The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a disappointing start to the week. In afternoon trade the index is down almost 0.5% to 5,912.1 points.
Four shares that have defied the market and pushed higher today are listed below. Here’s why they have started the week with a bang:
The Cash Converters International Ltd (ASX: CCV) share price has jumped 11% higher to 29.5 cents after announcing that it has settled its class action in relation to cash advance lending in Queensland. The settlement is still subject to court approval, but management expects all conditions will be satisfied in due course. The settlement provides for Cash Converters to pay $10.6 million into a fund for distribution to members of the class. The company will also pay legal, administration, and other costs capped at $5.8 million. Management advised that it is still vigorously defending its other class action relating to personal loan lending in Queensland.
The Kidman Resources Ltd (ASX: KDR) share price has surged 13.5% higher to $1.04 after releasing the results of its pre-feasibility study on its refinery and also an updated scoping study on the proposed Mt Holland lithium mine and concentrator. The studies confirmed that the integrated project being developed by Kidman and joint venture partner Sociedad Quimica y Minera de Chile has a compelling business case with attractive economics.
The Sealink Travel Group Ltd (ASX: SLK) share price has climbed over 3% to $4.18 on the day of the travel company’s annual general meeting. Although no formal guidance was provided, management appears confident on FY 2019 and advised that the company is well positioned for strong organic profit growth.
The Virgin Australia Holdings Ltd (ASX: VAH) share price is up 2.5% to 21 cents after the airline provided a first quarter trading update. According to the release, group revenue for the first quarter grew 9.7% compared to the prior corresponding quarter. In light of this strong start, management expects underlying profit before tax to be at least $100 million in FY 2019. This represents a year-on-year increase of at least 22%.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the 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 Scott Phillips.
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