Tag: Motley Fool

After a strong start to the day, the S&P/ASX 200 Index (ASX: XJO) has faded in afternoon trade. At the time of writing the benchmark index is down 0.1% to 6,113.4 points.

Four shares that are falling more than most today are listed below. Here’s why they are dropping lower:

The IDP Education Ltd (ASX: IEL) share price is down over 2% to $18.74. This appears to be down to profit taking after a huge gain on Thursday. Investors were fighting to get hold of the student placement and language testing company’s shares after the release of a surprisingly strong full year result. Despite the pandemic, IDP Education reported a 2% decline in revenue to $587.1 million and a 29% increase in EBITDA to $148.6 million.

The IRESS Ltd (ASX: IRE) share price has fallen 3% to $10.44. Investors have been selling the financial technology company’s shares since the release of its half year results on Thursday. Although IRESS reported a 12% increase in revenue, it disappointed the market by posting a 14% decline in net profit for the half.

The Mosaic Brands Ltd (ASX: MOZ) share price is down 5.5% to 68.5 cents. The catalyst for this was news that Westfield has forced the closure of 129 of its stores due to the non-payment of its rent. “These actions are extremely disappointing, given the current environment, and difficult to comprehend in the context of a relationship that spans close to 40 years,” said Mosaic Chairman Richard Facioni.

The Mayne Pharma Group Ltd (ASX: MYX) share price is down almost 4% to 33.7 cents after posting another disappointing full year result. The pharmaceutical company reported a 13% decline in revenue to $457 million and a net loss after tax of $92.8 million. The company’s key generic products division was the main drag on its results. Sales were down 21% on FY 2019 to $253 million.

More reading

• Mayne Pharma share price on watch as earnings slump 27%
• ASX 200 down 0.8%, IDP Education soars
• Why CSL, Iress, Santos, & Webjet shares are dropping lower
• Iress share price dives 6% on half-year results
• ASX 200 down 1%: Qantas results, Afterpay hits record high, Webjet crashes lower

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 Idp Education Pty Ltd. The Motley Fool Australia has recommended IRESS 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 Why IDP Education, IRESS, Mosaic Brands, & Mayne Pharma are dropping lower appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/34kAlLa

The Selfwealth Ltd (ASX: SWF) share price is moving higher this morning following the release of a very strong full year report for the 2020 financial year (FY20).

The Selfwealth share price is currently trading 9.52% higher up to 58 cents.

Selfwealth’s full-year results

The ASX share trading platform has seen astounding growth thanks to the COVID-19-induced volatility of the share market this year. Most notably, the company grew its revenue by an incredible 313%, rising to $8.6 million.

Another important metric to track the company’s performance is the number of active traders on its platform. Selfwealth reported an increase of 46,445 traders, which was growth of 235% year-on-year. This puts Selfwealth at number 6 in terms of brokers in Australia, with 6% of all Australian investors using the platform. Also encouraging was the fact that just over 1 in 10 new investors are choosing Selfwealth and the same number are transferring from other brokers.

Selfwealth also saw impressive growth in the amount that clients were trading, which equates to increased revenue for the company. The company’s total assets on HIN (holder identification number) rose to $2.52 billion, increasing a huge 124% year-on-year.

Furthermore, the growth has resulted in SelfWealth’s first ever quarterly positive cash flow from operating activities during the fourth quarter of FY20. A healthy balance sheet of $5.62 million, no debt and a positive cashflow leave the company in a solid financial state. This is reflected in the Selfwealth share price storming higher today.

Outlook

Looking forward, the company has seen a number of structural changes aid its businesses plans. Firstly, thanks to the global pandemic there has been an increased shift to digitisation, and this along with other COVID-19 tailwinds has seen increased usage of the platform. Wealth creation has also been turned on its head. This is seen as ultra-low interest rates and term deposits are no longer attractive as they were. All these factors look to push customers towards the online broker.

Another exciting area for Selfwealth is there upcoming US trading platform arriving in December. Selfwealth has indicated it intends to become the home for direct equities trading, with a highly competitive fee structure and the ability for Australian investors to invest in the US and Australia, all in the once place. More international markets are set to be added in the future via their partnership with Phillip Capital.

The company has not provided details on specific numbers regarding revenue of cash flow growth, this is likely because of the highly volatile situation in markets mentioned above.

More reading

• Why IDP Education, IRESS, Mosaic Brands, & Mayne Pharma are dropping lower
• ASX 200 flat: Suncorp surges higher, A2 Milk acquisition plans, TPG’s half year update
• Why the MyState share price has slumped today
• 265,000 investing ‘virgins’ joined the share market during COVID-19
• Why a2 Milk, Coca-Cola Amatil, Star, & Suncorp shares are charging higher

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. 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 Selfwealth share price soaring after 313% increase in revenue appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3j3lWYa

At lunch on Friday the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and is trading flat. The benchmark index is currently at 6,120.4 points.

Here’s what is happening on the market today:

Suncorp FY 2020 results.

The Suncorp Group Ltd (ASX: SUN) share price is racing higher on Friday after the release its full year results. The insurance and banking giant’s cash earnings came in at $749 million in FY 2020, down 32.8% on the prior corresponding period. This didn’t stop the company from paying its shareholders a final dividend. Suncorp has declared a final fully franked 10 cents per share dividend. This lifts its full year dividend to 36 cents per share.

A2 Milk acquisition.

The A2 Milk Company Ltd (ASX: A2M) share price is on the rise today after announcing a non-binding indicative offer to acquire a 75.1% interest in Mataura Valley Milk for NZ$270 million. Mataura Valley Milk is a New Zealand dairy nutrition business. If the deal completes successfully, the infant formula company plans to establish blending and canning capacity at Mataura’s facility in the future.

TPG Telecom half year results.

The TPG Telecom Ltd (ASX: TPG) share price is edging higher today following the release of its half year results. Given the timing of the merger (and despite the company name), these results are predominantly based on the Vodafone Australia business and include a contribution of only four days from the original TPG business. TPG Telecom reported a net profit after tax of $83 million. This includes a $226 million one-off, non-cash credit to its tax expense.

Best and worst ASX 200 shares.

The best performer on the ASX 200 on Friday has been the Star Entertainment Group Ltd (ASX: SGR) share price with an 8.5% gain. This morning Credit Suisse upgraded its shares to an outperform rating with a $3.60 price target. The worst performer has been the IPH Ltd (ASX: IPH) share price with a 4% decline. This follows a lukewarm response to its full year results on Thursday.

More reading

• Why a2 Milk, Coca-Cola Amatil, Star, & Suncorp shares are charging higher
• TPG Telecom share price higher following half year update
• Meet the latest ASX stock that’s more than doubled its full year COVID-19 earnings
• Mayne Pharma share price on watch as earnings slump 27%
• Why these Charter Hall REITs are outperforming in FY20

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of 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 ASX 200 flat: Suncorp surges higher, A2 Milk acquisition plans, TPG’s half year update appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/2E4AZlz

The MyState Limited (ASX: MYS) share price is down today, posting a drop of 4.69% to $3.66 at the time of writing. This came after the company released its full-year results for the 2020 financial year (FY20).

What was in the announcement?

In the year to 30 June 2020, MyState recorded a statutory net profit after tax of $30.1 million. This compared to net profit after tax from continuing operations of $29.8 million in financial year 2019. 

Net operating profit before provisions and tax increased 12.9% to $47.9 million in the 2020 financial year from $42.4 million in the 2019 financial year. The company stated that it had strong core operating results before coronavirus-related credit loss provisions.

In the release, MyState reported net interest income of $99.5 million, an 11% increase on the prior year. The company stated that it benefitted from balance sheet growth, disciplined margin management, a significant increase in retail deposits and lower wholesale funding costs.

The bank had a CET1 ratio of 11.1% at 30 June 2020, which it stated remained comfortably above regulatory requirements.

MyState’s board resolved not to pay a final dividend for the year with the company stating that this was “to maintain the group’s strong capital position during the current economic uncertainty”.

The company’s CEO and managing director, Melos Sulicich, commented on the outlook for the company, stating:

Following the hard work of the past 6 years, MyState is set for a bright future. These results show our investments in modernising our bank and wealth management business have been well received by our customers.

About the MyState share price

MyState is a financial services group with its headquarters in Tasmania. It offers personal and commercial lending, mortgage lending, savings and investment products, wealth management and insurance.

In April, MyState announced that its subsidiary MyState Bank Limited had been placed on review by Moody’s for a credit rating downgrade.

The MyState share price is up 16.19% since its 52-week low of $3.15, however, it is down 26.5% since the beginning of the year. The MyState share price is down 20.09% since this time last year. 

More reading

• Why IDP Education, IRESS, Mosaic Brands, & Mayne Pharma are dropping lower
• Selfwealth share price soaring after 313% increase in revenue
• ASX 200 flat: Suncorp surges higher, A2 Milk acquisition plans, TPG’s half year update
• 265,000 investing ‘virgins’ joined the share market during COVID-19
• Why a2 Milk, Coca-Cola Amatil, Star, & Suncorp shares are charging higher

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 Why the MyState share price has slumped today appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/31cJZO6

More than a quarter of a million Australians joined the share market for the first time during the year of COVID-19.

Results from the Investment Trends Online Investing Survey for the first half of 2020, released this week, showed 265,000 retail investors started trading online for the first time this year. 

This compares to just 50,000 last year.

The finding aligns with other evidence of a surge in share market activity since the coronavirus pandemic struck Australia.

The Australian Securities and Investment Commission reported earlier this year that between 24 February and 3 April, a stunning 140,000 newbies registered with brokers. That’s a 240% increase from the year before.

What are the rookies doing?

But in crazy times, the behaviour of the ‘virgin’ investors are ringing alarm bells for the traditionalists.

Volatility would usually have potential investors going into their shells, but the rookies are diving in this year because of a number of factors.

Sixty percent of new investors cited COVID-19 market volatility as a reason for getting them started, rather than scaring them off.

This backs up recent statistics that showed retail investors bought up far more shares during the COVID-19 crisis than what professionals sold off.

The Investment Trends survey also found platforms that allow investment of very small amounts was a big encouragement.

“The ability to invest with small amounts has allowed for a perception of risk mitigation, and helped many new investors get over the line,” the report read.

“Low interest rates on cash savings has been a more uniform prompt for all investors who started in the past year; with the low rate environment expected to outlast COVID-19, it will likely remain a prompt for new online investors.”

Investors split on whether market has bottomed

The flock of newbies has seen the total number of active investors top 1 million in the latest Investment Trends survey.

That’s up 43%, year-on-year.

But there is no consensus in that population about where the share market is headed.

While 42% of investors believed stocks have already bottomed, 50% thought we would see a second crash sooner or later.

COVID-19 expectedly was the top worry among retail investors, while nearly half said identifying the best shares and funds to invest in was their biggest challenge.

The Investment Trends Online Investing Survey is a half-yearly study of investment behaviour in Australia, which polled 16,870 people for the 2020 first half edition.

More reading

• Why a2 Milk, Coca-Cola Amatil, Star, & Suncorp shares are charging higher
• PWR share price slides despite steady FY20 report
• BWX share price leaps 8% on strong FY20 results
• Opthea share price surges higher on FDA news
• Fortescue share price higher after mineral resource upgrade

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. 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 265,000 investing ‘virgins’ joined the share market during COVID-19 appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/31h6BwI

In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher. At the time of writing the benchmark index is up 0.1% to 6,128.2 points.

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

The A2 Milk Company Ltd (ASX: A2M) share price is up 1.5% to $18.42. This follows the release of an announcement by the infant formula company this morning. That announcement reveals that it has made a non-binding indicative offer to acquire a 75.1% interest in Mataura Valley Milk for NZ$270 million. Mataura Valley Milk is a New Zealand based dairy nutrition business. If everything goes to plan, A2 Milk will look to establish blending and canning capacity at Mataura’s facility in the future.

The Coca-Cola Amatil Ltd (ASX: CCL) share price has climbed 3.5% to $9.61. This morning analysts at Credit Suisse upgraded the beverage giant’s shares to an outperform rating with an improved price target of $11.25. It made the move after the release of a better than expected half year result earlier this week.

The Star Entertainment Group Ltd (ASX: SGR) share price has jumped 9% to $3.20. This also appears to have been driven by a broker note out of Credit Suisse this morning. The broker has upgraded the casino and resorts operator’s shares to an outperform rating with a $3.60 price target. It was pleased with its good cost control. This has led to its analysts upgrading their earnings estimates.

The Suncorp Group Ltd (ASX: SUN) share price has surged 7.5% higher to $9.35. Investors have been buying the insurance and banking giant’s shares following the release of its FY 2020 results. Suncorp’s cash earnings came in at $749 million in FY 2020, down 32.8% on the prior corresponding period. The market appears to have been expecting a much softer result.

More reading

• Suncorp share price in focus after posting 32.8% cash earnings decline
• a2 Milk share price on watch after announcing Mataura Valley Milk acquisition plans
• Where to invest $10,000 into ASX shares immediately
• 5 things to watch on the ASX 200 on Friday
• 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 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 Why a2 Milk, Coca-Cola Amatil, Star, & Suncorp shares are charging higher appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3hhWUE6

Shares in PWR Holdings Ltd (ASX: PWH) have lost 3.23% in early trade, despite the company  reporting relatively steady results for FY20. At the time of writing, the PWR share price had fallen to $4.50 after closing yesterday’s session at $4.65.

How did PWR perform in FY20?

Earlier today, PWR released its financial report for the year ended 30 June 2020.  

The report was headlined by an 8.1% increase in net profit after tax of $13.1 million for FY20. Additional highlights included a 7.4% lift in earnings before interest, taxes, depreciation and amortisation (EBITDA) of $23.37 million and 9.3% surge in operating cash flow of $20.32 million. PWR reported relatively flat revenue of $65.73 million for FY20.

PWR labelled its performance in FY20 as relatively steady given the economic repercussions of the COVID-19 pandemic. The company’s performance was fuelled by a strong first half, with operations in the second half thrown into turmoil as a result of the pandemic.

In response to the COVID-19 pandemic, PWR reduced staff working days. As a result, the company utilised the JobKeeper program in Australia and Pay Check Protection in the United States. PWR noted that these programs provided $1.74 million and $1.77 million in wage and overhead relief respectively.

According to PWR, the stable result reflects the company’s diversified revenue streams with growth of over 100% in emerging technologies and OEM customers. The company also noted that favourable currency exchange rates resulted in revenue for FY20 being slightly higher than FY19 despite the pandemic.

In addition, PWR’s management assured shareholders that the company has a strong balance sheet boasting more than $20 million cash on hand. As a result, PWR declared a final, fully franked dividend for FY20 of 4 cents per share, a 42% increase from last year.  

What is the outlook for PWR?

PWR designs and manufactures high performance cooling systems for the automotive and aerospace industries. This includes the production of aluminium radiators, intercoolers and oil coolers for elite motorsport teams that participate in Formula One, NASCAR, V8 Supercars, DTM and IndyCar.

Despite the interruption, PWR maintains that the company is still on track for its business and investment growth plan. With the resumption of motorsport around the world the company is optimistic on its outlook.

PWR acknowledged continued investment in revenue diversification and highlighted the benefits of dual manufacturing sites in the US and Australia.

About the PWR share price

Despite the relatively steady result, the PWR share price dipped nearly 6% to $4.38 before recovering somewhat. At the time of writing, the PWR share price is trading at $4.50, more than 3% lower for the day. The PWR share price has rallied 73% from its March low but remains 4.46% lower for 2020.

More reading

• 265,000 investing ‘virgins’ joined the share market during COVID-19
• Why a2 Milk, Coca-Cola Amatil, Star, & Suncorp shares are charging higher
• BWX share price leaps 8% on strong FY20 results
• Opthea share price surges higher on FDA news
• Fortescue share price higher after mineral resource upgrade

Motley Fool contributor Nikhil Gangaram has no position in any of the stocks mentioned. The Motley Fool Australia has recommended PWR HLDING FPO. 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 PWR share price slides despite steady FY20 report appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3hh4DC5

The BWX Limited (ASX: BWX) share price soared by more than 8% in early trade before pulling back to $4.41 per share, following the release of the company’s full-year results for the period ending 30 June 2020 (FY20).

How did BWX perform in FY20?

A leading owner and wholesale distributor of branded skin and haircare products, BWX’s brand portfolio consists of Andalou Naturals, Mineral Fusion, Nourished Life and Sukin – the number one organic skincare brand in Australia and the company’s largest revenue generator.

Key highlights from BWX’s FY20 report include:

• Net profit after tax of $15.2 million, up 59%
• Revenue of $187.7 million, up 25.5%
• Underlying earnings before interest, taxes, depreciation and amortisation (EBITDA) of $27.5 million, up 30%
• Forecast for FY21 underlying EBITDA of $30.25 million
• Sukin sales revenue of $81.7 million, up 55%
• Underlying earnings per share of 12.3 cents, compared to 8.9 cents in FY19

The company reported a strong balance sheet, with operating cash flow of $28 million, and bank debt obligations of $60.6 million and deferred payment on acquisition of $9.7 million.

BWX declared a fully franked final dividend of 2.6 cents per share for FY20, which is within the company’s dividend payout guidance of 35–50%.

Revenue in the company’s Australia Pacific market increased by 43% on the prior corresponding period, and the North America region increased by 7%. The acceleration of online shopping has supported growth through BWX’s direct-to-consumer model.

All segments of BWX’s core brands continued to increase market share in FY20. The company reports that Sukin remains the number 1 natural skincare brand in Australia. Sukin accounted for half of the net revenue from the company’s entire portfolio range.

COVID-19 impact

BWX advised it has strengthened its balance sheet in response to the uncertainty of COVID-19. The company has diversified its supply chain for raw materials and components to adjust to increased consumer demand.

The company recently launched a natural hand sanitiser, which has become a core staple for consumers. BWX has been accelerating its direct-to-consumer model to capture future growth due to the behavioural shift around health and hygiene.

Sales and operations planning systems have been assisting decision makers with reliable rolling forecasts. Cost and inventory management have been tightly controlled to minimise product oversupply and material wastage.

Outlook

While management will continue to closely monitor external market conditions, the group anticipates further market share growth. Essential services such as pharmacies and supermarkets are expected to underpin sales through BWX’s expanded product offering.

Long term, the company is targeting a $50 million supermarket skincare business in Australia, a $100 million conventional skincare business in the US, and is working towards $30–$50 million in revenue from its European operations by 2023.

Additionally, BWX’s new operation facility and support office is due for completion by 1H FY22. It is forecasted to provide an earnings uplift to the business in FY23.

BWX is aiming to achieve growth in revenue and EBITDA of at least 10% in FY21.

At the time of writing, the BWX share price has given up some of its early gains, currently up 3.48% to $4.41 per share.

More reading

• BWX share price higher after completing oversubscribed share purchase plan
• Fund managers have been buying BWX and this ASX share
• Fund managers have been buying these ASX shares

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX 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 BWX share price leaps 8% on strong FY20 results appeared first on Motley Fool Australia.

from Motley Fool Australia https://ift.tt/3hilt3A

The Opthea Ltd (ASX: OPT) share price is surging higher today. This follows the release of an update on its meetings with the U.S. Food and Drug Administration (FDA) and the European Medicines Agency (EMA).

At the time of writing the clinical-stage biopharmaceutical company’s shares are up over 5% to $2.45.

What happened at the Opthea-FDA meeting?

Opthea, which is developing a novel therapy to treat highly prevalent and progressive retinal diseases, has successfully completed its end-of-phase 2 meetings with the FDA and also a scientific advice meeting with the EMA.

These meetings have been undertaken to receive guidance on the phase 3 clinical development plans of OPT-302 as a treatment for neovascular (wet) age-related macular degeneration (AMD).

According to the release, the outcome of the meetings supports the progression of OPT-302 into Phase 3 and pre-commercial development, with the company aiming to initiate phase 3 trials in early 2021.

What now?

Management advised that the meeting covered key elements of the phase 3 clinical studies and associated manufacturing processes for OPT-302 that will support the submission of a Biologics License Application in the US and Marketing Authorisation Application in Europe for the targeted wet AMD indication.

Both the FDA and EMA agreed on key aspects of the proposed phase 3 clinical trial designs. This includes the conduct of two concurrent, global, multi-centre, randomised, sham-controlled studies evaluating OPT-302 in combination with ranibizumab (Lucentis).

If successful, the investigation of OPT-302 (in combination with two approved standard of care VEGF-A inhibitors) could enable it to be administered with either Eylea or Lucentis.

This could be very lucrative for Opthea given that these two products had combined sales for retinal diseases of US$11.9 billion in 2019.

Furthermore, each trial will compare the clinical efficacy of OPT-302 administered in combination with a VEGF-A inhibitor on an every 4-week and every 8-week dosing regimen in order to understand the durability of OPT-302 treatment effect with less frequent dosing.

Clear direction.

Opthea’s Chief Executive Officer, Dr Megan Baldwin, commented: “We are very pleased with the valuable guidance received from the FDA and EMA which provides clear direction as we advance our Phase 3 registration program towards bringing OPT-302 to market.”

“We remain focused on further demonstrating, in our Phase 3 program, the potential of OPT-302 combination therapy as a novel and transformative treatment for wet AMD patients suffering vision loss,” she added.

More reading

• Why Opthea shares could offer big growth potential
• Why the Opthea share price surged more than 20% 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. 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 Opthea share price surges higher on FDA news appeared first on Motley Fool Australia.

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

The Fortescue Metals Group Limited (ASX: FMG) share price is pushing higher on Friday after providing an update.

At the time of writing the iron ore producer’s shares are up 0.5% to $17.95.

This means the Fortescue share price is now up over 66% since the start of the year.

What did Fortescue announce?

This morning Fortescue released a mineral resources statement for its development properties. These comprise its Greater Chichester Hub, Greater Solomon Hub, Greater Western Hub, Nyidinghu, and other Pilbara developments.

According to the release, the total development mineral resources has increased by almost 2% over the last 12 months from 7,907 million tonnes (mt) to 8,060 mt.

The main driver of this increase was the Greater Solomon Hub, which has increased its mineral resource by 102 mt to 2,682 mt. This follows updates to its Sheila Valley and Raven deposits.

Also increasing was the Greater Western Hub mineral resource. It has increased by 39 mt to 2,086 mt following updates to the Flying Fish, Cobra, Lora, and Wyloo North deposits. At Cobra, 99mt of the mineral resource is now classified as indicated.

Fortescue’s Nyidinghu mineral resources has been updated with an overall increase of 12mt to 2,475mt. Management notes that the additional tonnes include high grade bedded iron deposits in the Brockman and Marra Mamba Iron Formations, along with channel iron deposits and detrital iron deposits.

Fortescue’s chief executive officer, Elizabeth Gaines, was pleased with the mineral resources update.

She commented: “It is pleasing to see the continued growth in Mineral Resources at our Development Properties. With the increase in Mineral Resources at the Greater Solomon Hub, Greater Western Hub and Nyidinghu, our total Development Mineral Resources now exceeds eight billion tonnes.”

With 8 billion of mineral resources under development, Fortescue certainly has a long runway for growth over the next decade and beyond.

More reading

• Is now a good time to buy Fortescue shares?
• Why Fortescue’s share price has surged 72% in 2020
• Tech shares race to record highs as Bank of America tips BHP and Rio shares
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 next week

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. 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 Fortescue share price higher after mineral resource upgrade appeared first on Motley Fool Australia.

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