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The Bitcoin (CRYPTO: BTC) price is up 4% over the past 24 hours.

One bitcoin token is currently trading for US$19,555 (AU$30,132).

While that’s still below the psychologically important US$20,000 level, something rather remarkable has been happening with the world’s original crypto over the past week.

Namely, the Bitcoin price appears to be breaking away from the strongly correlated moves it’s had with risk assets, like tech stocks, this year.

Has the Bitcoin price found a floor?

Cryptos are notoriously volatile.

And Bitcoin is no exception.

So far in 2022, the token has almost always mirrored the moves on the tech-heavy NASDAQ, only amplified. When the NASDAQ has gained 5% on dovish noises from the US Federal Reserve, Bitcoin has often gained 10%, or more.

The same pattern can be observed, with significant consistency, in reverse. Meaning any 5% loss posted by the NASDAQ has tended to see the Bitcoin price fall by a good bit more this year.

But this pattern has broken over the past week, potentially signalling the token has found a supportive floor.

You see, since last Wednesday’s closing bell (Thursday morning Aussie time), the NASDAQ has dropped 1.5%.

But the Bitcoin price hasn’t followed suit. Instead, it’s up 5%.

What are the experts saying?

Stephane Ouellette, chief executive of FRNT Financial Inc, said the Bitcoin price could be decoupling from other risk assets as speculator influence appears to be waning.

According to Ouellette (quoted by Bloomberg), “Followers of the ecosystem have been excited to see correlations with risk assets begin to break, meaning the ‘fast-money’ speculative crowd may be losing their influence on the space.”

Billionaire Mike Novogratz, founder of Galaxy Digital Holdings, believes that fewer forced sellers in the crypto space has led to renewed resilience.

According to Novogratz:

We’re in this weird equilibrium where there are a few buyers, there are a few sellers, and there’s not that energy in the market like you’re seeing in the equity market or the bond market where you have to sell, right?

With the Bitcoin price bucking the wider tech selling pressure over the past full week, we’ll be watching to see if this ‘weird equilibrium’ is a flash in the pan or a new longer-term trend.

The post Has the Bitcoin price found a floor? appeared first on The Motley Fool Australia.

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More reading

• Why Bitcoin, Ethereum, and Solana moved higher on Tuesday
• Bitcoin price rallies 6% to leap back over US$20,000
• Bitcoin isn’t as ‘smart’ as Ethereum… and that’s why I hold it
• Check out this US stock if you’re worried about crypto and chip shortages
• Soy boy and bitshaming: Here’s your guide to crypto slang

Motley Fool contributor Bernd Struben has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Bitcoin. The Motley Fool Australia has positions in and has recommended Bitcoin. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Adairs Ltd (ASX: ADH) share price has been a very strong performer on Thursday.

In afternoon trade, the homewares retailer’s shares are up 12% to $1.91.

Why is the Adairs share price surging higher?

The Adairs share price is taking off today despite there being no news out of the company.

However, it is worth noting that a number of beaten down shares are rebounding strongly on Thursday after investor sentiment improved greatly.

This follows a particularly positive night of trade on Wall Street which saw the three major indices rise approximately 2%.

Can Adairs’ shares keep rising?

Despite today’s gain, the Adairs share price remains down over 50% since the start of the year.

One leading broker that appears to believe that this leaves it trading at very attractive levels is Goldman Sachs.

Earlier this month, the broker retained its buy rating and $3.05 price target on the company’s shares. Based on the current Adairs share price, this implies potential upside of 60% for investors.

What did the broker say?

Goldman believes that Adairs’ shares have been oversold and are trading on unnecessarily low multiples. Particularly given the company’s loyal customer base. It said:

ADH has de-rated 27% vs. its long-term average P/E discount to the market vs. other discretionary retailers de-rating an average of c.10%. There has been a valuation disconnect between consensus revisions and the P/E multiple that ADH trades on, as we believe the market has priced in a more cautious view on near-term earnings vs. what is reflected in consensus estimates and company guidance, reflecting caution on a reversion in housing-related discretionary spend.

We do not believe the relative discount to other discretionary retailers implied for the core Adairs business is justified: it has a highly loyal customer base with >1mn Linen Lover members who account for >80% of sales. These customers are very engaged, according to management, and allow ADH to take a data-driven approach to marketing by providing a personalised experience for the ‘Linen Lovers’.

The post Adairs share price jumps 12%: Time to snap up shares? appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended ADAIRS FPO. The Motley Fool Australia has positions in and has recommended ADAIRS FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The Core Lithium Ltd (ASX: CXO) share price is edging higher this afternoon after the company announced a sell-down by a key investor.

At the time of writing, the ASX lithium producer’s shares are swapping hands at $1.11, up 0.91% at the time of writing.

In contrast, the All Ordinaries Index (ASX: XAO) is roaring 1.79% higher following strong gains on Wall Street overnight.

Let’s take a closer look at the details Core Lithium released to the ASX.

Key stakeholder reduces Core Lithium holding

In today’s release, Core Lithium advised that its key shareholder Ganfeng has offloaded a portion of Core Lithium shares.

While Core Lithium did not disclose the number of shares disposed of, the sell-down now means that Ganfeng is no longer a substantial shareholder.

Prior to the market update, Ganfeng held more than 6% or roughly 100.6 million shares in Core Lithium.

In August 2021, Ganfeng subscribed for Core Lithium shares in a placement at a price of 33.8 cents apiece. The Chinese company is also an existing offtake partner.

Ganfeng noted the reason for reducing its holding was because of “portfolio weighting considerations and the opportunity to monetise a portion of the investment”.

Core Lithium is building Australia’s most advanced lithium project, with the first production of lithium spodumene concentrate scheduled in the first half of 2023.

Once online, the company’s Finniss Lithium Project will be the first Australian lithium-producing mine outside of Western Australia.

Ganfeng’s vice chair Wang Xiaoshen reaffirmed the position in Core Lithium, saying:

We remain a supportive partner of Core by virtue of our existing shareholding and binding offtake arrangement and look forward to seeing Finniss progress towards first commercial production.

About the Core Lithium share price

Shares in Core Lithium have surged 182% over the past 12 months and are up 86.4% year to date.

The company’s share price reached an all-time high of $1.688 earlier this month.

Core Lithium has a market capitalisation of $1.91 billion.

The post Why is this key investor selling down its Core Lithium shares? appeared first on The Motley Fool Australia.

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• Why Cedar Woods, Core Lithium, Myer, and Telix shares are sinking
• Why is the Core Lithium share price sinking 9% today?
• September living up to its ‘worst month of the year’ reputation as ASX 200 finally cracks
• Why Core Lithium, Ramsay, Synlait Milk, and Virgin Money shares are dropping
• Core Lithium share price falls despite business update

Motley Fool contributor Aaron Teboneras has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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The Wesfarmers Ltd (ASX: WES) share price is down 6% over September and down 26% in the year to date.

This is interesting because a huge part of the conglomerate’s business is retail — where spending continues to increase despite dire predictions — and agriculture, which is a buoyant sector. It even owns an Aussie lithium project, and every investor on this planet knows that lithium is hot, hot, hot right now.

So, why aren’t investors feeling the love for Wesfarmers?

Macquarie says sell Wesfarmers shares

According to an article on Livewire, Macquarie analyst Ross Curran has a 12-month share price target of $43.80 on Wesfarmers. Right now, Wesfarmers is trading above that at $44.25 at the time of writing.

According to the article, “Wesfarmers revenues are skewed to ‘mortgage belt’ Australia, leaving it exposed to reduced consumer spending in the event of an economic slowdown”.

Retail spending still okay despite high inflation

The Australian Bureau of Statistics (ABS) reported a 0.6% monthly increase in seasonally-adjusted retail trade figures yesterday.

That’s good news for ASX retail shares, as everyone has been expecting high inflation to result in consumers cutting back on their spending, especially on discretionary items.

So far in 2022, retail spending has actually increased every single month, according to ABS data. Perhaps all that money saved during lockdowns is keeping spending rates steady for now?

Wesfarmers owns a bunch of retailers, including Bunnings, Kmart, Target, Officeworks, and Priceline.

The Australian Financial Review reported last week that even discretionary retail spending remains strong. According to Mastercard data, spending is up more than 25% on pre-pandemic levels.

While spending might be okay right now, we all know that inflation will start to bite eventually. And the first thing people will do is cut back on consumer spending — well before they think about selling assets.

And Wesfarmers CEO Rob Scott sees this as an opportunity.

Inflation an advantage for Wesfarmers, says CEO

In an article published in the AFR in February, Scott explained that consumers being more value-conscious was positive for Wesfarmers. This is because many of its retail outfits are known as discount shopping destinations, such as Kmart, Target, and Priceline.

Scott said:

Often when inflationary pressure hits, companies ask themselves the question: ‘How much can they pass on to customers?’ And on some occasions they do get greedy and try to pass on even more and capture more margin.

We take the opposite approach. We say: ‘How can we further differentiate on price?’

We do operate in a competitive market and in times when customers are more focused on price and working harder to balance their budgets, we want to be there to help them. And our scale and unique merchandising capabilities gives us the opportunity to mitigate costs in ways that others may find more difficult.

Wesfarmers director buys more shares

One investor taking advantage of the lower Wesfarmers share price is non-executive director Sir Bill English.

On 2 September, English bought an additional 1,130 shares on-market for an average price of $47.05 per share.

This is always a good sign. No one knows a business better than its insiders. You wouldn’t think they’d be tipping their own money into the company if they weren’t confident about its prospects.

What do other market watchers think?

Top broker Morgans says Wesfarmers has a retail portfolio that is “one of the highest quality … in Australia”. It has an add rating and a $55.60 price target on Wesfarmers shares, as my Fool friend James reported last week.

Seneca Financial Solutions investment advisor Arthur Garipoli seems to be on the same page.

He recently told The Bull that Wesfarmers’ “strong retail brands” should allow it to “ride out pressures on household budgets”.

So, is the Wesfarmers sell-off unwarranted?

Well, if Scott turns out to be right, then it might be a case of investors throwing the baby out with the bathwater. Wesfarmers the baby. Retail shares the bathwater.

The post Is the sell-off in Wesfarmers shares unwarranted? appeared first on The Motley Fool Australia.

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More reading

• Why did the Wesfarmers share price get walloped on Wednesday?
• What might the latest retail sales figures mean for ASX 200 consumer shares?
• Why is everyone talking about pricing power and which ASX shares have it?
• Can Wesfarmers shares ‘ride out pressures on household budgets’?
• 4 reasons I added Wesfarmers shares to my portfolio

Motley Fool contributor Bronwyn Allen has positions in Macquarie Group Limited and Wesfarmers Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Mastercard. The Motley Fool Australia has positions in and has recommended Wesfarmers Limited. The Motley Fool Australia has recommended Macquarie Group Limited and Mastercard. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is having a day to remember. At the time of writing, the benchmark index is up 1.8% to 6,579.1 points.

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

Cogstate Limited (ASX: CGS)

The Cogstate share price is up 16% to $2.21. Investors have been buying this neuroscience technology company’s shares after Japanese drugmaker Eisai revealed that its experimental drug for Alzheimer’s disease has helped slow cognitive decline in patients in the early stages of the illness. While Cogstate won’t benefit directly from this, it has suggested that the news could “lead to a general increase in research and development expenditure in respect of Alzheimer’s disease, which may provide additional sales opportunities.”

Global Lithium Resources Ltd (ASX: GL1)

The Global Lithium share price is up almost 7% to $2.30. This morning the lithium developer announced an agreement with leading Korean battery manufacturer SK On Co (SKO). SKO is a supplier of batteries to global automakers, including Ford Motor Company, Hyundai Motor Company and Volkswagen.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price is up over 14% to $23.66. This follows the release of a very strong full year result from the retail conglomerate this morning. Premier Investment reported a 5.2% increase in global sales to $1,497.5 million and a 4.9% lift in net profit after tax to $285.2 million. This was driven by strong sales growth online and from the Peter Alexander and Smiggle brands.

Woodside Energy Group Ltd (ASX: WDS)

The Woodside share price is up 3.5% to $31.80. Investors have been buying Woodside shares after oil prices raced higher overnight. This was driven by news that US crude and fuel stocks had fallen more than expected. It isn’t just Woodside rising today. The S&P/ASX 200 Energy index is up 3.2% this afternoon.

The post Why Cogstate, Global Lithium, Premier, and Woodside shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ords shares rocketing higher on good news today
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• 3 ASX lithium shares having a stellar run on Thursday
• The Cogstate share price is rocketing again, up another 27% on Thursday
• Premier Investments share price jumps 7% on record FY22 profits and special dividend

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CogState Limited. The Motley Fool Australia has positions in and has recommended CogState Limited. The Motley Fool Australia has recommended Premier Investments Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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It has been a fantastic day for the S&P/ASX 200 Index (ASX: XJO) on Thursday. In afternoon trade, the benchmark index is up 1.95% to 6,588.8 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Bubs Australia Ltd (ASX: BUB)

The Bubs share price is down 2% to 51 cents. Investors appear to have concerns with the infant formula company’s plans in China. Although it has gained access to the market through a joint venture, its formula for that market will no longer be manufactured in Australia. This will make it just one of the countless other China-made infant formulas and could dilute its Aussie Bubs branding.

Iress Ltd (ASX: IRE)

The Iress share price has crashed almost 17% to $8.77. This follows the release of a trading update at its annual general meeting. According to its release, Iress is experiencing some timing delays in the conversion of new sales opportunities due to challenging market conditions. As a result, FY 2022 net profit after tax is now expected to be between $54 million and $58 million, down from its prior guidance of $63 million to $72 million.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price is down 2% to $2.94. This has been driven by the administration services company’s shares trading ex-dividend this morning for its special dividend. Link shareholders can now look forward to receiving their 8 cents per share special dividend on 14 October.

Polynovo Ltd (ASX: PNV)

The Polynovo share price is down 3% to $1.41. This is despite there being no news out of the medical device company today. However, it is worth noting that the Polynovo share price has been a very positive performer this week during the market volatility. As a result, it is still up almost 1% this week despite this decline.

The post Why Bubs, Iress, Link, and Polynovo shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Iress share price freefalls 15% on profit downgrade
• 5 things to watch on the ASX 200 on Thursday
• Bubs share price smashes ASX All Ords following China deal
• Bubs share price halted amid JV news from China
• Why BHP, Costa, Link, and Syrah shares are dropping

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Link Administration Holdings Ltd and POLYNOVO FPO. The Motley Fool Australia has recommended BUBS AUST FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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Northern Star Resources Ltd (ASX: NST) shareholders will have something to cheer about today as the company pays out its latest dividend.

The gold mining giant is rewarding eligible investors with a fully franked final dividend of 11.5 cents per share.

At the time of writing, the Northern Star share price is travelling 5.3% higher to $7.55 as gold prices climb.

For context, the S&P/ASX 200 Index (ASX: XJO) also heading north with a 1.93% gain following a strong lead on Wall Street overnight.

Let’s take a look at all the details regarding the Northern Star dividend.

Northern Star pays out final dividend

Northern Star delivered a solid performance for its full-year results for the 2022 financial year.

In summary, the company achieved gold production of 1,561koz at an all-in sustaining cost (AISC) of $1,633/oz.

This led to a bumper group revenue of $3,735 million, up 35%.

On the bottom line, Northern Star reported a 27% fall in underlying net profit after tax (NPAT) of $273 million.

However, the biggest win for shareholders came from the board’s decision to increase the final dividend by 21% over H2 FY 2021.

Furthermore, this is the second-biggest dividend to be paid out by the company, behind the 19.5 cents per share paid out during COVID-19.

When calculating against the current share price, the company is trailing on a dividend yield of 2.84%.

Northern Star share price snapshot

Over the past 12 months, the Northern Star share price has fallen 11% on the back of falling gold prices.

Consecutive rate hikes by the US Federal Reserve to combat hot-running inflation hasn’t helped the company.

Nonetheless, the group previously noted it has ample firepower on its balance sheet to seize opportunities during market downturns.

Northern Star has a price-to-earnings (P/E) ratio of 19.31 and commands a market capitalisation of approximately $8.35 billion.

The post Own Northern Star shares? Here’s some great news about your dividends appeared first on The Motley Fool Australia.

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More reading

• Guess which ASX 200 mining shares are outpacing BHP today
• Here’s why the Northern Star share price is staging a partial rebound
• 5 things to watch on the ASX 200 on Wednesday
• 5 things to watch on the ASX 200 on Monday
• Why is the De Grey share price struggling this week?

Motley Fool contributor Aaron Teboneras has positions in Northern Star Resources Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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With equity markets in turmoil this year, most investors are questioning when – and at what mark – we’ll find a bottom in the broad ASX 200 indices.

It’s been a difficult year for just about all sectors in 2022. Indices tracking the performance of each ASX sector are all down, except for utilities and energy.

The once high-flying tech and information tech domains have been punished the most.

For instance, the S&P/ASX 200 Information Technology index (ASX: XIJ) has slipped around 35% into the red this year to date, and is trailing all other sectors over the past 12 months as well.

Zooming out, there’s a total of eight Global Industry Classification Standard (GICS) sectors down in the past year, while just three have punched up into the green.

But there’s plenty more room to run with the broad market now trading back more or less in line with its pre-pandemic levels, as seen below.

What does this tell us about ASX 200 shares?

Chief to the investment debate is the Reserve Bank of Australia (RBA)’s decision to lift policy rates in order to combat surging inflation.

It has done so at a rapid pace, with a series of hikes earlier in the year sending an impulse throughout financial markets and the economy.

The subsequent increase in yields on long-dated government bonds – often a proxy for risk in the market – shot to multi-year highs, compressing the valuations of generously priced ASX 200 shares.

At the time of writing, the yield on the 10-year Australian government note is sitting at 3.9%, just off 4.15% in June – its highest mark in years.

As seen in the chart below, the yield on the Australian 10-year and US Treasury 10-year notes have been a leading indicator for ASX 200 shares in 2022.

As yields have spiked, share prices have de-rated downwards in an inverse relationship.

This is due to the relationship between asset valuations and the yields on these government bonds – the higher the interest rate, the lower the valuation.

The spike in both policy rates by the RBA and yields on government bonds also signals tough times ahead for investors and the real economy.

Striking the right balance

Right now, central banks have a balancing act to perform in order to reduce inflation and maintain a respectable level of economic growth.

Chances are that a successful landing of both issues is quite unlikely, as history has shown.

Typically, there’s a slowdown in economic growth as the intervention by central banks tends to slow aggregate demand. Especially with efforts from the US Federal Reserve in trying to cool the US economy.

However, Australia has fared well in previous global recessions, and both job and economic growth numbers are currently strong.

The review of last month’s consumer price index (CPI) data for Australia showed a 20 basis point month-on-month decline in inflation to 6.8%. Previously, it was 7% in July.

What’s next?

The question then turns to what the RBA might do next, and if it sees the current level of policy rates as acceptable in achieving its inflation mandate.

Markets have priced in a high chance the RBA will deliver another 50 basis point increase to the cash rate when it meets for its monthly sit-down next week.

This could, in turn, spell further jumps in government bond yields and further dampen the price evolution for ASX 200 shares when looking ahead.

Moreover, with so many external headwinds yet to be clarified, including tension in Europe, issues in the global supply of key industrial materials and ongoing financial market instability, it’s unwise to say investors have fully priced in a recession.

There’s still too much unknown, and the market takes pride in assigning value based on past history and forward expectations.

Meanwhile, in today’s session, all sectors are up and running and have posted gains at the time of writing.

The post Is a recession already priced into ASX 200 shares? appeared first on The Motley Fool Australia.

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More reading

• ASX 200 retailer Harvey Norman’s boss calls mooting changes to dividend franking credits ‘totally mad’
• 2 tiny ASX battery minerals shares going gangbusters on project news
• Top fund manager sees potential for this ‘cheap gold stock’ to turn into ‘multi-billion-dollar’ company
• Could rising rates send the Westpac share price soaring 27%?
• Has the Vanguard MSCI Index ETF (VGS) been growing its dividends?

Motley Fool contributor Zach Bristow has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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The boss of S&P/ASX 200 Index (ASX: XJO) dividend share Harvey Norman Holdings Limited (ASX: HVN) has joined voices slamming the federal government’s proposed changes to franking credits.

The law proposes to disallow companies from offering franking credits on dividends funded by capital raisings, as my Fool colleague Brendon reported. Thus, it has the potential to discourage companies from offering special dividends.

But what’s really got the billionaire fired up are suggestions the law could be applied retrospectively. That could force Aussie investors to repay franking credits from as long ago as 2016.

Let’s take a closer look at what’s got Harvey Norman chair Gerry Harvey fired up.

ASX 200 retail boss hits out at proposed franking change

Gerry Harvey has spoken out against a proposed law that could close a loophole at the expense of past dividend recipients.

The change has been tabled to stop companies offering franking credits on dividends worth more than the income they’ve paid tax on.

The head of the ASX 200 retail giant has slammed any suggestion of backdating the change. Speaking to 3WA, he said:

This is totally mad … [its] about as bad as you can get.

If you want to change the law, and it’s a bad law, that’s fine, but you can’t make it retrospective. That’s not right.

Questions surrounding past Harvey Norman dividends

If the law is passed, it could see those invested in Harvey Norman shares facing a tax bill.

The ASX 200 share reportedly paid out more in dividends than it brought in profits in financial year 2020. That lead the Australian Financial Review to question whether the company would continue undergoing capital raises to grow its payouts.

The company offered investors 33 cents per share in dividends that fiscal year. The offerings followed a $163.8 million capital raise undergone in October 2018 and another $173.5 million capital raise in October 2019.

The post ASX 200 retailer Harvey Norman’s boss calls mooting changes to dividend franking credits ‘totally mad’ appeared first on The Motley Fool Australia.

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More reading

• What might the latest retail sales figures mean for ASX 200 consumer shares?
• 2 ASX 200 retail shares ravaged following US rate decision
• What’s the outlook for ASX 200 retail shares as inflation begins to bite?
• 5 ASX retail shares spruiking the highest dividend yields right now
• What’s driving ASX 200 consumer shares on Tuesday?

Motley Fool contributor Brooke Cooper has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Harvey Norman Holdings Ltd. The Motley Fool Australia has positions in and has recommended Harvey Norman Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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The S&P/ASX 200 Materials Index (ASX: XMJ) is rising 3% today, but two ASX battery minerals shares are soaring far higher.

The Arcadia Minerals Ltd (ASX: AM7) and Evolution Energy Minerals Ltd (ASX: EV1) share prices are leaping ahead today.

Let’s take a look at why these two ASX battery minerals shares are lifting today.

Evolution Energy Minerals

Evolution Energy shares are soaring nearly 17% today. Investors are buying up Evolution shares after the company executed a binding term sheet for a joint venture with Yichang Xincheng Graphite Co Ltd.

The companies are aiming to work together to develop a downstream processing plant. This would process 25,000 tonnes per annum of coarse flake concentrate from Evolution’s Chilalo Graphite Project in Tanzania. Following a scoping study, the companies plan to form a joint venture.

Commenting on the news, Evolution managing director Phil Hoskins said:

We look forward to this initiative being the next step change beyond our immediate focus of financing the Chilalo mine development.

Arcadia Minerals 

The Arcadia Minerals share price is surging 13% today. Arcadia is exploring lithium, tantalum, nickel, copper and gold in Namibia. Acadia announced today it has made progress toward a definitive feasibility study (DFS) at the company’s Swanson Tantalum Project in Namibia. This includes securing water and electricity supply and signing a land use agreement. The DFS is within budget and due to be complete by the end of October.

The post 2 tiny ASX battery minerals shares going gangbusters on project news appeared first on The Motley Fool Australia.

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More reading

• ASX 200 retailer Harvey Norman’s boss calls mooting changes to dividend franking credits ‘totally mad’
• Top fund manager sees potential for this ‘cheap gold stock’ to turn into ‘multi-billion-dollar’ company
• Could rising rates send the Westpac share price soaring 27%?
• Has the Vanguard MSCI Index ETF (VGS) been growing its dividends?
• Why is the Lynas share price powering up 5% today?

Motley Fool contributor Monica O’Shea has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. 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 Scott Phillips.

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