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Why these 4 ASX shares rocketed higher today

Credit: Steve Jurvetson

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to drop lower for a second day in a row. At the time of writing the benchmark index is down 0.3% to 6,264.8 points.

Four shares that have defied the market today are listed below. Here’s why they have rocketed higher:

The A2 Milk Company Ltd (ASX: A2M) share price has climbed 6.5% to $10.74 after the release of its full-year results. For the 12 months ended June 30, a2 Milk reported total revenue of NZ$922.7 million and a net profit after tax of NZ$195.7 million. This was an increase of 68% and 116%, respectively, on the prior corresponding period. A key driver of this growth was its a2 Platinum infant formula sales which increased 84% to NZ$724.2 million.

The Altium Limited (ASX: ALU) share price has rocketed 30% higher to $28.34 after the release of its full-year results after the market close on Tuesday. In FY 2018 Altium achieved revenue growth of 26% to US$140.2 million and a 34% increase in net profit after tax to US$37.5 million. This was a touch ahead of the market’s expectations. Management once again stated that it was confident that it will achieve its 2020 targets of US$200 million revenue and an EBITDA margin of 35% or better.

The TPG Telecom Ltd (ASX: TPM) share price has zoomed 19% higher to $7.49 after the telco company confirmed that it is looking into merging with Vodafone Australia. According to its release, the company has engaged in “exploratory discussions with Vodafone Hutchison Australia Pty Ltd (VHA) regarding a potential merger of equals of the two companies.” The market appears to believe that this will be a major positive and I cautiously agree. Though, TPG Telecom has stressed that there is “no certainty that any transaction will eventuate or what the terms of a transaction would be.”

The WiseTech Global Ltd (ASX: WTC) share price has rocketed almost 31% higher to $20.44. This morning the logistics platform provider reported a 44% increase in revenue to $221.6 million and a 28% increase in net profit to $40.8 million. Earnings per share came in at 13.9 cents, meaning its shares are now changing hands at a whopping 147x earnings. Management expects revenue growth between 42% and 47% and EBITDA growth between 28% and 35% in FY 2019.

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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 TPG Telecom Limited. The Motley Fool Australia owns shares of A2 Milk, Altium, and WiseTech Global. 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.

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