In afternoon trade the S&P/ASX 200 index is on course to continue its positive run. At the time of writing the benchmark index is up 0.45% to 7,087 points.
Four shares that are climbing more than most today are listed below. Here's why they are surging higher:
The Bapcor Ltd (ASX: BAP) share price has jumped 5% higher to $7.05. Investors have been buying the auto parts retailer's shares following its record profit result. For the six months ended December 31, Bapcor posted a 10.4% jump in revenue to $702.5 million and a 5.1% increase in pro forma net profit to $45.3 million. Another positive was the company noted that its solid same store sales continued into January and its overall performance is in-line with expectations.
The Carsales.Com Ltd (ASX: CAR) share price has surged almost 8% to $18.99 following the release of its half year results. During the first half the auto listings company recorded a 5% increase in revenue to $214 million. On the bottom line, Carsales revealed an adjusted net profit after tax of $63 million. This was a 7% increase on the prior corresponding period. Looking ahead, management expects solid growth in revenue, adjusted EBITDA, and adjusted NPAT in FY 2020.
The Commonwealth Bank of Australia (ASX: CBA) share price is up over 3% to $87.51 following the release of a stronger than expected half year result. For the six months ended December 31, the banking giant reported cash earnings of $4,477 million. This was down 4.3% on the prior corresponding period, but higher than the consensus estimate of $4,405 million. The bank declared a fully franked interim dividend of 200 cents per share, which was flat on a year earlier.
The IDP Education Ltd (ASX: IEL) share price has rocketed 28% higher to $21.43. This follows a very positive response to the company's strong first half result. IDP Education reported revenue of $379 million and earnings before interest and tax of $86.9 million during the half. This was a 25% and 49% increase, respectively, on the prior corresponding period. A key driver of its growth was its student placement business, which saw a 30% increase in volume.
