Shares in the building material supplier have hit their highest point in 12 months. Here are the details
The post The Brickworks (ASX:BKW) share price hits a new 52-week high appeared first on The Motley Fool Australia. –
Shares in Brickworks Limited (ASX: BKW) have hit a new 52-week high today, despite no news having been released by the company. The Brickworks share price reached an intraday high of $24.50 this morning – the highest it’s been in 12 months.
At the time of writing, the building material supplier’s shares are trading for $24.48, 0.95% more than their previous close.
Brickworks’ gains come despite the company’s managing director telling media the International Monetary Fund’s (IMF) calls for a worldwide carbon tax would obliterate the company.
The latest on Brickworks
Brickworks’ managing director Lindsay Partridge has today slammed the IMF for suggesting a global carbon tax that’s 25 times more than the average carbon tax is currently.
Last Friday, the IMF’s managing director Kristalina Georgieva said the organisation wants to instate a carbon tax that would gradually increase over the coming decade, eventually reaching US$75 a tonne. She said:
Gradually increasing price on carbon encourages innovation and transition to renewable energy, clean mobility, and low carbon technologies…
There has been progress [towards cutting carbon emissions by 23% to limit global warming to between 1.5°C and 2°C] … But four-fifths of global emissions still remain unpriced and the global average emissions price is only $3 per tonne.
According to The Australian, Partridge believes most action to limit the effects of scientifically-proven climate change is “a little bit over egged”. However, he also said that potential carbon taxes “keep (the company) awake at night”.
Additionally, Partridge said Australian governments are less supportive towards business than those in the US. The US is where a large portion of Brickworks’ business takes place.
The Australian quoted Partridge as saying:
(Australian governments) are into the rule book to try and find out how they can stop you doing what you want to do, or try and delay you, whereas in America, representatives of the governor will come and see you and ask you how they can help.
Brickworks share price snapshot
It has been a good year for the Brickworks share price on the ASX. So far, it’s gained 24% year to date. It is also 60% higher than it was this time last year.
The company has a market capitalisation of around $3.6 billion, with approximately 151 million shares outstanding.
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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 no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Brickworks. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.