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Why Chorus, Mcgrath, Ramelius, & Saracen shares are charging higher

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In afternoon trade the S&P/ASX 200 index is on course to start the week on a very disappointing note. At the time of writing the benchmark index is down a sizeable 2.4% to 6,969.3 points.

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

The Chorus Ltd (ASX: CNU) share price is up 5.5% to $6.41 following the release of the New Zealand based telco company’s half year results. Although Chorus delivered a small decline in revenue to NZ$483 million, its EBITDA rose 4.4% to NZ$332 million. Looking ahead, thanks partly to the company’s progress with its fibre network rollout, management has increased its FY 2020 EBITDA guidance. It now expects EBITDA of NZ$640 million to NZ$655 million, compared to previous guidance of NZ$625 million to NZ$645 million.

The Mcgrath Ltd (ASX: MEA) share price has zoomed almost 10% higher to 34 cents following its half year results release. The property company reported a 15% increase in revenue to $48.9 million and positive EBITDA of $1.6 million. This compares to an EBITDA loss of $2.5 million in the prior corresponding period.

The Ramelius Resources Limited (ASX: RMS) share price has raced 12% higher to $1.42. This follows the release of the gold miner’s half year update this morning. Ramelius reported a 329% increase in net profit to $20.5 million and a 31.8% increase in earnings before, interest, tax, depreciation and amortisation (EBITDA) for the six months ended December 30. This was driven by improving grades and a rise in the gold price.

The Saracen Mineral Holdings Limited (ASX: SAR) share price has jumped 7% to $4.48. Investors have been buying Saracen and the rest of the gold miners following the broad market selloff on Monday. This increase in demand for safe haven assets has led to the S&P/ASX All Ordinaries Gold index rising by an incredible 3.9% this afternoon.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

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Motley Fool contributor James Mickleboro 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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