In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is trading notably lower. At the time of writing the benchmark index is down 0.7% to 6,700.4 points.
Four shares that have not let that hold them back today are listed below. Here's why they have stormed higher:
The Codan Limited (ASX: CDA) share price is up 4.5% to $6.09 on the day of its annual general meeting. At the meeting the electronic products company's management team revealed that it has had an excellent start to the year. As a result, it believes the company is well positioned to deliver a net profit after tax of around $26 million for the first half. This compares to $22.2 million in the prior corresponding period.
The Genworth Mortgage Insurance Australia (ASX: GMA) share price has rocketed 12% higher to $4.00 following its quarterly update. Genworth reported a statutory net profit after tax of $25.1 million in the third quarter. This is a 28% increase on the $19.6 million achieved in the prior corresponding period. A key driver of this strong form was a 26.4% increase in new insurance written (NIW) to $6.4 billion.
The Lovisa Holdings Ltd (ASX: LOV) share price is up almost 3% to $13.30 after brokers responded positively to its quarterly update. According to a note out of the Macquarie, its analysts remain bullish on the the jewellery retailer due to its U.S. expansion opportunity. It expects this to be a key driver of growth over the medium term. This morning Macquarie retained its outperform rating and lifted its price target to $14.50.
The Straker Translations Ltd (ASX: STG) share price has stormed 4% higher to $1.82. This morning the AI data-driven language translation platform provider released its second quarter update. During the quarter Straker posted cash inflows of NZ$7.3 million. This was a 15% increase on the same period last year and a 19% lift on the first quarter. It also revealed that it has its largest ever pipeline of new business opportunities.
