Tag: Motley Fool

The IOUpay Ltd (ASX: IOU) share price surged today following the shares return to the market after a trading halt last week.

The IOUpay share price closed the day’s trade at 22 cents a share, up 10.26%, after opening at 21 cents. IOUpay shares traded at 20 cents a share last Wednesday (4 November) before they were placed in a trading halt by the company.

A successful capital raise

The reason for this halt was a capital raise, the details of which we didn’t find out until today. That’s because, unlike many capital raises ASX investors would be used to, this particular one was open to “sophisticated and institutional investors” only and conducted behind closed doors.

The company told investors this morning that the raise was successful, and has resulted in the company raising $10,055,300 via the issuance of approximately 62.85 million shares at a price of 16 cents each. This was made up of 2 tranches of different prices and volumes. 

The IOUpay chair Aaron Lee had this to say on the placement:

The Company is delighted to see the market respond so strongly to our plans to accelerate our market position as a leading operator in the digital payments sector in South East Asia. This capital raising represents another important milestone in our roadmap to expand our existing and new product offerings. We welcome all new shareholders and thank our existing shareholders for their continued support.

IOUpay told investors that the capital raised from this program will go towards a number of areas. These include “salaries, professional services, administration expenses, product development, digital payment inventory and marketing development.”

If today’s share price movement is anything to go by, IOUpay investors seem to be enthusiastically on board with the company’s plans.

Who is IOUpay?

IOUpay is one of the newest ASX fintech shares, having only debuted on the ASX in September. It caused quite an impression when it surged 44% on IPO day.

IOUpay provides digital commerce software solutions and services. The company helps institutional clients expand their digital platforms, products and offerings to any mobile device. According to the company, it aims to be “one of the leading digital transaction processors in the booming cashless economies of Southeast Asia.”

The IOUpay share price is currently sitting more than 46% higher than when it IPOed, with a current market capitalisation of just over $79 million.

More reading

• The IOUpay (ASX:IOU) share price is in a trading halt today
• Why the IOUpay (ASX:IOU) share price jumped 14% this morning
• Douugh and Ioupay were among the most traded shares on the ASX last week
• Are speculators driving today’s 44% Ioupay (ASX:IOU) share price gains?

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post IOUpay (ASX:IOU) shares rally after successful capital raise appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/36xdI5Z

Industrial equipment manufacturer PPK Group Limited (ASX: PPK) has announced a joint venture (JV) today with Amaero International Ltd (ASX: 3DA) and Deakin University.

The plan is to develop a new super strength aluminium alloy that can be used in industries seeking materials that are lighter, stronger, and more durable.  These industries include sporting goods, auto racing, aerospace, and defence.

How did the market react?

Both PPK Group and Amaero International’s share prices have surged up amid a broader market rise in the ASX today.

The PPK Group share price was up 8.17% to $5.69 at the time of writing. Meanwhile, the Amaero International share price surged up by 14.05% to 69 cents. At these prices, the companies command a market cap $452 million and $55 million respectively. 

Details of the joint venture

PPK Group says that a new legal company called Strategic Alloys Pty Ltd will be incorporated to undertake this advanced materials project. The new entity will be owned 45% by PPK Group, 45% by Amaero Alloys Pty Ltd (a subsidiary of Amaero International), and 10% by Deakin University.

The new super strength aluminium alloy will include boron nitride nanotubes (BNNT) in its formulation. This acts as a nano-reinforcement in certain metals, significantly improving mechanical properties.

PPK Group said this project would create new intellectual property – along with employment, sales, and exports – for years to come. The research will be undertaken at Amaero’s laboratories in Notting Hill, Victoria, and also at Deakin University in Geelong. 

What did management say?

Commenting on the news, PPK Group executive chair Robin Levison, said:

We are looking forward to working with Amaero on this project, it is an important step in demonstrating the benefits of BNNT additions to alloys that will provide valuable data for clients interested in the unique properties that can be delivered. 

Amaero International CEO Barrie Finnin also welcomed the joint venture, saying:

The joint venture between Amaero, PPK and Deakin University is a new partnership in materials development that will give rise to new intellectual property and create opportunities for high end applications across the aerospace and defence industries as well as some other high performance markets.

The joint venture aims to develop this revolutionary technology in Australia and create new industry, employment, products and exports for many years to come.

The project will start in November 2020, with initial material validation expected in early 2021. 

More reading

• IOUpay (ASX:IOU) shares rally after successful capital raise
• Why the Azure Minerals (ASX:AZS) share price soared 44% higher today
• The A2 Milk (ASX:A2M) share price is up 4% today. Here’s why.
• Here’s why the Impedimed (ASX:IPD) share price shot up 13% today
• Why the Resapp (ASX:RAP) share price stormed 5% higher today

Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post The PPK (ASX:PPK) share price and 1 other surge on joint venture news appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3kdF0CU

The Azure Minerals Limited (ASX: AZS) share price is up 44% today to 52 cents per share. This follows the company’s ASX announcement this morning on the drilling program at its Andover project in the West Pilbara region of Western Australia.

Azure shareholders are no strangers to big share price swings in both directions. On 12 October, Azure’s share price surged 70% in intraday trading after the company emerged from a trading halt to announce the results of its first drill hole at Andover.

Today’s gains have sent Azure’s share price up 271% year-to-date. By comparison the All Ordinaries Index (ASX: XAO) is down 4% so far in 2020.

What does Azure Minerals do?

Azure Minerals is a minerals explorer primarily focused on its portfolio of projects in Mexico, though it’s the Western Australia project that’s currently exciting investors. The company’s flagship project is the Oposura project, containing zinc, lead and silver resources. It’s situated in the northern Mexican state of Sonora.

The company also undertakes early-stage exploration for new greenfield prospects, and partners with major resource companies to develop projects with the potential for large-scale, long-life mining operations.

What did Azure announce to send the share price up 44% today?

In this morning’s announcement to the ASX, Azure Minerals reported that assays from the first 2 drill holes of its maiden drilling program at its Andover Project in Western Australia confirmed the presence of high-grade nickel-copper mineralisation.

Assays from the third hole are pending. And Azure reported its fourth drill hole – testing a new target zone defined by a strong electromagnetic conductor – is close to complete.

Azure owns 60% of the project and Creasy Group owns the other 40%.

Commenting on the results, Azure’s managing director Tony Rovira said:

With assays confirming that the massive and semi-massive sulphides seen visually in the first 2 drill holes contain high grades of nickel and copper, and with our third hole intersecting similar looking sulphide mineralisation, the Andover Ni-Cu Project is swiftly confirming our confidence in its potential to host a substantial Ni-Cu deposit.

Noting the the company is still at an early stage of exploration, Rovira added, “With additional success, there is potential here for a sizeable nickel and copper deposit typical of other layered mafic-ultramafic-hosted nickel-copper deposits in Western Australia.”

With the results from Azure’s third and fourth drill holes still pending, the Azure share price is one to keep an eye on.

More reading

• The Azure Minerals (ASX:AZS) share price has rocketed 62%. Here’s why.

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the Azure Minerals (ASX:AZS) share price soared 44% higher today appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/36iEhvf

The A2 Milk Company Ltd (ASX: A2M) share price has surged up 4.30% to $14.30 today amid a broader market rise in the ASX. Let’s take a look at how the company has evolved in the last two years, and why the A2 Milk share price keeps coming back up.

Evolution of the A2 Milk share price

A2 Milk has experienced a bit of a roller coaster period in the last two years. At the beginning of 2019, the A2 Milk share price was trading around $10, and by the end of that year, had increased by 40% to $14. This momentum continued until March 2020 when it was trading as high as $16.60.

But then, global markets encountered a major shock as the coronavirus pandemic gripped the whole world – dragging A2 Milk’s share price back down to the $14 levels. The market eventually settled down, and by August the company’s share price has surged back to a YTD high of $20.05.  

In late September, however, the company announced a negative outlook for FY21. A2 Milk noted that sales to retail ‘daigous’ in Australia and New Zealand (ANZ) would be curtailed due to the pervailing pandemic restrictions and reduction of tourists and students from China. Note that tourists and students from China make up a big portion of A2 Milk’s export channel, as these so-called daigous fulfil orders from Chinese customers overseas.

Since that announcement, the company’s share price dropped as low as $13.24 before bouncing back in the last few days of trading to the current price of $14.32.

A2 Milk’s business model

A2 Milk differentiates itself from other brands by marketing its unique A2 protein content as a healthier and safer choice. A2 beta-casein is a type of protein found in milk. Some studies have found that it is a healthier option than the more common A1 type found in regular milk. Other companies have tried to produce A2 milk and imitate its business model, but their lack of success has only stamped A2 Milk’s superior position within the industry. 

The company has a strong demand in China for its infant milk formula product. To get around the daigou export problem, A2 Milk says that it is rapidly building its Chinese-based business by increasing its e-commerce presence, as well as expanding its physical distribution to more mother and baby (MAB) stores across mainland China. 

However, China is not the only export channel for A2 Milk. According to the company, its US liquid milk business is growing quickly, and Canada shapes up to be the next market frontier for A2 Milk. 

A2 Milk by the numbers

A2 Milk’s balance sheet is strong with debt comprising only around 22% of its capital structure. The company is also very liquid with its current assets representing 78% of total assets. Current assets are those assets that can converted into cash within one year. 

A2 Milk expects its total FY21 revenue to be around $1.9 billion, which would be a growth of close to 10%. 

On the earnings side, its revenue has doubled in just two years, while maintaining net profit margin at a healthy 22%. The rocket-like rise in its earnings per share (EPS) from 24 cents to 49 cents came from a low base in 2015, when it was a struggling company.

At the current price of $14.32, the A2 Milk commands a market cap of $10.2 billion.

More reading

• 2 must-buy ASX growth shares to buy in November
• 4 outstanding ASX 200 shares to buy with $4,000
• I plan to invest heavily in ASX shares next week
• 3 great ASX growth shares to buy in November
• 3 explosive ASX growth shares to buy with $3,000

Motley Fool contributor Eddy Sunarto has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended A2 Milk. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post The A2 Milk (ASX:A2M) share price is up 4% today. Here’s why. appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3kkFveN

The Impedimed Limited (ASX: IPD) share price rocketed by 13.41% today to close the day’s trade at 9.3 cents per share. This came after the company announced that its Sozo medical device has been selected by AstraZeneca for use in a phase 2 drug trial.

What did Impedimed announce?

Impedimed is a medical device company that produces a family of FDA-approved devices. It has been listed on the ASX since 2007.

According to Impedimed, pharmaceutical giant AstraZeneca has selected its Sozo device for a phase 2 trial in order to measure fluid volume in patients with chronic kidney disease. The AstraZeneca study will use the Impedimed device to evaluate the efficacy, safety and tolerability of a combination of 2 AstraZeneca drugs.

The trial will begin in January 2021 and run for approximately 18 months. According to Impedimed, the study will generate $2 million in revenue. The total expected revenue from this trial and a previously announced AstraZeneca trial, in which it is also using Sozo, is $4.5 million. 

An additional 200 Sozo devices will be leased across 24 countries for the trial, bringing the total Sozo devices leased for AstraZeneca studies to 375.

Impedimed managing director and CEO Richard Carreon commented: “There are millions of people today living with chronic kidney disease, and we look forward to learning more about the impact this trial will have on improving patient care.”

How has Impedimed performed recently?

In the first quarter of FY2021, Impedimed had revenue of $1.5 million, an increase of 11% on the prior corresponding period. Impedimed had $15.4 million cash on hand at 30 September 2020.

The Impedimed share price is up more than 187% since its 52-week low of 3.2 cents, however, it is down 38% since the beginning of the year. The Impedimed share price is down 34% since this time last year.

More reading

• The A2 Milk (ASX:A2M) share price is up 4% today. Here’s why.
• Why the Resapp (ASX:RAP) share price stormed 5% higher today
• The RPMGlobal (ASX:RUL) share price is up 9% in a week. Here’s why.
• ASX stock of the day: Elixinol Global (ASX:EXL) shares blaze new highs
• Leading brokers name 3 ASX shares to buy today

Motley Fool contributor Chris Chitty has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Here’s why the Impedimed (ASX:IPD) share price shot up 13% today appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3pbdsSE

The Resapp Health Ltd (ASX: RAP) share price stormed higher today following the announcement of a new partnership.

During afternoon trade, shares in the digital health company reached as high as 9.4 cents, but later pulled back slightly. The ResApp share price closed out the day at 9.1 cents, up 5.8%.

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

Integration of ResAppDx

According to the release, Resapp advised that it has entered a six-month joint development and pilot agreement with Medgate. The new deal will see Medgate use Resapp’s smartphone-based acute respiratory diagnostic test, ResAppDx, in its telemedicine services.

Founded in 1999, Medgate is a provider of telehealth services, bringing physicians to where patients are needed via digital health bookings. The company operates Europe’s largest telemedical centre in Switzerland, employing over 500 people worldwide. Medgate has presence in Germany, the Philippines, the United Arab Emirates, and India.

Under the agreement, Medgate and Resapp will work together to build and pilot an integration of ResAppDx in Medgate’s services. The integration phase of the project is expected to take around two months. Thereafter, a three-month pilot will commence in early 2021, evaluating the performance of the new program.

During the initial stages, both companies will assess the impact that ResAppDx has on Medigate’s telehealth service. A number of key metrics will be applied as a benchmark to test its success.

Negotiations on the cost model of the integration will be finalised during the pilot period.

Resapp advised it will not see material revenue from the project. Either party may terminate the contract by providing 30 days notice.

What did management say?

Resapp CEO and managing director Mr Tony Keating commented on the partnership:

We are very pleased to have entered into this pilot agreement with such a high calibre partner. Medgate is a well-known and respected organisation and we look forward to working with them to deliver our ResAppDx product to their customers.

This partnership is ongoing validation of our offering and will potentially allow the company to pursue a large market opportunity in Europe, as well as in Asia and the Middle East where Medgate also has operations. I look forward to updating shareholders on the integration and commencement of the pilot initiative in the coming months.

Resapp share price summary

The Resapp share price has taken a hit over the last few weeks since revealing its quarterly earnings scorecard. Shares in the company fell to a 7-month low of 8.2 cents, but have since slightly recovered.

No doubt, today’s announcement has had a positive effect on the Resapp share price, however it still has some way to go to hit its former highs of 50 cents, reached back in September 2016.

More reading

• Why the ResApp (ASX:RAP) share price is falling 18% lower today
• Why the ResApp (ASX:RAP) share price is racing higher today
• Why the ResApp (ASX:RAP) share price is up almost 20% today
• The ResApp (ASX:RAP) share price is soaring 10% today. Here’s why.

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post Why the Resapp (ASX:RAP) share price stormed 5% higher today appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3kdAfJy

RPMGlobal Holdings Ltd (ASX: RUL) has seen gradual increases in its share price this week. Culminating in a 4.19% jump today, taking the 5-day share price rise to more than 9%. 

The company has been steadily consolidating its software and services portfolio, while trying to deal with the impacts of COVID-19.

At present, the mining software company currently has 11 of the 21 global offices either partially closed or fully closed, with previous positive COVID-19 cases in South Africa, Russia, the US, Chile and Indonesia. All of which have since recovered.

Regardless of the COVID-19 restrictions, the company has managed to acquire 3 bolt-on software products, bringing the tally to 9 in 6 years. The company’s software solutions range from physical asset management, to mine scheduling, through to sophisticated budgeting and simulation tools. 

The uniqueness of each product within the mining sector, means that there is potentially a longer tail of revenue. A long tail that is still growing for every customer. 

Inventory optimisation

In late October, RPMGlobal announced that it intends to acquire Canada-headquartered, inventory optimisation management software company, IMAFS. A Software-as-a-Service (SaaS) and cloud-delivered provider of inventory optimisation software, IMAFS has more than 20 years’ experience developing and selling its flagship product.

It connects to an organisation’s enterprise resource planning (ERP) system and utilises proprietary artificial intelligence (AI) algorithms to improve inventory management. Its sole purpose is for optimising the inventories of large capital intensive companies. 

Other RPMGlobal software growth

However, IMAFS is the company’s second SaaS product, with its first being launched as recently as 14 October. RPMGlobal launched its Haulage as a Service product. The product leverages the company’s TALPAC calculation engine, providing access online rather than on the desktop.

Commenting on the move, RPMGlobal CEO Richard Mathews said:

RPM’s cloud enabled SaaS solutions help to solve several key industry challenges, including the problem of siloed data. With HaaS, data is no longer trapped within individual desktop applications or siloed with individual users.

This cloud enabled approach enables operations to get the best overall haulage performance right across their operations irrespective of where the users or applications calling the cloud service are physically located.

According to IBM, there are many strong benefits of moving to an SaaS style application. Including, quicker implementation, scalability, ease of updates, and lower costs.

In other, organic software developments, RPMGlobal has released a scheduling and design tool for underground potash mines. This system provides sophisticated mine scheduling across all scheduling horizons. Lastly, the company has updated its AMT asset management product.

Specifically designed for asset lifecycle costing and budgeting, the latest updates have dramatically improved the speed and accuracy of maintenance budgeting. RPMGlobal claims the product is one of the only products on the market that is purpose-built for maintenance cost budgeting that works seamlessly with any miner’s ERP.

Foolish takeaway

So far in first quarter FY21, RPMGlobal has secured a total contract value of $3.3 million. This has raised the annual recurring revenue stream to $13.5 million, up from $12.7 million. Moreover, the company CEO and CTO have long track records in the enterprise software industry. Once the restrictions from the COVID-19 pandemic have eased, the company will emerge back into the market with more products and increased functionality. 

More reading

• RPMGlobal (ASX:RUL) share price falls despite product launch

Daryl Mather has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of RPMGlobal Holdings. The Motley Fool Australia has recommended RPMGlobal Holdings. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post The RPMGlobal (ASX:RUL) share price is up 9% in a week. Here’s why. appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2GGcUm8

The Elixinol Global Ltd (ASX: EXL) share price is on fire today, up more than 55% at the time of writing to 22 cents a share. The Elixinol share price closed at 14 cents a share last week, but opened this morning at 16 cents a share and has appreciated even more as the trading day continues. So who is Elixinol? And why are these shares blazing to new highs today?

Who is Elixinol Global?

Elixinol Global is an ASX cannabis company with a portfolio of worldwide operations. Its Australian offerings are limited to its subsidiary, Hemp Foods Australia Pty Ltd. Hemp Foods Australia focuses on manufacturing and wholesaling hemp-based foods, materials and products. However, its global offerings are more extensive.

Elixinol makes and sells both hemp and cannabidiol (CBD) products across the United States, Latin America, Europe and the United Kingdom, as well as in Japan and South Africa. The legal status of CBD (a component of psychoactive cannabis, but not industrial hemp in meaningful amounts) varies around the world, which means that Elixinol can only sell these products in certain markets (which doesn’t include Australia at this time).

Elixinol is a dual-listed company, appearing on the ASX, as well as on the Over-the-Counter (OTC) markets in the US. It only IPOed on the ASX back in January 2018, where it hit the boards at $1.57 a share. Looking at that price, it’s not hard to conclude Elixinol has had a rough trot since then. The company did have a boom of sorts, rising from the IPO price to a high of $4.58 in May 2019. However, even after today’s rise, Elixinol shares are down roughly 95.5% from those highs.

Why is the Elixinol share price surging today?

Elixinol shares are not the only ASX cannabis shares on the rise today. It looks as though we are seeing a sector-wide move, which indicates some macro or external factors at play. To illustrate, Elixinol’s fellow ASX cannabis company Cann Group Ltd (ASX: CAN)’s shares are up 6.25% to 34 cents a share, whilst THC Global Group Ltd (ASX: THC) shares are up 7.14% to 22 cents and Althea Group Holdings Ltd (ASX: AGH) shares are up 14.81% to 46 cents.

The external factor could be that several US states legalised either recreational or medical cannabis use in last week’s elections. According to our Fool colleagues across the Pacific, the states of New Jersey, Arizona, Montana and South Dakota look to have successfully voted to legalise recreational use, while the conservative state of Mississippi has legalised cannabis for medical use only.

Following these results, it means that 15 out of the 50 states in the USA have now legalised recreational use, with 35 permitting medical use as well. Being the world’s largest economy, it’s not hard to view these developments as good news for ASX cannabis companies, and by extension, any cannabis company around the world.

An impressive quarterly update

However, the Elixinol share price is still vastly outperforming its peers in the cannabis space today. So what might explain this? Well, last week, the company posted a quarterly update to the markets, which might have gone unnoticed until today amidst the election drama.

In this update (covering the quarter ending 30 September), Elixinol told the markets that its quarterly revenue had grown by a hefty 18% compared with the previous quarter to $4 million. It also succeeded in slashing costs and cash outflow, which was at $3.5 million for the quarter, down from $6.2 million in the previous quarter, and down from $9 million in the quarter before that.

More reading

• Here’s why ASX cannabis shares are falling today
• How did ASX cannabis shares perform last quarter? 
• Why is the Althea (ASX:AGH) share price up 8% today?
• The Cann Group share price getting smoked after a strategic shareholder exits

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post ASX stock of the day: Elixinol Global (ASX:EXL) shares blaze new highs appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3lbGf7b

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

CSL Limited (ASX: CSL)

According to a note out of UBS, its analysts have retained their buy rating and $346.00 price target on this biotherapeutics company’s shares. This follows the release of data on a study evaluating the efficacy and safety of CSL112 to reduce the risk of cardiovascular death, heart attacks, and stroke in acute myocardial infarction patients. Based on the data, it believes CSL may be targeting a population group with more severe cardiovascular disease. However, it hasn’t included the therapy into its forecasts just yet and will wait for further confirmation/approval. Outside this, the broker remains positive on CSL’s prospects and notes strong demand for flu vaccines because of the pandemic. The CSL share price is currently fetching $303.98.

Jumbo Interactive Ltd (ASX: JIN)

Analysts at Goldman Sachs have initiated coverage on this online lottery ticket seller’s shares with a buy rating and $14.50 price target. The broker likes Jumbo due to its belief that it is a capital light and high return on equity business operating as an online distribution arm within the high barriers to entry Lottery industry. Goldman is forecasting a 16% compound annual growth rate for its revenue over the next three years. This is expected to be supported by the lottery industry reaching an inflection point in digital penetration and the structural shift to online sales. The Jumbo share price last traded at $12.64.

Uniti Group Ltd (ASX: UWL)

A note out of Ord Minnett reveals that its analysts have retained their buy rating and $1.82 price target on this telco’s shares. The broker notes that its acquisition of OptiComm is due to settle on 20 November. It is a big fan of the deal and expects it to substantially increase the quality of its earnings. It also estimates that it will lift the company’s market share of the fibre-to-the-premises (FTTP) market to 12%. This makes it the number two player in this market. The Uniti share price is changing hands for $1.38 today.

More reading

• Why this broker has rated Jumbo (ASX:JIN) shares a buy
• ASX 200 Weekly Wrap: US election special
• 2 ASX healthcare shares to buy today
• Top brokers name 3 ASX shares to buy today
• Where to invest $1,000 into ASX shares this week

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 CSL Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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

from Motley Fool Australia https://ift.tt/3kcAzIP

The Thorney Technologies Ltd (ASX: TEK) share price is up 7.35% in late afternoon trading today. This comes following the company’s announcement on its $37 million capital raising plan.

Thorney’s shareholders were hit hard by the pandemic panic selling that hit the All Ordinaries Index (ASX: XAO) earlier this year. Thorney’s share price dropped more than 50% before bottoming out on 23 March.

Since the March lows, shares are up 157% for a year-to-date gain of 28%. By comparison the All Ords is down 4% so far in 2020.

What does Thorney Technologies do?

After re-listing on 18 January 2017, Thorney Technologies became an investment company focused on technology related investments., often at the pre-IPO level. The company is managed by Thorney Investment Group, a private business, under a long-term investment management agreement.

What moved the Thorney Technologies share price today?

This morning Thorney Technologies announced it had received commitments from institutional, sophisticated and professional investors to raise $27 million via a fully-committed two-tranche placement of ordinary shares at 35 cents per share.

Thorney welcomed Woodson Capital Management LP as a substantial shareholder.

The company also announced its proposal of a non-underwritten $10 million non-renounceable entitlement offer to eligible shareholders, also at 35 cents per share.

Bell Potter Securities Limited is acting as Lead Manager for both offers.

Thorney Technologies Chair Alex Waislitz said:

We are delighted with the support shown by new and existing investors, with bids received well in excess of amounts raised under the Placement. We are pleased to welcome Woodson Capital Management as a substantial shareholder in TEK.

The bulk of the capital raising will be used to invest in technology related companies in Australia and internationally. The company stated it will continue to focus on pre-IPO (initial public offering) opportunities, stating it, “continues to be inundated with exciting and potentially valuable pre-IPO investment opportunities, and the Board intends to continue to be at the forefront of access to these investment opportunities.”

The committed placement will be completed in two tranches. The first, approximately $13 million worth, is expected to settle this Thursday 12 November.

The second placement of some $14 million of new shares will be issued subject to Thorney Technologies’ shareholders’ approval.

More reading

• Leading brokers name 3 ASX shares to buy today
• Afterpay (ASX:APT) share price up 4% in today’s trading
• Here’s why the Ramelius (ASX:RMS) share price is zooming higher
• Latest 3 “buy” recommendations from top brokers
• 3 mid-cap ASX shares with recent price pullbacks

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. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The post The Thorney Technologies (ASX:TEK) share price is up 7% today. Here’s why appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2JPBCBT