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Why Carsales, FlexiGroup, Lynas, & Volpara are charging higher today

asx 200, share price increase
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The S&P/ASX 200 Index (ASX: XJO) has returned to form on Thursday and is pushing higher. In late morning trade the benchmark index is up 0.7% to 5,257.7 points.

Four shares that have climbed more than most today are listed below. Here’s why they are charging higher:

The Carsales.Com Ltd (ASX: CAR) share price is up 2% to $13.22. This follows the release of a trading update this morning. According to the update, Carsales has implemented cost saving initiatives to mitigate the near-term financial impact of the coronavirus pandemic on its operations. Another positive is that management notes that traffic on carsales.com.au has remained resilient over the past month. It feels this is a reflection of the underlying demand that exists for buying, selling and researching cars even in this challenging environment.

The FlexiGroup Limited (ASX: FXL) share price is up over 4% to 74 cents. Investors have been buying the financial services company’s shares following the release of a trading update this morning. That update revealed that the company delivered solid growth during the third quarter. FlexiGroup posted an 11% increase in active customers to 1.89 million, an 18% lift in transaction volumes on continuing products, and a 5% increase in receivables to $2.77 billion.

The Lynas Corporation Ltd (ASX: LYC) share price has jumped 13% to $1.58. After the market closed on Wednesday, the rare earths producer revealed that the U.S. Department of Defense intends to award a Phase I contract for a U.S. based Heavy Rare Earth separation facility to it. This follows the company’s tender submission in December 2019.

The Volpara Health Technologies Ltd (ASX: VHT) share price is up over 5% to $1.33. Investors have been snapping up the medical technology company’s shares after the release of its fourth quarter update. During the quarter Volpara’s cash receipts jumped 354% on the prior corresponding period to NZ$4.7 million. In addition to this, its Annual Recurring Revenue (ARR) was up to NZ$18 million at the end of the quarter. This was ahead of its upgraded guidance and up 172% year on year.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended VOLPARA FPO NZ. The Motley Fool Australia has recommended carsales.com Limited and FlexiGroup 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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