In late morning trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to get into positive territory. At the time of writing the benchmark index is down 0.2% to 5,980.7 points.
Four shares that have not let that hold them back are listed below. Here's why they are racing higher:
The Kogan.com Ltd (ASX: KGN) share price has jumped 9% to $12.42. Investors have been buying the ecommerce company's shares after it released a business update. That update revealed that Kogan's impressive customer, sales, and profit growth continued during the month of May. The company added 126,000 active customers during May. This helped more than double its sales and triple its operating earnings quarter to date.
The National Australia Bank Ltd (ASX: NAB) share price is up 2% to $19.28. The banking giant's shares were given a big boost this morning by a broker note out of UBS. It has upgraded NAB's shares to a buy rating with a $20.50 price target. It doesn't feel that NAB's outlook is as bleak as first feared.
The Qantas Airways Limited (ASX: QAN) share price has continued its positive run and is up a further 3% to $4.63. Investors have been buying the airline operator's shares after it announced an increase in domestic flights for June and July. By the end of July, subject to demand, Qantas' domestic capacity could be 40% of pre-pandemic levels. This morning Morgan Stanley responded to the news by retaining its buy rating and $5.20 price target.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price has pushed over 4% higher to $6.36. This gain appears to have been driven by the aforementioned news out of Qantas. A quicker than expected recovery in domestic tourism would be a big positive for Sydney Airport and limit the cash burn it is currently experiencing.
