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Why Beach, Gold Road, Marley Spoon, & Treasury Wine are pushing higher

share price higher

The S&P/ASX 200 index is tumbling lower again on Thursday. In afternoon trade the benchmark index is down 0.4% to 7,005.8 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are pushing higher:

The Beach Energy Ltd (ASX: BPT) share price is up 3.5% to $2.64. Beach Energy’s shares are rebounding after dropping lower on Wednesday following the release of its quarterly update. During the quarter Beach produced 6.41 million barrels of oil equivalent. This represents a 2% decline on the September quarter and a 13.6% drop compared to the prior corresponding period.

The Gold Road Resources Ltd (ASX: GOR) share price is up 9% to $1.47. This follows the release of the gold miner’s quarterly update. That update revealed that Gold Road had a strong finish to 2019. This led to it achieving production at the top end of its guidance range. Another positive was that its costs came in within its guidance range also. And thanks to the high gold price, Gold Road generated strong free cash flows.

The Marley Spoon AG (ASX: MMM) share price has jumped 22% to 30.5 cents. Investors have been buying the subscription-based meal kit provider’s shares following the release of its fourth quarter update. Marley Spoon smashed its guidance with a 41% increase in full year revenue to €129.6 million. Looking ahead, management expects another year of solid growth with operating EBITDA turning positive by the year end.

The Treasury Wine Estates Ltd (ASX: TWE) share price has rebounded from yesterday’s sell off with a 4.5% gain to $12.92. This morning Credit Suisse upgraded the wine company’s shares to a neutral rating on the belief that the aforementioned selloff had left its shares trading at fair value. Though, it is worth noting that the broker suspects Treasury Wine could still fall short of its revised guidance.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates 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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