Tag: Motley Fool

The Genworth Mortgage Insurance Australia Ltd (ASX: GMA) share price flew over 14% higher today to close the day at $2.95 a share.

Genworth Mortgage Insurance provides lenders mortgage insurance (LMI) in Australia. GMA currently offers three main LMI products: Standard LMI, Homebuyer Plus and Business Select/Low Doc.

Given there was no specific news out of the insurer today, let’s take a closer look at its recent performance.

Genworth full-year earnings on the horizon

Genworth recently announced that its financial results for the full year of 2020 will be released prior to market opening this Friday 12 February 2021.

Looking at its most recent quarterly update, as of 30 September 2020, Genworth had over 31,000 repayment deferrals. This follows the May 2020 period which had over 50,000 active repayment deferrals as the coronavirus tightened its grip.

In the third-quarter earnings announcement, Genworth also advised that the company is providing support to its customers experiencing hardship by offering different payment options. This includes allowing loans to be restructured without arrears penalties, accepting interest-only payments, supporting loan consolidation, and offering extension options.

Genworth increased its third-quarter claims reserve by $47.1 million, which resulted in a loss ratio of 63.5%.

The net earned premium in the third quarter was $79.7 million, a 4.6% increase compared to 2019.

Continuing business in a challenging environment

Investors will be curious to learn about how repayment deferrals are continuing in the unprecedented business environment brought on by the coronavirus.

Speaking to this last quarter, Genworth Mortgage chief executive officer and managing director Pauline Blight-Johnston said:

Genworth continues to work closely with our lender customers to support Australian borrowers in these challenging times. Since the onset of the pandemic, our people have consistently demonstrated their resilience and adaptability, responding quickly to process home loan repayment deferrals and high volumes of new business.” 

Credit Suisse Holdings (Australia) seems confident in Genworth’s ability to navigate the presently unpredictable space being caused by COVID. Credit Suisse recently became a substantial Genworth holder through the purchase of 21,196,035 shares.

On the current Genworth share price, the company has a market capitalisation of $1.1 billion.

More reading

• ASX 200 rises 0.6%, Vocus jumps on takeover offer, Afterpay hits new record
• Will LimePay IPO drive ASX BNPL shares even higher?
• What to expect from the Blackmores (ASX:BKL) half year result
• Why the Papyrus (ASX:PPY) share price is rocketing 21% today
• Why the Tempus Resources (ASX:TMR) share price is popping 25% today

Motley Fool contributor Gretchen Kennedy 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 The Genworth Mortgage (ASX:GMA) share price smashed 14% higher today appeared first on The Motley Fool Australia.

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

The S&P/ASX 200 Index (ASX: XJO) rose by around 0.6% to 6,881 points.

Here are some of the highlights from the ASX today:

Vocus Group Ltd (ASX: VOC)

The Vocus share price went up by more than 13% today after receiving a takeover offer.

Vocus confirmed that it has received a non-binding, indicative proposal from Macquarie Infrastructure and Real Assets (MIRA) and its managed funds to acquire the entire Vocus business for a share price of $5.50 per share.

The board noted that the offer is subject to a number of conditions including satisfactory completion of due diligence by MIRA, MIRA securing debt financing and the unanimous recommendation by the Vocus board.

After consideration by the board and its advisers, the board has concluded that it is in the best interests of Vocus shareholders to explore the potential for a transaction with MIRA, and has granted MIRA due diligence access to enable MIRA to potentially put forward a binding proposal.

The board noted that there is no certainty that the proposal will result in a binding offer for Vocus.

Treasury Wine Estates Ltd (ASX: TWE)

The Treasury Wine Estates share price went up 0.8% today in reaction to speculation.

The ASX 200 share said that it noted that article published by The Australian on 7 February 2021, which reported that TWE is investigating a demerger of its global operations into three separate businesses.

TWE reminded investors that it has formally paused work on a potential demerger of its Penfolds brand, and further that it is not currently considering a demerger of any brands or businesses within its portfolio.

The company is assessing internal operating models to deliver long term value through a separate focus across its brand portfolios. These assessments remain ongoing and TWE has no further announcements to make about this right now.

Afterpay Ltd (ASX: APT)

The Afterpay share price reached a new record today, it went up to almost $156. However, it finished the day higher by 2% to just over $154.

Charter Hall Long WALE REIT (ASX: CLW)

The real estate investment trust (REIT) just reported its FY21 half-year result. At 31 December 2020, it had 459 assets with a valuation of $4.48 billion, this was up from $3.6 billion at 30 June 2020. Its weighted average lease expiry (WALE) grew by 0.1 year to 14.1 years. Its occupancy rate was 97.5%.

Some of its most recent acquisitions include the David Jones property in the Sydney CBD and 70 BPs in New Zealand. These were part of the overall spend on $697 million of new properties, funded by $388 million of new equity.

The business said that its distribution for the half year increased by 3.6% to 14.5 cents per unit. The net tangible assets (NTA) of Charter Hall Long WALE REIT increased by 5.1% to $4.70 per unit. It benefited from a $150 million net property valuation uplift.

Charter Hall Long WALE REIT said that its operating earnings per share (EPS) for FY21 is still expected to be no less than 29.1 cents per unit, which would be growth of at least 2.8%. 

The Charter Hall Long WALE REIT share price was flat in reaction to the result.

More reading

• Will LimePay IPO drive ASX BNPL shares even higher?
• What’s moving the Charter Hall Long WALE (ASX:CLW) share price today?
• Why the Afterpay (ASX:APT) share price is exploding even higher today
• 2 ASX dividend shares with yields above 5%
• ASX 200 up 0.6%: Vocus rockets, Zip surges, & Treasury Wine rebuffs speculation

Motley Fool contributor Tristan Harrison has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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 rises 0.6%, Vocus jumps on takeover offer, Afterpay hits new record appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3oY0BSp

The buy now, pay later (BNPL) sector is the ASX gift that just seems to keep on giving. This morning, we reported that BNPL pioneer Afterpay Ltd (ASX: APT) hit yet another new all-time high, this time over $155 a share.

That means the Afterpay share price is now up more than 30% in 2021 so far (and its only February!). We also looked at how the Zip Co Ltd (ASX: Z1P) is also on fire, up 14% today alone.

Over the past few years, BNPL companies like Afterpay and Zip have delighted their shareholders and confounded their critics over and over again. After all, Afterpay is now up more than 1,600% since the market crash in March last year – a real millionaire-maker.

Since BNPL is such a new growth area with an almost limitless runway of growth still in front of it, there tends to be a ‘good for one, good for all’ attitude. That might be why Zip’s strong quarterly update this morning pushed up the share prices of Afterpay and other BPL players like Sezzle Inc (ASX: SZL) and Humm Group Ltd (ASX: HUM) today.

So it will be interesting to see how the ASX’s newest BNPL company hits the markets.

Limepay to make ASX debut in 2021

According to The Australian last week, BNPL company Limepay is preparing an initial public offering (IPO) for the ASX in 2021. Limepay was founded in 2016 and had found a niche for itself in an infrastructure platform that its clients can use to offer their own branded BNPL services. That differs from the likes of Afterpay and Zip, where customers have to navigate through the company’s platform, rather than the retailers.

The report tells us that Limepay has more than 120 merchants using its platform, including Accor, EB Games and Puma. Property classifieds company  Domain Holdings Australia Ltd (ASX: DHG) has also signed on.

According to the report, Limepay is also backed by Woolworths Group Ltd (ASX: WOW) CEO Brad Banducci, who has seemingly developed quite an interest in the fintech sector. This investment joins a stake in Tyro Payments Ltd (ASX: TYR) that Mr Banducci has delved into in recent years.

Limepay co-founder Dan Peters told The Australian that the ASX listing timing “would depend on market conditions and the overall progress in the company’s hiring plans”. Even so, he says “we are working towards” the goal of a 2021 IPO.

Since the ASX has seen a deluge of BNPL companies rise to the surface in recent years, it will be interesting to see if this appetite holds for yet another new player on the scene.

More reading

• Why the Afterpay (ASX:APT) share price is exploding even higher today
• Why the Zip (ASX:Z1P) share price is storming 10% higher today
• ASX 200 up 0.6%: Vocus rockets, Zip surges, & Treasury Wine rebuffs speculation
• Why Argosy Minerals, Sigma, Vocus, & Zip shares are charging higher
• Afterpay (ASX:APT) share price cracks $151 record high

Sebastian Bowen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Tyro Payments and ZIPCOLTD FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Sezzle Inc. The Motley Fool Australia owns shares of AFTERPAY T FPO and Woolworths Limited. The Motley Fool Australia has recommended Humm Group Limited and Sezzle Inc. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Will LimePay IPO drive ASX BNPL shares even higher? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/2MH7I4o

Earlier today I had a look at what the market was expecting from the A2 Milk Company Ltd (ASX: A2M) half year result later this month. You can read about that here.

On this occasion, I’m going to turn by attention to fellow consumer staples stock, Blackmores Limited (ASX: BKL).

What is the market expecting from the Blackmores half year result?

According to a note out of Goldman Sachs, its analysts are expecting Blackmores to reveal an improvement in its performance compared to the prior corresponding period.

The broker is expecting the health supplements company to report revenue of $318.2 million. This will be a 7.9% increase on the same period last year. It is also 2.3% ahead of the market consensus estimate.

This is expected to be driven by sales growth in China, the International segment, and its BioCeuticals business. Goldman is forecasting a 10% increase in constant currency China sales to $66.7 million, a 23% lift in International sales to $84.2 million, and a 10% improvement in BioCeuticals sales to $54.1 million.

It expects this to offset a weaker performance in the ANZ segment. Goldman is forecasting the company’s largest segment to post a 2% decline in sales to $113.2 million.

Due to margin compression in the ANZ and China segment, the broker anticipates Blackmores reporting flat half year earnings before interest and tax of $27.8 million.

However, thanks partly to lower interest expense, it is forecasting a 2.3% improvement in its underlying net profit after tax to $18.1 million.

Pleasingly, with the broker expecting Blackmores operating cash flow to come in at $33.8 million, it believes it will be in a position to resume dividend payments. The broker has forecast an interim dividend of 46.8 cents per share.

Is the Blackmores share price in the buy zone?

As with A2 Milk shares, Goldman is sitting on the fence with this one.

The note reveals that its analysts have a neutral rating and $77.30 price target on the company’s shares. This compares to the latest Blackmores share price of $76.30.

More reading

• ASX 200 rises, Worley dumped, Mesoblast rises
• Why Blackmores, Creso Pharma, Pilbara Minerals, & Zip shares are pushing higher
• ASX 200 down 0.2%: Zip Chair steps down, Worley crashes, Blackmores & InvoCare jump
• Top brokers name 3 ASX shares to sell next week
• Top brokers name 3 ASX shares to sell 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 A2 Milk and Blackmores Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post What to expect from the Blackmores (ASX:BKL) half year result appeared first on The Motley Fool Australia.

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

The Papyrus Australia Ltd (ASX: PPY) share price is rocketing today as the company released an update on a new opportunity in China. Shares in the paper producer are currently trading 19% higher at 5.6 cents after reaching an early afternoon high of 6 cents.

Papyrus develops technology that converts the waste trunk of banana palm into alternatives from forest wood products. It can be used to make paper, packaging, furniture, building and also in construction.

Why is the Papyrus share price flying today?

Shares in Papyrus are performing well today as the company was granted ‘first right’ to exploit technology in China.

Papyrus aims to sell turn-key factories that produce banana fibre products to operators in banana-growing countries. With China being the second-largest banana producer worldwide, this makes it an ideal destination for the company’s tech. What’s more, China has a plastic packaging waste problem which the Chinese Government demands be addressed.

Papyrus claims it can address this problem by selling ‘turn-key’ factories and licensing the rights to establish banana fibre manufacturing facilities in China. Crucially, there is potential for this to occur with the company’s memorandum of agreement (MOA) signed on 7 February.

The process

The MOA contemplates a 5-stage milestone process which Papyrus outlined in today’s release.

1. Stage 1 contemplates establishing a joint venture (JV) company under Chinese law, with a completion date at the end of March.
2. Stage 2 requires the JV company to undertake a comprehensive research project in China regarding the government and all other requirements to establish the first project within or near the banana-growing areas.
3. The third stage would require the JV to organise field trips for the Papyrus officers to travel to China and assess the proposed site for manufacturing purposes.
4. Stage 4 would require the company to set out a business plan for its plan’s first project.
5. The final stage would require executing a contract between Papyrus and the JV company no later than the end of July 2021. Together with the deposit by Papyrus to buy the plant and equipment necessary for the first project.

About the Papyrus share price

It has been a great 12 months for the materials company that has seen its share price jump 480%, albeit from a low trading base of 1 cent last February.

Based on the current Papyrus share price, the company has a market capitalisation of $24 million.

More reading

• Why the Tempus Resources (ASX:TMR) share price is popping 25% today
• Is Ellume listed on the ASX?
• Why the Splitit (ASX:SPT) share price is roaring 7% higher today
• Why the NuEnergy (ASX:NGY) share price is rocketing 230% higher today
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Daniel Ewing 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 Papyrus (ASX:PPY) share price is rocketing 21% today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3aLDS6L

Tempus Resources Ltd (ASX: TMR) shares are going gangbusters today after the gold and mineral exploration company released the latest assay results from its Elizabeth Gold Project in British Columbia, Canada. At the time of writing, the Tempus share price is surging 20% to 30 cents. 

What did Tempus Resources report?

The Tempus share price is on a tear after the company revealed this morning it now has the results of the first 11 drill-holes of its Phase 1 drilling program. All the diamond drill holes, for a total of 2,006 meters, were drilled in the Elizabeth sector of the Blackdome Elizabeth Gold Project. The drilling was completed from mid-November through to mid-December.

Five of the drill-holes unveiled significant intersections of more than 5 grams per tonne (5g/t) of gold. The company reported that the outstanding intersections included:

• 5.0m at 61.3g/t gold from 116.5m, including 1.5m at 186.0g/t gold from 118.0m, and
• 3.2m at 28.1g/t gold from 184.0m, including 0.5m at 178.0g/t gold from 184.5m

According to Tempus, these results boost the level of confidence in the company’s geological model that will be used for resource estimation work over the next year.

Commenting on the positive assay results, Tempus Resources President Jason Bahnsen said:

The Phase 1 drilling results confirm the high-grade potential of Elizabeth. We look forward to continuing with the drilling program there in the Canadian spring, leading to an updated NI43-101 resource estimate thereafter.

Roughly 66% of the Phase 1 drilling program at the Elizabeth sector has yet to be completed. The company stated it plans to re-start drilling at Elizabeth and complete the Phase 1 program during the northern spring.

Tempus further advised there are still some 4,000 metres of drilling to be done. Once complete, the company plans to prepare for an updated mineral resource estimate immediately and launch a new 7,500 metres Phase 2 drilling program.

Tempus Resources share price snapshot

Tempus Resources is a microcap company with a current market capitalisation of around $20 million. The company began trading on the ASX in August 2018.

With today’s intraday gains, the Tempus Resources share price is up 20% so far in 2021. By comparison, the All Ordinaries Index (ASX: XAO) is up 3% this calendar year.

Over the past 12 months, Tempus shares are up nearly 43%.

More reading

• Is Ellume listed on the ASX?
• Why the Splitit (ASX:SPT) share price is roaring 7% higher today
• Why the NuEnergy (ASX:NGY) share price is rocketing 230% higher today
• Leading brokers name 3 ASX shares to buy today
• SciDev (ASX:SDV) share price jumps 10% on inaugural profit result

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 Tempus Resources (ASX:TMR) share price is popping 25% today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/36S10iU

Ellume has been a company on every investors’ lips over the past couple of months. The Brisbane-based medical company has been at the vanguard of Australia’s contribution to fighting the coronavirus pandemic.

The company has pioneered an ‘at-home’ test for COVID-19. Patients can use this test to get an accurate result within 15 minutes without seeing a doctor or getting the test analysed at a lab.

You can look, but you can’t own…

So, very understandably, many ASX investors have been looking for ways to invest in Ellume on the ASX. Some are even going as far as searching for an Ellume ticker code. Unfortunately, those efforts have been and will continue to be, fruitless. See, Ellume is a private company, with its shares unavailable for public investors to trade and invest in.

According to a report in the Australian Financial Review (AFR) this week, Ellume actually was considering an ASX-listing through an initial public offering (IPO) around 2½ years ago. The company reportedly even went as far as hiring PAC Partners to assist it with a pre-IPO capital raise and a subsequent listing on the ASX. But alas for its would-be shareholders, this process didn’t end up eventuating.

As a private company, Ellume does have shares (84 million according to the AFR report). They are held by a small group of founders, employees and investors at Ellume though. The AFR tells us that Ellume chair and investor Paul Darrouzet holds a quarter of Ellume’s shares. Dr Sean Parsons, Ellume’s founder and managing director, owns another 14 million.

The rest of Ellume’s board also reportedly has ownership stakes. Options and performance shares are often part of board members’ salaries as well.

How much are Ellume’s shares worth?

It’s hard to say exactly how much Ellume and its shares are worth, seeing as the data is not in the public arena. But guesses in the billions are probably not wild. That’s because (as we reported at the time) Ellume has recently signed a massive US$250 million contract with the US government to supply 8.5 million testing kits. The deal also involves Ellume building a factory on US soil to meet demand.

Can you invest in Ellume on the ASX?

As we’ve discussed, you can’t directly invest in Ellume on the ASX. However, there are a few other ASX-listed companies that operate in the same space as Ellume. These include Atomo Diagnostics Ltd (ASX: AT1) and Anteotech Ltd (ASX: ADO).

Indeed, Anteotech shares spiked 95% last week on news that it was continuing to work with Ellume in providing some of the technology that goes into the testing.

More reading

• Why the Splitit (ASX:SPT) share price is roaring 7% higher today
• Why the NuEnergy (ASX:NGY) share price is rocketing 230% higher today
• Leading brokers name 3 ASX shares to buy today
• SciDev (ASX:SDV) share price jumps 10% on inaugural profit result
• What’s moving the Charter Hall Long WALE (ASX:CLW) share price today?

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

The post Is Ellume listed on the ASX? appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3aP8qF4

The Splitit Ltd (ASX: SPT) share price is roaring back to life in late afternoon trade. This comes after the company announced a raft of changes to its leadership team.

Earlier in the day, shares in the buy now, pay later (BNPL) company were treading just above their Friday market close. However, the Splitit share price has since tracked 7% higher to reach $1.52 at the time of writing.

Leadership change 

The Splitit share price is rebounding after the shock announcement of the departure of its chair, Spiro Pappas.

In today’s release, Splitit said that Mr Pappas had decided to resign from the board effective immediately, as he wished to pursue other interests away from the company.

As a result, Splitit will replace his non-executive chair position with non-executive director Dawn Robertson.

The company also announced it would seek to appoint two new independent non-executive external directors to its management team. Subject to shareholder approval, Vanessa LeFebvre and Scott Mahoney will take up the leadership roles. The company aims to call a shareholder meeting as soon as possible to gauge support for the new appointments.

Based in Oregon in the United States, Ms LeFebvre brings a wealth of retail industry experience. Ms LeFebvre currently holds the position of commercial senior vice president for Adidas in North America. Her duties include overseeing the group’s wholesale, retail stores, and e-commerce channels.

Mr Mahoney, based in New York, has more than 20 years’ experience in asset management in the United States. He is currently serving as an executive council member for investment advisory firm, Aviditi Advisors. Mr Mahoney is also an advisory partner for fintech venture capital fund, Tribeca Early Stage Partners.

Commentary from management

Commenting on his decision, outgoing chair Mr Pappas said:

Given Splitit’s great progress since listing and the strong continued focus on opportunities in North America and Europe, now feels like the right time for me to step down as chairman. I have the utmost faith and confidence in our new chair, Dawn Robertson, who is a senior executive with deep and relevant global experience in the retail and eCommerce industries.

It is also very pleasing to see the very high calibre new board members that we have been able to attract from our global search.

New chair Ms Robertson added:

Spiro [Pappas] has made a terrific contribution as chairman since our ASX listing in January 2019. He has been instrumental in guiding the company through a period of considerable change as Splitit has developed foundations to enable growth, including helping secure new credit facilities to support our funded model and multiple capital raises.

This has been a pivotal part of our global expansion and, having successfully fulfilled this role, we respect and support his decision to pursue other interests.

Splitit share price snapshot

The Splitit share price is up more than 190% over the past 12 months. The company’s shares hit an all-time low of 20.5 cents in March, before surging past pre-COVID levels in June.

In August, its shares reached a 52-week high of $1.93, a whisker away from its all-time high of $2.00 in early 2019.

Based on the current Splitit share price, the company commands a market capitalisation of $680 million.

More reading

• ASX 200 rises 1%, Zip soars, REA reports
• What’s with the Splitit (ASX:SPT) share price today?
• 3 reasons to consider Sezzle (ASX:SZL) at this share price
• Splitit (ASX:SPT) share price slides despite record quarter
• Why Bathurst Resources, Megaport, Orocobre, & Splitit shares are dropping lower

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

The post Why the Splitit (ASX:SPT) share price is roaring 7% higher today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3a06eLI

The NuEnergy Gas Ltd (ASX: NGY) share price has started the week with a bang.

In afternoon trade the Indonesia-based independent clean energy company’s shares are up an astonishing 230% to 9.9 cents.

This means the NuEnergy share price is up a massive 800% since the start of the year.

What is NuEnergy?

NuEnergy is a clean energy company focused on developing Indonesian unconventional gas assets.

The company explains that it was formed with the goal of reliably and sustainably supplying clean energy to meet the growing energy demands of Indonesia. It is one of the world’s fastest growing economies and energy consuming markets.

The company holds four onshore Production Sharing Contracts (PSCs) across South Sumatr and is fully focused on quickly moving its high value unconventional gas assets from exploration to development stage.

Why did the NuEnergy share price rocket higher today?

Today’s impressive gain by the NuEnergy share price not only caught the eye of investors but also the Australian share market operator. This morning it hit the company with a price query request.

In response to the request, management said: “The Directors are unaware of any other explanation for the recent trading in its securities. The Directors confirm that with respect to the Tanjung Enim PSC, the approval of Tanjung Enim POD 1 is still in progress. The Muralim PSC is still being prepared for submission.”

What has been happening recently?

During the last quarter, NuEnergy’s attention was principally focused on efforts to secure approval for the Tanjung Enim PSC Plan of Development 1 (POD 1) and continuing to amend the Tanjung Enim PSC contract.

Since the end of the quarter, the company has made further developments.

According to a recent release, the company received an acknowledgement letter from Indonesian authorities in connection with its 40% working interest in the 587 km2 Muara Enim PSC.

This letter confirmed the discovery of natural gas in the Muara Enim PSC area, acknowledged the completion of the exploration firm commitments by NuEnergy, and allows NuEnergy to submit a plan of development (POD) within the next 3 years.

This news appears to have got investors excited and has helped drive the NuEnergy share price materially higher since the start of the year.

More reading

• Leading brokers name 3 ASX shares to buy today
• SciDev (ASX:SDV) share price jumps 10% on inaugural profit result
• What’s moving the Charter Hall Long WALE (ASX:CLW) share price today?
• Why the Creso Pharma (ASX:CPH) share price is tumbling 5% lower
• Why the Afterpay (ASX:APT) share price is exploding even higher today

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.

The post Why the NuEnergy (ASX:NGY) share price is rocketing 230% higher today appeared first on The Motley Fool Australia.

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

With so many shares to choose from on the ASX, it can be hard to decide which ones to buy.

The good news is that brokers across the country are doing a lot of the hard work for you.

Three top ASX shares that leading brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Computershare Ltd (ASX: CPU)

According to a note out of Macquarie, its analysts have retained their outperform rating and $15.95 price target on this administration services company’s shares. Macquarie’s research appears to show that Computershare is losing market share in the US Mortgage Servicing market. It suspects this could weigh on its short term earnings. However, the broker believes investors should look beyond this short term weakness and focus on the sizeable long term opportunity it has over the in the US. The Computershare share price is trading at $14.57 today.

Super Retail Group Ltd (ASX: SUL)

Analysts at Goldman Sachs have retained their buy rating and $14.80 price target on this retailer’s shares. According to the note, the broker is expecting Super Retail to deliver a half year profit a touch ahead of the market consensus estimate. It expects this to lead to a dividend increase notably ahead of what the market is expecting. It has pencilled in a 42.7 cents per share interim dividend, compared to the consensus estimate of 37 cents per share. The Super Retail share price is trading at $11.86 on Monday.

Woolworths Group Ltd (ASX: WOW)

Another note out of Macquarie reveals that its analysts have retained their outperform rating and lifted the price target on this retail giant’s shares to $44.50. According to the note, the broker believes that Woolworths will benefit from strong consumer spending in 2021. The broker also feels that the company’s online business is outperforming its peers and winning market share. It suspects this trend could continue. The Woolworths share price is fetching $41.68 on Monday afternoon.

More reading

• Australian Primary Hemp (ASX:APH) share price is up 10%. Here’s why
• ASX 200 Weekly Wrap: RBA unleashes ASX’s inner animal
• 2 ASX dividend shares with yields above 4.5%
• 4 most trusted ASX companies (and the 4 least trusted)
• Got cash to invest? Here are 3 ASX shares to buy

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

The post Leading brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

from The Motley Fool Australia https://ift.tt/3tvZ8Gt