In afternoon trade the S&P/ASX 200 index has continued its positive run. At the time of writing the benchmark index is up 0.65% to 6,831.8 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
The Bravura Solutions Ltd (ASX: BVS) share price has rocketed 14% higher to $4.96. Investors have been buying the fintech company’s shares after it revealed that it was on track to achieve its FY 2020 guidance of mid-teen net profit growth. In response to this update, this morning analysts at Goldman Sachs upgraded its shares to a buy rating with a $5.06 price target.
The Collins Foods Ltd (ASX: CKF) share price has charged almost 7% higher to $10.38 after the release of its half year results. The quick service restaurant operator delivered a 9.2% increase in half year revenue to $448.8 million. And thanks to its focus on maintaining good cost control, statutory net profit after tax grew at the even quicker rate of 12.1% to $24.1 million.
The Objective Corporation Limited (ASX: OCL) share price has jumped 9% to an all-time high of $6.00. The information technology company is holding its annual general meeting today. At the meeting the company provided an update on its outlook. That update reveals that management expects material growth in revenue and profitability in FY 2020. In addition to this, it has forecast continued strong growth in ARR, with a focus on continued transition to subscription contracts.
The Telstra Corporation Ltd (ASX: TLS) share price is up 3% to $3.72 on the day of its investor event. At the event the telco giant reconfirmed its FY 2020 guidance and provided an update on its T22 strategy. Telstra confirmed that it is on course to reduce underlying fixed costs by a cumulative $2.5 billion by FY 2022. As a result, this year it continues to expect its underlying EBITDA to grow by up to $500 million in FY 2020.
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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 Bravura Solutions Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended Bravura Solutions Ltd and Collins Foods 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.