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.
