid-CY21 with the United States and the United Kingdom taking the lead.

Its report does acknowledge that opening programs across countries, progress on vaccinations and possible variant outbreaks to be key risk factors for the recovery. 

The Sydney Airport share price is up 0.66% today, trading at $6.13 at the time of writing.

More reading

• ASX 200 Weekly Wrap: Inflation fears hold ASX down
• ASX 200 dips, Sydney Airport falls, AGL rises
• Brokers name 3 ASX shares to buy right now
• Shocking new numbers reveal Sydney Airport (ASX:SYD) share price resilience
• Vaccines have begun, what might this mean for ASX airport shares?

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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Buru Energy Limited (ASX: BRU) shares are flying higher today after the company provided a drilling update. At the time of writing, the Buru Energy share price has jumped 6.45% to 16.5 cents.  

Let’s take a look at the ASX energy company’s latest exploration announcement.

What did the company announce?

The Buru Energy share price is gaining today after the company reported it’s ready to start a major drilling and seismic exploration program at its Canning Basin project in Western Australia.

The drilling program, set to commence in June, is the largest to take place at Canning Basin for many years. It will include exploration wells on two large conventional oil prospects as well as the development of a new well on the Ungani Oilfield. Buru interprets this to be “an undrained part of the field”.

Buru expects to award the seismic contract within the next few weeks. Terrex Pty Ltd has been selected as the preferred contractor. The seismic exploration will cover roughly 1,200 kilometres of surveys, which Buru expects will take around 50 days to acquire.

Commenting on the exploration program, Buru’s executive chair Eric Streitberg said:

Our exploration program is on track, with a lot of hard work and attention to detail paying off. We are planning to use a large rig run by an experienced contractor and have put in place a very experienced drilling team to run the program. We are drilling two of the largest onshore oil exploration targets in the country at a time of rising oil prices and critical domestic oil production declines.

In parallel with the drilling program we will be acquiring a major seismic program that will help us fill our prospect inventory and set us up for a continued drilling program next year.

The program is targeting a total of 97 million barrels of conventional oil, and Buru reports it has received environmental approvals for the drilling of the wells.

Buru Energy share price snapshot

Buru Energy shares have handily outpaced the All Ordinaries Index (ASX: XAO) over the past 12 months, gaining 136% compared to a 53% gain on the All Ords.

Year to date, the Buru Energy share price has continued to perform well, up 27% so far in 2021.

More reading

• ASX 200 up 0.35%: Crowns surges, ANZ & CBA settle class actions
• How much have investors lost on the Freedom Foods (ASX:FNP) share price?
• Airtasker’s ASX debut happens tomorrow, after 24-hour delay
• Why the Galan Lithium (ASX:GLN) share price is rocketing 19% higher today
• Firebird Metals (ASX:FRB) share price heats up on IPO

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 Here’s why the Buru Energy (ASX:BRU) share price is flying 6% today appeared first on The Motley Fool Australia.

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At lunch on Monday the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. The benchmark index is currently up 0.35% to 6,731.5 points.

Here’s what is happening on the market today:

Crown share price surges on takeover approach

The Crown Resorts Ltd (ASX: CWN) share price is surging higher today after confirming the receipt of a takeover approach by US investment company Blackstone. According to the release, Blackstone has tabled an unsolicited, non-binding, and indicative proposal to acquire all of the shares in Crown at $11.85 cash per share. This represents a 20.1% premium to its last close price. The Crown board intend to assess the proposal.

ANZ and CBA settle BBSW class action

This morning both Australia and New Zealand Banking GrpLtd (ASX: ANZ) and Commonwealth Bank of Australia (ASX: CBA) announced that they have reached an agreement to settle their US BBSW class actions. ANZ and CBA were among 17 banks and two international brokerage houses that were named in a class action complaint launched in the United States by two US-based investment funds and an individual derivatives trader in 2016. This related to allegations of the rigging of the BBSW and trading in the United States.

Bapcor acquisition

The Bapcor Ltd (ASX: BAP) share price is pushing higher today after announcing an acquisition in Asia. According to the release, Bapcor has agreed to acquire 25% of the issued equity in Tye Soon for S$12.5 million. This is expected to help drive Bapcor’s strategy in increasing its presence across Asia, where it sees potential growth opportunities. Tye Soon is a Singapore headquartered automotive parts distributor that operates across Southeast and North Asia markets.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Monday has been the Crown share price by some distance following its takeover approach. The casino and resorts operator’s shares are up 17.5% at lunch. The worst performer has been the Fortescue Metals Group Limited (ASX: FMG) share price with a 4% decline. This follows a pullback in iron ore prices on Friday night.

More reading

• Crown (ASX:CWN) share price shoots up 18% after Blackstone takeover bid
• Will mounting competition break the Afterpay (ASX:APT) share price?
• Why the Bapcor (ASX:BAP) share price will be on watch this morning
• ANZ (ASX:ANZ) share price in focus after settling US class action
• Why the Commonwealth Bank (ASX: CBA) share price is on watch today

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor. 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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Today on the ASX, something has happened which doesn’t happen too often.

A company has returned to trading after a near-9 month absence. Yes, Freedom Foods Group Ltd (ASX: FNP) shares have returned to trading this morning, and boy was it not pretty.

At the time of writing, the Freedom Foods share price is down a staggering 81.06% to 57 cents a share after opening at just 20 cents this morning. Freedom last closed at $3.01 a share – but that was back on 24 June 2020.

For some context, back then Victoria was just about to start its extended lockdown and Donald Trump still had 7 months to go as president.

The sorry tale of the Freedom Foods share price

Here at the Fool, we have extensively covered this saga, but here’s a refresh in a nutshell. Investors were first alerted that something wasn’t quite right at the company when it announced a series of writedowns on its books. These included spoiled food stores, among other things.

Then, The company’s CEO and CFO both suddenly resigned, and the share price was suspended shortly afterwards. The company had been bobbing along in uncharted waters since a debate raged over who was ultimately responsible for this series of debacles. But it has returned to trading today after announcing a $265 million recapitalisation arrangement at the end of last week.

So, let’s have a look at how much investors might have lost on this sorry story. So anyone who was hoping for a ‘turnaround play’ and invested in Freedom on its last close, is currently down 81% on their money. That means a $1,000 investment on 24 June would be worth $190 today.

What about Freedom’s 52-week high of $5 a share the company saw back in March last year (not too often a company can say that)? Anyone who ‘bought the dip’ back then would be down a catastrophic 87.6%.

And finally, anyone who bought in back at Freedom’s all-time high of $6.94 that was reached in September 2018 is down a heartbreaking 91.79% today. That would have turned a $1,000 investment into $82.

But it’s not all bad for everyone involved in Freedom Foods share price today. Freedom shares opened at 20 cents apiece this morning. At the time of writing, they are up to 57 cents a share. That’s a 185% recovery in an hour or two of trading. Clearly, some investors are getting their bargain-hunting hats on this morning.

More reading

• These are the 10 most shorted shares on the ASX
• Freedom Foods (ASX:FNP) share price crashes 94% after 9-month suspension
• ASX quarterly rebalance: HUB24 joins ASX 200, Brainchip into ASX 300
• ASX 200 recovers strongly, Austal floats higher, Fortescue drops
• Here’s how Freedom Foods (ASX:FNP) performed in the first half

Motley Fool contributor Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Freedom Foods Group 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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Airtasker Limited (ASX: ART) will have its first day on the ASX tomorrow after its $255.4 million initial public offering (IPO) was delayed from this morning.

The platform, which allows users to outsource tasks and skills, was affected by an ASX processing delay. 

Airtasker shares are set to begin trading at 11 am tomorrow, opening at 65 cents each.

Let’s look closer at Airtasker’s IPO. 

Airtasker’s ASX debut

In its company prospectus, Airtasker claims the IPO will provide the funds it needs to expand its platform and begin providing its unique service internationally.

The offer will include 23.1 million new shares and 105.6 million existing shares, totalling 128 million shares available to investors tomorrow morning.

The company describes itself as “Australia’s leading marketplace for local services”, with more than 4.3 million people using the service. It also boasts of having created $215 million worth of jobs.

The platform takes a 15% cut of earnings from outsourced odd jobs.

Airtasker’s journey to the ASX has been a long one. The Australian company was created on entrepreneur Tim Fung’s living room floor in 2012, reported SBS News in My Australia, a series exploring cultural heritage and identity.

Commentary from management

Fung, Airtasker’s CEO and founder, expressed his excitement for the company’s ASX listing in its prospectus.

Since launching in 2012, it’s been truly inspiring to see the people of Airtasker – our customers, taskers and the Airtasker team – grow and work together to enable more than $1 billion in working opportunities and to create Australia’s no. 1 marketplace for local services.

We believe the opportunity to empower the local services economy on a global scale is truly massive. Striving towards this opportunity, we will continue to explore, experiment and iterate to drive user acquisition, improve frequency of use and expand our addressable market by investing into organic and paid marketing, establishing new marketplace models and expanding our global reach.

Why Airtasker’s ASX float was delayed

Airtasker announced today that its IPO had been delayed from this morning. It will now take place tomorrow.

According to a report in the Herald Sun, a human error within the ASX caused the delay. ASX listing general manager Max Cunningham was quoted as saying it was an “unfortunate circumstance”.

“It’s a one-off as far as I’m concerned, and we will ensure we will review the processes and do our best to ensure that it doesn’t happen again,” he said in the Herald Sun.

Airtasker share price snapshot 

Airtasker’s debut opening price will be 65 cents. Whether that price sticks will be seen from 11am tomorrow.

The company aims for a market capitalisation of around $255 million, with approximately 392 million shares outstanding.

More reading

• How much have investors lost on the Freedom Foods (ASX:FNP) share price?
• Why the Galan Lithium (ASX:GLN) share price is rocketing 19% higher today
• Firebird Metals (ASX:FRB) share price heats up on IPO
• Up 673% in 1 year, why the Archer Materials (ASX:AXE) share price is lifting again today
• Stock market rally: is it too late to buy and hold cheap dividend stocks?

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 Galan Lithium Ltd (ASX: GLN) share price has been a strong performer on Monday.

In late morning trade, the lithium focused mineral exploration company’s shares are up 14% to 53.5 cents.

At one stage today, the Galan Lithium share price was up as much as 19% to 56 cents.

Why is the Galan Lithium share price surging higher?

Investors have been buying Galan Lithium shares on Monday after it announced laboratory test work results for its low carbon footprint brine evaporation process at its flagship Hombre Muerto West (HMW) project located in the South American Lithium Triangle in Catamarca, Argentina.

According to the release, HMW’s lithium chloride (LiCl) concentrate increases significantly by 25% to 6% Li from the original study value of 4.8% Li using the process.

This means its high grade result is directly comparable to those of mining giants SQM and Albemarle from the Atacama basin in Chile.

Galan’s Managing Director, Juan Pablo Vargas de la Vega, commented: “Grade is always king. These results are better than we envisaged and have more than solidified the serious potential of the Hombre Muerto West project.”

“We have always followed the mantra of ‘walking before running’ and these results, whilst taking time to achieve, have affirmed our step by step approach of utilising proven technology with low risk in processing. Our teams in Argentina and Chile have been brilliant during these uncertain times and continue to deliver these essential Project steps,” he added.

What’s next for Galan Lithium?

Galan Lithium is continuing to test and optimise a range of lithium chloride concentrate solutions, with conversion costs in mind, to deliver the best commercial solution in the shortest time possible.

Management expects to commence commissioning the evaporation pilot test work on site during the second quarter of 2021.

It also advised that it is reviewing the scope of work for the most adequate path to accelerating the project development (lowest capex and shortest time) to market. Positively, it believes the high quality of the concentrated LiCl could be a mayor strategic differentiation for improving the economic performance of the project.

The Galan Lithium share price is up over 200% over the last 12 months.

More reading

• Firebird Metals (ASX:FRB) share price heats up on IPO
• Up 673% in 1 year, why the Archer Materials (ASX:AXE) share price is lifting again today
• These are the 10 most shorted shares on the ASX
• Stock market rally: is it too late to buy and hold cheap dividend stocks?
• Syrah (ASX:SYR) share price dips lower despite positive update

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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Firebird Metals Ltd (ASX: FRB) shares listed on the ASX last Thursday at an initial public offering (IPO) offer price of 20 cents per share and indicative market capitalisation of $10 million. The Firebird share price more than doubled to open at 46 cents, ran as high as 64.5 cents before closing at 59.5 cents on Thursday.

Here’s why investors are hyped about the Firebird share price. 

Firebird Metals overview 

Firebird was initially an unlisted public company, incorporated on 4 January 2016 as Forrestania Pty Ltd. Its parent company is the listed explorer, Firefly Resources Ltd (ASX: FFR). On 18 December 2020, Firefly announced it would demerge its Oakover manganese project. The spin-out resulted in Firebird as a standalone listing on the ASX. 

Firebird holds an interest in, or has entered into agreements to acquire, several projects.

The Oakover Project comprises one granted exploration license and two exploration applications. The project is situated approximately 90 km east of Newman in Western Australia’s East Pilbara Manganese Province.

The Hill 616 Project comprises one granted exploration licence, located within the Southeast Pilbara region of Western Australia approximately 85 km south-east of Newman. And finally, the Disraeli Project comprises one pending exploration licence application and is also near the Newman region. 

The company will use the IPO funds to further explore and develop the projects. This includes the completion of infill and extensional drilling at the Oakover Project, targeting resource expansion and increased definition of higher grade domains, a systematic exploration of the Hill 616 and Disraeli projects to deliver a maiden JORC resource and the pursuit of other resource and acquisition opportunities that have a strategic fit for the company. 

What’s driving the Firebird share price? 

The Firebird share price got off to a stellar start on the ASX. The company’s portfolio of projects is focused on manganese, often used in a variety of important alloys and batteries. Firebird highlights manganese as the fourth most utilised metal globally and the cheapest, most abundant of the nickle, manganese, cobalt (NMC) cathode materials. 

With a heightened level of global investment and commitment to renewable technology and electric vehicles, Firebird believes manganese is perfectly placed to deliver future growth opportunities.

At the time of writing, Firebird shares are trading 3.67% higher for the day at 56.5 cents with a market cap of around $28 million.

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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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