The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to retrace the majority of its morning decline and is down just 0.2% to 6,316.5 points in afternoon trade.
Four shares that have defied the market and pushed higher today are listed below. Here’s why they are surging higher:
The Breville Group Ltd (ASX: BRG) share price has jumped 12% higher to $13.07 following the release of the appliance maker’s full-year results. Breville posted a net profit of $58.5 million on revenue of $652.3 million. This was an increase of 8.7% and 7.7%, respectively, on FY 2017’s results. The company’s North American business was the star performer, growing revenues by 16.3% on a constant currency basis to $303.6 million.
The Nick Scali Limited (ASX: NCK) share price has surged 13% to $6.79 after the furniture retailer posted full-year revenue growth of 7.7% to $250.8 million and net profit after tax growth of 10.1% to $41 million. Investors may be pleased to see the company attempt to boost its sales through the introduction of bedrooms and bedding in selected stores at the end of the first-half. In addition to this, trading since June has seen positive same store sales order growth.
The QBE Insurance Group Ltd (ASX: QBE) share price is up almost 6.5% to $10.85 after the insurance giant released a better than expected half-year result. QBE Insurance posted a half-year profit after tax of $385 million, up 3% on the prior corresponding period. The insurer guided to an operating ratio of 95%-97% in FY 2019.
The Telstra Corporation Ltd (ASX: TLS) share price is up 6% to $3.06 following the release of the telco giant’s full-year results. Telstra posted a net profit after tax of $3.5 billion in FY 2018. While this was an 8.9% decline on the prior year, it was ahead of the market’s expectations. In addition to this, Telstra achieved a 7% or $480 million reduction in underlying core fixed costs during the period. This puts it on course to achieve its target of reducing underlying core fixed costs by $2.5 billion by FY 2022.
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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 and has recommended Telstra 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.