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Why Codan, Genworth, Lovisa, & Straker Translations shares stormed higher

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.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Straker Translations. 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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