In morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to give back some of yesterday's gains. At the time of writing the benchmark index is down 0.45% to 5,754.3 points.
Four shares that have not let that hold them back are listed below. Here's why they are racing higher:
The ALS Ltd (ASX: ALQ) share price is up almost 2.5% to $7.21 after the release of its full year results. This morning the testing services company reported a 10% increase in revenue to $1,831.9 million and a 4.3% lift in underlying net profit to $188.8 million (both from continuing operations). The latter was in line with its guidance range. ALS was confident enough in its outlook and balance sheet to declare a final dividend of 6.1 cents per share.
The Metcash Limited (ASX: MTS) share price is up 2% to $2.69. This appears to have been driven by a broker note out of UBS this morning. According to the note, the broker has upgraded Metcash's shares to a buy rating with a $2.85 price target. It likes Metcash because of the strength of the grocery channel and the improving outlook for the hardware channel.
The National Australia Bank Ltd (ASX: NAB) share price has jumped a further 5% to $17.47. The big four banks are on fire again on Wednesday. Investors continue to pile in on the belief that they were oversold during the pandemic. Especially given Australia's quicker than expected reopening, which looks set to lessen the economic damage.
The Pointsbet Holdings Ltd (ASX: PBH) share price has stormed 8% higher to $5.48. Investors have been buying the sports betting company's shares after the release of a trading update. That update revealed that its Australian business has achieved a net win of $18.2 million for the period 1 April to 25 May. This has been driven by a shift in gambling online following the closure of retail venues.
