In afternoon trade the S&P/ASX 200 index has failed to follow the lead of U.S. markets and is trading lower. At the time of writing the benchmark index is down 0.1% to 6,494.8 points.
Four shares that have not let that hold them back today are listed below. Here’s why they raced higher:
The Ausdrill Limited (ASX: ASL) share price has climbed 6% to $1.85. This morning the mining services company released its full year results and revealed a 14.2% increase in revenue to $1,970 million and a 15.4% lift in underlying EBIT to $217 million. Ausdrill’s strong performance was boosted by the successful acquisition and integration of leading underground mining contractor, Barminco.
The Link Administration Holdings Ltd (ASX: LNK) share price has raced 10% higher to $5.42. Although the administration services company released its full year results and revealed a 3% decline in operating NPATA to $202 million, the market appears pleased with its decision to return a significant amount of funds to shareholders through an on market buy back. Link intends to buy back as much as 10% of its issued capital.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has jumped 10% to $1.58 after announcing a new discovery within its prespecified exploratory from its Phase 2b Osteoarthritis (OA) clinical trial. According to the release, the company has discovered that the two biomarkers; Cartilage Oligomeric Matrix Protein and ADAMTS-5 (both associated biomarkers of patients with progressive OA), resulted in a meaningful reduction when treated with Zilosul. This was in comparison to the placebo arm of the trial.
The Village Roadshow Ltd (ASX: VRL) share price has zoomed 10% higher to $2.67 following the release of the entertainment company’s full year results. Village Roadshow delivered EBITDA of $124.9 million in FY 2019, which was a 37% increase on FY 2018’s result. Operating cash flow also increased strongly and was up 285% to $82.4 million over the period. This strong result was driven by cost savings and the sale of Wet n Wild Sydney.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings 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.