Why AMP, FlexiGroup, Harvey Norman, & Qube shares are charging higher

AMP Limited (ASX:AMP) and FlexiGroup Limited (ASX:FXL) shares are two of four charging higher on Tuesday. Here’s why…

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After a strong start to the day, the S&P/ASX 200 Index (ASX: XJO) is tumbling lower in late morning trade. At the time of writing the benchmark index is down 0.7% to 5,903.1 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are charging higher:

The AMP Limited (ASX: AMP) share price has jumped 7.5% higher to $1.90. Investors have been buying the financial services company’s shares after the release of a positive announcement this morning. According to the release, AMP has received all the required regulatory approvals for the sale of AMP Life to Resolution life. It expects the transaction to complete after the market close on 30 June.

The FlexiGroup Limited (ASX: FXL) share price has stormed 8% higher to $1.32. The catalyst for this gain was an update by the financial services company this morning. That update reveals that its buy now pay later business has been growing strongly in the second half of FY 2020. In fact, it now has 2.1 million customers using its interest free services and has generated $2 billion in transaction value over the last 12 months.

The Harvey Norman Holdings Limited (ASX: HVN) share price is up 2.5% to $3.53. This morning the retailer released an update on its performance during the 11 months to 31 May 2020. The company’s unaudited profit before tax for the period was up approximately 20% on the prior corresponding period.

The Qube Holdings Ltd (ASX: QUB) share price has charged almost 4% higher to $2.80. This follows the announcement of an agreement with Woolworths Group Ltd (ASX: WOW) for the development of two new major warehouses across 26 hectares at Moorebank Logistics Park, which is the largest intermodal logistics precinct in Australia. Woolies has signed 20 year leases for the warehouses.

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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 Woolworths Limited. The Motley Fool Australia has recommended 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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