Why Beach, Northern Star, Xenith IP, & Virgin Australia shares zoomed higher today

The Northern Star Resources Ltd (ASX:NST) share price and the Virgin Australia Holdings Ltd (ASX:VAH) share price are two of four zooming higher on Wednesday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

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.

More on Share Gainers

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »

Two happy scientists analysing test results.
Healthcare Shares

Mesoblast share price rockets 36% on breaking FDA news

ASX investors are sending the Mesoblast share price soaring following promising FDA news.

Read more »