Any guesses who?

If you said New Century Resources Ltd (ASX: NCZ), give yourself a gold star.

The mining company is shooting the lights out today following news of an off-market takeover offer.

What's the takeover offer for the ASX All Ordinaries share?

Large-cap miner Sibanye Stillwater Ltd (NYSE: SBSW) has announced an off-market takeover offer to acquire up to 100% of New Century Resources, valuing the miner at $1.10 per share.

That, not coincidentally, is right about where the ASX All Ordinaries share is trading at the time of writing.

With an existing interest of 19.9%, Sibanye Stillwater is the largest shareholder in New Century Resources.

The company said it participated in New Century Resources' December 2021 equity capital raising because that aligned with its strategy to increase its tailings retreatment and recycling presence globally.

At the time of the acquisition, Sibanye Stillwater's CEO Neal Froneman said, "We look forward to supporting New Century to build a leading global tailings retreatment business, uniquely positioned to play a key role in green metal supply chains."

Now, more than two years on, Sibanye Stillwater said it's "concerned about the change in the strategic direction of New Century under current management", adding that management has lost its focus on building a tailings asset management services business.

Citing the 59% six-month drop in the ASX All Ordinaries share (excluding today's big increase) Sibanye Stillwater said the current strategy "has not been well received by shareholders and investors".

It also did not support the proposed re-election of Nick Cernotta or Robert McDonald to the board at the Annual General Meeting on 9 November.

Sibanye Stillwater also aired its concerns about New Century's balance sheet, saying the ASX All Ordinaries share might need to raise more funds, "which could result in a material dilution for existing New Century shareholders".

The company set its offer price of $1.10 per share, in the absence of a competing proposal.

New Century Resources share price snapshot

As you can see in the chart below, the ASX All Ordinaries share remains well down over the past 12 months but, with today's big boost factored in, is up 29% so far in 2023.

The post Guess which ASX All Ordinaries share just rocketed 43% on takeover news appeared first on The Motley Fool Australia.

But while the market was feeling worse for wear, some ASX All Ords shares suffered even steeper falls. Let's take a look.

MoneyMe Ltd (ASX: MME)

MoneyMe took out the unfortunate title of the All Ords' worst performer in September. Its share price was nearly cut in half, tumbling by 47.8% to 46 cents.

This was triggered by a $20 million capital raising, which was priced at a 28% discount to the last traded MoneyMe share price at the time. The company intends to use this money for growth, supporting debt facilities and transaction costs.

MoneyMe announced this capital raising alongside its FY22 results, which saw revenue jump 148% to $143 million, aided by a mix of organic and acquisitive growth. 

However, the company continues to burn through cash. While its net loss after tax blew out from $8 million in the prior year to $50 million in FY22. 

Hastings Technology Metals Ltd (ASX: HAS)

Similarly, ASX All Ords share Hastings Technology also came under pressure in September on the back of a capital raising. Hastings shares suffered a steep 36.6% fall across the month to finish at $3.46.

The company announced a $110 million two-tranche placement at an offer price of $4.40 per share. This represented a 19% discount to the last traded Hastings share price of $5.41.

Subject to shareholder approval, this will result in roughly 25 million new shares being issued, nearly one-quarter of the company's existing share count.

Proceeds from the cap raise will be used to advance the development of Yangibana, a rare earths project located in the Gascoyne region of Western Australia.

PointsBet Holdings Ltd (ASX: PBH)

Fresh off being kicked out of the ASX 200, the PointsBet share price drudged up a 35.9% loss in September. to close out the month at $1.86.

It appears investors weren't impressed with the company's FY22 results. Revenue jumped by 52% to $296 million but operating expenses went through the roof, causing PointsBet's net loss to balloon by 43% to $268 million.

PointsBet shares continue to be among the most shorted on the ASX.

Link Administration Holdings Ltd (ASX: LNK)

The Link share price was also battered and bruised last month after the $2.5 billion takeover with Dye & Durham finally collapsed.

Link shares tumbled 33.5% across the month to finish at $2.86, a long way from the takeover offer price of $4.81.

After several twists and turns over many months, the deal failed to satisfy three conditions necessary for court approval. The most significant relates to the Woodford Matters and associated approval from the United Kingdom Financial Conduct Authority.

Link adjourned the second court hearing multiple times but in the end, time ran out. With the outstanding conditions not satisfied, the court dismissed the proceedings and ultimately, the deal fell through.

New Century Resources Ltd (ASX: NCZ)

Finally, ASX All Ords share New Century's woes continued in September as its shares crumbled by 33.1% to $1.07.

For those unfamiliar, New Century describes itself as a mining, tailings management, and economic rehabilitation company. It's focused on sustainably producing metal from resource assets while rehabilitating legacy impacts on the environment. 

Investors didn't appear pleased with New Century's FY22 results. Revenue leapt by 47% to $408 million. But fair value adjustments and higher production costs led to the company's net loss more than doubling to $28 million.

The post These were the 5 worst-performing ASX All Ords shares in September appeared first on The Motley Fool Australia.

New Century Resources shares were up 1.08% at market close, trading at 18 cents per share.

New Century Resources is an Australian-based mineral exploration and development company. Its assets include the Kodiak Coking Coal Project and Century Mine project. The company's geographical segment includes Australia and the USA.

New Century Resources assay results

The company's most recent market update regards assays from nine holes of its 30-hole resource definition program at Silver King. In the nine holes it's now received, the company is reporting "continued impressive results showing continuity of high-grade mineralisation".

The company is drilling almost entirely below 100 metres, mostly below 200 metres deep. Additionally, it is finding lead equivalent intercepts of up to 43% at around five-metre lengths. Most of the assay results are in the 10—30% grade, with intercepts ranging from one to 10 metres.

The company is also reporting high grades of pure lead and zinc but at similarly deep mining targets.

New Century Resources' release stated that strong silver assays continue in its Silver King mine, with results up to 580 g/t of silver found in its most recent assay results. 

The company says the current results provide "strong support" to upgrade its mineral resource confidence as part of the company's target investment decision in the first quarter of the 2022 financial year.

The company's Silver King vein remains an open down plunge mine and the company is expecting further assay results on 14 additional drilling targets to return by the end of this month.

New Century Resources share price snapshot

The New Century Resources share price is on a rollercoaster of sorts. It's down marginally this week, but up 20% the past month. It's then lost 22% in 2021 so far against broader 20% gains over the past 12 months.

The post New Century Resources (ASX:NCZ) share price climbs on latest results appeared first on The Motley Fool Australia.

The New Century Resources share price is up 12.12% to 18.5 cents per share today.

New Century Resources Ltd is an Australian-based mineral exploration and development company spread across Australia and the United States of America. Its assets include the Kodiak Coking Coal Project and Century Mine project. 

New Century Resources zinc pricing

The New Century Resources share price is jumping on news that the company will benefit from a lowered 2021 zinc concentrate benchmark treatment charge at US$159/t. 

The current price is a 47% reduction from the 2020 benchmark of US$299.75/t and New Century Resources says the reduction will "provide significant economic tailwinds for the operations in 2021". 

Zinc is used in a huge variety of medical products, in food production, and in the basic materials and rare earth sectors. There is a large amount of current market tightness around zinc, which continues to drive strong price fundamentals.

The pressure on supply is resulting from prolonged coronavirus related supply interruptions against strong metal demand in China.

What is the zinc benchmark?

The zinc concentrate benchmark is a base-level price on the mineral that's negotiated annually between industry heavyweights Teck Resources Limited and Korea Zinc Co. Ltd.

It traditionally forms the basis for the pricing of zinc concentrate smelting contracts between other miners and smelters globally. In 2021, approximately 85% of New Resource Century zinc concentrate shipments are anticipated to occur against contracts linked to the annual benchmark TC of US$159/t.

The reduction in the benchmark has significant positive economic implications for New Century. The benchmark represents the largest overall business cost, at approximately 30% of outgoing expenditure.

The 2021 benchmark price is retrospectively applied from 1st January 2021, resulting in New Century receiving back-payment for shipments issued at higher prices during 2021.

New Century Resources share price snapshot

The New Century Resources share price has been on a wild ride over the past 12 months.

From a value of 17 cents per share in April 2020, it rose to 24 cents by May 19, fell to 11 cents by September, rose to 26 cents by January 2021 and is now at 18 cents.

These fluctuations represent a 23% overall gain over the past 12 months, but that's 20% down against the basic materials sector.

The post Here's why the New Century Resources (ASX:NCZ) share price has rocketed 12% today appeared first on The Motley Fool Australia.

To help you get up to speed, here are 3 ASX mining shares with what they presented to the market this morning.

These ASX mining shares have been busy

Benz Mining Corp (ASX: BNZ)

First cab off the ranks, Canada-based Benz Mining. The junior mining company announced this morning that its 50,000 metre diamond drilling program has commenced at its Eastmain gold project.

The drilling program is accompanied by a large surface electromagnetic (EM) survey. A bit of background – the Eastmain gold project is located in Quebec, Canada. Benz Mining has reported that this site currently hosts a JORC (2012) compliant resource of 376,000 oz at 7.9 g/tonne of gold. This being comprised of 236,500 oz at 8.2 g/tonne indicated, and 139,300 oz at 7.5 g/tonne inferred.

Benz Mining highlighted that the first drilling target of the 2021 drill season is the newly identified footwall conductors. Fixed-loop electromagnetic (FLEM) surveys are underway on 3km of potential strike areas. The miner expects 2020 drilling assays to be delivered in the coming weeks.

Benz Mining shares are down 1.06% today at the time of writing.

New Century Resources Ltd (ASX: NCZ)

The $290.38 million market capitalisation ASX mining company, New Century Resources, announced the mark of a milestone this morning. The miner delivered its 500,000th tonne of zinc concentrate. This milestone comes after the ASX mining company restarted operations in late 2018.

Additionally, the company advised it had successfully executed a hedging program to set the minimum price for its zinc at US$2,645 per tonne. This hedging program will be in effect for 100% of March 2021 quarter sales, and 50% of June quarter sales. Due to the nature of the hedge, which uses put option contracts (a form of derivative), the upside is not limited.

New Century noted it intends to release its quarterly results towards the end of January. Shares in New Century have dropped 2.08 % on the news today.

New World Resources Ltd (ASX: NWC)

ASX mining company New World Resources updated the market this morning on drill results at its Antler Copper deposit. Located in Arizona, the copper project has reportedly returned high-grade assays from 3 drill holes.

The results indicate:

• 4m at 1.13% Cu, 4.08% Zn, 0.42% Pb and 18.6 g/tonne Ag from 290.96m(22.4m at 2.2% Cu equivalent)
  Including:
• 6m @ 2.28% Cu, 3.93% Zn, 0.79% Pb and 33.8 g/tonne Ag from 296.57m (8.6m @ 3.2% Cu equivalent)
• 4m @ 0.88% Cu, 9.67% Zn, 0.07% Pb and 5.9 g/tonne Ag from 307.9m (5.4m @ 3.4% Cu equivalent)

Furthermore, New World Resources stated that a further 8 drilling holes are pending results. Currently the miner has 3 drilling rigs operational.

Shares in the ASX mining company are down 7.81% on the back of the news today.

The post 3 ASX mining shares with announcements out this morning appeared first on The Motley Fool Australia.

The news comes on the back of a very strong month for the company. Since the start of November the New Century share price has gained an impressive 50%.

Aside from its recent appreciation in price, it has not been a year to remember for shareholders however. with shares in the company declining by around 17% in the last year.

What does New Century do?

New Century is a Zinc miner located in Australia. The company's primary mine is the Century mine in Queensland, which New Century is aiming to develop into one of the top 10 zinc producers in the world.

New Century acquired the mine in 2016, and has since transformed it. The upgrade was completed in August 2018, when the mine successfully entered production. 

Zinc is the fourth most consumed metal in the world after iron, aluminium and copper, according to geology.com. It can be used in cars, as an alloy and to galvanize metals among many other things.

Why is the New Century Share price rising?

The New Century share price is storming higher today after the company announced that it had completed its entitlement offer. It was announced that approximately 85% of shareholders took up their entitlements.

The company reported that it experienced strong shareholder uptake of the offer and consequentially increased the offer amount to $14.4 million. This was still short of the total $18 million worth of new shares requested.

The new shares will be issued on 1 December and are expected to commence trading on the ASX by the following day. It should be noted that the shares will rank equally with existing ordinary shares on issue.

The post Why the New Century (ASX:NCZ) share price shot up today appeared first on The Motley Fool Australia.

The news will be well received by shareholders, after the New Century share price has tumbled from its $0.45 high in the past year.

What happened?

In its announcement, New Century Resources declared commercial production at its Century Zinc Mine operation in Queensland, meaning that production from the mine begins to make operations economically feasible. This follows the mine recording a 22% increase in zinc metal production during the quarter ended June 2020, hitting 34,500 tonnes. The mine also saw a large decrease in direct costs, which were down to about US$0.79/lb on payable metal.

This increase is the 7th consecutive quarter in which the mine has seen not only increased zinc production but also the reduction in costs.

New Century managing director Patrick Walta confirmed that the company remains focused on continuing this trend, and commented that the mine is "now re-established as a top 10 zinc producer just 3 years since being shutdown for closure."

Goro nickel and cobalt mine acquisition

Towards the end of May, New Century made an announcement that it had entered a 60-day exclusivity period with Vale in relation to the potential acquisition of the Goro nickel and cobalt mine in New Caledonia. The company is continuing to move forward with negotiations for the provision of suitable funding and long-term working capital for the operation.

If the acquisition of the Goro operation is successful, it would result in New Century Resources becoming a major supplier of nickel and cobalt for the growing electric vehicle industry.

About the New Century share price

Despite the zinc price remaining near 4-year lows, Walta stated that the company sees "potential for a price rebound due to additional metal demand from increased global infrastructure development linked to Covid-19 government stimulus." Any price rebound in the zinc price will have a corresponding impact on the New Century share price.

The New Century share price has been wildly volatile since it listed in mid 2017, going from $1.50 to lows of $0.05 in March, before rebounding to $0.19 a share, or an increase of 280% since March.

However, New Century does remain one of the most shorted shares on the ASX. 

The post New Century share price lifts 8% on increased zinc production appeared first on The Motley Fool Australia.

But some ASX shares have done even better than this astonishing result. Here are 5 ASX shares that have (at least) tripled in value since the market bottomed two months ago.

Afterpay Ltd (ASX: APT)

Afterpay remains one of my biggest regrets from the March crash. Shares of the buy-now, pay-later giant plunged to under $9 two months ago, only to rebound to above $44 where they sit today.

It's clear that the market severely misjudged Afterpay's recession resilience, with the company reporting just today that its US sales continue to surge. If you had picked up Afterpay shares on 23 March 2020, you would be sitting on an approximate 450% gain today.

Sezzle Inc (ASX: SZL)

Sezzle only floated on the ASX in August last year and it's been a bumpy ride since, to say the least. Sezzle shares have fluctuated between $2.86 and 35 cents since that time, with the latter price plumbed around late March. But the turn in market sentiment has also been kind to this payments minnow.

Sezzle shares have rocketed ~497% over the past two months, helped by a stellar sales report for the first quarter of 2020. Hindsight is 20/20 and it would have paid to make a big bet on this company just two months ago.

New Century Resources Ltd (ASX: NCZ)

This little-known zinc miner was a dark horse over the past two months, rising from just 5 cents a share in late March to today's share price of 25 cents – making this one a 400% winner.

New Century is another company with an extremely volatile past. It only floated on the ASX back in July 2017 but has gone from 35 cents a share to $1.50 a share and back down to 5 cents a share since. Talk about a rollercoaster!

Pointsbet Holdings Ltd (ASX: PBH)

Yet another extraordinary winner is this new-age sports betting provider. Pointsbet shares bottomed out at $1.10 in late March, but today are trading for $5.03 – making this an easy '5-bagger' in just two months.

Many investors likely assumed that the ban on sports around the world due to the coronavirus would decimate this company. But Pointsbet has been lifted by several US states relaxing gambling laws, as well as several sporting codes locking in resumption dates. Investors who bet big on this one would be very happy campers today!

AMA Group Ltd (ASX: AMA)

AMA is an auto-parts supplier and was abandoned by investors when the coronavirus pandemic became apparent. It appears investors initially assumed that people wouldn't be fixing up their cars if they didn't need to drive. Now traffic volumes are returning to more normalised levels, the sentiment has again turned with AMA.

AMA shares cliff dived to just 15 cents in late March, but today are asking 66 cents. That's a healthy 340% gain for any investor who was willing to take AMA out for a spin just two months ago.

The post 5 dark horse ASX shares that have tripled in the last 2 months appeared first on The Motley Fool Australia.

This is because I believe it is worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn't quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Galaxy Resources Limited (ASX: GXY) has experienced another decline in its short interest to 16.8%, but remains the most shorted share by some distance. The lithium miner has been targeted due to the oversupply of lithium and a collapse in prices.
• Orocobre Limited (ASX: ORE) has seen its short interest rise week on week to 13.2%. Orocobre is another lithium miner that short sellers have been going after due to falling prices of the battery making ingredient.
• Speedcast International Ltd (ASX: SDA) has short interest of 13.2%. The communications satellite technology provider's shares have been suspended since the start of February. It is currently in discussions with its lender group for an interim funding package, as part of an overall restructuring of its balance sheet.
• JB Hi-Fi Limited (ASX: JBH) has seen its short interest jump to 10.7%. Traders may believe the retailer could be negatively impacted by a potential fall in consumer spending following the coronavirus pandemic.
• Inghams Group Ltd (ASX: ING) has short interest of 10.5%, which is down week on week once again. Short sellers may be closing positions on the belief the poultry company's prospects are improving due to more people eating at home.
• New Century Resources Ltd (ASX: NCZ) has seen its short interest reduce slightly to 9.9%. The base metal producer's shares have fallen heavily this year due to its underwhelming performance. Though, they have started to rebound and are up 200% over the last three weeks.
• Myer Holdings Ltd (ASX: MYR) is a new entry in the top ten with 9.7% of its shares held short. Investors appear concerned that Myer could come out of the pandemic in a dire position.
• Clinuvel Pharmaceuticals Limited (ASX: CUV) has seen its short interest rise to 9.6%. This week the biopharmaceutical company is scheduled to treat its first patient in the United States with its SCENESSE drug. This is around six months after it was approved by the FDA.
• Pilbara Mineral Ltd (ASX: PLS) has short interest of 9.2%, which is down slightly since last week. Earlier this month the lithium miner's moderated production strategy helped the company deliver a strengthened quarter-end cash position. This appears to show that Pilbara Minerals is over the worst of its issues now.
• Super Retail Group Ltd (ASX: SUL) has entered the top ten with short interest of 8.2%. Short sellers may be concerned that this retail group will experience a notable decline in demand for some of its offering in the current environment. Especially its BCF and Macpac businesses.

The post These are the most shorted ASX shares appeared first on The Motley Fool Australia.

This is because I believe it is worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn't quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Galaxy Resources Limited (ASX: GXY) remains the most shorted share on the ASX despite its short interest falling to 17.5%. Short sellers continue to target Galaxy due to the oversupply of lithium and the subsequent collapse in prices.
• Speedcast International Ltd (ASX: SDA) has short interest of 13.2%, which is flat week on week. The communications satellite technology provider's shares have been suspended since the start of February, but an end is in sight now. Last week Speedcast signed a Forbearance Agreement with its lender group while it sorts out a funding deal.
• Orocobre Limited (ASX: ORE) has seen its short interest rise to 13.1%. As with Galaxy, short sellers have been going after this lithium miner due to falling prices of the battery making ingredient.
• oOh!Media Ltd (ASX: OML) has burst into the top ten with 11.4% of its shares held short. This was a very successful short for trader. In March its shares fell by a whopping 69%. Weak advertising markets because of the coronavirus outbreak are weighing on its performance.
• Inghams Group Ltd (ASX: ING) has short interest of 10.6%, which is down week on week once again. Short sellers appear to believe the poultry company's prospects are improving due to more people eating at home.
• New Century Resources Ltd (ASX: NCZ) has seen its short interest reduce slightly to 10%. The base metal producer's shares have fallen heavily this year due to its underwhelming performance.
• JB Hi-Fi Limited (ASX: JBH) has seen its short interest fall slightly to 9.5%. The retailer was a new addition to the top ten last week. This appears to be due to concerns that its stores could be closed if the coronavirus escalates.
• Clinuvel Pharmaceuticals Limited (ASX: CUV) has seen its short interest rise to 9.4%. The biopharmaceutical company's shares may have been targeted due to the premium they trade on. Despite now falling by 60% from their 52-week high, its shares are changing hands at 50x earnings.
• Pilbara Mineral Ltd (ASX: PLS) has short interest of 9.4%, which is down slightly since last week. Pilbara Minerals is another lithium miner that short sellers have successfully targeted due to weakening lithium prices.
• Syrah Resources Ltd (ASX: SYR) has seen its short interest collapse to 9.2%. Short sellers appear to believe that this embattled graphite producer's shares have now bottomed. Its shares are down a massive 83% over the last 12 months.

The post These are the most shorted shares on the ASX appeared first on The Motley Fool Australia.

This is because I believe it is worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn't quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Galaxy Resources Limited (ASX: GXY) is once again the most shorted share on the ASX by some distance. This is despite its short interest falling meaningfully to 18.1%. Short sellers have been targeting Galaxy due to an oversupply of lithium.
• Speedcast International Ltd (ASX: SDA) has short interest of 13.2%, which is flat week on week. The communications satellite technology provider's shares have been suspended since the start of February and are due to return today. However, the company appears to be struggling to arrange financing, which could mean another extension will be requested.
• Syrah Resources Ltd (ASX: SYR) has seen its short interest slide to 13.1%. Last week Syrah announced the suspension of its Balama operation due to the coronavirus outbreak. This could be a blessing in disguise given the oversupply of graphite in the market.
• Orocobre Limited (ASX: ORE) has seen its short interest drop to 13%. Short sellers have been going after this lithium miner due to falling prices of the battery making ingredient.
• Inghams Group Ltd (ASX: ING) has short interest of 11.2%, which is down week on week once again. Short sellers may believe the poultry company's shares have bottomed after its recent share price weakness. Especially given how more people are eating at home.
• New Century Resources Ltd (ASX: NCZ) has seen its short interest remain flat at 10.1%. The base metal producer's shares have fallen heavily over the last 12 months and short sellers appear to believe they can go further.
• JB Hi-Fi Limited (ASX: JBH) is back in the top ten with short interest rising to 9.7%. Short sellers may believe the retailer's performance could be impacted by the coronavirus outbreak.
• Pilbara Mineral Ltd (ASX: PLS) has short interest of 9.5%, which is down slightly since last week. Pilbara Minerals is another lithium miner which has fallen heavily over the last 12 months due to weakening lithium prices.
• Metcash Limited (ASX: MTS) has short interest of 9.4%, which is down sharply week on week. Short sellers appear to have been closing positions due to the panic buying which the wholesale distributor is likely to be benefiting greatly from.
• Clinuvel Pharmaceuticals Limited (ASX: CUV) has entered the top ten with short interest of 9.2%. Investors may believe the biopharmaceutical company's shares are overvalued at the current level. Even after falling over 50% from their 52-week high, its shares are changing hands at 52x earnings.

The post These are the 10 most shorted ASX shares appeared first on The Motley Fool Australia.

This is because I believe it is worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn't quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Galaxy Resources Limited (ASX: GXY) continues to be the most shorted share on the ASX despite its short interest falling slightly to 19.5%. An oversupply of lithium has weighed heavily on prices of the battery making ingredient and ultimately its shares.
• Syrah Resources Ltd (ASX: SYR) has seen its short interest slide to 17.3%. An oversupply of graphite has weighed heavily on this miner's shares. Syrah is the owner of the massive Balama graphite operation in Africa.
• Orocobre Limited (ASX: ORE) has seen its short interest edge higher to 14.1%. Orocobre is another lithium miner which has come under pressure due to falling prices of the battery making ingredient due to an oversupply.
• Speedcast International Ltd (ASX: SDA) has short interest of 13.2%, which is flat week on week. The communications satellite technology provider's shares have been suspended since the start of February. It appears to be struggling to arrange financing given the tough market conditions and its significant debt.
• Metcash Limited (ASX: MTS) has short interest of 13.1%, which is up week on week once again. Short sellers may be regretting this one. Metcash's shares were surging higher last week after a broker upgrade.
• Inghams Group Ltd (ASX: ING) has short interest of 12.25%, which is down week on week once again. It appears as though some short sellers believe the poultry company's shares have bottomed after its recent share price weakness.
• GWA Group Ltd (ASX: GWA) has short interest of 10.9%, which is up slightly week on week. The building products company's shares have come under pressure recently following the release of a disappointing half year result. That update revealed a 69% decline in total net profit after tax to $23.6 million.
• Nearmap Ltd (ASX: NEA) has seen its short interest slide to 10.6%. The aerial imagery technology and location data company's shares have fallen materially this year due to a surprise guidance downgrade following the loss of several key customers.
• New Century Resources Ltd (ASX: NCZ) has seen its short interest drop slightly to 10.1%. The base metal producer's shares have collapsed over the last 12 months. Despite this, short sellers appear to believe it is not over the worst of its issues.
• Pilbara Minerals Ltd (ASX: PLS) has entered the top ten with short interest of 9.7%. Pilbara Minerals is yet another lithium miner that short sellers have successfully been targeting. Its shares are down 76% over the last 12 months.

The post These are the 10 most shorted ASX shares appeared first on The Motley Fool Australia.

This is because I believe it is worth keeping a close eye on short interest levels as high levels can sometimes be a sign that something isn't quite right with a company.

With that in mind, here are the 10 most shorted shares on the ASX this week according to ASIC:

• Galaxy Resources Limited (ASX: GXY) remains the most shorted share on the ASX with short interest rising to 20.2%. The lithium miner has been targeted by short sellers due to free-falling lithium prices because of an oversupply of the white metal.
• Syrah Resources Ltd (ASX: SYR) has seen its short interest rise strongly to 18%. An oversupply of graphite has weighed heavily on this miner's shares. It owns the massive Balama graphite operation.
• Orocobre Limited (ASX: ORE) has seen its short interest edge higher to 14%. The lithium miner is another in the battery materials sector which has been targeted successfully by short sellers due to falling lithium prices.
• Speedcast International Ltd (ASX: SDA) has short interest of 13.2%, which is up slightly week on week. The communications satellite technology provider's shares have been suspended for almost six weeks. They were due to return last week but management extended its suspension further. Things look very bleak for Speedcast given its poor performance and material debt.
• Metcash Limited (ASX: MTS) has short interest of 12.8%, which is up week on week once again. Short sellers appear concerned that the loss of some key contracts could weigh on its performance.
• Inghams Group Ltd (ASX: ING) has short interest of 12.5%, which is down materially week on week. Some short sellers may believe the poultry company's shares have bottom after recent share price weakness. Last month Inghams posted a 24% decline in its underlying half year net profit.
• Nearmap Ltd (ASX: NEA) has seen its short interest slide to 10.8%. Short sellers may also believe that this aerial imagery technology and location data company's shares have bottomed after falling heavily this year due to a surprise guidance downgrade for FY 2020.
• New Century Resources Ltd (ASX: NCZ) is a new entry in the top ten with short interest of 10.7%. The base metal producer's shares are down 90% over the last 12 months but short sellers appear to believe they can fall further.
• GWA Group Ltd (ASX: GWA) has short interest of 10.5%, which is down slightly week on week once again. Last month the building products company released a disappointing half year result which revealed a 69% decline in total net profit after tax to $23.6 million.
• Costa Group Holdings Ltd (ASX: CGC) has seen its short interest fall materially to 9.5%. It appears as though short sellers are closing positions in a hurry after Costa maintained its guidance last month.

The post These are the 10 most shorted shares on the ASX appeared first on The Motley Fool Australia.

Four shares that have climbed more than most today are listed below. Here's why they have charged higher:

The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is up over 3% to $27.96. Investors appear to have been buying the biopharmaceutical company's shares in the hope of a positive announcement on Wednesday. Overnight the US Food and Drug Administration (FDA) is scheduled to give its verdict on the company's SCENESSE product. This product is used for the prevention of phototoxicity in adult patients with erythropoietic protoporphyria (EPP).

The HUB24 Ltd (ASX: HUB) share price is up 5% to $11.70 despite there being no news out of the investment platform provider. However, its shares were sold off last week after the Reserve Bank cut the cash rate. This sparked fears that demand for its platform could soften if its cash accounts now provide negative returns after fees.

The Mayne Pharma Group Ltd (ASX: MYX) share price has charged over 6% to 59.5 cents. Last week the pharmaceutical company announced a 20-year exclusive supply and license agreement with Mithra Pharmaceuticals to commercialise a novel oral contraceptive comprising estetrol and drospirenone in the United States. This got investors excited as management noted that the US contraceptive market is valued at US$5.4 billion, with the short acting combined hormonal contraceptives component estimated at US$4 billion.

The New Century Resources Ltd (ASX: NCZ) share price is up over 6% to 25.5 cents. This morning the zinc producer announced record metal production and a further significant reduction in its operating costs. According to the release, in the September quarter New Century achieved a 28% increase in zinc metal production and a 18% decrease in its C1 costs.

The post Why Clinuvel, HUB24, Mayne Pharma, & New Century shares charged higher today appeared first on The Motley Fool Australia.

Three small cap shares that have stood out with strong gains today are listed below. Here's why they are on the rise:

The Australian Mines Limited (ASX: AUZ) share price has continued its positive run and jumped over 7% to 5.9 cents. On Wednesday the mineral exploration company provided the market with an update on the progress of its research and development project with Metalysis. That update revealed that Metalysis has qualified the company's high purity scandium oxide as a feedstock for next-generation scandium alloy. This is a big step forward in the eyes of management, which believes that the high value aluminium-scandium alloy continues to pose excellent launch product potential for Metalysis' highly anticipated Generation 4 industrial plant.

The New Century Resources Ltd (ASX: NCZ) share price has stormed 10.5% higher to $1.07 despite there being no news out of the mineral exploration company. However, on Monday Century released a reasonably positive update on its operations. That update revealed that its first concentrate shipment was fully loaded and sailed, with the company delivering the maximum available shipping parcel of 11,000 tonnes. This was 10% above initial shipment size expectations. Management believes this demonstrates the operational viability of the entire logistics chain for the restarted Century operations

The Rhipe Ltd (ASX: RHP) share price is up 6% to $1.38 on the day of its annual general meeting. Ahead of the event the wholesale subscription software license provider released an update on its first quarter trading. According to the release, revenue is up 30% to $55 million and operating profit has jumped 75% to $2.8 million. Management advised that the strong start to FY 2019 has given it the confidence to lift its full year operating profit guidance range to between $10.5 million and $11.5 million.

The post These small cap ASX shares are storming higher on Thursday appeared first on The Motley Fool Australia.

This month, the company expects to restart production at the Century Zinc Mine in Queensland. Its aim is to become one of the top 10 zinc producers in the world and also in the lowest cost quartile globally.

In a presentation to the Sydney Mining Club, the ASX 300 listed company confirmed it was expecting to start generating cashflow this quarter as it transitioned from developer to producer.

From a valuation perspective, the company says it trades on an enterprise value to 2019 EBITDA ratio of 2.1 times, putting it as one of the cheapest zinc producers in the world. By comparison, Oz Minerals (ASX:OZL) trades on a 5.0 times ratio, with Western Areas  (ASX:WSA) shares trading on a 4.6 times ratio.

To emphasise its potential, the company showed how it can generate almost $450 million EBITDA per annum over the average life of the mine, which compares very favourably to the company's market cap of $610 million.

As of writing, the New Century share price is $1.185.

Source: Company presentation

Although New Century Resouces shares look dirt cheap, as with any investment, it comes with risks.

Although zinc is trading well above the mine's break even point today, you can bet your bottom dollar other zinc producers are working on adding to the world's supply, something that absent a commensurate increase in demand, will ultimately drive the zinc price lower.

Paringa Resources Ltd (ASX:PNL) is a new entrant into the Illinois coal basin. It is now fully funded to first production, expected imminently, in Q4 2018.

After that, Paringa expects significant ramp up in 2019 with full production from two initial units in 2020.

In their June 2018 quarterly update, the NovaPort Microcap Fund said a construction cost blowout saw Paringa raise further equity at a significant discount to the then prevailing share price.

The company expects to be cashflow positive in Q2 2019 and to generate $41 million EBITDA in 2020. This compares very favourably with its current market capitalisation of around $98 million.

Source: Company presentation

Paringa says it has a 25 year life of mine.

The Paringa Resources share price has fallen almost 40 per cent in 2018, currently trading at 21.5 cents.

As with all junior mining shares, this one is high risk, especially as it is subject to the vagaries of the coal price. But, if all goes to plan, it looks cheap.

Read more

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Three more cheap ASX stocks

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The names of the three companies are revealed in a brand new investing report. But you will have to hurry, as these stocks are already on the move. Click here now to get this FREE report.

The post These 2 small mining stocks are about to start production, and they look dirt cheap appeared first on The Motley Fool Australia.

If profit has been growing strongly, or management have been handling the business well, then you wouldn't expect most businesses to suddenly crash and burn.

There's a decent comparison to a college student. If a person has been a top performer in school and also does great in college, you would expect them to do well in their 20s in the workforce, right?

However, you could also suggest that shares which have performed extremely well have run too hard. Most shares that grow by more than 100% in a year are likely to have seen the multiple of their earnings, the price/earnings ratio, increase. That says that the share has become more expensive, even if the profit has done well. There's a bigger chance the valuation could reduce.

Over the past year, the below shares in the ASX 300 have gone up by more than 200%:

Emeco Holdings Limited (ASX: EHL) is up by 280%.

Afterpay Touch Group Ltd (ASX: APT) is up by 249%.

New Century Resources Ltd (ASX: NCZ) went up by 247%.

Appen Ltd (ASX: APX) increased by 235%.

Lovisa Holdings Ltd (ASX: LOV) is up by 220%.

Kidman Resources Ltd (ASX: KDR) has increased by 210%.

Beach Energy Ltd (ASX: BPT) went up by 203%.

It is extremely unlikely that any of them will register another 200%, or even 100% gain over the next year.

Foolish takeaway

Some of them are resource based and have benefited from commodity and/or currency movements. There's every chance that New Century, Kidman and Beach Energy could drop if their respective resource prices fall.

Afterpay and Appen are interesting ideas because they are both seeing significant growth of their underlying businesses. Share price growth over the next year may not be certain but I imagine in five or ten years' time both could be significantly larger and therefore be worth a lot more than they are today.

So, I had to choose two to buy today, I'd go for Afterpay and Appen. Afterpay is expanding in the US and AI is likely to grow exponentially over the coming years.

The post Did you own the top performers in FY18? appeared first on The Motley Fool Australia.