It was a volatile and ultimately successful day for the S&P/ASX 200 Index (ASX: XJO) and many ASX shares this Thursday. After stints in both positive and negative territory this session, investors ended up siding with optimism and sent the index up a fractional 0.12% by the closing bell.

That leaves the ASX 200 at 8,640.7 points.

This rather wild day on the ASX follows a mixed night up on the American markets overnight.

The Dow Jones Industrial Average Index (DJX: .DJI) couldn’t quite hold its own and ended up dropping 0.14%.

However, the tech-heavy Nasdaq Composite Index (NASDAQ: .IXIC) was in a better mood and gained a healthy 1.2%.

Let’s return to the local markets now, though, and see what kind of movements were happening amongst the various ASX sectors today.

Winners and losers

The post Here are the top 10 ASX 200 shares today appeared first on The Motley Fool Australia.

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• How high does Macquarie think Codan shares will go?
• ASX 200 slips as weakness spreads across the board
• 4 ASX 200 shares upgraded by brokers this week

Motley Fool contributor Sebastian Bowen 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 Domino’s Pizza Enterprises, Macquarie Group, Megaport, and PEXA Group. The Motley Fool Australia has positions in and has recommended Macquarie Group and PEXA Group. The Motley Fool Australia has recommended Domino’s Pizza Enterprises. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Shares in ASX technology company Weebit Nano Ltd (ASX: WBT) raced more than 20% higher on Thursday after the company announced it had raised another $15 million and a new major shareholder emerged.

Strong demand for new shares

The company said in a statement to the ASX that a share purchase plan priced at $4.05 per share had raised the new funds, bringing the total raised, including an institutional placement, to $102 million.

Shareholders who took up the new shares are already sitting on healthy gains, with Weebit Nano shares changing hands for $6.08 at market close on Thursday, up 21.6%.

Weebit Nano Chief Executive Officer Coby Hanoch said:

The Board and I are incredibly grateful for the strong support we continue to receive from our loyal retail shareholder base. Weebit is at an exciting juncture in the Company’s history with AEC-Q100 (automotive grade) qualified ReRAM, multiple licensing agreements with leading foundries and IDMs, two commercial product prototypes integrated with Weebit ReRAM, and a world class executive team. While our ReRAM technology already outperforms competitor offerings across most technical parameters, this capital enables us to scale up and accelerate the commercialisation of our ReRAM technology to cement our market leadership and expand our footprint. The ReRAM race will be run and won in the coming years, and we want to make sure we not only have the best technology in the market but are able to support emerging AI demands alongside a significant step-up in licensing agreements.

Mr Hanoch said the company’s strengthened balance sheet would help it accelerate its growth ambitions and address new market segments.

Major Israeli backer

A separate lodgment with the ASX on Thursday identified Israeli company Meitav Investment House as a significant shareholder in the company with a 5.37% stake.

The website of the publicly-listed investment house says it manages more than ILS407 billion for more than one million clients.

Weebit Nano also earlier this month said two of its customers had successfully taped out (released to manufacturing) chip designs intended for mass production, with both including the Weebit ReRAM module.

The company said at the time:

Tape-out by product customers is an important milestone on the path to mass production and marks the achievement of one of the three 2026 targets set at Weebit’s 2025 Annual General Meeting.

Weebit Nano shares have appreciated from lows of $1.43 over the past 12 months.

The ASX technology company is now valued at $1.42 billion.

The post Why did shares in this ASX technology company surge more than 20%? appeared first on The Motley Fool Australia.

More reading

• Up 211% in a year, why are Weebit Nano shares rocketing another 12% today?
• Why Brainchip, Minerals 260, Nuix, and Weebit Nano shares are racing higher today
• ASX 200 tech shares rocket 13% as long-awaited sector rebound accelerates

Motley Fool contributor Cameron England 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.

Yesterday was a session for the ages. At least for Commonwealth Bank of Australia (ASX: CBA) shares.

The ASX’s largest bank, and, until recently, largest stock, was hit with what was possibly its worst one-day fall in history yesterday. The bank ended trading on Tuesday at $171.57 a share. But CBA had a horror show of a day yesterday, and ended up finishing the session at just $153.67 a share. That was a fall worth a whopping 10.43%. That’s pretty significant when you are the largest stock on the index (well, after yesterday’s performance, CBA lost its crown to BHP Group Ltd (ASX: BHP)).

This drop was enough to drag the entire S&P/ASX 200 Index (ASX: JXO) down yesterday, a pretty remarkable feat when almost every other corner of the markets did quite well.

A shocker for this ASX 200 bank stock

Today, CBA plunged even further upon market open, hitting a new 52-week low of $151 a share this morning. However, investors seem to have decided that enough is enough. At the time of writing, Commonwealth Bank stock is back in the green, currently up 0.54% at $154.50. Even so, there is no doubt that this market darling has lost quite a bit of paint this week.

The catalysts for yesterday’s drop seemed to be a reaction to the new budget on Tuesday night, which investors seem to be concluding will hurt ASX banks like CBA. The abolition of negative gearing and a tighter capital gains tax don’t exactly bode well for short-term property prices, after all.

Also playing a role was CBA’s quarterly update, which was released yesterday morning. As we covered at the time, this update revealed that CBA experienced flat operating income over the three months to 31 March, but did manage to post a 4% increase in cash profits against the prior corresponding quarter.

But what seemed to get up investors’ noses was the bank’s outlook. CBA warned that economic and geopolitical risk is rising, and put its money where its mouth is, increasing its collective provisions for loan impairment by $200 million. That was after recording impairments of $316 million for the quarter.

CBA shares were primed for a correction

I was not at all surprised to see CBA taken down to earth yesterday. As I have written about many times before, this bank has enjoyed an uncommonly generous valuation from ASX investors for a long time now. CBA is a high-quality company to be sure, arguably one of the best in Australia. But it is also a massive and mature company without a significant growth runway ahead of it. To illustrate, CBA posted a 6% rise in net cash profits to $5.45 billion back in its half-yearly earnings in February. Pre-provision profits were up 5% to $8.13 billion.

Solid numbers, sure, but nothing to write home about.

Yet CBA still trades on a price-to-earnings (P/E) ratio of 25 today. That’s notably higher than its next-closest rival, National Australia Bank Ltd (ASX: NAB). NAB shares are on a P/E ratio of about 18 today. For some additional context, Instagram-owner Meta Platforms Inc (NASDAQ: META) currently asks a P/E of 22.4. CBA’s price-to-book (P/B) ratio is also looking lofty for a bank at a huge 3.8.

So I think CBA shares were an accident waiting to happen. They potentially still are at the current share price. As such, you won’t see me buying this dip.

The post The CBA share price crash was an accident waiting to happen. Here’s why appeared first on The Motley Fool Australia.

More reading

• Buy, hold, sell: CBA, Life360, and Macquarie shares
• Are CBA shares a buy after the latest sell-off?
• Why I would buy CBA and DroneShield shares after selloffs this week
• Down 10%: 3 key takeaways from CBA results
• BHP shares regain their market crown as CBA slides 10%

Motley Fool contributor Sebastian Bowen has positions in Meta Platforms. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Meta Platforms. The Motley Fool Australia has recommended BHP Group and Meta Platforms. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Paladin Energy Ltd (ASX: PDN) shares have slipped further into the red on Thursday.

At the time of writing, the shares are down 3.72% to $10.76 a piece.

The latest tumble means the uranium producer’s share price has shed 14% of its value this week alone.

There is still some good news for investors, though. After a strong rally through 2025 and into early 2026, Paladin Energy shares are still 7% higher year to date and 65% higher than last year.

The uranium stock has significantly outpaced the S&P/ASX 200 Index (ASX: XJO), which has fallen just over 1% year to date but is 4% higher over the past year.

Why have Paladin Energy shares crashed this week?

The shares plunged 12% on Wednesday alone after the company posted its latest results for the nine months to 31st March.

The uranium producer posted a significant turnaround in earnings, including a US$34.4 million gross profit, up from a US$21.7 million deficit in the prior corresponding period, and a US$1.7 million NPAT, up from a US$30.1 million loss previously.

Revenue also climbed to US$209.1 million, from US$138.2 million year on year.

But it looks like investors were spooked by the company’s cash flow position. Operating cash flow showed an outflow of US$36.4 million, compared with an inflow of US$14 million in the prior corresponding period.

Paladin is currently spending heavily to support its Patterson Lake South (PLS) project in Canada while continuing the ramp-up of operations at its Langer Heinrich Mine in Namibia. It looks like investors are wary about the company’s rising spending commitments.

Is the latest sell-off a buying opportunity? Or a signal to sell up?

It looks like analysts are relatively divided at the moment.

Market Index data shows brokers have a hold rating on the uranium stock, but they tip a potential 17% upside to $12.94 over the next 12 months.

TradingView data is a little more positive. Out of 14 analysts, six have a buy or strong buy rating on the stock, and another six have a hold rating.

The average $13.06 target price implies a potential 21% upside ahead. But some are tipping the shares could fly 61% higher to as high as $17.27 each.

I’d sit tight for now, but I wouldn’t be surprised if Paladin Energy shares start to peak again in the near future, once investors have digested its latest results.

The post Are Paladin Energy shares a buy after crashing 14% this week? appeared first on The Motley Fool Australia.

More reading

• Why CBA, Healius, Paladin Energy, and Temple & Webster shares are sinking today
• Why is this ASX uranium stock crashing 11% after returning to profitability?
• Paladin Energy posts profit as revenue rebounds in FY26 earnings
• Here are the top 10 ASX 200 shares today
• Here are the top 10 ASX 200 shares today

Motley Fool contributor Samantha Menzies 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.

Trading in Resolute Mining Ltd (ASX: RSG) shares has been frozen on Thursday after the gold miner requested a trading halt.

The halt came through during early afternoon trade, with the Resolute share price sitting at $1.397.

Before trading was paused, the stock was up 0.87% for the session.

It has also been a strong week for shareholders, with Resolute shares up about 12% over the past 5 trading days.

The latest move adds to a much bigger rally. The gold stock is now up 14% in 2026 and almost 139% over the past year.

Here’s why trading has been put on hold.

Trading halt lands

According to the ASX notice, trading in Resolute shares has been halted at the company’s request.

The halt relates to a further announcement regarding the company’s scoping study for the ABC Project in Cote d’Ivoire.

Unless ASX decides otherwise, Resolute shares will remain in a trading halt until the earlier of normal trading on Monday, 18 May, or the release of an announcement to the market.

This means investors will have to wait for more details before the stock can trade again.

It comes just a day after Resolute released the scoping study details for the ABC Project, giving investors fresh numbers to weigh up.

ABC study points to long-life gold project

In its release, Resolute said the scoping study confirmed attractive economics and growth potential at ABC.

The company said the project could support a large-scale open-pit operation with 82.8 million tonnes of plant feed at 0.76 grams per tonne of gold.

That would contain 2 million ounces of gold over an average 12-year mine life.

The study also points to total gold production of 1.7 million ounces, with average output of 141,000 ounces per year.

Resolute is also estimating average annual output of 163,000 ounces across the first 5 years.

It has flagged an all-in sustaining cost of US$1,565 an ounce over the initial period.

Why this project stands out

The main drawcard is the size of the potential returns at current gold prices.

At a gold price of US$3,500 an ounce, Resolute said ABC could deliver a post-tax net present value of US$1.2 billion and an internal rate of return of 39%.

The payback period is estimated at 1.4 years from first production, which is short for a project of this size.

There is also leverage to a stronger gold price. Resolute said the post-tax NPV could rise to US$2.3 billion if gold reaches US$4,750 an ounce.

The only catch for now is the upfront capital cost, which has been estimated at US$648 million.

Foolish Takeaway

Resolute shares have had a strong run lately, helped by firmer gold prices and renewed interest in the company’s growth options.

The ABC study gives investors a new project to weigh up, and the early numbers are worth a closer look.

But the trading halt means the market is still waiting for the next update before deciding what to do next.

The post This ASX gold stock just hit pause after a 12% weekly jump appeared first on The Motley Fool Australia.

More reading

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• Will these top-performing ASX stocks keep charging higher?

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.

If you are hunting for some new portfolio additions, then it could pay to hear what brokers are saying about the three ASX shares in this article.

Does the broker rate them as buys, holds, or sells? Let’s dig deeper into things:

Commonwealth Bank of Australia (ASX: CBA)

Morgans remains bearish on CBA shares. In response to the banking giant’s third-quarter update, the broker has retained its sell rating with a reduced price target of $119.40.

The broker was disappointed with CBA’s performance, highlighting that its growth has slowed since the first half. And even after a heavy share price decline, it thinks CBA shares are expensive. Morgans said:

3Q26 earnings were below 1H26 growth expectations, both before and after the impact of topping up loan loss provisions. The balance sheet as per the CET1 capital ratio also looks a little tighter than we had previously budgeted. FY26-28 EPS forecasts downgraded c.3-5%. Target price reduced 4% to $119.40. SELL retained, with potential total return of c.-19% at current prices (including c.3.3% dividend yield). Even after today’s c.10% sell-off, CBA’s valuation metrics remain extended and don’t provide a sufficient margin of safety.

Life360 Inc (ASX: 360)

The team at Bell Potter remains bullish on this family safety and location technology company following its first-quarter update.

Following a review of the update, the broker retained its buy rating with a reduced price target of $32.50.

Bell Potter highlights that the company outperformed on all metrics but monthly active users (MAUs). And that miss was due to a technical issue on Android devices, which has since been resolved.

Commenting on its outlook, Bell Potter said:

There is perhaps a lack of short term catalysts but we do see sequential improvement each quarter in revenue and EBITDA for the remainder of the year. The biggest downside risk we see is a downgrade to the MAU growth guidance – we are at 16.9% growth versus guidance of 17-20% – whereas the biggest upside risk is further upgrades in the revenue and adjusted EBITDA guidance.

Macquarie Group Ltd (ASX: MQG)

Morgans was impressed with this investment bank’s performance in FY 2026. It notes that Macquarie outperformed expectations, with a profit result comfortably ahead of consensus expectations.

However, it feels that Macquarie shares are fully valued now and has retained its hold rating with a $248.00 price target. It said:

MQG delivered a very strong FY26 result with NPAT (A$4.8bn) up +30% on the pcp and +8% above company-compiled consensus. Whilst acknowledging this result was aided by significant volatility in commodity markets that assisted CGM, MQG’s performance was generally strong across the board.

Our price target rises to A$248 (previously A$223) on our earnings changes and a valuation roll-forward. MQG is a quality franchise, and a proven performer, but with <10% upside to our PT, we maintain our Hold call. We increase our MQG FY27F/FY28F EPS by +9%/+2%. Our price target rises to A$248 (previously A$223) on our earnings changes and a valuation roll-forward.

The post Buy, hold, sell: CBA, Life360, and Macquarie shares appeared first on The Motley Fool Australia.

More reading

• Buy, hold, sell: Bega Cheese, Kogan, Macquarie shares
• 4 ASX All Ords shares expected to rise 65% to 95% in a year
• Are CBA shares a buy after the latest sell-off?
• Why I would buy CBA and DroneShield shares after selloffs this week
• Down 42% this year, is it time to jump into Life360 shares?

Motley Fool contributor James Mickleboro has positions in Life360. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Life360 and Macquarie Group. The Motley Fool Australia has positions in and has recommended Life360 and Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

National Australia Bank Ltd (ASX: NAB) shares have tumbled again in Thursday afternoon trade.

At the time of writing, the banking giant’s shares are down 1.55% to $36.29 a piece. 

Today’s slide means the shares have shed over 26% of their value since peaking at an all-time high of $49.10 in late February.

Over the past month alone, the shares have fallen 19%. For the year to date, they’re down 14%, but they’re still marginally higher (0.6%) than this time last year.

Why are NAB shares tumbling?

In February, NAB reported stronger-than-expected profits in its first quarter FY26 earnings results. The banking giant revealed a 15% hike in its cash earnings and a 6% increase in revenue. Investors were clearly pleased with the result.

The bank’s latest half-year FY26 results were a different story. Despite posting a modest earnings growth earlier this month, including a 6.4% increase in underlying profit and a 3.1% increase in revenue, the share price sell-off accelerated. Despite the solid result, it was a miss compared to expectations, and investors reacted negatively.

It isn’t just company-specific headwinds affecting the bank’s shares either. 

Broad bank-sector pressure and concerns about global volatility, higher interest rates, and a slowdown in lending have taken their toll on the Australian banking sector. 

Further fears about rising climbing loan arrears, housing-market policy changes, and slower economic growth have also dampened ASX bank shares across the board.

There isn’t any price-sensitive news out of the banking giant this week to explain the latest sell-off, so it’s most likely a continued decline in sentiment off the back of the bank’s results announcement last week. 

Are the shares a buy, sell, or a hold?

Sentiment around the ASX bank sector has been depressed this year, and analyst sentiment has been pretty bearish on most of the major bank stocks.

But it looks like the attitude towards NAB shares could finally be shifting, and some analysts are beginning to upgrade their ratings on the banking giant’s shares.

TradingView data shows that eight out of 16 analysts have a hold rating on NAB shares. Another six have a sell or strong sell rating, and rate the shares as a strong buy. This is an improvement from just two weeks ago, when the majority had a sell or strong sell rating.

At the time of writing, the $38.40 average 12-month target price implies a potential 6% upside. Meanwhile, the maximum $48.50 target price suggests that NAB shares could climb 34% over the next year.

UBS renewed its buy rating on NAB shares with a $48.50 target this week.

Last week, Morgans also upgraded NAB shares from a sell to a trim rating and lifted its target price by 4% to $26.10. The team said the bank’s first-half FY26 earnings “were a mixed bag and a touch below expectations”.

The post NAB shares slump 26% from their peak: Buy, sell or hold? appeared first on The Motley Fool Australia.

More reading

• 9 ASX 200 shares with renewed buy calls from the experts this week
• Why the big four banks could keep delivering for income investors
• How much do I need to invest in ASX shares for $500 a month of passive income?
• How Chalmers’ budget tips the scales for ASX 200 dividend shares like Stockland and NAB
• Why the ASX 200 is being smashed today

Motley Fool contributor Samantha Menzies 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.

S&P/ASX 200 Index (ASX: XJO) shares are down 0.3% to 8,608.1 points on Thursday.

Meanwhile, three experts give us their views on three ASX 200 shares.

Let’s check them out.

Bega Cheese Ltd (ASX: BGA)

The Bega Cheese share price is $5.22, up 0.1% today and down 14% in the year to date (YTD).

Pac Partners has a buy rating on this ASX consumer staples share with a 12-month price target of $7.50.

This implies potential upside of 44% ahead.

In a new note, the broker said:

Bega Group Limited (ASX:BGA) is a great Australian food company with a scalable platform of #1 and #2 “better for you” dairy and spread brands.

We rate BGA a Buy for its high 21% average EPS growth to FY’29F with  FY’27F EV/EBITDA multiple of 9.9x at our Price Target of $7.50/share.

The ASX200 trades at a similar multiple with EPS growth of just 5-10%.

Pac Partners expects Bega Cheese to deliver at the high end of its FY26 earnings guidance due to its “earnings resilience in the short term” amid the current global oil shock, and the impact of $110 million spent on high-margin internal growth projects.

Pac Partners said:

Despite higher fuel and fertiliser costs, BGA has maintained 32-38% EPS growth guidance for FY’26F.

Macquarie Group Ltd (ASX: MQG)

The Macquarie share price is $242.70, up 2.5% today and up 19% YTD.

This week, Morgans maintained its hold rating on the ASX bank share and increased its price target from $223 to $248.

This implies limited share price growth over the next 12 months.

Morgans said:

MQG delivered a very strong FY26 result with NPAT (A$4.8bn) up +30% on the pcp and +8% above company-compiled consensus.

Whilst acknowledging this result was aided by significant volatility in commodity markets that assisted CGM, MQG’s performance was generally strong across the board.

MQG is a quality franchise, and a proven performer, but with <10% upside to our PT, we maintain our Hold call.

Kogan.com (ASX: KGN)

The Kogan share price is $3.43, down 3.4% today and down 8% YTD.

On The Bull, Nathan Lodge from Securities Vault explained his sell rating on the ASX consumer discretionary share.

Lodge said:

The online retailer benefited from pandemic-era demand. Kogan Group statutory revenue was up 5.5 per cent in the first half of 2026 when compared to the prior corresponding period. However, group statutory net profit after tax was down 20.2 per cent.

The company operates in a highly competitive, low-margin retail segment with limited differentiation. Inventory management and discounting cycles have also weighed on profitability in recent periods.

Consumer spending remains under pressure in a high interest rate environment. In our view, the market is unlikely to assign premium multiples given the lack of durable competitive advantages.

The post Buy, hold, sell: Bega Cheese, Kogan, Macquarie shares appeared first on The Motley Fool Australia.

More reading

• Buy, hold, sell: CBA, Life360, and Macquarie shares
• Buy, hold, sell: CSL, Macquarie, and REA Group shares
• Could Macquarie shares be the best ASX financial stock to buy?
• Why the ASX 200 is being smashed today
• 2 high-quality ASX 200 shares experts rate as buys

Motley Fool contributor Bronwyn Allen 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 Kogan.com and Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool Australia has recommended Kogan.com. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

Codan Ltd (ASX: CDA) shareholders are already sitting on impressive gains over the past year, but the team at Macquarie has just upgraded its outlook for the company.

Impressive share price performance

The value of Codan has edged over $7 billion this week, with the shares changing hands for $39.95 on Thursday, up 3.6% on the day. The stock has appreciated from lows of $16.56 over the past year.

But Macquarie still has a buy rating on the stock and a bullish share price target, which we’ll get to later.

To understand why Macquarie is positive on the outlook for the company, it pays to understand what Codan does.

It has two main divisions: its Minelab division, which sells metal detectors and is strongly leveraged to the gold price; and the communications division, which specialises in making products for the global military sector.

Drone warfare a big tailwind

Macquarie said in its research note issued this week that the growth in drone use across militaries worldwide was a positive for Codan’s DTC business, which makes the radios that go into drones.

As Macquarie said:

DTC’s UxV radios are mainly used in unmanned aerial vehicles (UAVs), the largest and fastest-growing UxV segment. However, opportunities are expanding across other platforms, including ground (UGV) and marine (USV), broadening the addressable market over time. Recent conflicts in Ukraine and the Middle East have underscored that the future of warfare is increasingly reliant on UxV systems. Lessons from Ukraine are accelerating a global shift towards resilient, military-grade solutions. Additional tailwinds include the push for sovereign capability, ecosystem expansion and platform integration, and a rapidly evolving technology roadmap.

Macquarie said Codan’s BluSDR product had been battle-tested in Ukraine and came with highly attractive features.

Macquarie said defence spending was also on the increase:

Defence budget allocation to UxV systems is growing across almost all defence forces. The US 2027 defence budget plans to triple spending on drones and related tech to ~US$74bn. The Australian Federal budget gave Defence an extra $53bn over the next 10 years, with up to $15 billion spend on UxV.

Codan itself recently issued a business update in which it said the communications division should achieve revenue growth at the upper end of guidance of 15% to 20%.

The company said re Minelab:

Minelab revenue in 2H FY26 to date is tracking ahead of the strong first-half performance. Based on current trading conditions which are being supported by a favourable gold price and recent successful product releases, the Group continues to expect second-half performance to exceed the first half.

Macquarie has upgraded its price target for Codan shares by 5% to $44.20.

The post How high does Macquarie think Codan shares will go? appeared first on The Motley Fool Australia.

More reading

• 4 ASX 200 shares upgraded by brokers this week
• Why Codan, Medallion, Megaport, and Mineral 260 shares are storming higher today
• Why the ASX 200 is being smashed today
• Why this ASX 200 stock is being hammered after hitting record highs
• Up 175% in a year, do experts think it’s time to sell this ASX 200 tech stock?

Motley Fool contributor Cameron England 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 Macquarie Group. The Motley Fool Australia has positions in and has recommended Macquarie Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

The S&P/ASX 200 Index (ASX: XJO) is drifting lower on Thursday, despite some parts of the market holding up.

At the time of writing, the ASX 200 is down 0.20% to 8,612 points.

The move follows a weak session on Wednesday, when heavy selling across the major banks dragged the benchmark lower.

At present, 129 ASX 200 shares are trading lower, while 63 are higher and 8 are unchanged.

Let’s take a closer look.

Most stocks are in the red

Most stocks in the index are falling today, with the benchmark being supported by a handful of heavyweight names.

BHP Group Ltd (ASX: BHP) is up 1.15% to $62.23, while Rio Tinto Ltd (ASX: RIO) is up 1.56% to $191.95.

Fortescue Ltd (ASX: FMG) is also higher, rising 1.91% to $22.99.

The big miners are benefiting from strength in commodity markets, with copper and iron ore stocks still attracting buyers.

Macquarie Group Ltd (ASX: MQG) is also lending a helping hand, rising 2.26% to $242.14.

Weakness spreads beyond the major stocks

Lynas Rare Earths Ltd (ASX: LYC) is one of the weakest links today, falling 7.34% to $18.44.

Xero Ltd (ASX: XRO) is also under pressure, dropping 7.21% to $75.16 after its latest result left investors unimpressed.

Other major fallers include Wisetech Global Ltd (ASX: WTC), REA Group Ltd (ASX: REA), and Pro Medicus Ltd (ASX: PME). They are down 5.16%, 4.30%, and 4.53%, respectively.

Bapcor Ltd (ASX: BAP) is also another weak spot after cutting its FY26 earnings guidance.

CBA steadies after record fall

Commonwealth Bank of Australia (ASX: CBA) is another stock in focus after Wednesday’s record fall.

The bank’s shares are bouncing slightly today, up 0.79% to $154.89.

That follows a painful session during midweek, when CBA shares dropped more than 10% after the bank released its quarterly update.

The bank reported an unaudited quarterly cash profit of $2.7 billion, down 1% on the prior quarter. Investors also concentrated on higher loan impairment expenses and the bank’s stretched valuation.

Foolish Takeaway

A small decline in the index is not too worrying. But when most stocks are trading lower, it shows investors are still cautious and not willing to buy the market more broadly.

That doesn’t mean the ASX 200 is in trouble. It just tells us that the rally needs wider support if it is going to keep pushing higher.

For now, the market is still rewarding strong updates but punishing anything that looks expensive or disappointing.

The post ASX 200 slips as weakness spreads across the board appeared first on The Motley Fool Australia.

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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 positions in and has recommended Macquarie Group, WiseTech Global, and Xero. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended Lynas Rare Earths Ltd and Pro Medicus. The Motley Fool Australia has positions in and has recommended Macquarie Group, WiseTech Global, and Xero. The Motley Fool Australia has recommended BHP Group and Pro Medicus. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.