On Wednesday the S&P/ASX 200 index has been up and down but is pushing higher in afternoon trade. At the time of writing the benchmark index is up 0.25% to 6,476.9 points.
Four shares that have climbed more than most today are listed below. Here’s why they have charged higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has zoomed 8% higher to $28.04 following the release of its full year results. In FY 2019 the buy now pay later platform provider reported a 140% lift in underlying sales to $5.2 billion, an 86% increase in total income to $264.1 million, and a 93% jump in a net transaction margin to $136.5 million. It also revealed that its UK launch has gone exceptionally well and that it has signed a strategic partnership agreement with payments giant VISA.
The Bega Cheese Ltd (ASX: BGA) share price has climbed 8% to $4.10 following the release of its full year results. This morning the food company reported a 5% lift in underlying EBITDA to $115.4 million, but a 13% decline in underlying NPAT to $38.3 million for FY 2019. Whilst this was a soft result, I suspect that many in the market had been expecting even worse following recent trading updates.
The Fisher & Paykel Healthcare Corp Ltd (ASX: FPH) share price has stormed 5.5% higher to $15.06 on the day of its annual general meeting. At the meeting the sleep treatment-focused medical device company provided a trading update which revealed that it has had a very positive start to FY 2020. So much so, management has upgraded its revenue and profit guidance for the full year. It now expects year on year profit growth in the range of 17% to 22%.
The Opthea Ltd (ASX: OPT) share price has rocketed 18.5% higher to $3.20 after being the subject of a positive broker note out of Goldman Sachs. According to the note, the broker has initiated coverage on the developer of novel biologic therapies for the treatment of eye diseases with a conviction buy rating and $4.90 price target. Goldman believes the company’s OPT-302 product has a multi-billion dollar market opportunity.
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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 AFTERPAY T FPO. 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.