Tag: Motley Fool

ASX lithium share Sayona Mining Ltd (ASX: SYA) is rocketing today after the company provided a project update. In early afternoon trade, the Sayona share price is surging 25% to 4 cents. 

Let’s take a look at the company’s latest lithium prospect upgrades.

What did the company report?

The Sayona share price is soaring after the company reported the Canadian National Instrument (NI) 43‐101 review had revealed “high exploration potential for lithium pegmatites” at its Tansim Lithium Project in Quebec.

Sayona said it will now engage in a CA$1.6 million (AU$1.7 million) exploration project, with 5,000 metres of drilling planned in phase 1. It plans to test for “new albite‐spodumene pegmatites” and said the program will complement resource drilling at its Viau‐Dallaire and Viau prospects in the year ahead.

Commenting on the results, Sayona managing director Brett Lynch said:

The confirmation of Tansim’s high exploration potential is extremely welcome following our recent expansion of the project. We look forward to progressing drilling at the Viau‐Dallaire and Viau prospects to take them to the resource determination stage.  

Lynch added that Tansim’s high growth potential will now see it play a larger role in Sayona’s 2021 plans:

We see Tansim becoming a key component of our vision for a world‐scale lithium hub in the Abitibi region, uniquely located to service the North American lithium market.

Sayona Mining share price snapshot

The remarkable gains in the Syaona share price didn’t gain traction until 14 January this year after the company reported it had inked a deal with lithium miner Piedmont Lithium Ltd (ASX: PLL).

A series of other positive announcements, like news of its increased claims around Tansim announced on 11 March, have also seen Sayona shares head higher. 

This has all added up to the Sayona share price rocketing by more than 290% in 2021. That compares to a gain of around 1% for the All Ordinaries Index (ASX: XAO).

More reading

• These are the top performing ASX lithium stocks in 2021 so far
• Here’s why this ASX lithium share is soaring 10% 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 Why the Sayona Mining (ASX:SYA) share price is rocketing 25% appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3vAZJHH

The Decmil Group Ltd (ASX: DCG) share price is moving higher this morning following the announcement of a new contract win for the construction and engineering group.

Today’s update comes only 3 days after the company advised it had been awarded a $140 million contract to upgrade the Gippsland rail.

At the time of writing, the Decmil share price is trading 3.6% higher at 57.5 cents a share.

Bruce Highway to get an upgrade

According to the release, Decmil has secured a $25 million contract from the Queensland Department of Transport and Main Roads (DTMR). The contract involves upgrading a stretch of the Bruce Highway between Gin Gin and Benaraby.

As per the scope, Decmil will be responsible for road widening works, safety improvements, minor drainage repairs/enhancements, pavement, line marking, signage, safety barriers, landscaping, and street lighting. The works will commence this month and are expected to be completed by late 2022.

The company noted its strong track record for delivering infrastructure projects, specifically on the Bruce Highway. Today’s win is certainly music to the ears of Decmil shareholders. Notably, this is in addition to Decmil’s current $13.5 million works on the Bruce Highway between Calliope River and Mt Alma. Works are said to be progressing on the program.

Decmil CEO Dickie Dique stated, “Successfully delivering numerous projects for DTMR and our successful progression of another Bruce Highway contract was a key factor behind Decmil winning this contract.”

Reduction in Gippsland share

Decmil also snuck in an update to its recent Gippsland rail contract win. Decmil advised its share in the $300 million consortium with Arup and Cimic Group Ltd (ASX: CIM) subsidiary UGL will now be $120 million, rather than the initially stated $140 million value.

Consequently, Decmil’s announcement is a net increase of $5 million in contract value for the engineering company.

Decmil share price under construction

Decmil suffered a share price collapse of nearly 90% in late 2019. Since then, the company has undergone a board refresh and equity raise to set the business back on track. Despite this, the group’s share price has sunk 65% over the past 12 months. 

However, with several contracts wins in recent months, Decmil is attempting to grow its pipeline and increase its profitability again. At the end of December last year, the group reported having $600 million of work in hand, 70% of which are government contracts. 

More reading

• What’s going on with the Cimic (ASX:CIM) share price today?
• ASX 200 dips, CBA launches BNPL, Fonterra reports
• Cimic (ASX:CIM) share price falls despite positive update
• Why the Decmil (ASX:DCG) share price is surging 5% today
• Cimic (ASX:CIM) share price slides after credit rating downgrade

Motley Fool contributor Mitchell Lawler 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 Decmil (ASX:DCG) share price lifts on $25 million contract win appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3vC3AV6

Webjet Limited (ASX: WEB) shares are edging higher today after the company released a transformation strategy update. At the time of writing, the Webjet share price is trading 0.65% higher at $6.22. In comparison, the S&P/ASX 200 Index (ASX: XJO) is currently trading 0.32% lower.

Let’s take a look at what the travel company reported.

The road to recovery for the Webjet share price? 

The Webjet share price is in the green as the company’s transformation strategy update puts the spotlight on its WebBeds business in a post-COVID-19 world. The company highlighted the significant global opportunity, stating that the pre-COVID global accommodation market had a value of more than $800 billion in total transaction value (TTV). Of this, WebBeds has captured some ~4% market share. 

Post pandemic, Webjet believes this remains a critical distribution channel supporting the travel industry’s recovery. As the travel industry picks up, the company aims to take advantage of changing travel patterns, expand into new regions and emerge as the #1 global B2B provider. 

New revenue opportunities 

North America is a historically underrepresented region for Webjet’s WebBeds business despite being the largest destination within its network. With only 1% market penetration in the Americas, the company is focused on leveraging new opportunities such as targeting new market segments and expanding contracted inventory in key cities. 

Europe also represents an important region for the business given the significant number of independent hotels. Webjet aims to increase its footprint across Eastern Europe to leverage the $26 billion B2B market opportunity.

The APAC region was on track to be the largest region by booking volume for Webjet pre-COVID. The company believes this region has the potential to deliver the most significant growth post COVID. According to the company, the pandemic will likely bring about new opportunities in the region, with entry into areas of the domestic market that were once impenetrable. 

Webjet outlook 

Webjet’s transformation strategy update did not provide an update regarding earnings but instead focused on its cost efficiencies and margin improvements. 

Delivery of the company’s cost efficiencies are on track with its 1H21 costs down 42% over 1H20. This should help Webjet achieve its 8/3/5 target which represents 8% revenue/TTV, and 3% costs/TTV to drive 5% of earnings before interest, taxes, depreciation, and amortisation (EBITDA)/TTV. 

More reading

• ASX 200 down 0.15%: Westpac asset sale, Webjet update, gold miners jump
• Why Webjet (ASX:WEB) got kicked out of ASX All Tech index
• ASX 200 down 0.6%: Telstra upgraded, Webjet rated as a buy, Westpac update
• Webjet (ASX:WEB) share price rises on bullish broker note
• 5 things to watch on the ASX 200 on Wednesday

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

The post Webjet (ASX:WEB) share price edges higher on strategy update appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3vEAfcq

In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a another decline. At the time of writing, the benchmark index is down 0.4% to 6,767.6 points.

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

Corporate Travel Management Ltd (ASX: CTD)

The Corporate Travel Management share price is up 4.5% to $21.96. Investors appears to be taking advantage of a pullback in the corporate travel booking company’s shares on Wednesday to invest today. Yesterday, the Corporate Travel Management share price came under pressure after it revealed that its CEO had offloaded over $31 million worth of shares.

Silver Lake Resources Limited (ASX: SLR)

The Silver Lake share price has jumped over 7% to $1.68. The catalyst for this was a solid rise in the gold price overnight after the latest FOMC meeting. At the meeting, the US Fed advised that it remained committed to not increasing rates until 2023. It isn’t just Silver Lake on the rise today. A large number of gold miners are recording solid gains, which has driven the S&P/ASX All Ords Gold index up a sizeable 3.7%.

Volpara Health Technologies Ltd (ASX: VHT)

The Volpara share price has risen 3% to $1.33. Investors have been buying this healthcare technology company’s shares after it revealed promising results from round two of its DENSE trial. The DENSE trial is the first randomised controlled study on the clinical utility of breast MRI supplemental screening for women with extremely dense breasts. The study is using the company’s Volpara Density software to assess breast density.

Vulcan Energy Resources Ltd (ASX: VUL)

The Vulcan share price has climbed 2.5% to $6.50 after announcing a key new appointment to its board. According to the release, the company has appointed former Tesla Head of Battery and Energy Supply Chain, Annie Liu, as a Non-Executive Director. During her time at Tesla, Ms. Liu led and managed the multi-billion-dollar strategic partnerships and sourcing portfolios that support the electric vehicle (EV) giant’s Energy and Battery business units.

More reading

• ASX 200 down 0.15%: Westpac asset sale, Webjet update, gold miners jump
• Here’s why the Volpara (ASX:VHT) share price is storming higher
• Why the Vulcan Energy (ASX:VUL) share price is charging higher today
• Why Corp Travel Management, IGO, Limeade, & ResApp are tumbling lower
• Corporate Travel Management (ASX:CTD) shares sink after CEO’s $31.5m share sale

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 VOLPARA FPO NZ. The Motley Fool Australia owns shares of and has recommended Corporate Travel Management Limited. The Motley Fool Australia has recommended VOLPARA FPO NZ. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Corporate Travel Management, Silver Lake, Volpara, & Vulcan are pushing higher appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3r1rENA

The PlaySide Studios Ltd (ASX: PLY) share price is on the rise today, up 5.3% at the time of writing after earlier posting gains of 8%.

PlaySide is a newcomer to the ASX, with shares first trading on 17 December last year.

We take a look at the ASX game developer’s latest video game launch announcement below.

What did PlaySide report today?

PlaySide shares are moving higher after the company advised it has launched a follow-up to its successful Animal Warfare game. The new game in its Warfare franchise, Toy Warfare, is going global, available in 170 countries on the Apple App Store and Google Play Store.

The company revealed that Animal Warfare has already scored 7.7 million downloads and continues to sell well on the US Apple App Store. It’s ranked 18 in the strategy genre.

According to PlaySide, players of the new Toy Warfare can “merge and level up dozens of different cute, cuddly and somewhat aggressive toys including action figures, remote control cars, and teddy bears that are sent into epic battles to win gold, glory and the occasional bragging rights”.

PlaySide developed both Warfare games with its WARkit system. The company said it expects to use WARkit, which enables the rapid design and development of additional warfare titles, to develop more titles in the future.

Since its initial public offering (IPO) in December, PlaySide has launched 3 original IP titles. Atop Toy Warfare, these include Idle Area 51 and Garbage Truck 3D!!!

PlaySide share price snapshot

ASX newcomer PlaySide Studio’s share price is up 52% since it began trading on the ASX in mid-December. Over that same time, the All Ordinaries Index (ASX: XAO) has gained 1%.

The PlaySide share price is down 10.3% so far in 2021.

More reading

• 4 exciting small cap ASX shares to watch
• 3 exciting small cap ASX shares to put on your watchlist

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 Why the PlaySide (ASX:PLY) share price leapt 8% this morning appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3s0Ahcx

Strike Resources Limited (ASX: SRK) shares are flying today after the mineral resources company made a major iron ore announcement. At the time of writing, the Strike Resources share price is trading 11.9% higher at 23.5 cents. In comparison, the All Ordinaries Index (ASX: XAO) is currently down 0.22%.

At one point during earlier trade, Strike shares rallied by as much as 21% before retreating to their current level.

Let’s take a closer look at what’s driving the company’s shares today.

Strike strikes it rich

In a statement to the ASX, Strike declared it had shipped 20,000 tonnes of iron ore from its Apurimac Project in Peru since December 2020. In that time, 6,000 tonnes of ore have already been crushed and processed. The ore consists of 64% to 65% iron.

Strike expects the site, which it fully owns, to increase production to 125,000 tonnes per year.

The company claims operational costs of extracting and crushing the ore will equate to roughly US$70 per tonne. In comparison, the current market price of iron ore is US$168 per tonne. Strike claims iron ore’s price can still climb by an additional US$33 per tonne. The website Trading Economics, however, is forecasting the iron ore price to fall to $143.81 in 12 months’ time.

Words from the managing director

Strike managing director William Johnson said the following in relation to the announcement:

Whist the Company remains firmly focussed on developing Paulsens East in the Pilbara into production, current market conditions have provided an opportunity to generate additional valuable cash flow from a mining operation at our Apurimac Project in Peru as well. 

Our local Peruvian team on site have done a tremendous job in marshalling local communities, miners and contractors together. Strike looks forward to replicating this operation several times across different deposits and community groups so we can progressively ramp up production whilst providing sustainable economic employment opportunities for local community members.

Iron ore’s meteoric rise

Iron ore’s commodity price is up 86.7% on this time last year. What is the main reason for this? In a word, China.

Demand for the product from The People’s Republic is booming as the country invests in its infrastructure and steel making capabilities. China alone produces over half of the world’s steel.

As China is the largest customer for iron ore, and it wants more of it, global demand for the mineral is up. As demand for a product increases, then so too must its price. In economics, this is known as the law of supply and demand.

Strike Resources share price snapshot

One year ago, the Strike Resources share price was trading at 3.7 cents. Since then, the company’s value has shot up by nearly 590%. Strike shares reached their 52-week high of 30 cents in January this year.

Based on the current share price, the company has a market capitalisation of around $52 million.

More reading

• Why the PlaySide (ASX:PLY) share price leapt 8% this morning
• ASX 200 down 0.15%: Westpac asset sale, Webjet update, gold miners jump
• Why the Bailador (ASX:BTI) share price is lifting this morning
• What’s going on with the Cimic (ASX:CIM) share price today?
• Cleanaway (ASX:CWY) share price headaches continue with Veolia lawsuit

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.

The post Why the Strike Resources (ASX:SRK) share price is leaping 12% appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/30UvHAE

At lunch on Thursday the S&P/ASX 200 Index (ASX: XJO) has failed to follow Wall Street’s lead and is trading lower. The benchmark index is down 0.15% to 6,784.5 points.

Here’s what is happening on the market today:

Webjet update

The Webjet Limited (ASX: WEB) share price is edging lower today following the release of an update ahead of the UBS Sydney event. In its presentation the company updated the market on its transformation progress. Management believes the company is well-placed for a post-COVID world, particularly its WebBeds business. It also noted that initiatives are currently underway to be 20% more cost efficient at scale and that WebBeds is taking advantage of new revenue and cost reduction opportunities.

Westpac asset sale

The Westpac Banking Corp (ASX: WBC) share price is trading lower today despite announcing another asset sale. The banking giant has signed an agreement to sell its Westpac Lenders Mortgage Insurance (WLMI) business to Arch Capital. While Westpac will record a loss on sale in FY 2021, the sale is expected to add approximately 7 basis points to Westpac’s Common Equity Tier 1 capital ratio. Management expects completion to occur by the end of August 2021.

Gold miners charge higher

It has been a great day of trade for gold miners such as Resolute Mining Limited (ASX: RSG) and Silver Lake Resources Limited (ASX: SLR) on Thursday. They are charging higher after a strong night of trade for the gold price following the latest FOMC meeting. At the meeting, the US Fed committed to not increasing rates until 2023. At the time of writing, the S&P/ASX All Ords Gold index is up a sizeable 3.4%.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Thursday has been the Silver Lake share price with an 8% gain. This follows a rise in the gold price overnight after the FOMC meeting. The worst performer has been the SKYCITY Entertainment Group Limited (ASX: SKC) share price with a 4% decline on no news.

More reading

• Westpac (ASX:WBC) share price lower despite announcing another asset sale
• Why Webjet (ASX:WEB) got kicked out of ASX All Tech index
• 5 things to watch on the ASX 200 on Thursday
• ASX 200 dips, CBA launches BNPL, Fonterra reports
• Is the Commonwealth Bank (ASX:CBA) share price a buy or hold?

Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 down 0.15%: Westpac asset sale, Webjet update, gold miners jump appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3bT0u7f

After a slow trading start, the Bailador Technology Investments Limited (ASX: BTI) share price is lifting on positive acquisition news from the company’s subsidiary.

At the time of writing, the Bailador share price has finally slipped out of the starting blocks, trading up 1.43% at $1.42.

Let’s look closer at what Bailador announced today. 

Big acquisition

In its release, Bailador advised that its subsidiary Instaclustr, an open-source software provider, has acquired Germany and US-based Credativ. Also an open-source software provider, credativ brings more than 500 customers to the party and adds to Instaclustr’s software and services suites.

Open-source software is software released under certain licenses that allow free public access to its source code. Both companies mostly market their software, data-infrastructure solutions and support services to businesses.

Bailador said that Instaclustr’s acquisition of credativ had significantly expanded its subsidiary’s size and scale. Instaclustr said the acquisition has added new technologies to its offerings and would improve its engagement with organisations across Europe.

While Bailador said the acquisition added “significant scale”, its valuation of Instaclustr remained unchanged as there was no third-party transaction to value the consolidated entity.

Commentary from management

Bailador co-founder and managing partner David Kirk praised Instaclustr’s position as a standout performer in the company’s portfolio.

The acquisition of credativ adds to the capabilities of the company and further strengthens its strategic position.

The acquisition adds new fast-growing technologies to the current platform and enables the company to continue to benefit from the structural tailwinds of massive growth in data, migration to the cloud and the adoption of open-source technologies.

Instaclustr CEO Peter Lilley added the company looked forward to reaching more businesses after its acquisition.

credativ brings a potent combination of particularly strong technical expertise across key open source data-layer solutions, and proven experience leading enterprises through future-proof implementations and digital transformations using those technologies.

Our mission to enable the world’s ambitions through open source technologies has taken a big leap forward.

Credativ’s former top management have accepted senior executive roles in the expanded group.

Bailador share price snapshot

The Bailador share price is enjoying a fruitful 2021. Currently, it has a year-to-date return of 20.6%. It is also up by 87.9% over the past 12 months.

At the time of writing, Bailador’s shares are trading for $1.42. The technology investment company has a market capitalisation of $172 million and approximately 122 million shares outstanding.

More reading

• 3 little known ASX growth shares to buy

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

The post Why the Bailador (ASX:BTI) share price is lifting this morning appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3vBIgPz

If you’re interested in electric vehicles (EV) and ASX lithium shares then you may already baulk at the idea of hydrogen-powered cars. Perhaps, following in Elon Musk’s footsteps, you even call them ‘fool cells’. 

The day that hydrogen fuels your daily commute is probably a long time away — and may never happen — as hydrogen production is worse for the environment, costs more to recharge, and doesn’t currently power your kettle. This is why Tesla (NASDAQ: TSLA), Volkswagen and the Mercedes-Benz division of Daimler AG have already sworn off the burgeoning technology for their EVs.  

However, companies like Hyundai and Toyota are shipping fleets of hydrogen-powered vehicles to Australia this year. Let’s take a look at the lay of the land. 

The advantages of hydrogen over lithium batteries

Hydrogen currently has four main advantages over lithium batteries: the rate of technological development is faster, the fuel cells weigh a lot less (making them potentially useful for aviation), recharging is far quicker and the time between recharging is far longer.

Hydrogen’s distance advantage is why Japanese manufacturers are already shipping them to Australia to be used in government fleets, and public transport companies across Europe are already investing in hydrogen buses. This advantage alone is enough to keep hydrogen in the game.

But there is another reason why hydrogen could be of interest. It’s a process called electrolysis, where electricity and low-cost metals like nickel and iron can form a catalyst to split hydrogen from water (the H from the ₂O). This not only cleans up the production of hydrogen and makes it more efficient, but it also has the potential to make it an infinitely portable fuel source.

This process, which is continually becoming cheaper and more flexible, holds the promise to one day replace lithium batteries all together, according to some enthusiasts.

Australia’s future in green hydrogen power 

The Australian National University believes that by the end of the decade, Australia will be producing this net-zero emission fuel source for just $2/kg, competitive with current fossil fuels. 

One of hydrogen’s biggest proponents, Fortescue Metals Group Limited (ASX: FMG) Chair Andrew ‘Twiggy’ Forrest, gave an insight into what to expect around hydrogen for the foreseeable future.

“We nudge the wheel, make sure our systems work, reduce costs, free up capital and create demand,” he said in his recent ABC Boyer Lectures.

“Then we encourage that momentum and reduce costs further, creating an even larger, more reliable supply, that again creates more demand. The flywheel begins to spin, on its own, faster and faster. Now, we’re building – at global scale – the flywheel of green energy.

“But let’s not underestimate the challenge,” he warned. “The fossil fuel sector will react to falling green hydrogen prices by slashing the cost of oil and gas until it’s almost zero. At the end, it will be grim – think of a knife fight in a telephone box.”

How have the major hydrogen players performed in 2021?

The year-to-date (YTD) returns on the 4 major hydrogen players on the ASX show how exuberantly the market is responding to the potential future of green hydrogen.

Pure-play hydrogen producer Hazer Group Ltd (ASX: HZR) is up 364.1% YTD with positive results in commercialising hydrogen’s production process, while big-cap oil and gas producer Santos Ltd (ASX: STO) is up 130.4% YTD in light of its exploration of the hydrogen-producing capabilities of the Cooper Basin.

“The Cooper Basin hydrogen concept study builds on our progress towards the 1.7 million tonne Cooper Basin Carbon Capture and Storage Project,” Santos CEO Kevin Gallagher said last year.

“Carbon capture and storage (CCS) is the fastest and most efficient route to a hydrogen economy, using less water, de-carbonising natural gas at its source and eliminating Scope 3 emissions. CCS enables the capture of carbon dioxide from the production of blue hydrogen, making it a ‘zero-emissions’ fuel.

“With over 65 years of experience in the safe production of natural gas, Santos has the operational knowledge, capability and infrastructure to be a leader in the creation of a hydrogen industry right here in Australia.”

The Province Resources Ltd (ASX: PRL) share price is up a whopping 2,258% YTD to 12.5 cents per share, after its acquisition of the HyEnergy hydrogen production project in Western Australia’s Gascoyne region.

Last, but certainly not least, is Twiggy Forrest’s Fortescue, with the Fortescue share price up 96.62% YTD. The blue-chip share is planning on investing billions into hydrogen fuel and is likely to be the most vocal proponent in this space as the company aims for net-zero emissions by 2040.

More reading

• Why the Monadelphous (ASX:MND) share price is in focus
• Goldman rates the BHP (ASX:BHP) share price as the best ASX iron ore producer
• 5 things to watch on the ASX 200 on Wednesday
• Flight Centre and Zip were some of the most traded ASX shares last week
• Broker warns of big iron ore oversupply next year: time to panic?

The post Hydrogen far from ‘fool cells’: EV trends and the major ASX players appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3vBHnqd

Cimic Group Ltd (ASX: CIM) shares are relatively flat today despite the company announcing a new contract from the Queensland Government. 

In late morning trade, the Cimic share price has trimmed 0.48% and is sitting at $18.72.

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

Cimic share price fails to respond

Investors appear to be unfazed by the company’s successful win, sending the Cimic share price slightly lower.

According to this morning’s release, Cimic subsidiary CPB Contractors has been selected by the Queensland Government to upgrade the Bruce Highway.

The construct-only contract will see the company provide a number of works between Woondum and Curra. This is considered as a priority road project and will form a part of the national highway network. Once completed, the upgrade will provide a bypass east of Gympie while reducing heavy traffic congestion.

CPB Contractors will deliver 18 kilometres of new highway roads, realignments to local roads, 19 bridges and a new interchange at Curra.

The deal is forecast to generate revenue of $289 million for CPB Contractors. Project works are expected to commence sometime this year, with completion due in mid-2024.

Management commentary

Cimic group executive chair and CEO Juan Santamaria hailed the new contract, saying:

Cimic Group is pleased to be selected to deliver this important project through CPB Contractors. We look forward to working with communities in the Sandy Creek Road to Curra area and supporting the achievement of greater safety outcomes for road users based on our experience in regional projects in Queensland.

CPB Contractors managing director Jason Spear added:

CPB Contractors successfully completed Section C of the Cooroy to Curra upgrade and will apply that local knowledge to delivering this section safely and with the least disruption possible. We are also committed to engaging with local workers and businesses to facilitate skills development, work opportunities and other community benefits.

The Cimic share price has edged around 1% lower over the past 12 months, but is heavily down 25% year to date.

More reading

• ASX 200 dips, CBA launches BNPL, Fonterra reports
• Cimic (ASX:CIM) share price falls despite positive update
• Cimic (ASX:CIM) share price slides after credit rating downgrade
• Telstra (ASX:TLS) share price and others caught in Greensill insolvency
• The worst performing ASX 200 shares last week

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.

The post What’s going on with the Cimic (ASX:CIM) share price today? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3eS987N