Category: Stock Market

The S&P/ASX 200 Index (ASX: XJO) seems to be going from strength to strength this week. After healthy rises all week, the ASX 200 is adding to the party today and has risen by another 0.92% to back over 7,110 points at the time of writing.

What a time to be investing. So let’s now delve deeper into these gains by having a look at the shares that are at the top of the ASX 200’s share trading volume charts right now, according to investing.com.

The 3 most traded ASX 200 shares by volume this Thursday

Telstra Group Ltd (ASX: TLS)

First up this Thursday is the veteran ASX 200 telco Telstra. So far this session, a notable 12.25 million Telstra shares have been bought and sold. There hasn’t been any fresh news out of Telstra itself for a while now. But there are a few things that could still be boosting volumes today.

Firstly, Telstra has just hit a new 52-week high of $4.24 a share this morning. Although the company has cooled off since then, we have still seen the company move around a fair bit as well as hit this new high. Secondly, Telstra is paying out its latest interim dividend tomorrow. Although eligibility for this dividend is now closed, it might still be responsible for some of this volume.

Sayona Mining Ltd (ASX: SYA)

Next up we have the ASX 200 lithium stock Sayona Mining to consider. This Thursday has seen a decent 35.18 million Sayona shares traded thus far. There hasn’t been much news out of Sayona either. And no dividend to speak of here. So this volume is probably a consequence of the movements of the company’s shares themselves. Right now, the Sayona share price is running with the bulls of the broader market, up a pleasing 3.5% at 31 cents a share.

Pilbara Minerals Ltd (ASX: PLS)

Finally this Thursday, let’s check out another ASX 200 lithium stock in Pilbara minerals. So far this session, a hefty 38.34 million Pilbara shares have swapped hands. Pilbara hasn’t had the same kind of boost that Sayona is currently enjoying during today’s trading. The lithium stock is currently up a robust 1.14% to $3.99 a share.

There’s been no other news out of Pilbara today, but we did cover a new broker rating on Pilbara this morning, which could be playing a role here. Citi has reaffirmed a buy rating on the lithium producer, and given it a share price target of $4.60.

The post Here are the 3 most heavily traded ASX 200 shares on Thursday appeared first on The Motley Fool Australia.

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More reading

• Citi gives its verdict on the Pilbara Minerals share price
• 2 ASX 200 stocks smashing new multi-year highs on Thursday
• Best ASX lithium share to buy: Liontown Resources vs. Pilbara Minerals
• Why did the Telstra share price just hit a multi-year high?
• 5 things to watch on the ASX 200 on Thursday

Motley Fool contributor Sebastian Bowen has positions in Telstra Group. 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 positions in and has recommended Telstra Group. 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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The Qantas Airways Limited (ASX: QAN) share price is lifting on Thursday amid news of the airline’s involvement in funding an Australian biofuel refinery.

The refinery is expected to create sustainable aviation fuel (SAF) using sugarcane and other agricultural by-products in Queensland. It’s being developed by Jet Zero Australia and will utilise LanzaJet’s alcohol-to-jet technology.

Qantas previously committed to using 10% SAF in its overall fuel mix by 2030 in its race to reach net zero by 2050.

Right now, the Qantas share price is $6.575, 1.31% higher than its previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) is up 0.89%. Meanwhile, the company’s home sector – the S&P/ASX 200 Industrials Index (ASX: XNJ) – is gaining 0.92%.

Let’s take a closer look at the flying kangaroo’s home-grown sustainability plan.

Qantas teams up to fund Australian biofuel facility

The Qantas share price is lifting this afternoon amid news the airline, alongside partner Airbus, will help fund Jet Zero Australia’s planned biofuel production facility.

The pair will jointly invest $2 million of an initial $6 million capital raise to fund its feasibility study and early-stage development. The Queensland Government will also put in $760,000.

The facility is expected to produce up to 100 million litres of sustainable jet fuel annually. Its construction is anticipated to begin next year.

Qantas and Airbus previously agreed to invest up to US$200 million in the establishment of a SAF industry in Australia. The investment announced today marks the first project under the partnership.

Commenting on the funding agreement, Qantas chief sustainability officer Andrew Parker said:

Qantas will be the largest single customer for Australian-made SAF to meet our emissions reduction targets, which is why we’re investing in the ideas and technology that will build a local SAF industry.

This is one of several projects that we are looking to fund this year, all of which will help accelerate the decarbonisation of the aviation industry.

Meanwhile, Queensland deputy premier Steven Miles said the project is “exciting”, continuing:

This is another signal to the world that Queensland is ready for take-off as a clean energy powerhouse.

Qantas share price snapshot

This year has been a good one so far for the Qantas share price.

The stock has gained 11% since the start of 2023. It’s also currently 25% higher than it was this time last year.

Comparatively, the ASX 200 has gained 2% year to date and has fallen 5% over the last 12 months.

The post Qantas shares in the green amid sweet $2m investment appeared first on The Motley Fool Australia.

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More reading

• Why I think the Qantas share price can keep soaring higher
• Beach and bling: 2 ASX 200 shares Firetrail is loving right now
• Refuelled with profits, how ASX 200 favourite Qantas plans to stick the landing on growth
• Why Adairs, Liontown, Qantas, and Synlait shares are dropping today
• Qantas share price takes a dive amid more takeover delays

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 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.

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Insurance industry profit rose by billions in 2022, so could this be a good sign for ASX 200 shares such as Insurance Australia Group Ltd (ASX: IAG)?

IAG shares have risen 3% since market close on 23 March and are currently fetching $4.695, up 0.54%. For perspective, the S&P/ASX 200 Index (ASX: XJO) is 0.91% higher at the time of writing.

Let’s take a look at the outlook for IAG shares in light of recent insurance data.

What could be ahead?

IAG is a major insurance company operating in Australia and New Zealand.

A KMPG review, released on Wednesday, reveals insurer profits jumped massively in 2022 to a five-year high.

Industry insurance profit overall rose 42% year on year to $4.95 billion in 2022. Higher premium prices led to a 10% rise in the gross written premium to $0.59 billion.

IAG reported a net profit after tax (NPAT) of $468 million in the first half of FY23, 171% higher than the prior corresponding half. The company delivered an interim dividend of 6 cents per share, 30% franked.

Wilsons equity strategist Rob Crookston recently touted “pricing power” as the “best defence against cost inflation” and named five stocks Wilsons holds, including IAG. He also noted IAG’s ability to raise premiums, stating:

Number 1 general insurer in Australia, which has been [raising] premium rates strongly to offset rising perils costs (albeit there is a timing lag to margins).

Even with higher premiums, customer retention rates remain high.

In the insurance sector overall, KMPG is forecasting there will be another 10% rise in premiums this year. KMPG Insurance partner Scott Guse said:

The expectation of increasing frequency and severity of natural hazards, rising reinsurance costs, increasing inflation, supply chain issues and labour shortages will continue to put upwards pressure on premiums pricing.

We anticipate that on average, premiums will rise by at least 10 percent throughout 2023

IAG share price snapshot

The IAG share price has climbed nearly 7% in the last 12 months.

This ASX 200 share has a market capitalisation of about $11.5 billion based on the current share price.

The post Insurance companies are raking it in, so should you buy ASX 200 shares like IAG right now? appeared first on The Motley Fool Australia.

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More reading

• The IAG dividend is being paid today. Here’s the latest
• 5 ASX 200 shares that inflation can’t touch: expert
• Warren Buffett is invested in IAG shares, should you be?

Motley Fool contributor Monica O’Shea 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.

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The Pilbara Minerals Ltd (ASX: PLS) share price has been a strong performer this week.

Week to date, the lithium giant’s shares are up almost 13% to $4.00.

This means the Pilbara Minerals share price is now up 24.5% over the last 12 months.

Why is the Pilbara Minerals share price charging higher?

There have been a couple of catalysts for the strong rise by the Pilbara Minerals share price this week.

The first has been news that Liontown Resources Ltd (ASX: LTR) has received and rejected a takeover proposal from industry giant Albemarle. This gave the whole industry a lift and sent almost all ASX lithium shares higher.

In addition, Pilbara Minerals announced on Wednesday that its board has approved its production expansion plans. This will ultimately see the company’s spodumene production capacity increase to 1 million dry metric tonnes per annum in the coming years.

Should you invest?

The team at Citi has been looking at the production expansion news and appears pleased with the plans.

And while the broker highlights that its expansion plan is more costly than expected, it feels that it “highlights Pilgangoora’s top tier status.”

In response, Citi has lifted its longer term earnings estimates but has trimmed its near term valuation to reflect the higher costs. It explained:

As expected, PLS has given the P1000 project the green light for 1000ktpa of SC5.7. The FID provided clarity on the LOM outlook including implied head grades, recovery and operating costs. Capex of $560m is ~A$200m higher than consensus, but not surprising given the inflationary environment.

After accounting for capitalised stripping FY25+ opex is expected to come down compared to FY23 guidance; FY25-29 opex of US$430-470/t may prove to be conservative. Our EBITDA lifts +20% from FY25 on implied front-loaded higher grades from the pit. Higher capex trims ~10cps from our NAV, and opex another ~10cps.

This ultimately has led to Citi retaining its buy rating with a trimmed price target of $4.60. This implies potential upside of 15% for investors over the next 12 months.

The post Citi gives its verdict on the Pilbara Minerals share price appeared first on The Motley Fool Australia.

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More reading

• Best ASX lithium share to buy: Liontown Resources vs. Pilbara Minerals
• 5 things to watch on the ASX 200 on Thursday
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Why ALS, Centaurus Metals, Pilbara Minerals, and Westgold shares are rising today
• Is the lithium price now on the way back up?

Motley Fool contributor James Mickleboro 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.

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When it comes to dividends, it is hard to look beyond Rio Tinto Ltd (ASX: RIO).

Each year the mining giant rewards its shareholders with some of the largest dividends you will find on the Australian share market.

For example, last month when Rio Tinto released its full-year results, it declared a fully franked final dividend of US$2.25 per share.

This brought the full-year Rio Tinto dividend to US$4.92 per share, which equates to a total payout of US$8 billion or A$12 billion.

To put that into context, that’s the current market capitalisation of both lithium miner Pilbara Minerals Ltd (ASX: PLS) and airline operator Qantas Airways Limited (ASX: QAN).

Where is the Rio Tinto dividend heading?

The good news is that Goldman Sachs believes investors can expect more of the same for at least the next couple of years.

Its analysts expect an 8.3% increase in the Rio Tinto dividend to US$5.33 per share in FY 2023. This equates to A$7.93 and would mean a generous fully franked 6.8% yield.

Pleasingly, another increase is expected in FY 2024. Goldman is forecasting a 12.2% lift to US$5.98 per share (A$8.95 per share). Based on the current Rio Tinto share price of $117.07, this will mean a yield of 7.65%.

Finally, Goldman Sachs expects the Rio Tinto dividend to reduce to US$3.40 per share (A$5.09 per share) in FY 2025. While a dividend cut is disappointing, this still represents an attractive 4.35% dividend yield.

In summary, here’s what Goldman is forecasting:

• US$5.33 (A$7.93) per share in FY 2023
• US$5.98 (A$8.95) per share in FY 2024
• US$3.40 (A$5.09) per share in FY 2025

All in all, the next couple of years look good for income investors that own Rio Tinto shares. This may partly explain why Goldman Sachs has a buy rating and $140.40 price target on them.

The post Here’s the Rio Tinto dividend forecast through to 2025 appeared first on The Motley Fool Australia.

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More reading

• Want $1,000 of passive income? Check out these ASX shares
• Goldman Sachs says these ASX dividend shares with 7%+ yields are buys
• Invested $7,000 in Rio Tinto shares 5 years ago? Here’s how much passive income you’ve earned
• Dividend devotee: I’d buy Rio Tinto shares for $2,000 of monthly passive income
• 2 ASX 200 mining shares to buy with huge upside potential: analysts

Motley Fool contributor James Mickleboro 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.

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The S&P/ASX 200 Index (ASX: XJO) is on form again and charging higher on Thursday. In afternoon trade, the benchmark index is up 1% to 7,122.5 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are rising:

Appen Ltd (ASX: APX)

The Appen share price is up 8% to $2.96. This is despite there being no news out of the artificial intelligence data services company. However, as I mentioned here yesterday, a couple of insiders have been buying its beaten down shares in recent sessions.

Regis Resources Ltd (ASX: RRL)

The Regis Resources share price is up over 4% to $1.98. This has been driven by news that the gold miner’s McPhillamys Gold Project has received final approval from the Independent Planning Commission of New South Wales. Management notes that “McPhillamys is one of Australia’s largest undeveloped open-pittable gold resources and underpins significant value potential for Regis.”

Syrah Resources Ltd (ASX: SYR)

The Syrah share price is up 3% to $1.68. This follows the release of a mineral resource update for the Balama graphite operation. Management notes that the updated estimate reinforces Balama’s position as the premier high grade natural graphite deposit globally. It also supports a 50+ year mine life based on Balama’s current 2 Mtpa process plant capacity.

Zip Co Ltd (ASX: ZIP)

The Zip share price is up 5.5% to 57 cents. Investors have been buying this buy now pay later provider’s shares after it announced an agreement to divest its Central and Eastern European business and South African business. The company is also on track with the wind-down of its business in the Middle East. All in all, this leaves Zip well-placed to achieve its profit goals in the first half of FY 2024.

The post Why Appen, Regis Resources, Syrah, and Zip shares are charging higher today appeared first on The Motley Fool Australia.

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More reading

• Zip share price leaps 14% on $20 million windfall
• 5 things to watch on the ASX 200 on Thursday
• Zip share price dips amid Apple’s BNPL US launch
• This beaten-up ASX 300 tech share is down 60% in a year, and directors are buying it up
• 5 things to watch on the ASX 200 on Tuesday

Motley Fool contributor James Mickleboro 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 Appen and Zip Co. 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.

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The S&P/ASX 200 Index (ASX: XJO) is on fire this Thursday. So far today, the ASX 200 has added a healthy 1.02%, pulling the Index back above 7,100 points. The ASX 200 has now added a rather massive 2.4% over this week alone so far (and it’s only Thursday). But not all ASX 200 shares are basking in these gains today. So let’s have a look at the ASX 200’s gold shares. 

During the massive share market slump that we have seen this month, ASX 200 gold shares were one of the market’s few bright spots. To illustrate, the Newcrest Mining Ltd (ASX: NCM) share price rose a whopping 14.45% between 8 March and 29 March:

Some other ASX 200 gold shares did even better than that.

But today, those same gold shares are one of the market’s few weak spots.

ASX 200 gold shares get shunned by investors

Take Newcrest, the ASX 200’s largest gold miner. It’s currently nursing a 1.2% loss, underperforming the broader market by more than 2%.

Silver Lake Resources Ltd (ASX: SLR) shares are down 1.3% to $1.13 each. De Grey Mining Limited (ASX: DEG) shares have slid by almost 2% to $1.49 a share, while Gold Road Resources Ltd (ASX: GOR) is one of the worst-performing shares on the entire ASX 200 at present, enduring a 3.58% loss to $1.62 a share.

So what’s going on here?

Well, it seems the problem is stemming from the gold price itself. Gold miners like Newcrest, De Grey and Silver Lake are primarily valued on the gold that they own and can sell. If that gold is less valuable, then so too are these companies.

As my Fool colleague pointed out this morning, gold has indeed had a rough time of it lately. The precious metal fell by 0.5% in overnight trading down to around US$1,980 per ounce. It’s fallen even further over the course of today’s session and is now back down to around US$1,960 per ounce.

It was only last week that gold looked like it would vault over the psychologically important US$2,000 per ounce mark, so this is a rather dramatic pullback.

Gold traditionally functions as a safe haven asset. That’s probably why we saw the yellow metal enthusiastically embraced over the past few weeks as global markets tanked. But now that investors seem to have rediscovered their love for shares, gold is conversely suffering.

We see similar trends play out all the time in this space, so today’s developments are not much of a surprise. But even so, most ASX 200 gold shares remain far higher than where they were at the start of the month.

 

The post Why are ASX 200 gold shares like Newcrest being thumped on Thursday? appeared first on The Motley Fool Australia.

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More reading

• Why Jervois Global, Mincor, Newcrest, and Santos shares are dropping today
• Here are the top 10 ASX 200 shares today
• Go for gold: Advisors name 2 ASX 200 shares to pounce on
• 5 things to watch on the ASX 200 on Monday
• 5 things to watch on the ASX 200 on Friday

Motley Fool contributor Sebastian Bowen has positions in Newcrest Mining. 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.

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The Medibank Private Ltd (ASX: MPL) share price is in the green on Thursday despite the company facing a shareholder class action.

It comes on the back of a massive cyber-attack that saw the data of 9.7 million Australians in the hands of hackers late last year.

Right now, the Medicare share price is $3.295, 0.76% higher than its previous close.

For comparison, the S&P/ASX 200 Index (ASX: XJO) has gained 0.97% at the time of writing.

Let’s take a closer look at the latest news from the ASX 200 health insurance giant.

Medibank faces shareholder class action

The Medibank share price appears not to have been impacted by news a shareholder class action against the company has been filed in the Supreme Court of Victoria.

The action alleges the company breached continuous disclosure obligations and ASX listing rules by not disclosing information related to alleged deficiencies in its cyber security systems.

Medibank intends to defend the action, understood to have been brought on behalf of investors who bought shares in Medibank between July 2019 and October 2022.

The law firm behind the legal action is United States-based Quinn Emanuel.

Medibank revealed it had been served with the action after the market closed on Wednesday.

The ASX 200 company bore $26.2 million of costs related to the cyber-attack last half.

It expects to fork out another $13.8 million to $18.8 million this half. That’s before any potential remediation, regulatory, or litigation costs.

The shareholder class action is the second suit faced by the company as a result of the breach.

Medicare vowed to defend itself against a class action brought on behalf of current and former customers last month. It included allegations of breach of contract, contraventions of Australian consumer law, and breach of equitable obligations of confidence.

It was filed in the Federal Court of Australia and brought by law firm Baker McKenzie, funded by Omni Bridgeway.

Medibank share price snapshot

The Medibank share price tumbled 18% when the company revealed the cyber-attack in October, and it hasn’t quite recovered yet. It remains 6% lower than it was prior to its ill-fated announcement.

Though, it has gained 6% over the last 12 months and 13% so far this year.

Comparatively, the ASX 200 has gained 3% year to date and has fallen 5% since this time last year.

The post Medibank share price lifts despite shareholder class action appeared first on The Motley Fool Australia.

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More reading

• Medibank share price slumps as tech boss announces departure
• ‘Increased confidence’: Alphinity reveals 2 ASX 200 shares it just bought
• Latitude shares are back on the ASX, but why are they falling 8% today?
• 2 beaten-up ASX dividend shares I’d buy for long-term income
• Medibank share price edges lower amid $31 million joint venture news

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 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.

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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and is on course to record a strong gain. In afternoon trade, the benchmark index is up 1% to 7,123 points.

Four ASX shares that have failed to follow the market higher today are listed below. Here’s why they are dropping:

Jervois Global Ltd (ASX: JRV)

The Jervois Global share price is down a further 12% to 5.9 cents. Investors have been selling this cobalt developer’s shares this week after it suspended the construction of its cobalt operation in the United States. Management made the move in response to low cobalt prices and inflationary pressures. Jervois Global has already spent US$130 million on its construction. It will aim to resume work once cobalt prices recover.

Mincor Resources NL (ASX: MCR)

The Mincor share price is down 5% to $1.42. This has been driven by the release of an update on the nickel miner’s guidance. Mincor has been having issues creating a blended product that meets the specifications of BHP Group Ltd (ASX: BHP). And with BHP unwilling to amend its off-take terms, management has been forced to withdraw its guidance. Mincor also advised that it will stockpile any ore that BHP indicates will not be accepted due to product specification requirements.

Newcrest Mining Ltd (ASX: NCM)

The Newcrest share price is down over 1% to $26.30. Investors have been selling Newcrest and other gold miners today after the gold price fell overnight. Traders were selling the safe haven asset after risk sentiment improved.

Santos Ltd (ASX: STO)

The Santos share price is down 1% to $6.92. Softer oil prices appear to have put pressure on Santos and other energy shares today. This was driven by a stronger US dollar and concerns over higher than expected supply from Russia. According to CNBC, Russian production fell by 300,000 barrels a day during the first three weeks of March. Whereas the market was expecting it to fall by 500,000 barrels.

The post Why Jervois Global, Mincor, Newcrest, and Santos shares are dropping today appeared first on The Motley Fool Australia.

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Motley Fool contributor James Mickleboro 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.

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The S&P/ASX 200 Materials index (ASX: XMJ) is lifting 1.45% today, but this ASX gold share is soaring far higher.

The Carnaby Resources Ltd (ASX: CNB) share price soared 8.7% from $1.145 to $1.245 this morning before retreating. Carnaby shares are now up 6% and fetching $1.21.

The gold price is currently down 0.42% to US$1,976 an ounce.

Let’s take a look at what Carnaby Resources reported to the market.

Drilling results

Carnaby reported “stunning” assay results and pXRF readings at the Greater Durchess Copper Gold Project in Mt Isa, Queensland.

Assay results at MHDD083 showed:

• 83m (True Width~28m) at 2.4% copper, 0.3 grams per tonne (g/t) gold including 36m (True Width~12m) at 4.2% copper, 0.5g/t gold

The grade has jumped 100% compared to previously reported pXRX readings.

A new Binna Burra Lode was also discovered at drill hole MHDD010.

Three drill rigs are currently at the site with 40,000 metres of drilling currently planned for 2023.

Commenting on the result, managing director Rob Watkins said:

The stunning drill result announced today in MHDD083 has effectively doubled the footprint of the Mount Hope Central discovery which remains completely open at depth.

These results all clearly demonstrate that the Mount Hope Central deposit will continue to grow strongly the more we drill.

The company is aiming to provide a maiden Mineral Resource Estimate at the project by the end of this financial year.

Carnaby Resources share price snapshot

Carnaby Resources shares have slipped 1% in the last year, but they have risen 9% in the last month.

This ASX gold stock has a market capitalisation of about $176 million based on the current share price.

The post Which ASX gold stock just leapt 9% on a ‘stunning drill result’? appeared first on The Motley Fool Australia.

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More reading

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Motley Fool contributor Monica O’Shea 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.

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