It has been an eventful day for the S&P/ASX 200 Index (ASX: XJO). After sinking lower in early trade, the benchmark index is trading roughly flat at 5,557.6 points at the time of writing.
Four shares that have not let that hold them back are listed below. Here’s why they are storming higher:
The ALS Ltd (ASX: ALQ) share price is up almost 5% to $6.92. This appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has upgraded the testing services company’s shares to an outperform rating with an $8.00 price target. It made the move ahead of its results release next week.
The Clover Corporation Limited (ASX: CLV) share price has jumped 12% to $2.51. Investors have been buying the infant formula ingredients company’s shares following the release of a positive trading update. Clover revealed that it has recently experienced a surge in demand and expects this to continue in the fourth quarter. Strong sales of infant formula products during the pandemic is driving the demand for ingredients.
The Computershare Limited (ASX: CPU) share price is up 4% to $12.66. This follows the release of an update by the share registry company after the market close on Tuesday. Computershare revealed that the majority of its businesses are operating resiliently during the pandemic. As such, it has reaffirmed its management earnings per share guidance of a 20% decline in FY 2020.
The EML Payments Ltd (ASX: EML) share price has rocketed 15% higher to $3.78. This morning the payments company released an update for the third quarter and April. Although it has been facing large headwinds, revenue and EBITDA were up 20% and 24% financial year to date at the end of March. The company also revealed that it made an operating profit during the month of April.
These 3 stocks could be the next big movers in 2020
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Clover Limited and Emerchants Limited. The Motley Fool Australia has recommended Emerchants 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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