The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and sits flat at 6,061.9 points in afternoon trade.
Four shares that are climbing more than most today are listed below. Here’s why they have raced higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has climbed 3.5% to $18.21 despite there being no news out of the payments company. However, with its half year results due to be released in under two weeks, I suspect that investors may be picking up shares in anticipation of a stronger than expected result from the fast-growing company.
The Beach Energy Ltd (ASX: BPT) share price has continued its solid form and pushed 5% higher to $1.87. The energy producer’s shares have been on the rise this week following a strong half year result. One broker that liked what it saw was Ord Minnett. According to its note, the broker has retained its buy rating and lifted the price target on its shares to $2.30. Its result was ahead of the broker’s expectations.
The Goodman Group (ASX: GMG) share price is up over 3% to $12.39 following the release of the integrated property group’s half year result. In the first half of FY 2019 the company delivered an operating profit of $465 million, up 10.4% on the prior corresponding period. In light of this strong first half, Goodman has upgraded its full year earnings per share guidance to 51.1 cents. It maintained its distribution guidance of 30 cents per share.
The Wellard Ltd (ASX: WLD) share price has rocketed 38% to 6.2 cents after the cattle exporter reported its maiden half year profit after tax. During the half the company posted a 34% increase in revenue to $188.2 million and a net profit after tax of $2.9 million. This compares to a loss of $7.4 million in the prior corresponding period. Management advised that: “Excellent vessel utilisation, profitable cattle trading from Australia to South East Asia and continued cost savings were the key drivers for the improved operational and financial results.”
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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 AFTERPAY T FPO. 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.