The Motley Fool

Why Evolution, Kogan, Nearmap, & Qantas shares are pushing higher

The S&P/ASX 200 Index (ASX: XJO) is on course to record another disappointing decline on Tuesday. In afternoon trade the benchmark index is down 1.7% to 5,262.5 points.

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

The Evolution Mining Ltd (ASX: EVN) share price is up 4.5% to $4.97. Investors have been buying Evolution and other gold miners after the gold price rebounded strongly overnight. Concerns over the state of the global economy following a collapse in oil prices appears to have led to increasing demand for safe haven assets. The S&P/ASX All Ordinaries Gold index is up 2.2% this afternoon.

The Ltd (ASX: KGN) share price is up almost 3% to $6.69 following the release of its third quarter update. The ecommerce company revealed a sharp jump in sales during the quarter and particularly in March. Kogan’s third quarter gross sales grew by more than 30% over the prior corresponding period. Whereas in March, sales and gross profits jumped more than 50% on the same period last year. This appears to have been driven by the closure of retail stores in March and its increased marketing spend.

The Nearmap Ltd (ASX: NEA) share price has jumped over 6.5% to $1.28. Investors have been buying the aerial imagery technology and location data company’s shares after the release of a positive update this morning. As well as confirming that it is on track to achieve its guidance for FY 2020, Nearmap revealed plans to cut its costs by 30%. These plans are expected to lead to Nearmap being cash flow breakeven in FY 2020.

The Qantas Airways Limited (ASX: QAN) share price is up almost 2% to $1.88. Investors have been snapping up the airline operator’s shares after its rival Virgin Australia Holdings Ltd (ASX: VAH) went into voluntary administration. If Virgin Australia doesn’t emerge from administration it would give Qantas a near-monopoly of the domestic market. In addition to this, a collapse in oil prices overnight is a positive for airlines.

5 stocks under $5

We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.

And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!

*Extreme Opportunities returns as of June 5th 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended ltd and Nearmap Ltd. 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.

Related Articles...

Latest posts by James Mickleboro (see all)