APA share price falls after bushfire update


The APA Group Ltd (ASX: APA) share price is under pressure this morning after an update on the Australian bushfires.

What was announced this morning?

Cooper Energy Ltd (ASX: COE) provided an update on its Sole Gas Project and the upgrade to the Orbost Gas Processing Plant in East Gippsland.

APA is completing the upgrade to the plant to process gas from the Sole gas field. The Sole Gas Project is Cooper Energy’s most significant resource and a major project for APA.

Cooper Energy confirmed there are no personnel in the bushfire affected areas. APA has also evacuated all non-essential personnel from the area and those remaining are safe. The plant has not been impacted by the fires and power is available on the site.

Cooper Energy said it will immediately make donations to the Gippsland Emergency Relief Fund as part of the recovery efforts.

The APA share price is under pressure this morning, with work remaining on hold at the site. The resumption of commissioning work remains subject to assurances of safety and adequate supplies.

This comes after tens of thousands of people were urged to leave Gippsland amidst the devastating bushfires across the country.

How else have the bushfires impacted investors?

APA is just one of a number of ASX shares to be falling lower amidst the ongoing bushfire crisis. Aussie agriculture shares are also falling lower to start the year as the fires continue to have wide-reaching influence. 

The Costa Group Holdings Ltd (ASX: CGC) share price has plummeted 3.21% lower this morning. The bushfires have impacted on the supply chain for Costa Group and other agriculture shares like Graincorp Ltd (ASX: GNC).

How has APA performed in the last 12 months?

APA remains well inside the ASX 50 with a market capitalisation of $13 billion and a 3.79% dividend yield.

The APA share price has climbed 22.84% higher in the last 12 months in a solid year for the Aussie energy infrastructure group.

The post APA share price falls after bushfire update appeared first on Motley Fool Australia.

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Motley Fool contributor Kenneth Hall has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP 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.

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