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The S&P/ASX 200 Materials Index (ASX: XMJ) is rising 1.35% today, but one ASX lithium share is soaring far higher.

The Patriot Battery Metals Inc. CDI (ASX: PMT) share price is surging 12.5% today and is currently fetching $1.39.

Let’s take a look at what could be boosting Patriot shares today.

Broker upgrade for this ASX lithium share

Analysts at Macquarie have upgraded the price target on Patriot to $1.60 a share, the Australian Financial Review reported today. This implies a 15% upside, based on the current share price.

Macquarie is impressed with the company’s lithium drilling results at the Corvette Property in Quebec.

Patriot shares have exploded a massive 130% from the initial public offering (IPO) price of 60 cents when the company joined the ASX in early December.

As Motley Fool Australia reported last week, the ASX lithium share recently shared drilling results to the market including the “highest grade lithium intercept to date”.

This included 25m at 5.04% lithium oxide or 5m at 6.36% lithium oxide.

Commenting on Patriot’s drilling at the project, Macquarie said in comments cited by the AFR:

These intersections underpin our view that Corvette is likely to become one of the largest spodumene projects globally, with grades of this nature only in evidence at the world-class Greenbushes mine in Western Australia.

Meanwhile, Patriot has also unveiled changes to its executive management team today. Natacha Garoute has been appointed as the chief financial officer. Dusan Berka has left the CFO position but will remain on Patriot’s board of directors.

Commenting on today’s news, Patriot CEO, company president, and director Blair Way said:

We are very lucky to have been able to attract an executive of the calibre of Natacha to the team. Her broad experience with both TSX and ASX listed companies is perfectly suited to our needs.

On behalf of the Company, I would like to sincerely thank Dusan for his contributions as CFO over the last 10 years. I appreciate his remaining on the board and his tireless support as we grow our company.

Patriot share price snapshot

The Patriot share price has surged 84% in the last month. In the last week, Patriot shares have soared 46%.

For perspective, the S&P/ASX 200 Index (ASX: XJO) has jumped 5% in the last month.

This ASX lithium share has a market capitalisation of about $165 million based on the current share price.

The post Guess which ASX lithium share is soaring another 12% today appeared first on The Motley Fool Australia.

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More reading

• 3 ASX mining shares rocketing more than 18% on Thursday
• ‘Hard to find words’: Why this ASX lithium share is rocketing 22%
• This under-the-radar ASX battery metals share is leaping 15% on Friday. Here’s why

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 recommended Macquarie 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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Looking for ASX 200 shares for your portfolio? If you are, then you may want to look at the three buy-rated shares listed below that have been named among Bell Potter’s top picks for 2023.

Here’s what the broker is saying about these ASX 200 shares:

Aristocrat Leisure Limited (ASX: ALL)

Bell Potter is a fan of Aristocrat Leisure, which develops, manufactures and sells gaming content, platforms and systems. The broker believes that it is well-placed for medium term growth thanks to its dominant land-based market position and growing digital business. It commented:

Group revenue consists of land-based gaming (29.0%) involving the placement of gaming machines in customer venues for no upfront cost and then leasing the games/ titles for a recurring revenue stream; land-based outright sales of gaming machines (24.5%); and digital (46.5%) encompassing the monetisation of social casino and casual games/ titles. The group has a dominant position in the North American gaming industry and the land-based operations should underpin medium term growth while the digital business offers opportunities in a rapidly growing market.

CSL Limited (ASX: CSL)

Another ASX 200 share that Bell Potter rates as a buy for 2023 is biotherapeutics giant CSL. It believes the company is well-placed for growth thanks to the Vifor Pharma acquisition, increasing plasma volumes, and new product launches. The broker explained:

A leading global company in the development, manufacture, and distribution of plasma therapies as well as non-plasma biotherapeutic products and influenza related products. The recently completed acquisition of Vifor Pharma will add global leadership in pharmaceutical products for renal disease and iron deficiency. The global growth in plasma volumes is expected to be around a solid 8% per annum for the foreseeable future and, in addition, the group is planning to launch new products from its very extensive Research and Development portfolio.

Goodman Group (ASX: GMG)

Finally, Goodman could be a top ASX 200 share to buy in 2023 according to Bell Potter. This is due to its positive long term growth outlook thanks to the continuing growth in ecommerce and data storage. It commented:

One of the world’s largest integrated industrial property groups with operations centred around development, management and ownership throughout Australia, New Zealand, Asia, Europe, United Kingdom, North America, and Brazil. The long term outlook for industrial and logistics properties is favourable given the continuing growth in ecommerce (or on-line retail sales) and data storage requirements as well as supply chain optimisation and the growing middle class in developing countries.

The post 3 of the best ASX 200 shares to buy in 2023: Bell Potter appeared first on The Motley Fool Australia.

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More reading

• 3 ASX shares to buy in the hottest sector for 2023: Firetrail
• Top ASX growth shares to buy in 2023
• If I invest $10,000 in CSL shares now, what could my return be this year?
• Top brokers name 3 ASX shares to buy next week
• 3 reasons to buy these top ASX growth shares: experts

Motley Fool contributor James Mickleboro has positions in CSL. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended CSL. 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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ASX lithium stocks have exploded in popularity on the ASX over the last two years. Buoyed by hopes that lithium will become the hottest commodity of the 21st century, thanks to its heavy use in electric vehicles and rechargeable batteries, investors have been flooding into lithium shares. 

Just take the Pilbara Minerals Ltd (ASX: PLS) share price. Pilbara Minerals is one of the largest and most popular lithium shares on the ASX. It was a 19-cent stock back in May 2020. But today, Pilbara commands a share price of $5 after going as high as $5.66 last year.

But ASX lithium shares are not known for their dividends. In fact, hardly any of them even pay dividends.

Pilbara Minerals? Nope (although there are rumours this might change in 2023). Core Lithium Ltd (ASX: CXO), Liontown Resources Ltd (ASX: LTR) or Sayona Mining Ltd (ASX: SYA)? Sorry.

But there is one notable exception: Mineral Resources Ltd (ASX: MIN):

The ASX’s only dividend-paying lithium stock?

Unlike most of the companies listed above, Mineral Resources is not a pure-play lithium stock. It has a variety of operations, including iron ore mining and providing crushing and screening services to other miners. But the company has extensive lithium operations too.

It has a 50% stake in the Mt Marion lithium operation in Western Australia, as well as a 40% ownership of the Wodgina lithium operation and Kemerton lithium hydroxide plant, also in WA.

So Mineral Resources is an ASX dividend share. 2021 saw this company pay out two dividends worth a total of $2.75 per share, fully franked. 

Last year, Mineral Resources skipped its interim dividend, but still paid investors a final dividend worth $1 per share. That gives the company a trailing dividend yield of 1.04% today.

That means buying 100 shares, at the present price of $96.40, would have netted an investor $100 in passive dividend income last year.

However, some ASX experts reckon Mineral Resources could turn up its dividend dial in 2023. As my Fool colleague James covered earlier this month, ASX broker Morgan Stanley is predicting that Mineral Resources will be able to fund a total of $6.75 in dividends per share in FY2023.

If that turns out to be the case, our 100 shares would yield total dividends of $675 in FY2023. This would give the company a forward yield of 7% right now. Of course, there is no guarantee that Mineral Resources will fund such a high level of dividends this year.

But if I were seeking a dividend-paying ASX lithium stock for 2023 and beyond, this would certainly be it.

The post I’d buy 100 shares of this ASX lithium stock for $700 a year in passive income appeared first on The Motley Fool Australia.

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More reading

• Move over bank deposits! These ASX 200 mining shares are forecasting yields of over 5%
• 5 ASX 200 shares rocketing to new 52-week highs on Tuesday
• Why a merger between Fortescue and this major-league miner could make sense: expert
• My top predictions for ASX lithium shares in 2023
• My top predictions for ASX 200 mining 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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While the yields on offer from term deposits have improved meaningfully over the last 12 months as rates rise, they still pale in comparison to what is potentially on offer from ASX dividend shares.

This is particularly the case in the mining sector, with a number of ASX 200 mining shares forecast to provide investors with generous 5%+ yields.

Which ASX 200 mining shares beat term deposits?

With commodity prices booming, there are a number of ASX 200 mining shares that analysts are expecting big yields from.

The first is Australia’s largest miner, BHP Group Ltd (ASX: BHP).  A recent note out of Macquarie reveals that its analysts are forecasting a fully franked dividend of approximately $3.00 per share in FY 2023. Based on the current BHP share price, this will mean a yield of 6% for investors. Macquarie also has an outperform rating and $52.00 price target on BHP’s shares.

Another ASX 200 mining share tipped to provide investors with a big yield is Mineral Resources Ltd (ASX: MIN). Once again, it is Macquarie that is expecting a big yield from this miner. It is forecasting a fully franked $5.11 per share dividend in FY 2023, which equates to a 5.3% yield. The broker also has an outperform rating and $127.00 price target on Mineral Resources’ shares.

Rio Tinto Ltd (ASX: RIO) is another ASX 200 mining share that could provide a yield that beats term deposits. Goldman Sachs, which has a buy rating and $134.40 price target on its shares, is expecting a US$4.40 (A$6.25) per share fully franked dividend in FY 2023. Based on the current Rio Tinto share price, this will mean a yield of 5%.

Finally, South32 Ltd (ASX: S32) is an ASX 200 mining share for income investors to consider. Citi currently has a buy rating and $5.00 price target on its shares. As for dividends, the broker is forecasting a fully franked 27 cents per share dividend in FY 2023. This represents a 5.55% dividend yield at current levels.

The post Move over bank deposits! These ASX 200 mining shares are forecasting yields of over 5% appeared first on The Motley Fool Australia.

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More reading

• 5 ASX 200 shares rocketing to new 52-week highs on Tuesday
• BHP share price lifts amid copper deal
• Looking to energise returns with this pocket of undervalued ASX shares in 2023
• 5 things to watch on the ASX 200 on Tuesday
• Why a merger between Fortescue and this major-league miner could make sense: expert

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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This year has brought good tidings to the S&P/ASX 200 Index (ASX: XJO) and these five shares are among those making the most of it.

They’ve each jumped as much as 5.8% to reach their highest point in more than a year on Tuesday.

Meanwhile, the iconic index is up 0.44% at 7,490.4 points at the time of writing. That’s 7.8% higher than it was at the start of the year.

Let’s take a closer look at what’s sent these market giants soaring today.

These ASX 200 shares are roaring to long-forgotten heights

The first ASX 200 share posting a new 52-week high is Clinuvel Pharmaceuticals Limited (ASX: CUV). Stock in the biopharmaceutical developer lifted 2.6% to reach $27.42 earlier today – the highest it’s been since 2021.

It follows yesterday’s news of the company’s analogue adrenocorticotropic hormone (ACTH). It’s aiming to submit a regulatory drug master file for the product in the second half of this year – an “aggressive goal” according to chief scientific officer Dr Dennis Wright.

The Mineral Resources Ltd (ASX: MIN) share price is also rocketing on Tuesday, hitting a new record high amid a broker upgrade. The stock peaked at $96.78 earlier today – a 5.8% gain.

UBS has reportedly upped its expectations for lithium. It now tips demand to outweigh supply in the near and medium term, the Australian Financial Review reports.

In response, it’s slapped a buy rating on shares in the ASX 200 materials giant.

Meanwhile, the TechnologyOne Ltd (ASX: TNE) share price is in the green for a third consecutive day. It follows the release of the company’s non-price-sensitive annual report on Thursday evening.

The tech stock reached an all-time high of $14.705 today – marking a 2% rise.

ASX 200 travel giant Webjet Limited (ASX: WEB), on the other hand, popped then dropped today, hitting a post-pandemic high of $6.86 this morning before plunging into the red.

Today’s peak saw the stock 1.2% higher than its previous close and around 170% higher than its 2020 low.

Finally, shares in ASX 200 health imaging technology provider Pro Medicus Limited (ASX: PME) have continued to inch towards their all-time high today.

The stock has posted a new 52-week high for a third consecutive session. This time it peaked at $64.77 – a 2.4% jump.

Its gains might be a belated reaction to Friday’s announcement, detailing a $25 million contract with the University of Washington.  

The post 5 ASX 200 shares rocketing to new 52-week highs on Tuesday appeared first on The Motley Fool Australia.

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More reading

• Up 30% in six months: Can the Webjet share price fly even higher?
• Why a merger between Fortescue and this major-league miner could make sense: expert
• This ASX 200 healthcare share just hit a new 52-week high. Here’s why
• My top predictions for ASX lithium shares in 2023
• My top predictions for ASX 200 mining shares in 2023

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 positions in and has recommended Pro Medicus. The Motley Fool Australia has positions in and has recommended Pro Medicus. The Motley Fool Australia has recommended Technology One. 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 pushing higher again. At the time of writing, the benchmark index is up 0.4% to 7,484.7 points.

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

Block Inc (ASX: SQ2)

The Block share price is up over 6% to $115.46. Investors have been buying Block’s ASX listed shares today in response to a strong gain by its NYSE listed shares overnight. US tech stocks started the week very strongly, driving the NASDAQ index 2% higher on Monday night’s session.

Codan Limited (ASX: CDA)

The Codan share price is up 19% to $5.25. This follows the release of a trading update from the metal detector and communications company. That update reveals that it expects to hit the high end of its first half revenue guidance range of $200 million to $215 million. Even better, though, management expects to deliver a first half net profit approaching $31 million, which is ahead of its guidance range of $25 million to $30 million.

Latin Resources Ltd (ASX: LRS)

The Latin Resources share price is up 6% to 12.7 cents. Investors have been buying this lithium explorer’s shares following an update on its Salinas Lithium Project in Brazil. According to the release, the latest assay results received from diamond drilling at the Colina West prospect confirm that it represents an exceptional resource growth opportunity.

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up 5% to 89.2 cents. This follows the release of a strong trading update from the department store operator this morning. For the five months to December 31, Myer delivered total sales growth of 24.8%. In light of this, the company is expecting to deliver first half profit of $61 million to $66 million. The latter will be double last year’s half year profit.

The post Why Block, Codan, Latin Resources, and Myer shares are storming higher appeared first on The Motley Fool Australia.

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More reading

• Why is this ASX 300 tech share soaring 19% today?
• Why is the Block share price surging 6% on Tuesday?
• Myer share price leaps 6% amid supercharged sales
• Could this ASX 300 share offer a once-in-a-lifetime chance to triple my money?
• 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 Block. The Motley Fool Australia has positions in and has recommended Block. 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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These three ASX mining shares are on the move today following the release of their quarterly results.

For perspective, the S&P/ASX 200 Materials Index (ASX: XMJ) is in the green today, up about 1%.

Let’s take a look at these three ASX mining shares in more detail.

Legend Mining Ltd (ASX: LEG)

The Legend Mining share price is soaring 7% today to 4.7 cents at the time of writing. The company’s share price surged 9% this morning following the release of its quarterly report before retreating slightly

Legend is exploring the Rockford nickel and copper project in Western Australia.

Legend reported cash of $12.8 million as of 31 December. The company completed octagonal 3D seismic survey data collection in the December quarter at the Rockford Project.

One major highlight from the report is news of a $2.93 million tax refund in December. Legend said this means cash at 31 December is $600K greater than the previous quarter.

The company said this places it in a “well-funded position for the commencement of 2023”.

The Legend Mining share price has descended 40% in the last year.

Perseus Mining Ltd (ASX: PRU)

Perseus Mining also released a quarterly report to the market today. The company explores three gold mines in Africa.

Perseus shares are down nearly 2% today. The gold price is up 0.07% to US$1932.67 a tonne, according to trading economics.

Perseus reported it had produced 130,911 ounces of gold in the December quarter. This was down on the company’s record gold production of 137,460 ounces in the September quarter.

Overall in 2022, Perseus delivered 521,221 ounces of gold at an all in sustaining cost (AISC) of US$941 an ounce. This exceeded the company’s production guidance.

The company achieved a weighted average realised gold price of US$1,748 a tonne, up from US$103 on the September quarter.

The Perseus share price has surged nearly 52% in the last year.

De Grey Mining Ltd (ASX: DEG)

De Grey Mining shares have been bouncing around today and are currently climbing 0.32%.

The De Grey mining share price is leaping 0.64% at the time of writing to $1.585. De Grey shares fell 1.26% in earlier trade before picking up.

De Grey is exploring gold at the Mallina Gold Project in the Pilbara region of Western Australia. In today’s quarterly, De Grey reported 160 million in cash and no debt at the end of the December quarter.

Highlights included completing a $130 million placement and $19 million share purchase plan to fund a definitive feasibility study and a final investment decision in 2023.

The De Grey share price has lifted nearly 16% in the last year.

The post 3 ASX mining shares on the move – quarterly reports appeared first on The Motley Fool Australia.

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More reading

• Here are the top 10 ASX 200 shares today
• These are the best ASX mining shares to buy in 2023: experts
• Will 2023 be a golden year for ASX 200 mining shares?
• Mineral mania: 5 ASX 200 mining shares smashing new highs on Monday
• 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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The S&P/ASX 200 Index (ASX: XJO) is on form again on Tuesday. In afternoon trade, the benchmark index is up 0.2% to 7,474.5 points.

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

Coronado Global Resources Inc (ASX: CRN)

The Coronado Global share price is down almost 4% to $2.06. This follows the release of the coal miner’s quarterly and full year update. Coronado Global reported a 66.2% increase in full year revenue to a record of US$3,572 million. However, investors appear disappointing by a significant increase in its average mining costs to US$88.40 per tonne. Management blamed inflationary pressures and wet weather.

Mincor Resources NL (ASX: MCR)

The Mincor share price is down 6% to $1.73. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, the broker has downgraded the nickel developer’s shares to a neutral rating with a $1.80 price target. Macquarie made the move largely on valuation grounds.

OFX Group Ltd (ASX: OFX)

The OFX share price is down almost 4% to $2.30. This follows the release of the international money services provider’s third quarter update. Although OFX delivered solid growth over the prior corresponding period, its numbers were down slightly quarter on quarter. Nevertheless, management has reaffirmed its guidance for FY 2023.

Zip Co Ltd (ASX: ZIP)

The Zip share price is down 7% to 77.5 cents. This is despite the buy now pay later provider reporting a record quarterly performance this morning. The company also revealed that its US operations were profitable at an operating level during the latter two months of the period. However, with Zip’s shares rocketing higher yesterday, a lot of this may have already been factored into its valuation.

The post Why Coronado Global, Mincor, OFX, and Zip shares are dropping today appeared first on The Motley Fool Australia.

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More reading

• Zip share price on the move amid record quarter and US profitability
• Why Boss Energy, Pilbara Minerals, Sezzle, and Zip shares are charging higher
• Why is the Zip share price rocketing 18% higher today?
• Here are the top 10 ASX 200 shares today
• Should I buy the dip on Zip shares right now?

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The Liontown Resources Ltd (ASX: LTR) share price has been off to a flying start in 2023. Could the remainder of the year house the company’s maiden profit?

Let’s break down the company’s projected path to profitability to find if this could be the year shareholders are rewarded with positive earnings.

Right now, the S&P/ASX 200 Index (ASX: XJO) lithium share is trading at $1.525. That’s 24.5% higher than it was at the start of 2023.

For comparison, the ASX 200 has gained 7% year to date.

What is the ASX 200 lithium share up to?

Liontown Resources is currently working on its cornerstone Kathleen Valley lithium project, located in Western Australia.

The project is said to house one of the largest and highest-grade hard rock lithium deposits in the world. It’s expected to be capable of producing around 500,000 tonnes of 6% lithium oxide concentrate every year.

It’s no surprise, then, that the lithium share is so popular among ASX market watchers.

However, the first production – and potentially its first revenue – is still some way away.

Liontown likely won’t post a profit in 2023

The key ingredient ASX 200 lithium shares need to achieve profitability is, of course, saleable product. Sadly, those expecting Liontown to produce saleable lithium in 2023 will likely be disappointed.

The company is aiming to achieve its first production at Kathleen Valley in mid-2024. And it still has quite a bit to spend before it reaches the milestone.

It’s already sunk around $73 million into the venture and believes it has another $685 million or so to go.

Fortunately, it has around $385 million of cash and a $300 million debt facility provided by offtake partner and automaker Ford Motor Company (NYSE: F). Though, it will probably need additional capital prior to its maiden production.

On top of that, exploration at the company’s Buldania project will likely weigh on its balance sheet over the coming years.

Though, the ASX 200 lithium share recently flagged an early revenue opportunity.

A change in the Kathleen Valley mining plan may have unlocked a direct ship ore (DSO) opportunity like that recently employed by Core Lithium Ltd (ASX: CXO).

The post Will Liontown Resources post a profit in 2023? appeared first on The Motley Fool Australia.

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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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There is one S&P/ASX 300 Index (ASX: XKO) share that is outperforming the rest by miles on Tuesday.

A positive update from Codan Limited (ASX: CDA) has put the company front and centre on an otherwise lukewarm day for the market.

As we head towards midday, shares in the metal detection and communications company are fetching $5.28, increasing 19.5% from their prior closing price. Codan shares have sprung into action today as investors interpret the company’s trading update for the first half of FY23.

Let’s take a look at what is putting a rocket under this ASX 300 share.

No nasty surprises for this ASX share

The tail-end of 2022 was unkind to Codan shareholders as the company guided for a weaker outlook. In turn, the share price skidded nearly 54% lower on fears of a disastrous year ahead.

As mentioned in my piece yesterday, Codan was ready for a 45% fall in metal detector sales — a division that accounted for 52% of its total sales in FY22. As you’d expect, that would do some meaningful damage to future sales and earnings.

Hence, management guided for revenue between $198 million and $215 million in the first half of FY23. Likewise, Codan initially anticipated first-half net profit after tax (NPAT) to sit between $25 million and $30 million.

In today’s update, shareholders were relieved to be informed that unaudited revenue in the first half was $212 million — hitting the upper end of guidance. Adding to the excitement, NPAT is now expected to be $31 million, eclipsing the original top-end estimate from this ASX share.

A slight disappointment was that Codan’s Minelab (metal detectors) sales marginally missed its forecast of $75 million to $80 million. Instead, the higher margin division secured unaudited sales of $74 million during the period.

Meanwhile, the company’s communications segment slightly beat expectations with $137 million in revenue.

Overall, the financial figures didn’t exactly hit it out of the park. However, expectations were clearly low prior to this update. The fact that Codan has maintained a manageable net debt and hit its prior guidance is mostly reassuring.

What’s next for the Codan share price?

Aside from any surprise updates, the next meaningful event for the Codan share price will likely be the release of its complete first-half results on 16 February. It will be at this point in time that shareholders gain additional insight into what the second half of FY23 could look like.

Despite the monumental move in this ASX 300 share today, Codan remains 37% lower than where it was a year ago.

The post Why is this ASX 300 tech share soaring 19% today? appeared first on The Motley Fool Australia.

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Motley Fool contributor Mitchell Lawler 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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