2 under-the-radar ASX 200 shares leaping higher on key updates

Investors are bidding up both ASX 200 shares today. But why?

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Two under-the-radar S&P/ASX 200 Index (ASX: XJO) shares are enjoying a strong run today after releasing some key market updates.

Shares in ASX 200 4×4 accessories manufacturer ARB Corp Ltd (ASX: ARB) closed yesterday trading for $38.66. In earlier trade today shares were trading for $39.78, up 2.9%.

The ARB share price has since given back some of those gains, currently up 1.2% at $39.11 a share.

The other stock enjoying a strong run on Wednesday is specialist insurance provider AUB Group Ltd (ASX: AUB).

The AUB share price closed yesterday at $29.36. At the time of writing, shares are up 2.3%, swapping hands for $30.04 apiece.

Here's what's stoking investor interest in these ASX 200 shares today.

What's lifting the AUB share price?

The AUB share price is leaping higher today after the company provided some promising profit guidance.

The ASX 200 share said that due to favourable trading momentum, it expects FY 2024 underlying net profit after tax (NPAT) to come in near the top end of its previously forecast range of 161 million to 171 million.

Among the assumptions backing this guidance is that interest rates will remain unchanged over the period in its key operating jurisdictions.

The company's group of retail and wholesale insurance brokers and underwriting agencies operate in around 570 locations globally.

The AUB share price is up 13% over 12 months.

ASX 200 share at Macquarie Conference presentation

As for ARB, the ASX 200 share looks to be getting a lift from the company's presentation at the Macquarie Conference today.

Atop reporting on the company's historic growth trajectory and recent new store openings, CEO Lachlan McCann said sales revenue in Q3 FY 2024 was up 6.4% year on year. Total sales over the nine months to March were up 2.1%.

As for the outlook, the company said that its aftermarket order book "remains strong". And its export order book was said to be "trending positively", with ARB achieving export sales growth of 2.1% in Q3 FY 2024.

The ASX 200 share also expects sales to original equipment manufacturers (OEMs) will keep growing in FY 2024 and into FY 2025 based on contracts it already has in place.

ARB could also receive some ongoing tailwinds, with new vehicle supply and lead times improving across the world.

In the quarter just past, the company reported sales growth across each of its Australian aftermarket, export, and OEM sales channels.

And McCann said the outlook is "trending positively, with favourable trading conditions expected to continue" into the first half of FY 2025.

With today's intraday boost factored in, the ASX 200 share is up 20% over 12 months.

Motley Fool contributor Bernd Struben 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 ARB Corporation. The Motley Fool Australia has recommended ARB Corporation and Aub 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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