The market is back on form again on Tuesday and pushing higher. In early trade, the ASX 200 index is up 0.55% to 7,974.7 points.
Two ASX 200 transport shares that are also rising this morning are listed below. Here's why their shares are catching the eye of investors today:
Atlas Arteria Group (ASX: ALX)
The Atlas Arteria share price is up over 1% to $5.22 at the time of writing.
This morning, this toll road operator released its second quarter update and revealed a 4.6% increase in weighted average toll revenue compared to the prior comparable period. This was driven by toll increases, which offset a 0.2% decline in weighted average traffic for the quarter.
Management advised that its result primarily reflects a weaker traffic performance at APRR, where light vehicle traffic in April was negatively impacted by Easter falling towards the end of March versus the prior year. Pleasingly, it notes that Chicago Skyway traffic rebounded during the quarter, driven primarily by robust light vehicle traffic.
This ultimately led to the ASX 200 share reporting total revenue of 1,413.3 million euros for the six months ended 30 June. This represents a 3.2% increase on the prior corresponding period.
Transurban Group (ASX: TCL)
The Transurban share price is up 1% to $12.89 in early trade.
Investors have been buying the ASX 200 toll road operator's shares after it announced plans to expand its Logan Motorway in South-East Queensland.
According to the release, the company is partnering with the Queensland Government to further develop plans for widening the western section of the Logan Motorway. It notes that the motorway supports the movement of freight worth more than $350 billion each year and is a key transport corridor across South-East Queensland.
The project will aim to provide congestion relief and reduce travel times while improving road safety for motorists across the region. A 20-minute peak hour time-saving is expected to be created between Gailes and Loganholme by the project.
The ASX 200 share's CEO, Michelle Jablko, commented:
Brisbane is Australia's third largest city, with forecast population growth of 260,000 people by 20313. The proposed Project is expected to save drivers up to 20 minutes when travelling between Gailes and Loganholme in peak hour, while improving road safety on a vital Brisbane freight route and supporting the area's development.
Community consultation is expected to commence in the second half of 2024.
