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Why Dicker Data, JB Hi-Fi, Phoslock, & Star Entertainment shares charged higher

In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is on course to record a solid gain. At the time of writing the benchmark index is up 0.4% to 6,700.7 points.

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

The Dicker Data Ltd (ASX: DDR) share price is up over 6% to $7.38 following the release of its third quarter update. According to the release, Dicker Data’s revenue for the first three quarters of FY 2019 has hit $1,289.1 million. This is a 17.8% increase on the same period last year. In light of this, management now expects its full year operating profit before tax to be over $60 million. This compares to previous guidance of $51.4 million.

The JB Hi-Fi Limited (ASX: JBH) share price has jumped over 6% to $36.32. Investors have been buying the retailer’s shares after it provided a sales update ahead of its annual general meeting. According to the release, the retailer has delivered solid sales growth across much of its business during the first quarter of FY 2020. Management also reaffirmed its full year sales guidance.

The Phoslock Environmental Technologies Ltd (ASX: PET) share price has rocketed 12% higher to $1.09. This morning Phoslock released a presentation ahead of an appearance at the Morgan Stanley Alpha ex-100 Conference. That presentation included an outlook for FY 2020 which included sales in the range of 10,000-15,000 tons. It also forecast Phoslock production of 25,000-30,000 tons.

The Star Entertainment Group Ltd (ASX: SGR) share price has risen 4.5% to $4.66 on the day of its annual general meeting. At the event the casino and resorts operator released a trading update which revealed that it has started FY 2020 positively. For the period from July 1 to October 21, group domestic revenue is up 1.5% on the prior corresponding period. Star has achieved growth in both Sydney and Queensland.

If you missed these gains don't worry, because these highly rated shares could be next in line to charge higher.

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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 Dicker Data Limited. 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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