What is driving Coronado (ASX:CRN) shares up on ASX today?

September 28, 2022 02:33 PM AEST | By Ritwika

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Highlights:

Coronado shares were quoted 6.414% stronger at 1:54 PM AEST on ASX today (28 September 2022).

The benchmark S&P/ASX 200 Materials sector, at the same time, was witnessing losses.

Australian mining firm Coronado Global Resources Inc. (ASX:CRN) shares were spotted trading 6.414% stronger at AU$1.617 per share on ASX at 1:54 PM AEST today (28 September 2022).

Over the last 12 months, the share price of Coronado has gone up 18.03% on ASX. On a year-to-date basis, Coronado’s share price has gained over 25% on ASX (as of 1:57 PM AEST today).

What is pushing Coronado’s share price on ASX today?

Coronado did not come up with any significant update on ASX today. It is likely that the price of iron ore has been pushing the share price up on ASX. The company is primarily into the business of exploration, mining, and development of iron ore from the surface and underground mines. Iron ore’s price was quoted at US$98.71 per tonne as of yesterday’s close (27 September 2022).

Meanwhile, the S&P/ASX 200 Materials sector (INDEXASX:XMJ) was spotted at 14,821.8 points, down 0.619% or 92.3 points at 1:50 PM AEST today.

A summary of Coronado’s financial performance in H1 FY22:

On 9 August 2022, Coronado shared its financial results from the half-year period that ended on 30 June 2022 (H1 FY22). The following are the key financials from Coronado’s H1 FY22 results:

Coronado reported a 147% gain in its revenue from ordinary activities in H1 FY22. The company’s revenue touched US$1,979,829 in this period, compared to US$ 800,367 in the previous corresponding period.
The company has reported a net income (loss) from ordinary activities after tax attributable to members of US$561,893, up 685% from the previous corresponding period.

The board of Coronado had announced an unfranked ordinary dividend worth US$0.075 per CDI based on its earnings in H1 FY22. The dividend was paid to the eligible shareholders on 20 September 2022.

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