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Here’s why Costa, Perenti and Next Science shares are moving higher

share price higher

In early afternoon trade, the S&P/ASX 200 Index (INDEXASX: XJO) has recovered some of its losses earlier in the day to be down 0.60% to 6,403 points.

Here are 3 ASX shares that have avoided the wider market selloff and are pushing higher. Let’s take a look at why each of these companies is moving higher today.

Next Science Ltd (ASX: NXS)

The Next Science share price has moved 8.15% higher so far today to be trading at $1.99 at the time of writing. Next Science is a medical technology company headquartered in Sydney with a research and development centre in the United States. Its primary focus is the development of its proprietary Xbio technology to reduce the impact of biofilm-based infections in human health.

Investors appear to be buying shares today on the back of a strong set of full-year financial results released to the market last Friday. Next Science delivered a 43% increase in revenue to US$4.1 million as well as a 42% lift in gross profit to US$3.5 million. This impressive result was achieved despite the company facing challenges relating to delays with its distribution partners in the US, along with delays gaining regulatory approvals for its Europe rollout. Next Science commented that the addition of new partners and new product launches should hopefully drive its sales higher during the remainder of 2020.

Costa Group Holdings Ltd (ASX: CGC)

The Costa Group share price is up 6.08% so far today to be currently trading at $3.14. On Thursday last week, the horticulture company released its results for the full-year to 31 December 2019.

During the 12 months, the company recorded a solid 5.8% increase in revenue to $1,048 million, driven by its new Colignan citrus farm sales as well as increased sales of table grapes. Costa’s earnings before interest, tax, depreciation and amortisation (EBITDA) fell by over 20% but still came in within the company’s guidance. Costa noted that pricing levels so far in 2020 have improved considerably across most categories and expects the balance of its portfolio to perform in line with previous guidance for CY2020.

Perenti Global Ltd (ASX: PRN)

The Perenti Global share price is up by 4.81% today to be currently trading at $1.415. Similarly to Next Science and Costa, Perenti’s rising share price also appears to be driven by recently released financials results.

On Wednesday last week, Perenti delivered half-year revenue of $1 billion, which was up 5.3% on the prior corresponding period. Meanwhile, the group’s earnings before interest and tax (EBIT) was 7.7% higher to come in at $111 million. Perenti has a strong pipeline moving forward with $5.7 billion of work in hand and the company is confident it can advance on its 2025 Group strategy goals.

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Returns as of 6th October 2020

Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. 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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