Why Altium, Bingo, Bionomics, & IOOF shares zoomed higher today

The Altium Limited (ASX:ALU) share price and the IOOF Holdings Limited (ASX:IFL) share price are two of four zooming notably higher on Tuesday. 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

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to build on yesterday's gain. In afternoon trade the benchmark index is up a further 0.4% to 6,114.9 points.

Four shares that are climbing more than most today are listed below. Here's why they have zoomed higher:

The Altium Limited (ASX: ALU) share price has rocketed 20% to $32.47 following the release of its half year results. Investors appear to have been blown away by another impressive result from the electronic design software company. Altium posted half year revenue of US$78 million, EBITDA of US$28.4 million, profit after tax of $23.4 million, and earnings per share of 18 U.S. cents. This represented revenue growth of 26% and net profit after tax growth of 58% on the prior corresponding period.

The Bingo Industries Ltd (ASX: BIN) share price has bounced back from a heavy decline and is 5% higher at $1.23. The waste management company's shares were sold off on Monday when it downgraded its guidance for the full year. According to a broker note out of Macquarie, it was disappointed with the downgrade but believes the selling has been overdone. It has an outperform rating and $1.50 price target on its shares. This price target is down from $2.75 previously.

The Bionomics Ltd (ASX: BNO) share price has continued its ascent and is up a further 5.5% to 19.5 cents. The biotech company's shares rocketed higher on Monday after management revealed that all was not lost for its BNC210 drug candidate. Further data analysis of its disappointing Phase 2 Post Traumatic Stress Disorder (PTSD) trial has shown the potential for significant patient benefit when the drug exposure is adequate.

The IOOF Holdings Limited (ASX: IFL) share price up almost 12% to $5.92 following the release of its half year results. Despite the impact of the Royal Commission, IOOF achieved a 6% increase in underlying net profit after tax from continuing operations in the first half of FY 2019.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of Altium. 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 Market News

a smiling young woman carrying a pile of books, indicating a lifting share price for book sellers
Share Market News

Here's how the ASX 200 market sectors stacked up last week

ASX utilities shares led the 11 market sectors for a second consecutive week.

Read more »

Animation of a man measuring a percentage sign, symbolising rising interest rates.
Share Market News

Here's when Westpac says the RBA will cut Australian interest rates

Are interest rates coming in 2024 or 2025?

Read more »

Contented looking man leans back in his chair at his desk and smiles.
Broker Notes

Top brokers name 3 ASX shares to buy next week

Brokers gave buy ratings to these ASX shares last week. Why are they bullish?

Read more »

A young boy sits on his father's shoulders as they flex their muscles at sunrise on a beach
Opinions

Where I'd invest $10,000 in ASX growth shares right now

These are my top picks for growth.

Read more »

A man with his back to the camera holds his hands to his head as he looks to a jagged red line trending sharply downward representing the ASX tech share sell-off today
Share Market News

How likely is a stock market crash in 2024?

Stock market crashes are a painful, but inevitable, part of investing.

Read more »

a mine worker holds his phone in one hand and a tablet in the other as he stands in front of heavy machinery at a mine site.
Resources Shares

Goldman Sachs says this ASX 200 mining share is in for a 33% whack

The top broker predicts a fairly miserable 12 months ahead for this diversified miner.

Read more »

A woman wearing a top of gold coins and large gold hoop earrings and a heavy gold bracelet stands amid a shower of gold coins with her mouth open wide and an excited look on her face.
Opinions

I believe this ASX 200 stock can DOUBLE its profit in 5 years

This stock has enormous profit growth potential in my eyes, here’s why.

Read more »

Top ten gold trophy.
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors endured a sour end to the trading week today.

Read more »