ASX 200 jumps, Worley rises, Cimic up

The ASX 200 continues to rise, with continued investor confidence.

| More on:
bull market encapsulated by bull running up a rising stock market price

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) went up just over 1% today to 7,218 points.

Here are some of the highlights today:

Worley Ltd (ASX: WOR)

The Worley share price was one of the best performers in the ASX 200 today, rising by 6.5% after releasing an investor presentation.

Worley outlined to the market how it is deeply involved in the world's decarbonisation efforts with projects spread across the world in wind power, solar power, hydrogen, distributed energy, electric vehicles and storage, geothermal, hydro and ocean power, renewable fuels and waste to energy, nuclear, carbon capture, electrification, energy and grid transformation projects.

For example, Worley said it is involved in the largest commercial green hydrogen production facility in the world. It has been awarded an early engineering services contract to support the development of a new 200MW electrolysis-based hydrogen plant. The facility, the first of its project, will be located in Rotterdam in the Netherlands.

Cimic Group Ltd (ASX: CIM)

The Cimic share price went up almost 3% today after announcing another contract win.

It said that its UGL subsidiary has secured a contract for the design, construction and installation of a high voltage transmission line from Kidston to Mt Fox in Queensland and a new 275kV switching station located at Mt Fox.

The UGL contract will generate approximately $150 million of revenue. UGL is currently performing early works and mobilisation for the contract with its client, Powerlink, in support of the Kidston Clean Energy Hub in Queensland.

UGL managing director Doug Moss said:

UGL has an exciting pipeline of work in delivering high voltage power projects around Australia, providing communities with a safe and reliable power supply in some of our most remote regions. We are delighted to build on our relationship with Powerlink for this important renewable energy infrastructure project.

Codan Limited (ASX: CDA)

The Codan share price fell over 1% after announcing the sale of its Minetec business to Caterpillar for approximately US$14 million and a volume-based earn-out over the next five years.

After completion, Codan will provide manufacturing services to Caterpillar for up to five years, to ensure a successful transition and continuous supply to Caterpillar customers.

Minetec provides high-precision tracking, productivity and safety solutions for underground hard-rock mines. The technology enables real-time monitoring and control of mining operations, allowing miners to visualise the whole mine in order to optimise productivity and enhance safety.

Codan said that under its ownership, Mientec has not scaled to a level that supports the ongoing investment required for a technology-based business. Management said whilst the technology is world class, the business would be better suited to be under the ownership of another company, like Caterpillar.

This will lead to a one-off gain before tax of around AU$3 million. The money will be used to pay down debt after the recently-announced acquisitions.

Motley Fool contributor Tristan Harrison 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 Bruce Jackson.

More on Share Market News

Person pretends to types on laptop drawn in sand.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing end to the trading week for investors this Friday.

Read more »

A young boy points and smiles as he eats fried chicken.
Share Gainers

3 ASX All Ords shares smashing the benchmark this week

Investors are sending these three ASX All Ords shares rocketing 18% to more than 29% this week. But why?

Read more »

watch
Broker Notes

Brokers name 3 ASX shares to buy today

Here's why brokers are feeling bullish about these three shares this week.

Read more »

Disappointed man with his head on his hand looking at a falling share price his a laptop.
Share Fallers

Why APA, Flight Centre, Reece, and Transurban shares are falling today

These shares are having a tough finish to the week. But why?

Read more »

a young woman raises her hands in joyful celebration as she sits at her computer in a home environment.
Share Gainers

Why Alliance Aviation, BHP, Boss Energy, and Orthocell shares are racing higher

These shares are ending the week on a positive note. But why?

Read more »

Mum playing with her baby boy holding him on her tummy as she lays down while smiling about the Bubs share price going up today
Broker Notes

Following two unfortunate incidents, what's Macquarie's price target on Monash IVF shares?

Is Monash IVF a buying opportunity?

Read more »

A happy male investor turns around on his chair to look at a friend while a laptop runs on his desk showing share price movements
Broker Notes

Macquarie tips 18% return for this ASX 200 stock

The broker thinks this blue chip's profits are going to rebound in FY 2026.

Read more »

Three happy office workers cheer as they read about good financial news on a laptop.
Broker Notes

Bell Potter names more of the best ASX 200 shares to buy in FY26

These shares are among the best to buy in the new financial year according to its analysts.

Read more »