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Why Afterpay, Collins Foods, Kogan, & Sandfire Resources shares stormed higher

asx shares higher

In early afternoon trade the S&P/ASX 200 index is on course to follow the lead of U.S. markets and record another small decline. At the time of writing the benchmark index is down 0.15% to 6,648.7 points.

Four shares that have not let that hold them back are listed below. Here’s why they have stormed higher:

The Afterpay Touch Group Ltd (ASX: APT) share price has charged 5% higher to $26.96 after the payments company released an update on its AUSTRAC audit and share purchase plan (SPP). Afterpay has provided AUSTRAC with details of three candidates for conducting the external audit and set up a sub-committee to oversee it. It also revealed that it has postponed its SPP, potentially indefinitely. The release advises that “the Afterpay Board has determined that it would be in the interests of shareholders to defer the SPP until the Company has considered the final audit report and its recommendations.”

The Collins Foods Ltd (ASX: CKF) share price has raced 6% higher to $8.19 a day after the release of its full year results. One broker that liked what it saw was UBS. According to a note out of the investment bank, its analysts have retained their buy rating and lifted the price target on its shares to $8.75 in response to the “solid” result.

The Kogan.com Ltd (ASX: KGN) share price has zoomed 8% higher to $4.75. On Tuesday the ecommerce company’s shares sank lower amid reports that traffic to its website had fallen heavily. This morning the company refuted these claims and advised that its analytics showed that traffic has been growing year on year each month in FY 2019.

The Sandfire Resources NL (ASX: SFR) share price has risen 5% to $6.59 a day after falling heavily following the announcement of the acquisition of MOD Resources Ltd (ASX: MOD). One broker that saw this decline as a buying opportunity was Macquarie. This morning it retained its outperform rating and $8.00 price target on the copper producer’s shares.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Collins Foods Limited and Kogan.com 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.

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