Daily Roundup

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Codan Delivers Stellar First-Half Results

Codan Ltd has kicked off the new year with a bang, providing a trading update that showcases the company's impressive performance in the first-half of fiscal year 2026 (FY26). The group revenue is expected to grow a remarkable 29% to around $394 million, while underlying net profit after tax is set to soar by approximately 52% to not less than $70 million.

The standout performer was Codan's metal detection business, which delivered a staggering 46% revenue growth. This was primarily driven by strong gold detector sales in Africa and double-digit growth in metal detector sales in other key recreational markets. The communications segment also continued its strong run, achieving revenue growth of around 19%, in line with the company's expectations.

Aristocrat Extends Share Buy-Back Program

In another significant announcement, Aristocrat Leisure Limited has decided to extend its current on-market share buy-back program. The company will now be able to buy back up to an additional A$750 million worth of shares over the next 12 months, bringing the total aggregate amount to A$1.5 billion. This move reflects Aristocrat's consistently strong cash flow generation, allowing the company to pursue a balanced approach to shareholder returns, including dividends and strategic investments.

Rio Tinto Explores Potential Glencore Merger

In a move that has sent shockwaves through the mining industry, Rio Tinto has confirmed that it is in preliminary discussions with Glencore about a possible combination of some or all of their businesses. The potential merger could be structured as an all-share transaction, with Glencore being acquired by Rio Tinto through a scheme of arrangement. However, Rio Tinto has cautioned that there is no certainty an offer will be made or the terms of any such offer.

Lunnon Metals Uncovers Exciting Gold Potential

Lunnon Metals Limited has reported exceptional results from its reverse circulation drilling program at the Paringa West prospect, part of the company's Foster-Baker Project in the heart of the St Ives gold camp. The drilling has confirmed a new interpretation of significant gold intercepts, including an impressive 8 metres at 5.52 grams per tonne of gold. These results highlight the significant prospectivity of Lunnon Metals' tenements and the potential for further gold discoveries in the region.