Although it is off its lows, declines in the resources sector continue to weigh on the S&P/ASX 200 index on Monday. At the time of writing the index is down slightly to 6,579.6 points.
Four shares that have not let that hold them back are listed below. Here's why they have charged higher:
The Ansell Limited (ASX: ANN) share price has risen 6% to $27.40 after the release of a better than expected result this morning. The health and safety products company posted a 4.7% increase in adjusted profits and an 11.3% lift in adjusted earnings per share. Looking ahead, management expects sales growth in FY 2020 to be in its 3-5% organic growth range due to a number of initiatives it has underway.
The Dacian Gold Ltd (ASX: DCN) share price has surged 12.5% higher to $1.27 following an update on its Mt Morgans operation. During the month of July, the company's production at the site stabilised and its grades increased. This has positioned it to deliver production of 150,000-170,000 ounces at an all-in-cost of A$1,400-$1,500 an ounce in FY 2020.
The JB Hi-Fi Limited (ASX: JBH) share price has raced over 7.5% higher to $30.14 after investors responded very positively to the release of the retailer's full year results. In FY 2019 JB Hi-Fi posted a 3.5% increase in revenue to $7.095.3 million, a 6.4% lift in earnings before interest and tax (EBIT) to $372.8 million, and a 7.1% lift in profit after tax to $249.8 million. Given how JB Hi-Fi has a large number of shares held short, I suspect some of this gain can be attributable to short sellers buying back shares to close positions.
The REA Group Limited (ASX: REA) share price has stormed 5.5% higher to $102.02. This gain appears to have been driven by a broker note out of the Macquarie equities desk this morning. According to the note, the broker has retained its outperform rating and lifted the price target on REA Group's shares to $107.00. Macquarie was very pleased with management's cost guidance for the year ahead and expects it to result in operating leverage.
