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Here’s why these 4 ASX shares are surging higher today

There has been plenty of action on the ASX share market this morning, driven by a flurry of announcements regarding half-year earnings releases for FY20.

Amongst all the news, here are 4 ASX shares that have surged higher today.

Breville Group Ltd (ASX: BRG)

The Breville share price rocketed as much as 19.92% this morning to an all-time high of $23.96. At the time of writing, shares are trading 18.64% higher at $23.705.

The surge has been in response to Breville’s first-half earnings announcement for FY20 which exceeded market expectations. The company’s net profit after tax climbed 14.1% to $49.7 million on total revenue of $522 million for the half.

Earnings per share (EPS) also increased 14% to 38.1 cents, while management lifted its interim dividend by 10.8% to 20.5 cents (franked at 60%) on the back of the strong result.

AGL Energy Limited (ASX: AGL)

AGL was another company that released its half-year results to the market this morning. The Aussie energy provider reported statutory net profit after tax of $323 million for the first half of FY20, up 11% on the prior corresponding period (pcp). Meanwhile, statutory EPS was 49.7 cents, up 12% on the pcp.

However, the company’s underlying results told a different story. Underlying profit after tax came in at $432 million, down 20% on pcp, while underlying EPS was 66.4 cents, down 19%.

Despite this, the AGL share price has surged higher today, up 4.38% at the time of writing.

AGL expects its underlying profit after tax for FY20 to be in the upper half of its guidance range of $780 million–$860 million. The company commented that this reflects AGL’s solid portfolio performance and customer growth.

Idp Education Ltd (ASX: IEL)

The IDP Education share price continues to surge higher today after the company released its FY20 half-year result for the six months to 31 December 2019 yesterday.

IDP shares are up by 7.61% at the time of writing after rocketing by a whopping 28% by close of trade yesterday.

In yesterday’s half-year result, the company reported that total revenue increased by 20% to $379 million, while gross profit rose 24% to $222.2 million.

Management commented that the strength of its diverse global business was reinforced by its strong growth in India, Canada, and the UK.

TPG Telecom Ltd (ASX: TPM)

TPG shares have rocketed out of a trading halt today to be up 13.2% at the time writing. This comes after an announcement this morning relating to the Federal Court judgment over the proposed merger between Vodafone and TPG.

The Federal Court has decided to overturn the ACCC’s initial decision it made last May and approve the merger, sending the TPG share price surging higher.

The Federal Court did not believe the merger would reduce competition in the Australian telco market.

The new and merged entity will now be in a strong position to compete with the two current largest telcos in Australia, Telstra Corporation Ltd (ASX: TLS) and Optus.

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Motley Fool contributor Phil Harpur owns shares of Telstra Limited. The Motley Fool Australia owns shares of and has recommended Telstra 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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