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Why Polynovo and these 3 ASX shares are surging higher today

Trading on the S&P/ASX 200 (INDEXASX: XJO) has been fairly flat today, with the market down slightly at the time of writing. In early afternoon trade, the benchmark index is down 0.2% to 7,119.2 points.

Despite this, here are 4 ASX shares that have performed very well in today’s trade, and an insight into what might be driving their share price gains.

Money3 Corporation Limited (ASX: MNY)

The Money3 share price is trading higher today following the release of its first half year results – at the time of writing, Money3 shares are up 5.9% to $2.87. Money3 is involved in provision of finance specialising in the delivery of secured automotive loans as well as secured and unsecured personal loans. Money3 reported first-half normalised net profit after tax (NPAT) of $15.7 million, up 61.9%. H1 FY20 revenue increased 55% over the prior corresponding period (pcp) to $62.7 million. Also, earnings per share (EPS) increased 31% over the prior corresponding period to 8.6 cents, and an interim dividend of 5 cents per share, fully franked, was declared.

Phoslock Environmental Technologies Ltd (ASX: PET)

The Phoslock share price has rocketed 13.5% at the time of writing following an update to the market earlier this morning on its operations in China. In addition to this, it updated the market on a new project in Brazil. Phoslock announced that its Beijing office is now back at work, with government approval to re-start its factory. It anticipates that production should ramp up over the next month. Phoslock also announced that through its Brazilian licensee, Phoslock has received a contract from CEDEA to treat one of Rio de Janeiro city’s main drinking reservoirs.

Uniti Group Ltd (ASX: UWL)

The Uniti share price has also been a strong performer so far today. Uniti is provider of telecommunications services, specialising in fixed-wireless, fibre and telco services. Uniti provides these connections over its own wireless access network, supported by third-party fibre backhaul and internet connectivity. At the time of writing, the growing telco company’s shares are up a whopping 9.68% to $1.70, after it upgraded its guidance for the full year. Management now expects Uniti to deliver underlying earnings before interest, tax, depreciation and amortisation of between $17.5 million and $18.5 million for the second half, which is higher than previously anticipated.

Polynovo Ltd (ASX: PNV)

Shares in Polynovo are up by 3.7% at the time of writing to be trading at $3.11. PolyNovo develops innovative medical devices including its patented polymer technology NovoSorb. The NovoSorb product has been recording sales at a record pace in recent months. Notably, Polynovo reported $2 million of monthly sales in December 2019, up 134% on December 2018. Sales in the US continue to be strong. In January, PolyNovo launched its product in the UK and 3 countries in Europe and reported impressive clinical results. Earlier in February, its share price lifted after CEO Paul Brennan outlined plans for further aggressive growth, with the company focused on reinvesting money back into the business to drive top-line growth.

These 3 stocks could be the next big movers in 2020

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In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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