The Brickworks (ASX:BKW) share price hits a new 52-week high

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’ shares are running ahead of the broader market today. Currently, the S&P/ASX 200 Index (ASX: XJO) is up 0.25%, while the All Ordinaries Index (ASX: XAO) is up 0.33%.

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.

The post The Brickworks (ASX:BKW) share price hits a new 52-week high appeared first on The Motley Fool Australia.

Should you invest $1,000 in Brickworks right now?

Before you consider Brickworks, you’ll want to hear this.

Motley Fool Investing expert Scott Phillips just revealed what he believes are the 5 best stocks for investors to buy right now… and Brickworks wasn’t one of them.

The online investing service he’s run for nearly a decade, Motley Fool Share Advisor, has provided thousands of paying members with stock picks that have doubled, tripled or even more.* And right now, Scott thinks there are 5 stocks that are better buys.

*Returns as of May 24th 2021

More reading

2 ASX dividend shares that could provide steady income in retirement

Leading brokers name 3 ASX shares to buy today

Why the Brickworks (ASX:BKW) share price is up more than 10% this week
2 high-quality ASX 200 shares that could be buys

ASX 200 drops, Brickworks soars, Woolworths falls

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.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!