In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and has sunk into the red. At the time of writing the benchmark index is down a disappointing 0.3% to 6,059.8 points.
Four shares that have not let that hold them back are listed below. Here’s why they have zoomed higher today:
The Beach Energy Ltd (ASX: BPT) share price has pushed 6% higher to $1.79 after the energy producer released an impressive half year result. During the first half of FY 2019 the company tripled its underlying half year net profit after tax to $278.8 million. Beach also upgraded production guidance for the full year from 25-27 MMboe to 28-29 MMboe.
The Northern Star Resources Ltd (ASX: NST) share price is up 6.5% to $9.55 following the release of its half year result. This morning the gold miner posted an underlying half year profit of $89.1 million on revenue of $633.5 million. This was an increase of 11% and 43%, respectively, on the prior corresponding period. Management also revealed that it was on track to achieve its full year production guidance.
The Virgin Australia Holdings Ltd (ASX: VAH) share price has jumped almost 8% higher to 21 cents after posting its strongest half year profit result in over a decade. In the first half the company posted group revenue of $3,071 million, which was an increase of 10% on the prior corresponding period and a record for the airline. Group underlying half year profit before tax increased 37.1% to $112.3 million. The impressive profit result was achieved despite $88.2 million fuel and foreign exchange headwinds.
The Xenith IP Group Ltd (ASX: XIP) share price has surged 18% higher to $1.66 after rival IPH Ltd (ASX: IPH) acquired 19.9% of its issued share capital. IPH also indicated in its announcement that it intends to participate in further industry consolidation and seeks discussions with Xenith about a potential transaction.
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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 IPH Ltd. 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.