Tag: Motley Fool

The Race Oncology Ltd (ASX: RAC) share price is 9.4% higher at the time of writing following preclinical breast cancer results. 

Race Oncology share price on the move after compelling results 

Race Oncology is developing a cancer-fighting drug called Bisantrene. Today, the company announced the final results of its collaborative preclinical research program that aimed to identify combinations of existing breast cancer drugs that, when paired with Bisantrene, could show equivalent or better efficacy than existing treatment options. 

It was announced on 24 November 2020 that Bisantrene can kill some breast cancer cells resistant to existing drugs. Also, it showed near identical additive benefit when used in combination with existing breast cancer drugs. 

Today’s announcement highlights Bisantrene’s ability to kill breast cancer cells resistant to a wide range of various breast cancer drugs. It also reinforced previous claims that Bisantrene acts very similarly to existing breast cancer drugs doxorubicin and epirubicin, when used in combination with cyclophosphamide, a medication used as chemotherapy to suppress the immune system. 

Next steps 

The results are highly supportive of the company’s plans for progressing Bisantrene as a safer alternative to current treatment options used in breast cancer treatment. 

Further studies are currently planned to explain the clinical significance of fat mass and obesity associated (FTO) protein. The over-expression of FTO, otherwise explained as when the body creates too many proteins, has been shown to be a genetic driver of a diverse range of cancers. The company also intends to further expand the range of clinically usable Bisantrene drug combinations. 

Race Oncology share price is on a tear 

The market is clearly anticipating big things from Race Oncology as its share price has run over 1,000% in the last 12-months. Race notes that it is pursuing ‘outsized commercial returns’ for its shareholders via its three pillar strategy for the clinical development of Bisantrene. 

The company now boasts a market capitalisation of $487.3 million with $5.57 million in cash and cash equivalents on 31 December 2020. 

More reading

• Subreddit ASX Bets is gambling these 4 ASX shares will follow in GameStop’s footsteps
• Up 61% in 2021, why the Race Oncology (ASX:RAC) share price is marching higher again

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.

The post Race Oncology (ASX: RAC) share price higher on preclinical breast cancer results appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3t4d9dw

The unemployment rate in Australia surged to 13.2% last month, according to research firm Roy Morgan.

The Australian Bureau of Statistics’ official figure for January was 6.4%. 

So Roy Morgan’s rate just one month later is a shocking escalation that dampens the post-COVID recovery and pro-inflation mood that the ASX has been enjoying recently.

Roy Morgan chief Michele Levine attributed the hike to people joining the workforce as JobKeeper terminates and JobSeeker payments wind down to a lower level.

“Overall employment increased by 28,000 to over 12.7 million Australians – the highest for a year since early March 2020. However, unemployment increased by 250,000 to 1.93 million – the highest since August 2020,” she said.

“Results for February show a growing workforce that is unable to find jobs for all the new workers in the market for a job.”

More Australians looking for work means more competition for jobs and reduces the chance that wages would go up.

That means the prospect of inflation — and therefore interest rates — heading up is remote. 

“So while the number of jobs has almost returned to the level immediately before the COVID-19 pandemic struck Australia, there are now over 900,000 more people in the market looking for a new job than a year ago,” said Levine.

As the state that kept its borders open as much as possible, NSW enjoyed the lowest unemployment rate, with 11.5% in February.

The two states most criticised for restrictive border rules, Western Australia and Queensland, are suffering from the highest unemployment, with 14.5% and 15.9% respectively.

Post-COVID economy ruthless on which sectors win and lose

The withdrawal of government stimulus is causing an upheaval among different sectors.

The JobKeeper scheme will end at the end of March. JobSeeker will only see a small rise to the pre-COVID level, which was widely criticised as inadequate.

“The structure of the economy is significantly different now than it was a year ago with industries such as wholesale, mining, construction, property and business services and parts of the retail industry ‘booming’,” said Levine.

“Whereas industries such as accommodation & food services, hospitality, travel & tourism and education are facing tough times with the end of JobKeeper in a few weeks.”

This assessment gives share investors some clues as to which industries might benefit the most from the post-pandemic recovery.

“While some businesses are busy hiring and planning investments for the year ahead other businesses are cutting back on employees who are no longer affordable with the end of the wage subsidy fast approaching.”

The official ABS unemployment numbers for February will be released on 18 March.

More reading

• 4 top reasons why the Pushpay (ASX:PPH) share price could be a buy
• ASX 200 up 0.7%: Vocus jumps on takeover update, Afterpay crashes 9%
• Why the Digital Wine (ASX:DW8) share price is up an astonishing 18%
• Why AVZ, Legend Mining, Nuix, & Vocus shares are surging higher
• The tech-heavy Nasdaq is now in a correction!

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

The post Australia’s unemployment just hit 13%: Roy Morgan appeared first on The Motley Fool Australia.

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

There are a quite a few compelling reasons why the Pushpay Holdings Ltd (ASX: PPH) share price could be worth thinking about right now.

What is Pushpay?

Pushpay is an ASX tech share. The software business has a donor management system, which includes donor tools, finance tools and a customer community app and a church management system to the ‘faith sector’, non-profit organisations and education providers located mostly in the US.

The aim of Pushpay’s offerings is to make it easier for engagement, payments and administration. Pushpay says that its customers can increase participation and build stronger relationships with communities.

Pushpay also has a subsidiary called Church Community Builder which provides a software as a service (SaaS) church management system, predominately in the US. It can do things like record members service history, track online giving and performance a range of administrative functions.

What are some reasons why the Pushpay share price could be a buy?

1: Gaining market share at a quick pace

A business that is growing quickly may be able to generate good investment returns as well, particularly if the valuation doesn’t overshoot the growth rates the company is generating.

In the FY21 half-year result Pushpay reported that its operating revenue grew by 53% to US$85.6 million. Total processing volume increased by 48% to US$3.2 billion.

Pushpay expects continued growth in total processing volume driven by a larger proportion of new medium and large customers, further product development leading to higher adoption and usage, and increased adoption of digital giving.

2: Operating leverage

Pushpay is generating increased operating leverage as it gets bigger. In the FY21 half-year result, its gross profit margin went up from 65% to 68%.

For the six month period to 30 September 2020, expenses only grew 16%. As a percentage of operating revenue, total operating expenses improved by 12 percentage points, from 50% to 38%.

Pushpay said that it expects significant operating leverage to accrue as operating revenue continues to increase, while growth in total operating expenses remains low.

In the half-year result, Pushpay increased its earnings before interest, tax, depreciation, amortisation and foreign currency (EBITDAF) by 177% to US$26.7 million.

Pushpay recently increased its FY21 EBITDAF guidance to a range of between US$56 million to US$60 million and said it expects operating leverage to continue to accrue to the business over the remainder of FY21.

3: Pushpay share price valuation

The Pushpay share price has fallen by around 25% since 28 October 2020, despite Pushpay increasing its EBITDAF guidance materially since then.

Earnings estimated on Commsec suggest strong profit growth between now and FY23. At the current Pushpay share price, it is valued at 22x FY23’s estimated earnings.

In the FY21 half-year result it grew its net profit after tax (NPAT) by 107% to US$13.4 million, whilst operating cash flow went up by 203% to US$27 million.

4: Long-term growth plans

Pushpay has set its sights on other areas of growth.

One area that it’s looking at is the Catholic segment of the US faith sector.

Pushpay is looking at different geographies where it can expand including South East Asia and South America, which could lead to a bigger total addressable market and give it more earnings diversification.

Adjacent donation areas could also become larger parts of the business including not-for-profits, education and tertiary.

More reading

• 3 fantastic ASX growth shares to buy in March
• 2 stellar ASX tech shares to buy in March
• 2 ASX shares to buy in March 2021
• 2 outstanding ASX growth shares to buy in March
• 3 explosive ASX growth shares to buy next week

Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of PUSHPAY FPO NZX. The Motley Fool Australia has recommended PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post 4 top reasons why the Pushpay (ASX:PPH) share price could be a buy appeared first on The Motley Fool Australia.

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

At lunch on Tuesday the S&P/ASX 200 Index (ASX: XJO) is on track to record another solid gain. The benchmark index is currently up 0.7% to 6,788 points.

Here’s what is happening on the market today:

Tech shares sink

It has been a very disappointing day of trade for tech shares such as Afterpay Ltd (ASX: APT) and Zip Co Limited (ASX: Z1P). Following another poor night of trade on the tech-heavy Nasdaq index, local tech shares have been sold off on Tuesday. So much so, the S&P/ASX All Technology Index (ASX: XTX) is down a sizeable 3% at the time of writing. Rising bond yields are hitting investor sentiment in the sector.

Vocus takeover offer accepted

The Vocus Group Ltd (ASX: VOC) share price is storming higher today after it accepted a takeover offer. According to the release, the specialist fibre and network solutions provider has entered into a Scheme Implementation Deed with a consortium owned by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super. The consortium has tabled a $5.50 per share offer, which the Vocus board is recommending shareholders accept. This is of course in the absence of a superior offer and subject to the independent expert’s report.

Gold miners tumble

Gold miners including Newcrest Mining Limited (ASX: NCM) and Northern Star Resources Ltd (ASX: NST) are under pressure today after the spot gold price dropped again. According to CNBC, the spot gold price fell 1.1% to US$1,679.20 an ounce during overnight trade. This leaves the precious metal trading at a nine-month low. Rising bond yields and a stronger US dollar have been weighing on gold. The S&P/ASX All Ords Gold index is down 1.5% at lunch.

Best and worst ASX 200 performers

The best performer on the ASX 200 on Tuesday has been the Vocus share price with a gain of 8.5%. This follows the release of its takeover update this morning. The worst performer has been the Afterpay share price with a 9% decline. The payments company’s shares have been hit very hard by the tech selloff.

More reading

• Why AVZ, Legend Mining, Nuix, & Vocus shares are surging higher
• The tech-heavy Nasdaq is now in a correction!
• Why the Afterpay (ASX:APT) and Zip (ASX:Z1P) share prices are under pressure again
• Why ASX 200 tech shares could be in for another wild session
• ASX All Technology Index teetering on verge of a bear market

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 AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post ASX 200 up 0.7%: Vocus jumps on takeover update, Afterpay crashes 9% appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3qtm2eW

The Digital Wine Ventures Ltd (ASX: DW8) share price hit a 5-year high of 9.5 cents in morning trade. At the time of writing, shares in the online beverage distributor are selling at 9.1 cents, up 18% on yesterday’s close. This rise occurred after the company announced massive increases on one of its sales platforms.

In comparison, the S&P/ASX All Ordinaries Index is up only 0.7% in morning trade.

Let’s take a closer look at what’s sent the Digital Wine share price soaring today.

What did Digital Wine announce today?

In a statement to the ASX, Digital Wine announced a monumental 931% year-on-year rise in the number of wine cases shipped via its platform WINEDEPOT during February. The company confirmed that 20,864 cases of wine were shipped last month. The company also stated this was a 28% increase on January 2021.

In further good news for investors, 9,494 orders were processed in February. That’s a 918% increase on February 2020 and a 32.4% increase on January 2021. The average amount of cases per order shipped is 2.2.

As well, the announcement detailed that 26 new suppliers are signing deals with the WINEDEPOT platform.

What is WINEDEPOT?

Digital Wine’s WINEDEPOT aims to streamline wine and beverage distribution through technology. It is both a consumer-facing and business-to-business operation. Many of its customers are wine traders, as well as traditional retailers and consumers.

The company generates revenue through a mixture of market trading fees, channel management fees, logistics fees, subscriptions, and liquidity fees.

Digital Wine half-yearly report

For the 6 months ending 31 December 2020, Digital Wine recorded a net loss of $2.4 million. In the prior corresponding period (pcp) it was an approx. $830,000 loss.

A $14,000 gross profit in the pcp became a $60,000 loss. However, revenue was up 1041.8% on the pcp to total $991,000.

Losses from administration expenses were up 76% to total $815,000. Advertising expenses were up 247.7% totalling $265,000 for the half year.  Significantly, salaries and wages went from $66,00 in the pcp to $948,000. This equates to a 1,336.4% rise.

Digital Wine share price snapshot

This time last year, shares in the venture were trading at half a cent each. If an investor bought back then, they would be sitting on a jaw-dropping 1,760% increase on their investment.

Digital Wine has a current market capitalisation of $151.4 million.

More reading

• Digital Wine (ASX:DW8) share price flies 13% higher on partnership deal

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 Digital Wine (ASX:DW8) share price is up an astonishing 18% appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3v1VDIF

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing, the benchmark index is up 0.75% to 6,790.8 points.

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

AVZ Minerals Ltd (ASX: AVZ)

The AVZ share price is up 6% to 21.2 cents. Investors have been buying the lithium-focused mineral exploration company’s shares following the announcement of a second offtake agreement. According to the release, AVZ and Shenzhen Chengxin Lithium Group have signed a binding offtake agreement for the supply of up to 180,000 tonnes per annum of spodumene concentrate from the Manono Lithium and Tin Project.

Legend Mining Limited (ASX: LEG)

The Legend Mining share price is up 4% to 13 cents. The catalyst for this has been news that diamond drilling has commenced at its Mawson prospect within the Rockford project in Western Australia. Investors appear optimistic the nickel and copper focused mineral exploration company will unearth a lucrative resource.

Nuix Ltd (ASX: NXL)

The Nuix share price has jumped 16% to $5.46. This appears to have been driven by bargain hunters swooping in to buy shares after they fell to a 52-week low on Monday. When the Nuix share price hit that level, it meant it was down a massive 61% from its 52-week high. A disappointing half year result has been weighing on its shares.

Vocus Group Ltd (ASX: VOC)

The Vocus share price has surged over 8% higher to $5.43. Investors have been buying the specialist fibre and network solutions provider’s shares after it entered into a Scheme Implementation Deed with a consortium owned by Macquarie Infrastructure and Real Assets (MIRA) and Aware Super. The consortium has tabled a $5.50 per share offer, which the Vocus board is recommending shareholders accept.

More reading

• Why the AVZ Minerals (ASX:AVZ) share price is surging 15% higher today
• Vocus (ASX:VOC) share price on watch after accepting takeover offer
• 2 ASX shares at 52-week lows: Are they bargain buys?
• One person earned $250,000 on Airtasker last year. Now it’s listing
• Here’s why the Nuix (ASX:NXL) share price is storming 5% higher today

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Nuix Pty Ltd. The Motley Fool Australia has recommended Nuix Pty Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why AVZ, Legend Mining, Nuix, & Vocus shares are surging higher appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2N3bcyy

Overnight, something strange happened over in the US. The tech-heavy US Nasdaq Composite (INDEXNASDAQ: .IXIC) Index fell a hefty 2.4%. That in itself isn’t too newsworthy (although it is a sizeable drop). No, what this test move means is that the Nasdaq is now officially in a ‘correction’. A correction is one of those rather superficial Wall Street terms that’s meant to dress up something bad as something good. A correction is a term given for a 10% or more drop in an index’s value. And since the Nasdaq has now dropped from around 14,095 points on 12 February to 12,609 after last night, the index is now down 10.54%. And that means we are now in correction territory.

What’s even more interesting though is how confined this ‘correction’ is to Nasdaq shares in particular. The broader S&P 500 Index (INDEXSP: .INX), which consists of both Nasdaq and New York Stock Exchange (NYSE) companies, is only down 2.88% over the same period. The Nasdaq and the NYSE are the two major share markets of the United States. The Nasdaq tends to hold most of the US’s tech stocks (such as the FAANGs), while the NYSE is home to most of the ‘old-school’ giants like Walmart Inc (NYSE: WMT) and Ford Motor Company (NYSE: F).

Put simply, it’s only tech stocks that are selling off with enthusiasm.

Tech sells off with a vengeance

Looking at what’s been going on, this becomes very obvious. Take tech darling Tesla Inc (NASDAQ: TSLA). Tesla shares are down a whopping 31% since 12 February. Amazon.com Inc (NASDAQ: AMZN) is down around 10% over the same period. Apple Inc (NASDAQ: AAPL) is down around 14%, while Netflix Inc (NASDAQ: NFLX) is down around 11%.

All in all, it hasn’t been a nice few weeks to own US tech stocks! This tech sell-off has also spilled over to the ASX. This morning, we reported on how the ASX tech sector is facing a bear market (a fall of 20% or more) if it falls too much lower. This has been exemplified by the performance of former ASX high-flyers like Afterpay Ltd (ASX: APT). Afterpay shares have fallen more than 30% in just the past month alone.

It’s hard to say exactly what is causing these seemingly-precipitous drops. But one could possibly put it down to the sector blowing off some steam after an incredible run up over the past few months. Rising bond yields are also especially problematic for tech stocks.

But even though a ‘correction’ is a scary thought for investors, the reality is that the Nasdaq is now back at levels that we were calling ‘all-time highs’ back in December. It’s hardly a time for panic.

More reading

• Why the Afterpay (ASX:APT) and Zip (ASX:Z1P) share prices are under pressure again
• Why ASX 200 tech shares could be in for another wild session
• Why Tesla Stock Fell Further on Monday
• ASX All Technology Index teetering on verge of a bear market
• 5 things to watch on the ASX 200 on Tuesday

John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Sebastian Bowen owns shares of Ford and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Amazon, Apple, Netflix, and Tesla. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO and recommends the following options: short March 2023 $130 calls on Apple, long January 2022 $1920 calls on Amazon, long March 2023 $120 calls on Apple, and short January 2022 $1940 calls on Amazon. The Motley Fool Australia has recommended Amazon, Apple, and Netflix. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post The tech-heavy Nasdaq is now in a correction! appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/38EruFN

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

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

What happened

Visa (NYSE: V) and Mastercard (NYSE: MA), the two largest payment-processing companies in the world, both saw their stock prices hit new all-time highs on Monday on more positive reopening and stimulus news.

At one point earlier in the day, Mastercard saw its stock rise as much as 6%, and at the time of writing trades around $373. Shares of Visa rose as much as 5% today and currently trade around $222.

So what

Over the weekend, the U.S. Senate approved President Joe Biden’s $1.9 trillion stimulus bill, all but guaranteeing it will be passed into law.

Also today, the Centers for Disease Control and Prevention provided guidance that said fully vaccinated people could meet with other vaccinated people and some unvaccinated people indoors without masks.

This news is great for Visa and Mastercard’s business model. While you may see their logos and brand names on your credit and debit cards, Visa and Mastercard do not actually extend credit.

Instead, they set up the card network for transactions to be made among financial institutions, merchants, and consumers, and they collect fees based on volume. So, more money in people’s pockets from economic stimulus and more positive reopening news will likely translate into more spending.

Now what

While the pandemic caused some short-term pain for Visa and Mastercard, it will likely prove to be extremely beneficial long term because it has significantly advanced the use of digital payments.

In 2019, Mastercard said that card payments only made up about 13% of the $235 trillion payments market, leaving huge growth potential for digital payments.

With some research firms and banks projecting gross domestic product (GDP) to surpass 6% in 2021, that would be the highest GDP growth since 1984. It’s hard not to like Visa and Mastercard in this environment with pent-up demand and a heavier reliance on digital payments than ever before.

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

More reading

• What’s going on with the Senex (ASX:SXY) share price today?
• Here’s why the Catalyst Metals (ASX:CYL) share price is rocketing 9%
• Why the Afterpay (ASX:APT) and Zip (ASX:Z1P) share prices are under pressure again
• Top broker tips Integral Diagnostics (ASX:IDX) share price to climb 22% from here
• Why ASX 200 tech shares could be in for another wild session

Bram Berkowitz 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 Mastercard and Visa. The Motley Fool Australia has recommended Mastercard. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Visa and Mastercard Shares Just Hit Their All-Time Highs appeared first on The Motley Fool Australia.

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

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

The Senex Energy Ltd (ASX: SXY) share price is sliding today, despite the company announcing a new gas sales agreement. During mid-morning trade, the energy producer’s shares are down 1.3% to 38 cents.

Let’s take a closer look at what Senex updated the market with.

New gas agreement

The Senex share price is in negative territory regardless of the positive announcement made by the company earlier today.

According to this morning’s release, Senex has entered into a new gas sales agreement with CleanCo Queensland.

Established in 2018, CleanCo is a government-owned electricity generation and trading company. The business is focused on providing reliable clean energy solutions at a competitive price for the people of Queensland.

The contract is expected to deliver 2.55 petajoules of natural gas from the Wallumbilla Gas Hub. This brings Senex’s total amount of gas supplied to CleanCo to more than 5.1 petajoules over the 2020–22 calendar years. One petajoule is equivalent to powering 19,000 homes for an entire year, or almost 100,000 dwellings with 5.1 petajoules.

The agreement is for a 1-year term and is scheduled to commence on 1 January 2022. The price of the gas will be at a fixed amount that is in line with current market rates.

Management commentary

Senex managing director and CEO Ian Davies welcomed the new deal, saying:

The strong ongoing relationship between Senex and CleanCo contributes to security of power supply that helps the recovery of the Queensland and Australian economies.

Senex will continue to build a portfolio of gas sales agreements that support jobs and regional economies as we partner with commercial and industrial customers for long-term and mutually beneficial relationships.

Each of our long-term and mutually beneficial relationships – with partners also including CSR, Orora, Visy Glass, Alinta Energy and Southern Oil Refining – reinforces Senex’s significance as a supplier of natural gas to the east coast market.

About the Senex share price

The Senex share price has been a solid performer over the past 12 months, rising by more than 90%. The company’s shares hit a multi-year low of 12 cents last March, but have since recovered on an upwards trajectory.

Based on current valuations, Senex commands a market capitalisation of around $565 million.

More reading

• What’s up with the oil price right now?
• Here’s why the Senex Energy (ASX:SXY) share price is 8% higher

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 Senex (ASX:SXY) share price today? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/30nhU5h

The Catalyst Metals Ltd (ASX: CYL) share price is rocketing in morning trade, up 9.14%.

This comes after the ASX gold miner updated the market on its latest drill results.

What results did Catalyst report?

Catalyst Metals’ share price is moving higher after the gold miner reported visible gold in 4 of the 9 diamond drill holes completed in Boyd’s Dam at the Four Eagles Gold Project.

Catalyst has a 50% interest in the Four Eagles Gold Project, located in Victoria. Gold Exploration Victoria Pty Ltd holds the other 50% interest.

The company reported it has thus far received assays for 4 of the 9 holes, 2 of which (FEDD047 and FEDD044) came back with significant gold intersections. Those results include:

• 35 metres @ 117.0 grams per tonne gold (g/t Au) from 326.1 metres in FEDD047
• 4 metres @ 7.1g/t Au including 0.3 metres @ 22.5g/t Au and 0.3 metres @ 33.8g/t Au from 107.5 metres in FEDD044
• 8 metres @ 2.7g/t Au from 68.0 metres including 0.3 metres @ 17.2g/t Au and 0.75 metres @13.8g/t Au in FEDD044

Commenting on the initial assays, Bruce Kay, Technical Director of Catalyst Metals said:

It is very encouraging to intersect quartz structures with visible gold in four of the nine diamond drill holes completed so far this year, especially considering the wide spaced nature of the drilling. The discovery of a new deep structure beneath Boyd North adds to the potential of the whole mineralised system.

Catalyst has 2 diamond drill rigs and 1 reverse circulation (RC) drill rig operating at Boyd’s Dam and Boyd North.

Catalyst share price snapshot

ASX gold shares have broadly lost ground along with the sliding gold price. At time of writing an ounce of gold is worth US$1,684. That’s the lowest gold price in 11 months, and well below the US$2,063 per ounce on 6 August.

With today’s intraday gains factored in, Catalyst Metals shares are down around 16% over the past 12 months. That compares to 20% gain on the All Ordinaries Index (ASX: XAO).

Year-to-date the Catalyst share price is down just shy of 5%.

More reading

• Why the Afterpay (ASX:APT) and Zip (ASX:Z1P) share prices are under pressure again
• Top broker tips Integral Diagnostics (ASX:IDX) share price to climb 22% from here
• Why ASX 200 tech shares could be in for another wild session
• Why Tesla Stock Fell Further on Monday
• Why the Red 5 (ASX:RED) share price is soaring higher 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 Here’s why the Catalyst Metals (ASX:CYL) share price is rocketing 9% appeared first on The Motley Fool Australia.

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