The S&P/ASX 200 Materials Index (ASX: XMJ) closed 0.76% lower today, but three ASX lithium shares fell much harder.

The IGO Ltd (ASX: IGO), Leo Lithium Ltd (ASX: LLL), and Loyal Lithium Ltd (ASX: LLI) share prices all finished well in the red today.

For perspective, multiple ASX 200 lithium shares also closer lower. For example, Core Lithium Ltd (ASX: CXO) lost 5.69%, while Pilbara Minerals Ltd (ASX: PLS) shares shed 5%.

Let’s take a look at what three ASX lithium shares reported to the market today.

IGO

IGO shares closed down 7.08% today despite the company reporting record earnings before interest, taxes, depreciation and amortisation (EBITDA) in today’s half-year financial report.

The company’s EBITDA soared 269% on the prior corresponding half to $834 million. The company also delivered a record net profit after tax (NPAT) of $591 million, a 549% increase on H1FY22.

The board declared a 14 cents per share fully franked interim dividend for FY23, another record for IGO shareholders. The record date of the dividend will be 17 March 2023 and payment is planned for 31 March.

Commenting on the results, IGO acting CEO Matt Dusci said:

Strong lithium prices combined with a growing production profile at Greenbushes, generating outstanding financial returns for shareholders, while the team continues to focus on expanding the mine and processing capacity to deliver on future production growth.

Leo Lithium

Leo Lithium shares tanked 9.63% today to 61 cents apiece. This lithium company has a goal of becoming West Africa’s first lithium producer.

Today, Leo Lithium reported a cash balance of $70.8 million as of 31 December.

The resource base at the company’s Goulamina Lithium Project in Mali lifted by 33.8 Mt to 142.3 Mt. The Goulamina joint venture held US$108.5 million in cash at the end of the quarter.

Leo Lithium reported that early revenue from the export of direct shipping ore is forecast for the second half of 2023.

Its first spodumene concentrate product is targeted for the second quarter of 2024.

Commenting on the results, managing director Simon Hay said:

The December quarter was a transformational one for Leo Lithium. Only a few weeks ago we received the results from a considerable resource upgrade which exceeded our expectations, confirming the large-scale, high-grade resource at Danaya, and creating new drilling targets for the team. The results also support the possible extension of the current 23-year mine life of the Goulamina Project.

Loyal Lithium

Loyal Lithium shares lost 8.26% on Tuesday. The lithium explorer reported it holds about $6.57 million cash as of 30 December. The company has executed a $4.5 million placement to boost lithium exploration.

Loyal Lithium said it is continuing to execute its strategic business plan, with a focus on North American lithium.

Loyal reported strong lithium and boron results at the Scotty Lithium project. Exploration work is continuing at the project.

At the Brisk Lithium Project, an inaugural field program was completed, revealing more pegmatite outcrops than expected.

At the Triest Lithium project, the company is planning to conduct field mapping in Spring 2023. This project is located 14km east of Winsome Resources’ Adina Lithium project, which recently showed a “significant mineralised intercept”.

A highlight for the company during the quarter was the formal name change and launch of the company’s website www.loyallithium.com in November 2022.

The post 3 ASX lithium shares hammered after quarterly updates on Tuesday appeared first on The Motley Fool Australia.

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More reading

• ASX 200 lithium share IGO slips despite record half-year profits and dividends
• 3 ASX lithium shares to buy right now: experts
• Why lithium prices could be ‘higher for longer’: Macquarie
• Guess which four ASX 200 lithium shares charged higher today
• Here are the top 10 ASX 200 shares today

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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It’s been a shaly and indecisive day for the S&P/ASX 200 Index (ASX: XJO) so far this Tuesday. After rallying this morning, the ASX 200 has slipped back into negative territory over the afternoon. 

At present, the index is sitting on a loss of 0.2% for the session thus far, putting it at just under 7,470 points.

But rather than letting all of that get us down, it’s time to check out the shares that are presently at the top of the ASX 200’s share trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Tuesday

Pilbara Minerals Ltd (ASX: PLS)

First up today, we have a familiar face for this list in ASX 200 lithium leader Pilbara Minerals. This Tuesday has seen a notable 15.48 million Pilbara shares change hands as it currently stands. There’s been no recent news out of Pilbara.

As such, we can probably put this high volume down to the share price movements of the company itself. So far this session, Pilbara shares have copped a pretty severe beating, with the company down a nasty 4.2% to $4.80 a share right now. Such a big drop is always going to result in a lot of shares flying around.

Core Lithium Ltd (ASX: CXO)

Next up we have Pilbara’s fellow ASX 200 lithium share Core Lithium. Today has had a hefty 20.47 million Core shares find a new home at this point of the day. Again, with no fresh news out of Core, it seems we have a share price movement to blame for this elevated volume.

Unfortunately for Core investors, this lithium stock has been hit even harder than Pilbara today. It’s currently nursing a 6.91% loss down to $1.14 a share. This is almost certainly the root cause of the high volumes we are seeing.

Sayona Mining Ltd (ASX: SYA)

Our final ASX 200 share worth a look at this Tuesday is yet another lithium stock in Sayona Mining. A massive 64.2 million Sayona shares have been swapped by investors so far today.

We have had some news out of Sayona today, with the company revealing this morning that it has held a successful trial run in reopening its North American Lithium operation in Canada, with 400 tonnes of ore successfully processed.

But this news hasn’t stayed in investors’ hands, with Sayona copping one of the worst falls on the markets today. The lithium share is currently down by a depressing 10.17% at present to 36 cents a share. No wonder so many shares are zooming around the markets.

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

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More reading

• Why is the AMP share price smashing the ASX 200 on Tuesday?
• Why Bubs, Core Lithium, Megaport, and Pointsbet shares are crashing today
• Coles share price surges, brokers say more gains to come
• Is this why investors are selling down the Core Lithium share price today?
• Forget lithium! I’m using the Warren Buffett method to help find winning ASX shares in 2023

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 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 ASX telco shares could get a boost in 2023 as COVID-19 impacts fade away. The factor I’m going to outline in this article could be a boost for Telstra Group Ltd (ASX: TLS) shares and TPG Telecom Ltd (ASX: TPG) shares.

Reopened borders have been useful for names like Qantas Airways Limited (ASX: QAN), IDP Education Ltd (ASX: IEL), and Auckland International Airport Limited (ASX: AIA).

But, interestingly, the telcos could also benefit from a return of visitors.

Tourists to boost telco profit?

According to reporting by the Australian Financial Review, analysts are suggesting that telcos will benefit from growing travel and migration.

More people in the country using telecommunication services, such as tourists using their phones, could boost the earnings and the share prices of Telstra and TPG.

The AFR quoted JPMorgan analyst Mark Busuttil who said:

Prior to COVID-19, mobile subscriber growth was outpacing population … [but] during the pandemic, the total number of mobile subscribers declined: subscriptions numbers [from company reports] declined 2 per cent in FY21 on flat population growth.

We believe there is still some growth to come from international travel.

Mobile subscriptions per person peaked in 2018; therefore, population growth will be the biggest driver of subscriber gains over the longer term. Beyond FY24, when we expect travel to have fully recovered, we have linked our subscriber forecasts to population growth.

We see postpaid services growing to two-thirds of Australian mobile subscriptions by the end of the decade.

In the near term, we expect Telstra to leverage the company’s 5G and network leadership position as well as the Optus data breach to grow its number of postpaid subscribers.

While TPG (Vodafone) has the most identifiable international brand which benefits mobile subscribers as international travel returns, the company’s key deficiency, which is network quality, remains.

TPG is lagging behind in the 5G race…which will cause a noticeable speed difference between TPG and the competition.

Valuations and dividend yields

I think it’s worthwhile looking at the forecasts for both the FY23 and FY24 numbers.

The Telstra share price is valued at 24 times FY23’s estimated earnings and 22 times FY24’s estimated earnings, according to projections on Commsec.

With the telco starting to grow its dividend to investors, it could offer an FY23 grossed-up dividend yield of 5.9% and 6.3% for FY24.

Meanwhile, the TPG share price is valued at 35 times FY23’s estimated earnings and 24 times FY24’s estimated earnings.

TPG could pay a grossed-up dividend yield of 5.5% in FY23 and 6.4% in FY24.

The post Why TPG and Telstra shares could get a big profit boost in 2023 appeared first on The Motley Fool Australia.

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More reading

• Leading brokers name 3 ASX shares to buy today
• Here’s the Telstra dividend forecast through to 2025
• Buy Telstra shares for its defensive earnings and dividend growth: Goldman Sachs
• Generate passive income with these quality ASX 200 dividend shares: brokers
• 3 things that could super-charge your investment returns over the long term: Scott Phillips

Motley Fool contributor Tristan Harrison 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 IDP Education. The Motley Fool Australia has positions in and has recommended Telstra Group. The Motley Fool Australia has recommended Tpg Telecom. 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 All Technology Index (ASX: XTX) is down 0.81% today, but one ASX tech share is bucking the trend.

The IntelliHR Ltd (ASX: IHR) share price soared soared 75% in earlier trade to 11 cents before retreating slightly. The company’s share price is now soaring 67% to 10.5 cents.

Let’s take a look at why this ASX tech share is storming higher today.

Potential takeover

Investors are buying up Intellihr shares today amid news of a potential takeover.

Intellihr has entered a Scheme Implementation Deed for Humanforce Holding Pty Ltd to takeover all of the company’s shares. Humanforce is a subsidiary of funds advised by private equity company Accel-KKR.

Under the potential takeover, Intellihr shareholders would receive 11 cents per share. This represents a 75% premium on Monday’s closing price of 6.3 cents.

However, with Intellihr shares now up 67% to 10.5 cents, this now represents just a 5% upside on the current share price at the time of writing.

Intellihr’s board believes the offer “provides shareholders with certainty of value today” for the potential of the business. Commenting on the news, Intellihr chair and CEO Matt Donovan said:

The board believes the proposed all-cash offer represents attractive value
and provides an immediate opportunity for shareholders to realise certain value at a significant premium to the market.

Humanforce is a provider of workforce management and payroll solutions for deskless workforces. Customers include Flight Centre, Secure Parking, Accore and Delaware North. Commenting on today’s news, Humanforce CEO Clayton Pyne added:

There is a compelling synergy between IHR and Humanforce, who share the vision of enabling businesses to drive automated compliance, cost optimisation and engagement by revolutionising the employee experience, through intelligent, employee-centred technology.

IntelliHr share price snapshot

The IntelliHr share price has descended nearly 38% in the last year.

This ASX tech share has a market capitalisation of about $36 million based on the current share price.

The post Guess which ASX tech share just rocketed 75% on takeover news appeared first on The Motley Fool Australia.

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More reading

• Why is the AMP share price smashing the ASX 200 on Tuesday?
• Why Bubs, Core Lithium, Megaport, and Pointsbet shares are crashing today
• Own Rio Tinto shares? The iron ore giant just sank $21m into this copper stock
• Why Beach, Coles, Cronos Australia, and Woolworths shares are pushing higher
• What to watch on the US stock market this week: ANZ

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 Rio Tinto Ltd (ASX: RIO) share price is outperforming on Tuesday. It follows recent news of its latest multi-million-dollar investment.

The S&P/ASX 200 Index (ASX: XJO) iron ore giant’s copper technology venture Nuton has sunk US$15 million (around $21 million) into Canadian-listed explorer Regulus Resources.

The Rio Tinto share price is $127.74 at the time of writing. That’s 1.77% higher than it was at yesterday’s close.

For comparison, the ASX 200 is up 0.07% right now while the S&P/ASX 200 Materials Index (ASX: XMJ) has lifted 0.04%.

Let’s take a closer look at the latest from Rio Tinto.

ASX 200 iron ore giant’s latest copper investment

If you own Rio Tinto shares, congratulations! You now also hold a 16.1% stake in copper explorer Regulus.

The Aussie iron ore giant participated in an arm’s length non-brokered private placement financing that saw it walk away with a $21 million stake in the international materials stock. Nuton was issued around 20 million Regulus shares for approximately $1.08 apiece.

According to Rio Tinto, Nuton is essentially a portfolio of proprietary copper leach-related technologies and capabilities.

Meanwhile, Regulus’ principal project is the AntaKori copper-gold-silver project, located in Peru. A chunk of the funds raised through the company’s private placement will be used to advance the project.

However, its new share in the Canadian copper stock isn’t the only reason Rio Tinto is in headlines this week.

The company has reportedly been involved with the loosing of a radioactive capsule in Western Australia.

The capsule went missing while being transported by a third-party contractor engaged by the company to move it from the Gudai-Darri mine to Perth, Al Jazeera reports.  

Western Australia’s Department of Fire and Emergency Services has issued an alert for a radioactive substance risk for parts of the state.

01:15 PM – Chemical Spill in RADIOACTIVE SUBSTANCE RISK in parts of the Pilbara, Midwest Gascoyne, Goldfields-Midlands and Perth Metropolitan regions: https://t.co/ZSEIQDbkiJ

— DFES (@dfes_wa) January 30, 2023

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Rio Tinto share price snapshot

The Rio Tinto share price has outperformed so far this year, gaining around 11% year to date.

Meanwhile, the ASX 200 has risen nearly 8%.

Looking further back, the stock is up 14.5% over the last 12 months while the index has gained 7.5%.

The post Own Rio Tinto shares? The iron ore giant just sank $21m into this copper stock appeared first on The Motley Fool Australia.

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More reading

• Does Rio Tinto really have an 8% dividend yield right now?
• Move over bank deposits! These ASX 200 mining shares are forecasting yields of over 5%
• Looking to energise returns with this pocket of undervalued ASX shares in 2023
• Should I buy ASX mining shares now or not?
• Top brokers name 3 ASX shares to buy next week

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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In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.1% to 7,486.9 points.

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

Beach Energy Ltd (ASX: BPT)

The Beach Energy share price is up over 4% to $1.57. This follows the release of the energy producer’s quarterly update. Although Beach reported an 8% quarter on quarter decline in production to 4.8 MMboe, its revenue still rose 1% to $408 million for the quarter.

Coles Group Ltd (ASX: COL)

The Coles share price is up 2.5% to $17.80. Investors have been buying this supermarket giant’s shares following the release of a bullish broker note out of Credit Suisse. According to the note, the broker has upgraded Coles shares to an outperform rating with an improved price target and $19.31 price target. This implies potential upside of 8.5% from current levels.

Cronos Australia Ltd (ASX: CAU)

The Cronos Australia share price is up 7% to 54 cents. This morning, this medical cannabis company announced changes to its clinical operations. This will see clinics in the Gold Coat, Brisbane, and Sunshine Coast close and transition to a 100% telehealth service. These changes are expected to deliver significant overhead cost savings.

Woolworths Group Ltd (ASX: WOW)

The Woolworths share price is up 3% to $35.78. This also appears to have been driven by a broker note out of Credit Suisse. Its analysts have upgraded Woolworths shares to an outperform rating with a $36.51 price target. The broker expects the supermarkets to benefit greatly from food inflation in 2023.

The post Why Beach, Coles, Cronos Australia, and Woolworths shares are pushing higher appeared first on The Motley Fool Australia.

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More reading

• Coles share price surges, brokers say more gains to come
• ASX 200 jumps higher again, defying predictions the 2023 stock market rally could be about to come to a screaming halt
• Buy these ASX dividend shares for income: broker
• 5 things to watch on the ASX 200 on Tuesday
• Should I buy Woolworths shares for 2023 or not?

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 positions in and has recommended Coles 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 US stock market could be in for a riveting week amid multiple household names reporting.

Analysts at ANZ Group Holdings Ltd (ASX: ANZ) are tipping the US Fed to raise rates at a meeting later this week.

The S&P 500 Index slid 1.3% overnight, the Dow Jones Industrial Average slipped 0.77% and the Nasdaq Composite Index slipped 1.96% on Monday, US time.

What’s ahead?

ANZ highlighted it is a “big week for both central banks and US equities” in a research report released this morning.

Among the US stocks due to report earnings are Apple Inc (NASDAQ: AAPL), Meta Platforms Inc (NASDAQ: META), Caterpillar Inc (NYSE: CAT), McDonald’s Corp (NYSE: MCD), General Motors Company (NYSE: GM), United Parcel Service Inc (NYSE: UPS) and Alphabet Inc Class A (NASDAQ: GOOGL).

ANZ senior economist Felicity Emmett said these earnings announcements will provide a “micro overview of the macro economy”. She added:

Investors bought into the ‘soft landing’ view in early 2023, despite the prospect of what could still be a bumpy ride for activity as the lagged effects of last year’s interest rates front-loading and still-high inflation bite. 

Meanwhile, the United States Federal Open Market Committee (FOMC) is due to announce an interest rate decision on Thursday morning, Sydney time. ANZ is forecasting a 0.25% rate rise.

Commenting on this outlook, ANZ’s Emmett said:

We expect a 25bp rate rise and anticipate that the Fed will caution against an early pause in the tightening cycle and certainly give the notion of cuts no rein.

Risk appetite could be vulnerable to a correction.

US stock market snapshot

Meta shares fell 3% on Monday and have shed 53% in the last year.

Apple Inc (NASDAQ: AAPL) shares lost 2% on Monday and have slid 18% in the last year.

Alphabet shares slid 2.74% on Monday and have tumbled 28% in the past year.

McDonalds shares dropped 0.58% on Monday but have climbed 4.41% in the last 52 weeks.

General Motors shares shed 4.37% on Monday and have slumped 31% in the last year.

Caterpillar shares fell 1.11% on Monday but have soared 29.74% in the past year.

The United Parcel Service share price lost 2.81% on Monday and has slid 12.48% in the last year.

Meanwhile, the S&P 500 Index has shed 11% in the last year, while the Dow Jones has lost 4% in a year and the Nasdaq Composite has shed nearly 20% in the past 12 months.

The post What to watch on the US stock market this week: ANZ appeared first on The Motley Fool Australia.

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More reading

• Forget lithium! I’m using the Warren Buffett method to help find winning ASX shares in 2023
• Why Fortescue shares could be facing a Meta-like problem
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The S&P/ASX 200 Index (ASX: XJO) is having a bit of a shaky day so far this Tuesday. At the time of writing, the ASX 200 has gained a tentative 0.07%, which puts the index close to 7,490 points. But the Coles Group Ltd (ASX: COL) share price is doing far better.

Coles shares are on fire today. The ASX 200 supermarket giant is currently up a healthy 2.39% at $17.765 a share:

So what’s going on with Coles shares today that is making this company such a convincing market beater?

Well, it’s not entirely clear. There have been no new announcements or news out of Coles today. Or indeed this week.

But we are seeing Coles’ consumer staples sector doing very well today. The S&P/ASX 200 Consumer Stapes Index (ASX: XSJ) is currently the best-performing sector on the ASX 200 right now, up 1.81%.

Other consumer staples shares are also booming. Coles’ arch-rival Woolworths Group Ltd (ASX: WOW) is up by more than 2.79%, while Treasury Wine Estates Ltd (ASX: TWE), Metcash Limited (ASX: MTS), and Endeavour Group Ltd (ASX: EDV) are also enjoying some solid gains.

But perhaps more potently, we have also seen a few ASX brokers come out with some bullish opinions on Coles shares today. This could be what is giving investors a confidence boost.

ASX brokers rate Coles shares as a buy

As my Fool colleague James covered this morning. ASX broker Morgans likes what it sees with Coles shares right now.

The broker has given the company an add rating, together with a 12-month share price target of $19.50. That would give investors an upside of close to 10% from where the shares are currently if Morgans is on the money.

Here’s what the broker had to say about its decision:

We continue to see COL as offering good value with the company’s solid balance sheet and defensive characteristics putting it in a good position to navigate through a weaker economic environment. The unwinding of local shopping should also help further market share gains.

Morgans is also predicting that Coles will keep ramping up its dividends going forward too. It has 64 cents per share in dividends pencilled in for FY2023, rising to 66 cents per share for FY2024.

But Morgans isn’t the only broker eyeing off Coles shares. According to reporting in The Australian today, another ASX broker in Credit Suisse is also seeing value in Coles sales right now.

Credit Suisse has given the grocer an outperform rating, and a 12-month share price target of $19.31 a share. Not quite as optimistic as Morgans, but this will still no doubt delight investors.

So it could be a combination of these factors which is leading Coles to such a lucrative, market-beating performance this Tuesday.

The post Coles share price surges, brokers say more gains to come appeared first on The Motley Fool Australia.

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More reading

• Buy these ASX dividend shares for income: broker
• 5 things to watch on the ASX 200 on Tuesday
• Here are the top 10 ASX 200 shares today
• Here are the 3 most heavily traded ASX 200 shares on Monday
• Lynas share price rises on 42% jump in sales revenue

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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Coles Group. The Motley Fool Australia has recommended Metcash and Treasury Wine Estates. 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 Newcrest Mining Ltd (ASX: NCM) share price has been a solid performer in 2023.

Since the start of the year, the ASX 200 gold miner’s shares have risen 8%.

Can the Newcrest share price keep rising?

The good news for investors is that one leading broker believes the Newcrest share price has room to climb.

According to a note out of Morgans, its analysts have upgraded the ASX 200 gold miner’s shares to an add rating with a $25.70 price target.

Based on the current Newcrest share price of $22.49, this implies potential upside of over 14% for investors over the next 12 months.

Throw in the 1.7% dividend yield that Morgans expects in FY 2023 and you have a total potential return of approximately 16%.

What did the broker say about this ASX 200 gold miner?

Morgans made the move thanks to the company’s Cadia operation and higher gold price assumptions. The broker explained:

We upgrade NCM to an ADD rating (from Hold) following an upgrade to medium term capex assumptions on Cadia and applying higher gold price forecasts. The highlight of last week’s 2Q23 result was the consistent group numbers across production and costs, with NCM’s fundamentals supported heavily by the quality of Cadia

While not a period without its blemishes, we see a dependable production and earnings base from which NCM can ride recovering gold and copper prices. Trailing its smaller gold peers, we see an emerging value proposition on offer in NCM, which benefits from mine diversification, solid margins, and long-life reserves.

All in all, the broker appears to see Newcrest as a top ASX 200 gold mining share to buy right now.

The post This is the ASX 200 gold mining share to buy now: Morgans appeared first on The Motley Fool Australia.

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More reading

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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 Australian Foundation Investment Co Ltd (ASX: AFI), or AFIC for short, is an ASX-listed investment company (LIC) that has always had a strong reputation for providing dividend income.

AFIC has been around for decades. Before the emergence of the exchange-traded fund (ETF), LICs like AFIC were one of the only ways to access a diversified portfolio of blue-chip ASX shares, managed on investors’ behalf.

Although ETFs have come along and given investors choice in this area, AFIC is still chugging along. The LIC has managed to give investors an average return of 9.8% per annum over the past ten years. That return includes the value of AFIC’s dividends.

So AFIC has paid out two dividends per year for decades now. Unlike many ASX dividend shares, AFIC didn’t skip any shareholder payments during the worst years of the global financial crisis, or the pandemic.

And its latest interim dividend is coming investors’ way.

AFIC’s supersized interim dividend is inbound

Back on 23 January, AFIC delivered its half-year earnings report. This included the announcement that the company would hike its interim dividend for the first time in many years.

In 2022, investors enjoyed an interim, fully franked dividend of 10 cents per share. That’s the same payout AFIC had doled out every February since 2016.

But this year, the company announced a big hike to its interim dividend. Investors can now look forward to receiving 11 cents per share, fully franked, on 24 February next month. That’s a 10% increase over 2022’s interim dividend payment.

However, if an investor wishes to secure this dividend payment, then they had better be quick. AFIC is scheduled to trade ex-dividend for this payment this Thursday, 2 February.

That means that any investors who don’t hold AFIC shares by that date will miss out on this upcoming dividend. So you’ve got today’s session, and tomorrow’s to buy AFIC shares if you want to bag this dividend.

Thus, we can expect a big drop in the AFIC share price on Thursday, reflecting the value of this dividend leaving the market.

This latest dividend will give AFIC a dividend yield of 3.24%, based on the current share price of $7.71 (at the time of writing).

The post Hoping to bag the supersized AFIC dividend? You’d better be quick appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ords shares trading ex-dividend this week
• AFIC share price jumps on 10% dividend hike

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 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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