Why Clover, IOOF, Premier Investments, & Redbubble shares raced higher

The IOOF Holdings Limited (ASX:IFL) share price and the Premier Investments Limited (ASX:PMV) share price are two of four racing notably higher on

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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 index is 0.6% higher at 6,756.8 points.

Four shares that have climbed more than most today are listed below. Here's why they are ending the week on a high:

The Clover Corporation Limited (ASX: CLV) share price has raced 13% higher to $2.56. This morning the provider of ingredients for infant formula and nutrition products released its full year results and reported a 21.8% increase in revenue to $76.7 million and a 33.1% lift in net profit after tax to $10.1 million.

The IOOF Holdings Limited (ASX: IFL) share price has surged 6.5% higher to $5.91 after the Federal Court of Australia came to a decision in relation to proceedings brought by APRA against it. According to the release, the Federal Court held that IOOF's APRA regulated entities and five individuals did not contravene the Superannuation Industry Act. The Court also declined to make the disqualification orders sought against the five individuals and awarded costs in IOOF's favour.

The Premier Investments Limited (ASX: PMV) share price has rocketed 20% higher to $18.93 after the release of its full year results. This morning the retail conglomerate revealed a 7.5% increase in total global sales to a record of $1.27 billion and a 27.7% lift in reported net profit after tax to $106.8 million. This was driven by strong growth across a number of its brands and its online business.

The Redbubble Ltd (ASX: RBL) share price is up 8% to $1.43 after the ecommerce company was the subject of a positive broker note out of Goldman Sachs. According to the note, the broker has upgraded Redbubble's shares to a buy rating with a $1.65 price target after its research showed that recent product launches had gone down well with users of its site.

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 Clover Limited. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. The Motley Fool Australia has recommended REDBUBBLE 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.

More on Share Gainers

A man cheers after winning computer game, while woman sitting next to him looks upset.
Share Gainers

Here are the top 10 ASX 200 shares today

Investors were happy today... until the inflation data came out.

Read more »

St Barbara share price Minder underground looks excited a he holds a nugget of gold he has discovered.
Gold

Up 640% in a year, why is this ASX gold share rocketing another 25% on Wednesday?

Investors are piling into this surging ASX gold share today. But why?

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Benz Mining, Boss Energy, Develop Global, and Digico shares are storming higher today

These shares are having a good time on hump day. Let's find out why.

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy return to trading this Tuesday.

Read more »

A young man punches the air in delight as he reacts to great news on his mobile phone.
Share Gainers

Why Dateline, EOS, Karoon Energy, and Pro Medicus shares are charging higher today

These shares are starting the week with a bang. But why?

Read more »

a graph indicating escalating results
Share Gainers

Guess which surging small-cap ASX share is rocketing another 60% on Tuesday!

Investors are sending this ASX mining stock rocketing 60% today. But why?

Read more »

Woman leaping in the air and standing out from her friends who are watching.
Share Gainers

Guess which ASX All Ords mining share is leaping 11% today on big European news

Investors are piling into this ASX mining share today. Let’s see why.

Read more »

A man cheers after winning computer game, while woman sitting next to him looks upset.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy end to the trading week today.

Read more »