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.
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