Here’s why these 4 ASX shares are finishing the week with a bang
It’s been a disappointing end to the week with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) lower by 0.4% to 5,519 points as we approach Friday’s close.
But going against the grain and posting strong gains for their respective shareholders have been four shares in particular. Here’s why they are higher today:
Corporate Travel Management Ltd (ASX: CTD) shares have climbed over 4% to $17.20 following the release of its full year results. On the top line the corporate travel specialist reported an impressive 34% increase in revenues to $265 million, but it was the bottom line performance that will no doubt have caught the eye of investors. The company reported a massive 60% increase in net profit after tax to $42 million. With management forecasting a 23% to 30% rise in earnings before interest, tax, depreciation, and amortisation in FY 2017, it doesn’t come as a surprise to see the share price bolt higher today.
Mayne Pharma Group Ltd (ASX: MYX) shares are up 3% to $1.99 after releasing its full year results to the market. The growing Australian pharmaceutical company posted a stunning 379% jump in net profit to $37.4 million. The great news for shareholders is that these results do not include the recently acquired portfolio of drugs from industry giants Teva Pharmaceuticals and Allergan. This lucrative acquisition closed earlier this month and is expected to be significantly accretive to earnings moving forward.
St Barbara Ltd (ASX: SBM) shares have jumped 5% to $3.08 after the gold miner announced that its credit rating had been upgraded by Moody’s. The rating agency lifted St Barbara from a B3 rating to a B2 with a positive outlook. Moody’s advised that the upgrade of its rating “reflects the significant improvement in the company’s financial profile, following its efforts to reduce debt, and the continued improvement in its operating costs.” As positive as the news is, St Barbara has advised that unfortunately it won’t make any difference to existing debt arrangements.
Super Retail Group Ltd (ASX: SUL) shares rose 5% to $10.30 today thanks to the release of full year results which revealed normalised net profit for the company increased 2.2% to $108.6 million. Total sales were up 8.2%, thanks largely to a strong performance from the company’s Auto and Sports Divisions. Once again Super Retail’s Leisure Division continued to be a drag on proceedings, with a particularly disappointing performance from its Rays brand. Although the results were solid, I have a feeling that management’s outlook was the real reason investors got excited. They stated that so far in FY 2017 each division has delivered positive like-for-like sales growth, with the Leisure Division performing particularly strong early on.
Lastly, before making an investment in any of these shares I would highly recommend taking a look to see if you own either of these three wealth-destroying ASX shares. Each could be holding back your portfolio and might be best swapped out if you ask me.
After a double-digit rally for the ASX since 2016 lows, investors should be on high alert. You'll find a full rundown below of 3 shares we think you should avoid today plus one top pick worth buying, even if the market turns south and the RBA keeps rates at an "emergency low." Simply click here to uncover these stocks.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
It?s been a disappointing end to the week with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) lower by 0.4% to 5,519 points as we approach Friday?s close.
But going against the grain and posting strong gains for their respective shareholders have been four shares in particular. Here?s why they are higher today:
Corporate Travel Management Ltd (ASX: CTD) shares have climbed over 4% to $17.20 following the release of its full year results. On the top line the corporate travel specialist reported an impressive 34% increase in revenues to $265 million, but it was the bottom line performance that will…