The Whitehaven Coal Ltd (ASX: WHC) share price is falling amid the company’s annual general meeting (AGM) and news it will host a second on-market share buyback.

It was granted shareholder approval to buy back up to approximately 25% of its issued shares at today’s meeting. Shortly afterwards, the company announced the commencement of the capital return activity.

But the S&P/ASX 200 Index (ASX: XJO) coal share’s announcement hasn’t been enough to see it in the green

The Whitehaven share price is currently trading at $9.68, 6.56% lower than its previous close.

Meanwhile, the S&P/ASX 200 Energy Index (ASX: XEJ) is today’s second-worst-performing sector, dumping 1.34% at the time of writing. Comparatively, the ASX 200 is up 0.1%.

Let’s take a closer look at the latest from the coal favourite.

What’s going wrong for Whitehaven today?

The Whitehaven share price is leading the energy index into the red despite news of another buyback and optimistic comments from the company’s CEO.

The coal giant has committed to buying back 240 million shares – or around 25% of its issued capital – over the next 12 months, beginning tomorrow.

That’s in addition to the 10% buyback the company completed earlier this month.

Meanwhile, in an address released to the ASX, Whitehaven CEO and managing director Paul Flynn said the company is still facing inflationary pressures and labour supply constraints. Flooding has also blocked access to its open-cut mines, hampering production.

However, it’s pushing past such disruptions. The company is still hopeful it will meet its previous guidance and will put excess cash towards capital returns and growth opportunities. Flynn commented:

First, we will use cash to maintain and optimise existing operations. Second, we will retain cash to maintain balance sheet strength and to have funding optionality and flexibility. And third, we will return capital to our shareholders in the form of franked dividends and share buybacks.

After those priorities we will use surplus cash to invest in growth if that is the best use of capital.

Growth investments might include [mergers and acquisitions] to increase our equity stakes in our existing business or where there are opportunities to grow in metallurgical coal and diversify our operations… But we will only invest in these growth opportunities if they deliver appropriate returns for our shareholders.

Whitehaven is aiming to return between 20% and 50% of its net profit after tax to shareholders through dividends and buybacks. That ratio may be higher if the company believes buybacks to be more attractive than investing in growth.

The company might also put excess cash towards diversifying its operations out of the Gunnedah Basin. It might also look to funnel funds into its Vickery or Winchester South development projects.

Is the Whitehaven share price ‘exceptional value’?

In what’s likely brilliant news for shareholders, the Whitehaven CEO believes the company’s share price has the potential to go even higher. Flynn said:

While the share price has appreciated considerably over the past year… earnings have increased more significantly.

Looking at the history of Whitehaven’s share price, there has been a strong correlation with coal price until about two years ago. At that point we started to see a disconnect… making Whitehaven shares exceptional value.

Today’s tumble included, the Whitehaven share price is around 270% higher than it was at the start of 2022. It has also gained approximately 256% since this time last year.

Flynn continued:

While we do not expect the current high prices to be the new normal, we do believe there is some structural change… which will deliver higher long-term pricing than before.

The coal market is not like any other.

There has been little reinvestment in the industry to respond to the supply shortage and very few companies are in the position that Whitehaven is in, where we have new development opportunities that we can bring on in the future.

The post Why is the Whitehaven share price getting beaten up today? appeared first on The Motley Fool Australia.

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More reading

• Is the Lynas share price a buy ahead of tomorrow’s update?
• Here are the 3 most heavily traded ASX 200 shares on Wednesday
• Could this tailwind fuel Flight Centre’s share price into the future?
• Do the highest-yielding ASX dividend shares really offer the best passive income?
• Could this represent another nail in the Zip share price coffin?

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 Damstra Holdings Ltd (ASX: DTC) share price has been a strong performer on Wednesday.

In afternoon trade, the integrated workplace management solutions provider’s shares are up a massive 14% to 16 cents.

That’s despite Nasdaq futures currently pointing to the tech-focused index opening tonight’s session on Wall Street deep in the red. This follows an underwhelming update from Google parent Alphabet.

Why is the Damstra share price storming higher?

Investors have been buying Damstra’s shares in response to the company’s first quarter update this morning.

According to the release, Damstra delivered a 25% increase in revenue over the prior corresponding period to $7.4 million.

Another positive was that the company was profitable at an EBITDA level, with its EBITDA margin now growing towards the double digits. This has been supported by the company’s cost optimisation plan, which has achieved a run rate of $6.1 million. This represents 76% of its $8 million target.

This helped Damstra report positive operating cashflow of $0.3 million for the period, which was a big improvement on its operating cash outflow $1.7 million a year earlier. Free cash flow was still negative at $1.8 million but almost 50% lower than FY 2022’s average quarterly outflow of $3.4 million.

Damstra’s cash balance stood at $8 million at the end of September, with a further $5 million in funds from its credit facility currently undrawn.

Management commentary

Damstra’s CEO, Christian Damstra, was pleased with the quarter. He said:

Q1 FY23 has been a pleasing start to the financial year, showing continued growth in the business while structurally lowering our cost base. Our targeted improvement in cash burn profile is tracking as planned and we have total confidence we will, at a minimum, reach our $8m cost out target.

It is important to highlight the structural improvement in our cashflow which can be best demonstrated by free cash outflows being $1.8m for the quarter compared to the average quarterly outflow of $3.4m in FY22, which is a 47% improvement. This demonstrates that we have structurally lowered our cost base when coupled with increasing revenue, reinforcing our target of becoming free cash positive in second half of FY23.

The post Nasdaq futures are taking a hammering, but this ASX tech share is surging 14%. Here’s why 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 positions in and has recommended Damstra Holdings Ltd. The Motley Fool Australia has recommended Damstra Holdings Ltd. 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 another day of green ink for the S&P/ASX 200 Index (ASX: XJO) this Wednesday in what is turning out to be a fairly pleasing week thus far.

At the time of writing, the ASX 200 has gained a tenuous 0.06% up to around 6,800 points. It was even better earlier in the session, but the latest inflation figures seem to have dented investors’ optimism. 

But let’s now delve deeper into these gains by taking stock of the shares currently topping the ASX 200’s trading volume charts, according to investing.com.

The 3 most traded ASX 200 shares by volume this Wednesday

Core Lithium Ltd (ASX: CXO)

First up again today is ASX 200 lithium share Core Lithium. This Wednesday has seen a notable 25.66 million Core Lithium shares slide across to a new owner so far. We haven’t seen any fresh news or announcements from the company today.

As such, we can probably put these volumes down to the movements of the Core Lithium share price itself. This lithium producer initially had a strong start this morning, rising as high as $1.53 a share. But investors have taken their feet off the accelerator this afternoon, and Core Lithium is now up by just 1.16% at $1.49 a share.

Medibank Private Ltd (ASX: MPL)

Next up is an ASX 200 share that we rarely see on this list. Medibank Private has seen a significant 65.57 million of its shares find a new home thus far. After a trading halt was imposed last week due to the publicised cyberattacks the company has been dealing with, Medibank shares returned to trading today.

And it was a dramatic event. As my Fool colleague Brooke covered earlier, Medibank has plunged by 15% upon its return to trade. No wonder so many shares are flying around.

Sayona Mining Ltd (ASX: SYA)

Another ASX 200 lithium stock rounds out our list for today. Sayona Mining is currently topping the ASX 200’s trading volumes with a whopping 67.85 million shares bought and sold during today’s session so far. Sayona looks to be experiencing a similar situation to Core Lithium.

There’s been no news from the company. But we have seen the Sayona share price go on a very bumpy rise today. The company has played jump rope with the brake even line all day, with big rises and falls. At present, Sayona shares are up 1.92% at 26 cents each.

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

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• Could this tailwind fuel Flight Centre’s share price into the future?
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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 Flight Centre Travel Group Ltd (ASX: FLT) share price could have new life breathed into it, thanks to an influx of new business travellers in the construction, engineering, and healthcare sectors. That’s according to a sample of recent Flight Centre booking statistics published in the Australian Financial Review.

Flight Centre shares are currently 2.15% higher at $16.19 apiece. The company’s share price has staged a recovery over the past month, gaining 5.6% although it remains down 8% year to date.

The release of pent-up demand for international demand could be sending its shares flying higher, and these new figures could alter the velocity of its recovery. Let’s cover the highlights.

Construction business travel is booming

Business travel for workers in the construction industry has grown 145 per cent compared with the period January to September 2019. It’s become Flight Centre’s third most important source of passengers, the article said.

Some catalysts for this percentage increase were said to be construction projects happening around the country, including the Commonwealth Games, due to be held in Victoria in 2026, and the Olympic Games to be hosted by Brisbane in 2032.

Flight Centre corporate managing director ANZ Melissa Elf commented:

Construction is absolutely booming across the country, from houses and units to high-rises and new stadiums, and this has led to a massive rise in the need for this industry to get on a plane to carry out business.

Engineering and medical business travel is also rising

Elf went on to say that Flight Centre is seeing similar growth in passengers from the engineering sector and that passenger numbers in the medical industry are also on the rise:

Engineering has followed a similar path to construction with its significant growth versus pre-COVID in 2019 but medical, understandably, has moved into the top four for the first time since before the pandemic began.

Overall, the mining and government sectors are the two most important industries for Flight Centre, according to the report.

This reboot adds to the positive coverage Flight Centre received last Tuesday, when a Macquarie broker stated that the company would likely surprise the market by posting better-than-expected results at its next annual general meeting.

The reasons for the broker’s optimism are Australia’s low unemployment rate and continued strong consumer spending.

Flight Centre share price snapshot

The Flight Centre share price is down 17.5% over the past year. For perspective, the S&P/ASX 200 Index (ASX: XJO) has fallen 8.6% over the same period.

The company’s market capitalisation is around $3.22 billion.

The post Could this tailwind fuel Flight Centre’s share price into the future? appeared first on The Motley Fool Australia.

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• Has the bottom of the share market now been and gone?

Motley Fool contributor Matthew Farley 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 recommended Flight Centre Travel Group Limited. 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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Many of Australia’s top brokers have been busy adjusting their financial models again, leading to the release of a large number of broker notes this week.

Three ASX shares brokers have named as buys this week are listed below. Here’s why they are bullish on them:

Pilbara Minerals Ltd (ASX: PLS)

According to a note out of Macquarie, its analysts have retained their outperform rating and lifted their price target on this lithium miner’s shares to $5.90. This follows the release of a first quarter update which revealed production and shipments that were ahead of Macquarie’s expectations. This has led to the broker boosting its earnings estimates and valuation accordingly. The Pilbara Minerals share price is trading at $4.99 today.

Treasury Wine Estates Ltd (ASX: TWE)

A note out of Goldman Sachs reveals that its analysts have upgraded this wine company’s shares to a buy rating with an improved price target of $14.70. Goldman has become bullish on Treasury Wine due to the successful redirection of Penfolds China volumes and Treasury Americas’ focus on the premium market. Overall, the broker believes this will allow the company to grow its net profit in the mid-teens each year through to FY 2025. The Treasury Wine share price is fetching $12.65 on Wednesday.

Westpac Banking Corp (ASX: WBC)

Analysts at Citi have retained their buy rating and $30.00 price target on this banking giant’s shares. This follows news that Westpac expects its second half profits to be impacted by $1.3 billion of notable items. Citi highlights that most of this was already known and thus hasn’t had much of an impact on its estimates. As a result, it remains positive on Westpac and continues to rate it as a buy. The Westpac share price is trading at $23.92 this afternoon.

The post Top brokers name 3 ASX shares to buy today appeared first on The Motley Fool Australia.

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More reading

• Why Codan, Coles, Medibank, and Pilbara Minerals shares are sinking
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Motley Fool contributor James Mickleboro has positions in Westpac Banking Corporation. 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 recommended Treasury Wine Estates Limited and Westpac Banking Corporation. 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 another gain. At the time of writing, the benchmark index is up 0.2% to 6,812.9 points.

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

Codan Limited (ASX: CDA)

The Codan share price is down 18% to $3.99. Investors have been selling this technology company’s shares following the release of a trading update at its annual general meeting. That update revealed that trading conditions have been tough so far in FY 2023. As a result, its first half profits are expected to be down as much as 50% over the prior corresponding period.

Coles Group Ltd (ASX: COL)

The Coles share price is down 3% to $16.12. This has been driven by the release of a first quarter update from the supermarket giant this morning. That update revealed softer than expected sales growth during the quarter despite a 7.1% jump in inflation. Management also warned that the company is “not immune to the inflationary cost pressures.”

Medibank Private Ltd (ASX: MPL)

The Medibank share price has returned from suspension and crashed over 16% to $2.93. Investors have been selling this private health insurer’s shares in response to its cyber security incident. Management estimates that costs related to the incident will impact its earnings by $25 million to $35 million pre-tax. And that doesn’t include any remediation, regulatory, or litigation-related costs.

Pilbara Minerals Ltd (ASX: PLS)

The Pilbara Minerals share price is down 7% to $4.99. This may have been driven by a broker note out of Citi this morning. According to the note, the broker has downgraded the lithium miner’s shares to a sell rating with a $4.60 price target. Citi made the move on valuation grounds, believing that its shares have gone “too far, too fast.”

The post Why Codan, Coles, Medibank, and Pilbara Minerals shares are sinking appeared first on The Motley Fool Australia.

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• Why is this ASX All Ords share crashing 20% today?
• Coles share price on watch following mixed first quarter update

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 COLESGROUP DEF SET. 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 lost ground following a strong start to the day.

In earlier trade, the ASX 200 was up 0.8%. That saw the benchmark index at its highest level in six weeks.

But the bullish run got hit with some headwinds in late morning trade following the release of the latest inflation data from the Australian Bureau of Statistics (ABS). That saw the ASX 200 slip to a 0.1% gain before currently regaining some ground to be up 0.3% during the lunch hour.

What’s the latest on Aussie inflation?

Investors hoping inflation was slowing were disappointed by the ABS report, revealing the Consumer Price Index (CPI) rose 1.8% in the September quarter. That brings the annual inflation level to 7.3%, significantly higher than consensus expectations.

Commenting on the data, Michelle Marquardt, program manager of prices at the ABS, said:

This quarter’s increase matches that of last quarter and is lower than the 2.1% result in March quarter this year. All three results exceed any other quarterly results since the introduction of the Goods and Services Tax (GST) and underlie the highest annual increase in the CPI since 1990.

Annual trimmed mean inflation leapt to 6.1% from 4.9% in the June quarter, the highest level since the series commenced in 2003. That could well trigger another big rate hike from the RBA and pressure the ASX 200.

According to Capital Economics senior Australian analyst Marcel Thiellant (quoted by The Australian Financial Review):

The 6.1% annual rise in trimmed mean CPI was a touch above the RBA’s year-end forecast of 6%. The stronger-than-expected rise in consumer prices in Q3 is consistent with our forecast that the Reserve Bank of Australia will hike rates more aggressively than most anticipate.

Also pressuring the ASX 200

Putting further pressure on the ASX 200 today is a sharp downturn in US futures.

Futures on the NASDAQ are down 2% while the S&P 500 is down 0.9%.

This comes following some disappointing results from US tech giants Alphabet Inc (NASDAQ: GOOGL) – or Google, if you prefer – and Microsoft Corporation (NASDAQ: MSFT).

Alphabet’s third-quarter revenue fell short of consensus expectations, which sent its shares down 6.7% in after-hours trading.

Microsoft, meanwhile, is down 6.6% in after-hours trade, on lower than hoped for revenue projections.

While the ASX 200 has lost ground today, the index remains in the green despite these headwinds.

The post ASX 200 heads downhill following latest inflation data appeared first on The Motley Fool Australia.

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Suzanne Frey, an executive at Alphabet, is a member of The Motley Fool’s board of directors. Motley Fool contributor Bernd Struben 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 Alphabet (A shares), Alphabet (C shares), and Microsoft. The Motley Fool Australia has recommended Alphabet (A shares) and Alphabet (C shares). 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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Tough economic environments often steer the market away from ASX growth shares and towards their dividend-paying cousins. And, boy, have there been some high-yielding ASX dividend shares this year.

My Fool colleague Bronwyn recently dove into the highest yields among S&P/ASX 200 Index (ASX: XJO) dividend payers in the September quarter – finding some come in at more than 15%.

No doubt that likely turned investors’ heads. Particularly, as capital gains have been harder to come by this year.

The All Ordinaries Index (ASX: XAO) has fallen more than 11% so far in 2022, while the ASX 200 has dumped around 10%.

But seeking out huge dividend yields is generally not the best way to build passive income. Keep reading to learn why.

Why high yields don’t always equal passive income

Listed companies pay their shareholders dividends for a variety of reasons. However, the most common payout represents a portion of a company’s profits for a particular period.

If a company’s profits suddenly soar – as did New Hope Corporation Limited (ASX: NHC)’s in financial year 2022 – they might pay out a notable dividend.

New Hope’s most recent final dividend represented a 343% year-on-year increase after its after-tax profit rocketed 1,138% to $983 million. That means the ASX 200 share is currently trading with a 13.4% trailing dividend yield.

Whether that’s sustainable is yet to be seen.

And that points to why investing in high-yielding ASX shares might not be the best way to build passive income.

Passive income, by definition, is sustainable over the long term without the need for serious intervention. Generally, high yields are hard to sustain.

I think an investor building a portfolio for passive income should ensure the companies they’re investing in can continue to pay notable offerings.

In some cases, a company’s profits are linked to an uncontrollable factor. For instance, New Hope’s revenue is tied to coal prices.

Other times, there’s just not enough headroom between a company’s dividend offerings and its net profits.

I would also be wary of a company that pays out nearly all of its profits to shareholders, unless they have a substantial cash balance ready to be employed in tough times.

Additionally, if a company has both a large debt balance and dividend yield, I would want to know why it’s not managing debt before paying shareholders.

Finally, when hunting for ASX dividend-paying shares, I’d consider their history.

If a company has long traded on a high yield while managing its balance sheet, that’s a positive sign that management might continue prioritising dividends.

If not, it might be worth seeking out dividend shares offering lower, more reliable payouts to help build passive income.

Searching for ASX dividend shares to buy

In my opinion, searching for dividend shares is very similar to hunting out future gainers.

A reliable ASX dividend share generally needs to be able to grow its profitability in order to grow its payouts.

I would personally look for strong businesses with good strategies and competitive advantages when building a portfolio for passive income. Though, there are many other ways to determine if a company is worth buying.

And, as always, I’d search for such companies across a variety of sectors so to diversify my portfolio.

The post Do the highest-yielding ASX dividend shares really offer the best passive income? appeared first on The Motley Fool Australia.

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More reading

• How to avoid making bad investment decisions on the stock market right now: fundie
• Could this represent another nail in the Zip share price coffin?
• Medibank share price plunges 15% as cyberattack bites into outlook
• Has the bottom of the share market now been and gone?
• Could the best be yet to come for the NAB share price?

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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Here at The Motley Fool, we are obviously big fans of active investing and trying to beat the market. After all, what is the point of owning your own shares if not to try and achieve outsized returns. And yet, I still think that every investment portfolio should include at least one ASX exchange-traded fund (ETF).

An index ETF is designed to track an index as closely as possible. As such, a good ETF will never outperform the index it is tracking. But it will also give you the returns of said index. If an active investor fails to beat the market with their portfolio, then they would have been better off just owning the market in the form of an index ETF.

The best thing about an ASX share portfolio is that we can include all kinds of assets. There’s nothing stopping anyone from having a mix of (hopefully) market-beating shares and ETFs that track the markets.

So I view an index ETF as an insurance policy of sorts.

Why ETFs can improve an ASX share portfolio

Say an investor has 50% of their portfolio in individual shares and 50% in an ASX index fund like the iShares Core S&P/ASX 200 ETF (ASX: IOZ).

If that investor’s individual shares outperform the market, then the investor still has a market-beating portfolio. If they don’t, then the losses are cushioned by the half of their portfolio that tracks the market. Either way, the investor wins in my view.

It doesn’t have to be an ASX ETF either. There are a number of quality funds on the ASX that track markets outside the ASX. The iShares S&P 500 ETF (ASX: IVV), for example, follows the most-tracked index in the world: the S&P 500. The Vanguard MSCI Index International Shares ETF (ASX: VGS) is a similar fund but adds exposure to other advanced economies, such as Japan, Canada, and the United Kingdom.

This would add geographic and currency diversity to one’s ASX portfolio – even more insurance. Not to mention some of the best companies in the world, such as Apple and Amazon.com.

ETFs are simple, easy to invest in and cheap. So unless an investor is supremely confident in their ability to consistently pick shares that outperform the market over time, then I think having an index ETF in a portfolio is always a good idea. Especially for a beginner investor.

The post Why I think every investment portfolio should include at least one ASX ETF appeared first on The Motley Fool Australia.

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John Mackey, CEO of Whole Foods Market, an Amazon subsidiary, is a member of The Motley Fool’s board of directors. Motley Fool contributor Sebastian Bowen has positions in Amazon and Apple. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended Amazon, Apple, and Vanguard MSCI Index International Shares ETF. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has recommended the following options: long March 2023 $120 calls on Apple and short March 2023 $130 calls on Apple. The Motley Fool Australia has recommended Amazon, Apple, Vanguard MSCI Index International Shares ETF, and iShares Trust – iShares Core S&P 500 ETF. 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 300 Index (ASX: XKO) is posting a modest gain on Wednesday, helped along by three shares that call the index home.

They’ve gained as much as 11.7% today amid, ahead of, and exclusive of, exciting announcements.

Meanwhile, the ASX 300 is up 0.27% at 6,794.4 points right now.

Let’s take a look at what’s driving them to outperform the iconic index this afternoon.

These 3 ASX 300 shares are taking off today

Among the top-performing ASX 300 shares today is Costa Group Holdings Ltd (ASX: CGC). The stock is rocketing 11.68% at the time of writing to trade at $2.49.

Its gains come on the back of news its historical parent company, Paine Schwartz Food, which spun Costa out in 2015, has bought a sizable chunk of its shares.

The private equity firm snapped up a 13.78% stake in Costa overnight, paying an average price of around $2.51 per share, as my Fool colleague James reports.

There’s yet to be any clue as to whether the firm might attempt to further increase its stake or make a play for the company.

Another ASX 300 share taking off on Wednesday is Vulcan Energy Resources Ltd (ASX: VUL). Right now, its stock is up 5.24%, trading at $7.23.

Interestingly, there’s been no word from the lithium developer – yet.

The company is expected to release its activities and cashflow report for the September quarter tomorrow. No doubt, all eyes will be on the stock on Thursday morning.

Finally, the Calix Ltd (ASX: CXL) share price is helping to buoy the ASX 300 despite the company’s silence. It’s soared 3.43% to trade at $5.73 at the time of writing.

While there’s been no word from the environmental technology stock today, it did open a $20 million share purchase plan, expected to issue new shares for $4.55 apiece, yesterday.  

It follows a $60 million capital raise the company undertook last week.

The post 3 ASX 300 shares off to the races on Wednesday appeared first on The Motley Fool Australia.

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More reading

• Could the pain ease for this ASX 200 share following a $160m after market raid?
• Why Life360, Novonix, Pilbara Minerals, and Vulcan shares are storming higher today
• 4 ASX lithium shares surging more than 10% today
• Vulcan share price rockets 12% on lithium update
• Top brokers name 3 ASX shares to buy next week

Motley Fool contributor Brooke Cooper has positions in Vulcan Energy Resources Limited. 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 recommended COSTA GRP FPO. 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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