In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note. At the time of writing the benchmark index is up 1.1% to 5,423.6 points.
Four shares that are climbing more than most today are listed below. Here's why they are charging higher:
The Harvey Norman Holdings Limited (ASX: HVN) share price is up 5.5% to $3.00. The catalyst for this gain appears to be a broker note out of Goldman Sachs this morning. Its analysts have upgraded the retailer's shares to a buy rating with an improved price target of $3.85. While the broker notes that the outlook into FY 2021 remains extremely uncertain, the better than expected containment of COVID-19 in Australia is softening the downside to earnings it previously anticipated.
The Propel Funeral Partners Ltd (ASX: PFP) share price has jumped over 10% to $2.96 after the release of a trading update. This morning the funeral company revealed that its performance in April was reasonably solid, all things considered. It advised that it didn't experience a material impact on funeral volumes and the average revenue per funeral only dropped 10% compared to the same period last year.
The REA Group Limited (ASX: REA) share price is up 6.5% to $94.16. Investors have been buying the property listings company's shares following the release of its third quarter update. REA Group posted a 1% increase in revenue to $199.8 million and an 8% lift in EBITDA to $119.6 million. This was despite a 7% decline in listings during the quarter. And while national listings were down 33% in April, the company is aiming to offset this with a 20% reduction in fourth quarter operating expenses.
The Zip Co Ltd (ASX: Z1P) share price has jumped 13% to $3.24. Investors have been fighting to get hold of the buy now pay later provider's shares after the release of a strong trading update. During April, Zip Co's monthly revenue increased 81% on the prior corresponding period to $15.1 million. The company also reported an 86% lift in monthly transaction volume to $181.6 million and net bad debts of 1.99%. Management notes that the latter is significantly outperforming the market average.
