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The Lynas Rare Earths Ltd (ASX: LYC) share price is down 1.95% to $7.31 at the time of writing.

In earlier trading, the rare earths stock hit a new 52-week low of $7.26 per share.

Meantime, the S&P/ASX All Ordinaries Index (ASX: XAO) is up 0.53% to 7,565.6 points today.

What’s dragging the Lynas share price down?

Well, it certainly doesn’t help that Telsa Inc (NASDAQ: TSLA) is doing away with rare earths in its electric vehicles (EVs).

At a recent Investor Day, Tesla announced its next-generation powertrain, which is an internal car system, will use a permanent magnet motor that does not require any rare earths components.

On top of that, sentiment towards Lynas shares hasn’t been good since the company released its 1H FY23 results last Monday. Since then, the Lynas share price has fallen by almost 15%.

The biggest problem with the results was a 32% increase in costs due to inflationary pressures on inputs like chemicals, utility tariff rates, and employee costs.

While Lynas increased its production and top-line revenue, the cost increases were higher, which meant its profit slipped 4% year-over-year.

Lynas is also dealing with drama in Malaysia over its recently renewed operating licence.

The licence prohibits the importing and processing of lanthanide concentrate due to concerns over radioactive waste.

Adhering to the condition would mean Lynas having to close its cracking and leaching plant from 1 July. So, Lynas is appealing that condition in its licence.

What do the experts think?

Following the release of the half-year results, and prior to the news from Tesla, two brokers gave their views on Lynas shares.

As my Fool colleague Tristan reported last week, JPMorgan increased its rating to neutral with a 12-month price target of $8.60.

Coming off this new 52-week low, that’s a potential 18.5% upside for investors.

UBS has cut its rating to neutral and cut its price target to $9. That’s still a 24% potential upside.

Lynas share price snapshot

The Lynas share price is down 4.5% in the year to date while ASX All Ords shares are up a collective 6%.

Over the past 12 months, Lynas has tumbled 26% while All Ords stocks have risen by 3.3%.

The post Why did the Lynas share price just hit a 52-week low? appeared first on The Motley Fool Australia.

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More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Why Brainchip, Lynas, Megaport, and Universal Store shares are dropping today
• Why Fortescue, Lynas, Myer, and New Hope shares are dropping today
• Why is the Lynas share price being thumped on Thursday?
• Are Lynas shares a buy following Monday’s 6% dive?

Motley Fool contributor Bronwyn Allen has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has 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) had barely regained its early day losses by 2:30pm AEDT to trade just about flat.

Then the Reserve Bank of Australia (RBA) released its latest interest rate decision.

The RBA board announced another 0.25% increase in interest rates, bringing the official cash rate to 3.6%.

Atop today’s cash rate hike, the RBA board also increased the interest rate on Exchange Settlement balances by another 0.25%, taking that to 3.5%.

The move was widely expected as inflation in Australia remains well above the central bank’s 2% to 3% target range.

Perhaps because investors were well prepared for another rate increase, the ASX 200 soared 0.6% immediately following the announcement.

March now marks the tenth consecutive interest rate hike from the central bank.

Rather amazingly, it was only on the morning of 3 May last year that Australia’s official rates were at the historic low of 0.1%. That afternoon saw the first rate hike from the RBA since November 2010.

Why did the RBA increase interest rates again?

Explaining why the board opted to raise interest rates yet again, RBA governor Philip Lowe noted that global inflation remains “very high”.

ASX 200 investors hoping that may turn around quickly will be disappointed by Lowe’s assessment. “It will be some time before inflation is back to target rates,” he said.

But the ASX 200 looks to be getting a boost from the report that inflation in Australia has at last peaked.

“The monthly CPI indicator suggests that inflation has peaked in Australia. Goods price inflation is expected to moderate over the months ahead due to both global developments and softer demand in Australia,” Lowe said.

Rents and services price inflation remain high.

The Aussie economy continues to grow but at a slower pace. GDP increased 0.5% in the December quarter and 2.7% over the year.

While employment dipped in January, the unemployment rate remains near 50-year lows. However, Lowe said, “As economic growth slows, unemployment is expected to increase.”

For now, wages are continuing to increase amid high inflation and a tight labour market. But in a potential signal of fewer rate hikes ahead, Lowe noted that “recent data suggest a lower risk of a cycle in which prices and wages chase one another”.

“The board, however, remains alert to the risk of a prices-wages spiral, given the limited spare capacity in the economy and the historically low rate of unemployment,” he added.

Judging by the big afternoon lift-off, ASX 200 investors don’t appear put out by all the uncertainty ahead either. Those uncertainties include the timing and extent of the slowdown in household spending, the full impact on house prices, and how the global economy holds up faced with rising rates around the world.

Lowe explained the RBA’s resolve to return inflation to within its 2% to 3% target range.

“If high inflation were to become entrenched in people’s expectations, it would be very costly to reduce later, involving even higher interest rates and a larger rise in unemployment,” he said.

What’s ahead for ASX 200 investors?

While inflation is expected to fall in 2023, the RBA forecasts inflation will remain above its target level throughout 2024. It expects inflation to be around 3% by the middle of 2025.

The central bank also expects GDP growth to be below trend for the next few years. However, Lowe said, “The outlook for business investment remains positive, with many businesses operating at a very high level of capacity utilisation.”

If you’re investing in ASX 200 shares, you should be prepared for at least one more interest rate increase. Perhaps more.

“The board expects that further tightening of monetary policy will be needed to ensure that inflation returns to target and that this period of high inflation is only temporary,” Lowe said.

The post ASX 200 lifts off as RBA raises interest rates yet again appeared first on The Motley Fool Australia.

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More reading

• Why did the Lynas share price just hit a 52-week low?
• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Morgans warns that these ASX shares could disappoint in FY23
• Owners of this ASX 200 share are soon going to receive a bigger dividend
• 5 ASX 200 shares trading ex-dividend today

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 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 shaken off some morning blues and is pushing higher this afternoon, perhaps thanks to the Reserve Bank’s latest interest rate hike. At the time of writing, the ASX 200 has gained a healthy 0.51%, putting the Index at just over 7,365 points.

But enough on interest rates. Let’s instead delve a bit deeper into the stocks that are presently topping the ASX 200’s share trading volume charts, according to investing.com. 

The 3 most traded ASX 200 shares by volume this Tuesday

Telstra Group Ltd (ASX: TLS)

First up today is the ASX 200 blue chip Telstra. As it currently stands, a sizeable 21.5 million Telstra shares have changed hands this session. There’s been no news from Telstra itself for almost a week.

So it looks as though this volume is being caused by the movements of the Telstra share price itself. Telstra has had a bumpy, yet overall positive day so far. The telco is currently up a decent 0.61% at $4.10 a share after trading as high as $4.13 and as low as $4.08 earlier today.

Lynas Rare Earths Ltd (ASX: LYC)

Next, we have ASX 200 rare earths producer Lynas. So far this Tuesday, a hefty 23.35 million Lynas shares have been bought and sold on the share market. Again, there’s been nothing fresh out of Lynas itself. But this company has been under a bit of a cloud lately.

As we touched on earlier today, investors still seem a bit shaken by recent comments by Tesla CEO Elon Musk, who just came out with some insights about the future of using rare earths in electric vehicles (or lack thereof).

Lynas shares are down another 1.34% today to $7.35 a share so far and have lost more than 10% in the past week. This selling pressure probably explains the high volumes of Lynas shares trading today.

Sayona Mining Ltd (ASX: SYA)

Finally this Tuesday, we have ASX 200 lithium stock Sayona. A whopping 62.7 million Sayona shares have been traded on the share market so far this session. This isn’t a hard one to work out. Sayona has just returned from a trading halt with new plans for a capital raise.

As we went through this morning, Sayona was able to place almost 175,000 new shares at a decent premium to where the shares were halted at. This seems to have given investors confidence, with the Sayona share price up a pleasing 7.23% at 25 cents a pop right now. No wonder so many shares are zooming around.

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 did the Lynas share price just hit a 52-week low?
• Owners of this ASX 200 share are soon going to receive a bigger dividend
• Why Brainchip, Lynas, Megaport, and Universal Store shares are dropping today
• Why InvoCare, Pentanet, Sayona Mining, and Weebit Nano shares are storming higher
• Megaport share price tumbles 10% on CEO resignation

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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With earnings season now behind, it’s time to focus on the second half of FY 2023.

And while the next few months are likely to be very successful for many companies, this may not be the case for all.

According to a note out of Morgans, its analysts believe that some ASX shares are expecting too much from the half. So much so, it suspects that they could fall short of guidance and is warning investors to be careful.

Which ASX shares could disappoint in the second half?

Morgans has warned that there are six ASX shares in particular that could be destined to disappoint in FY 2023.

These are energy company AGL Energy Limited (ASX: AGL), packaging giant Amcor (ASX: AMC), health and safety products company Ansell Limited (ASX: ANN), baby products retailer Baby Bunting Group Ltd (ASX: BBN), property listings company Domain Holdings Australia Ltd (ASX: DHG), and telco Superloop Ltd (ASX: SLC).

The broker highlights that with their guidance for the full year maintained after a soft first half, they will need a significant improvement in their performance in the second half. This is something that is far from guaranteed in the current environment. It commented:

Notable companies (DHG, AGL, AMC, BBN, ANN, SLC) missed forecasts in February. Still, they maintained their full-year guidance, setting the scene for potential earnings disappointment if operating conditions don’t recover as planned.

Consensus industrial estimates suggest a second half earnings skew (49%:51%) which is curious given the economic backdrop and is at odds with the typical pre-COVID first half skew (56%:44%). More specifically, 49% of companies are expected to be skewed to 2H, well above the 25% in pre-COVID times. So if post-reporting earnings trends hold, small caps could be again vulnerable at the upcoming May ‘confession’ season.

The post Morgans warns that these ASX shares could disappoint in FY23 appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• The AGL share price sank 10% in February. What’s next?
• Don’t be deceived by ASX dividends
• 6 ASX 200 directors buying up their company shares in the past week
• Here are the top 10 ASX 200 shares today

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 Baby Bunting Group and Superloop. The Motley Fool Australia has positions in and has recommended Amcor Plc. The Motley Fool Australia has recommended Ansell and Baby Bunting 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 Sonic Healthcare Ltd (ASX: SHL) share price is in the red — and has been for most of today’s trading — after the S&P/ASX 200 Index (ASX: XJO) healthcare share went ex-dividend.

Last month was reporting season, when investors learned how their companies had performed in the period to December 2022.

Some businesses also declared their latest dividends.

Sonic Healthcare was one of the businesses that announced its dividend, with another increase for investors.

Sonic Healthcare shares goes ex-dividend

The board of the ASX 200 share decided to declare an interim dividend of 42 cents per share. That represents an increase of 5% compared to the prior corresponding period.

Sonic Healthcare shares went ex-dividend today, meaning that investors who buy shares today aren’t entitled to that 42 cents dividend per share. This will be paid on 22 March 2023.

Investors who were too late to buy shares will need to wait another six months for the next half-year dividend. However, the business has a “progressive dividend policy”, so the next dividend may also be higher than what was paid in the prior corresponding period of the previous financial year.

How was the ASX 200 share’s dividend funded?

The ASX 200 share reported that in the first six months of the 2023 financial year, its total revenue was $4.08 billion and earnings per share (EPS) was 80.9 cents. Those numbers were up 22% and 52% respectively, compared to the pre-COVID result of the FY20 first half.

Those numbers included its base business revenue of $3.7 billion, which was up 9% year over year. The base business margins were “in line” with pre-pandemic levels. It’s also benefiting from catch-up testing which is now going up after the pandemic and its extensive COVID testing regimes.

The business is pursuing new contracts and potential acquisitions which could help it grow further from here.

Sonic Healthcare share price snapshot

Since the beginning of 2023, the ASX 200 healthcare share has risen around 10%.

The post Owners of this ASX 200 share are soon going to receive a bigger dividend appeared first on The Motley Fool Australia.

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More reading

• 5 ASX 200 shares trading ex-dividend today
• Megaport share price tumbles 10% on CEO resignation
• Guess which ASX 200 CEO just sold $5 million worth of his company shares?
• Hoping to collect the latest CSL dividend? Here’s how
• 5 things to watch on the ASX 200 on Tuesday

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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Sonic Healthcare. 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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A number of ASX 200 shares are in the red on Tuesday because they are trading ex-dividend.

When a share trades ex-dividend, it means that the rights to an upcoming dividend are now settled.

In light of this, if you were to buy one of these ASX 200 shares today, the rights to the dividend would stay with the seller and not transfer to you.

As a result, a share price will tend to decline in line with the dividend payment to reflect this. After all, why should a buyer pay for something that they aren’t going to receive?

Which ASX 200 shares are going ex-dividend?

The following five ASX 200 shares have gone ex-dividend on Tuesday:

Lovisa Holdings Ltd (ASX: LOV)

This fast-fashion jewellery retailer’s shares have gone ex-dividend for its fully franked 38 cents per share interim dividend. This will be paid to eligible shareholders next month on 20 April.

Northern Star Resources Ltd (ASX: NST)

Last month, this gold mining giant released its half-year results and declared an 11 cents per share fully franked interim dividend. Eligible shareholders can now look forward to receiving this dividend in their bank accounts towards the end of the month on 29 March.

Qube Holdings Ltd (ASX: QUB)

This logistics solutions company will be paying its shareholders a fully franked interim 3.8 cents per share interim dividend next month on 13 April.

Sonic Healthcare Limited (ASX: SHL)

When this healthcare company released its half-year results last month, it declared a fully franked interim dividend of 42 cents per share. This will be paid to eligible shareholders in a couple of weeks on 22 March.

Viva Energy Group Ltd (ASX: VEA)

Finally, this fuel retailer’s shares have gone ex-dividend today for its 13.3 cents per share fully franked final dividend. This is scheduled to be paid to eligible shareholders later this month on 24 March.

The post 5 ASX 200 shares trading ex-dividend today appeared first on The Motley Fool Australia.

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More reading

• How I’d aim to replace an entire salary with passive income from ASX dividend shares
• I’m bullish on this sector and 2 ASX shares right now: expert
• 5 things to watch on the ASX 200 on Tuesday
• Leading brokers name 3 ASX shares to buy today
• 2 ASX 200 healthcare shares just upgraded by Citi 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 positions in and has recommended Lovisa. The Motley Fool Australia has recommended Lovisa and Sonic Healthcare. 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 Bravura Solutions Ltd (ASX: BVS) share price has returned from its trading halt and crashed deep into the red.

In afternoon trade, the ASX 300 wealth management software solutions company’s shares are down 54% to 39 cents.

Why is this ASX 300 tech share being sold off?

Investors have been hitting the sell button today after the ASX 300 tech share completed a placement and institutional entitlement offer.

According to the release, the company raised a total of $66 million from investors. This comprises $43 million under the institutional entitlement offer and $23 million under the placement.

These funds were raised at $0.40 per new share, which represents a 53% discount to the Bravura share price prior to the halt.

Encouragingly, management notes that the placement and entitlement offer saw strong support from both existing shareholders and new investors. This led to the latter commanding a take up rate of approximately 85%.

Combined with its new debt facilities, management believes it is well-positioned to fund investment in its operational change program, fund negative cashflow and transaction costs, and provide balance sheet flexibility and working capital.

Bravura’s CEO, Libby Roy, commented:

We are very pleased with the success of the Institutional Offer and the strong support shown by both our existing institutional shareholders and the broader investment community. The Board and management team are excited by Bravura’s future and proceeds of the Offer will provide additional balance sheet flexibility to support our restructure.

Bravura will now seek to raise a further $17 million from retail shareholders.

Results update

The ASX 300 tech share also released its half-year results while it was in its trading halt.

These results go some way to explaining why Bravura needed to raise capital today. Here’s a summary:

• Revenue down 11% to $118 million
• Total expenses up 17% to $125 million
• Total non‐cash impairment of $176 million
• Net loss of $190.9 million
• Adjusted net loss of $14.2 million

Roy commented:

The first half was undoubtedly a difficult period with our performance impacted by a number of operational and market‐related challenges. However, after conducting a wide‐ranging strategic review of our business and having taken some tough but necessary decisions, I believe we now have a plan in place that will allow us to better manage and monetise our suite of high‐quality, mission‐critical products and build on our strong customer base. I am confident in the team’s ability to execute on this plan and achieve our targets of delivering an estimated $25‐30m in annualised cost benefits once fully implemented.

The post Why did this ASX 300 tech share just crash 50%? appeared first on The Motley Fool Australia.

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More reading

• Why is ASX 300 tech share Bravura Solutions suspended?

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 Bravura Solutions. The Motley Fool Australia has positions in and has recommended Bravura Solutions. 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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After fighting back from a poor start, the S&P/ASX 200 Index (ASX: XJO) has slipped back into the red in afternoon trade. The benchmark index is currently down slightly to 7,326.4 points.

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

Brainchip Holdings Ltd (ASX: BRN)

The Brainchip share price is down 7.5% to 55 cents. Investors appear to have been taking profit following a strong gain on Monday in response to the launch of the new Akida platform. The old platform doesn’t appear to have been cutting it for customers, so the company has designed the new one in line with requests. In light of this, if its sales don’t jump in the coming quarters, it could be a very bad sign.

Lynas Rare Earths Ltd (ASX: LYC)

The Lynas share price is down 1.5% to $7.35. Investors have been selling this rare earths producer’s shares in recent sessions amid concerns over comments out of Tesla. The electric vehicle giant has announced plans to shift away from using rare earths in its cars in the near future. The Lynas share price is now down 11% since this time last week.

Megaport Ltd (ASX: MP1)

The Megaport share price is down 14% to $4.95. This has been driven by the surprise resignation of the network services provider’s CEO this morning. Rather ominously, Vincent English will be leaving with immediate effect and without an explanation. A global search is now commencing.

Universal Store Holdings Ltd (ASX: UNI)

The Universal Store share price is down almost 4% to $5.29. This decline is attributable to the retailer’s shares going ex-dividend on Tuesday for its interim dividend. Eligible shareholders can now look forward to receiving Universal Store’s 14 cents per share fully franked dividend later this month on 29 March.

The post Why Brainchip, Lynas, Megaport, and Universal Store shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Morgans names 3 of the best ASX shares to buy in March
• Megaport share price tumbles 10% on CEO resignation
• Why are ASX 200 tech stocks like Xero having such a stellar start to the week?
• Why Block, BrainChip, Core Lithium, and Life360 shares are racing higher
• Why Fortescue, Lynas, Myer, and New Hope shares are dropping today

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 Megaport. The Motley Fool Australia has recommended Megaport. 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 fought back from a poor start and is edging higher. In afternoon trade, the benchmark index is up 0.1% to 7,334.6 points.

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

InvoCare Limited (ASX: IVC)

The InvoCare share price is up 35% to $12.11. Investors have been scrambling to buy this funerals company’s shares after it received a takeover approach. InvoCare has received an unsolicited, preliminary, non-binding indicative offer from TPG to acquire 100% of its issued shares for $12.65 cash per share. This will be adjusted for any additional dividends or capital returns made prior to completion of the proposed transaction.

Pentanet Ltd (ASX: 5GG)

The Pentanet share price is up 48% to 24.5 cents. This morning, this cloud gaming provider announced a deal with telco giant Optus Mobile. The initial 12-month agreement will see Pentanet deliver the NVIDIA GeForce NOW cloud gaming service to Optus customers. Management believes this agreement marks a significant milestone towards its goal of commercialising GeForce NOW with the introduction of Pentanet’s first large-scale wholesale partner.

Sayona Mining Ltd (ASX: SYA)

The Sayona Mining share price is up 4% to 24.5 cents. This follows news that the lithium developer has entered into a subscription agreement with PearTree Securities. The agreement sees the issue of 174,459,177 flow-through shares at a price of 31.5 cents per share for aggregate gross proceeds of $54.9 million. This represents a 34% premium to the Sayona Mining share price at Friday’s close.

Weebit Nano Ltd (ASX: WBT)

The Weebit Nano share price is up 5% to $7.43. This morning, this memory technologies company announced the availability of its resistive RAM (ReRAM) IP in SkyWater Technology’s 130nm CMOS process. This essentially means that SkyWater customers can now easily integrate Weebit’s non-volatile memory in their system-on-chip designs.

The post Why InvoCare, Pentanet, Sayona Mining, and Weebit Nano shares are storming higher 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 recommended Pentanet. 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 Santos Ltd (ASX: STO) share price is up 2.0% in early afternoon trade, while the S&P/ASX 200 Index (ASX: XJO) remains in the red. 

Shares in the ASX 200 oil and gas company closed yesterday at $7.14. Shares are currently trading for $7.29 apiece.

Here’s what investors are considering today.

What’s piquing ASX 200 investor interest?

The Santos share price looks to be getting a boost on two fronts.

First, the ASX 200 energy stock reported front-end engineering and design (FEED) work has commenced at its Papua LNG joint venture project, located in Papua New Guinea.

Santos holds a 22.8% interest in Papua LNG along with TotalEnergies (40.1% and operator) and ExxonMobil (37.1%).

The JV partners opted for the model using four electric LNG trains. The four trains have a combined capacity of four million tonnes per year and will be developed within the existing PNG LNG project site.

Santos reported that Papua LNG has also secured access to up to two million tonnes of existing liquefaction capacity from PNG LNG.

Commenting on the progress that could be helping boost the Santos share price today, CEO Kevin Gallagher said:

The concept selected for Papua LNG maximises value through midstream integration with PNG LNG to deliver increased capital efficiency and lower operating costs, consistent with our disciplined operating model.

FEED entry for Papua LNG is a significant step for the project.

Papua LNG is forecast to have a liquefaction capacity of up to six million tonnes of LNG per year. Santos expects first production by or shortly before early 2028.

Other tailwinds for the Santos share price

Also potentially helping lift the Santos share price today is some strong support for gas-powered energy announced by prime minister Anthony Albanese.

Speaking at the Australian Financial Review Business Summit, Albanese stressed the importance of gas in the ongoing global transition to cleaner energy.

“This is where gas in particular has a key role to play, as a flexible source of energy – providing peaking power today and continuing to provide firming and back-up power,” he said. “Helping to smooth the transition to renewables, while guaranteeing energy security both for Australia and for our partners in the region.”

Albanese added that it’s important that energy companies and their investors “can look to government for the confidence and certainty of a stable foundation and a long-term vision”.

Santos share price snapshot

As you can see in the chart below, the Santos share price is back in the green for 2023, up 2.1% since the closing bell on 30 December.

The post Why is the Santos share price marching higher on Tuesday? appeared first on The Motley Fool Australia.

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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 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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