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Why Accent Group, BINGO, BWX, & Goodman Group shares raced higher today

In afternoon trade the S&P/ASX 200 index is on course to finish the week on a positive note. At the time of writing the benchmark index is 0.3% higher at 6,521.1 points.

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

The Accent Group Ltd (ASX: AX1) share price has stormed almost 9% higher to $1.62 following the release of its full year results after the market close on Thursday. The footwear-focused retailer delivered an 8.7% increase in total sales to $935.3 million and a 22.2% jump in statutory net profit after tax to a record of $53.9 million. Solid like for like sales and margin improvement from reduced discounting drove the strong result.

The BINGO Industries Ltd (ASX: BIN) share price has raced 4% higher to $2.33. The catalyst for this appears to be a broker note out of Goldman Sachs this morning. According to the note, its analysts have upgraded this waste management company’s shares to a buy rating with a price target of $2.75. It made the move on valuation grounds after a heavy decline following the release of its full year results.

The BWX Ltd (ASX: BWX) share price has rocketed 26% higher to $2.93 following the release of its full year results. Although BWX saw its profits halve in FY 2019, a strong second half and positive guidance for FY 2020 has got investors excited. The company provided guidance for 25% revenue growth and 25-35% EBITDA growth for the year ahead.

The Goodman Group (ASX: GMG) share price is up almost 4.5% to $15.50 after the real estate investment trust released its full year results. Goodman Group reported an 11.4% increase in operating profit in FY 2019. A key driver of this growth was its Property Investment segment which achieved strong returns thanks to like-for-like net property income growth of 3.3%.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. The Motley Fool Australia has recommended Accent Group. 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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