The Motley Fool

Why James Hardie, Lynas, OFX, & Zip Co shares raced higher today

Thanks to strong gains in the banking sector, the S&P/ASX 200 index has pushed ever so slightly higher in afternoon trade. At the time of writing the benchmark index is up a few points to 6,479.7 points.

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

The James Hardie Industries plc (ASX: JHX) share price has pushed 4.5% higher to $18.57 following the release of the building products company’s full year result this morning. Investors appear to have been impressed with James Hardie’s strong profit growth. The company posted a 22% increase in revenue to US$2.51 billion and a 57% increase in net operating profit to US$228.8 million.

The Lynas Corporation Ltd (ASX: LYC) share price has rocketed a massive 15% higher to $2.27. This morning the rare earths producer released its investors day presentation which revealed its Lynas 2025 growth plan. The plan demonstrated how management intends to grow Lynas into a much bigger business over the next six years.

The OFX Group Ltd (ASX: OFX) share price has surged over 13% higher to $1.60 following the release the provider of online international payment services’ full year results. In FY 2019 OFX reported turnover of $23.7 billion, up 11.9% year on year. This led to fee and trading income rising 8.2% to $128.7 million and underlying EBITDA growing 8.1% to $32.2 million. Management appears optimistic on FY 2020, advising that it will focus on its “regional growth strategy, particularly in North America and Asia.”

The Zip Co Ltd (ASX: Z1P) share price is up 2.5% to $3.76 after announcing an agreement with Wesfarmers Ltd (ASX: WES) subsidiary Kmart. Zip Co’s buy now, pay later platform will be made available to Kmart’s online customers by the end of the month. At which point it will compete head on with rival Afterpay Touch Group Ltd (ASX: APT) as a payment option.

And if you missed these gains check out this ASX Stock For An Estimated $US22 Billion Marijuana Market

A little-known ASX company just unlocked what some experts think could be the key to profiting off the coming marijuana boom.

And make no mistake – it is coming. To the tune of an estimated $US22 billion.

Cannabis legalisation is sweeping over North America, and full legalisation arrived in Canada in October 2018.

Here's the best part: we think there's one ASX stock that's uniquely positioned to profit immensely from this explosive new industry... taking savvy investors along for what could be one heck of a ride.

AND, this is the first time The Motley Fool Australia has EVER put a BUY recommendation on a marijuana stock.

Simply click below to learn more on how you can profit from the coming cannabis boom.

Click here to find out more

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Wesfarmers Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Computershare. 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.

FREE REPORT: Five Cheap and Good Stocks to Buy now…

Our Motley Fool experts have FREE report, detailing 5 dirt cheap shares that you can buy today.

One stock is an Australian internet darling with a rock solid reputation and an exciting new business line that promises years (or even decades) of growth… while trading at an ultra-low price…

Another is a diversified conglomerate trading near a 52-week low all while offering a 2.7% fully franked yield…

Plus 3 more cheap bets that could position you to profit over the next 12 months!

See for yourself now. Simply click the link below to scoop up your FREE copy and discover all 5 shares. But you will want to hurry – this free report is available for a brief time only.

CLICK HERE FOR YOUR FREE REPORT!