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Highlights
- Coronado shares gained nearly 6% with massive volumes today
- Including today’s gains, Coronado shares have rallied over 141% on the ASX over the past 12 months
- The company is popularly known for being the largest producer of high-quality metallurgical coal in the world
Shares of Coronado Global Resources Inc. (ASX:CRN) were spotted trading 5.833% higher at AU$1.905 per share at 11:09 AM AEST on the ASX today (16 June). More than 1.9 million shares of Coronado changed hands within this short span of time after ASX opened for trading on Thursday morning.
Including today’s gains, Coronado shares have rallied over 141% on the ASX over the past 12 months. On the other hand, Coronado shares have gained over 47% on a year-to-date (YTD) basis.
What pushed Coronado’s share price on the ASX today?
Yesterday, the S&P Dow Jones Indices announced that it would replace Crown Resorts Limited (ASX:CWN) in the S&P/ASX 200 index with Coronado Global Resources Inc with effect from 20 June.
This decision followed Federal Court’s approval of the scheme of the arrangement, according to which Crown will be acquired by Blackstone Inc.
The removal of Crown from the S&P/ASX 200 index will be effective prior to the opening of the market on 20 June 2022 (Monday). Coronado will replace Crown in the S&P/ASX 200 index prior to the opening of trading on the ASX on 20 June 2022.
Coronado’s strong performance on the ASX could be the primary reason behind getting added to the ASX 200 index.
Inclusion in the benchmark ASX 200 index is the main reason behind the stock’s rally today. Passive funds tracking the ASX 200 index will most likely buy Coronado shares as part of their portfolio rejig and will sell Crown shares. Furthermore, the company is also likely to pay an interim dividend worth AU$0.116 per share to its eligible shareholders on 21 June 2022.
Read more: From RMD, TNE to CRN: These 5 ASX companies to pay dividend in June 2022
Worth mentioning here is that Crown shares were suspended from trading with effect from today following the Federal court’s order.
Along with Coronado, some other stocks such as New Hope Corporation Limited, BrainChip Holdings Ltd, and Core Lithium Ltd will also be added to the S&P/ASX 200 index, followed by a rigorous review process done by Dow Jones Indices as a part of its quarterly rebalance program.
Meanwhile, the companies like Appen, Codan, Polynovo, Platinum Assets, and Tyro Payments will be removed from the S&P/ASX 200 index as a part of the same program along with Crown Resorts.
About Coronado:
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Coronado Global Resources Inc is an ASX-listed mining company with a market capitalisation of AU$3.01 billion. The company is popularly known for being the largest producer of high-quality metallurgical coal in the world.
Coronado primarily operates in two regions- the Bowen Basin in Queensland and the Central Appalachian in the US. The company serves its clients in parts of Asia-Pacific, Europe, and America. Coronado’s coal is used for manufacturing steel and other steel-based products.
