The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s decline with a push higher on Tuesday. In afternoon trade the benchmark index is up a solid 0.8% to 6,300.3 points.
Four shares that have climbed more than most today are listed below. Here’s why they have surged higher:
The Baby Bunting Group Ltd (ASX: BBN) share price has continued its impressive run and is up 5% to $2.49. The baby products retailer’s shares were given a boost this week after brokers responded positively to its full-year results release. One broker that was particularly bullish was Morgan Stanley. It retained its overweight rating and lifted the price target on its shares to a sizeable $3.00.
The JB Hi-Fi Limited (ASX: JBH) share price has risen 4% to $24.33 a day after the release of its full-year results. Although not all brokers responded positively to its results, one that did was Morgan Stanley. It has retained its overweight rating and $32.00 price target on JB Hi-Fi’s shares on the belief that the market is underestimating the company’s earnings potential.
The National Australia Bank Ltd (ASX: NAB) share price has pushed almost 2% higher to $28.42 following the release of the bank’s third-quarter update. In the third quarter of FY 2018 the banking giant recorded unaudited cash earnings of $1,650 million, down 3% on the prior corresponding period. In addition to this, NAB CEO Andrew Thorburn flagged increased provisions in the second half. Judging by the share price reaction, it appears some investors were expecting worse.
The Whitehaven Coal Ltd (ASX: WHC) share price has climbed 3.5% to $5.44 following the release of the coal miner’s FY 2018 results. Whitehaven Coal reported a record net profit after tax of $525.6 million for the year ended June 30 2018 thanks to coal production of 22.9Mt and favourable pricing. Management provided FY 2019 guidance for saleable coal production in the range of 22.0Mt to 23.0Mt.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of National Australia Bank Limited. 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 Scott Phillips.