The S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a positive note. In late morning trade the index is up a sizeable 0.7% to 6,073.1 points.
Four shares climbing more than most today are listed below. Here’s why they are racing higher:
The Lovisa Holdings Ltd (ASX: LOV) share price is up almost 7% to $6.53. This follows the release of a full year sales update by the fashion jewellery retailer. According to the update, Lovisa’s sales revenue for FY 2020 (excluding franchise revenue) came in at $237 million. This represents a 4.8% decline on FY 2019’s sales revenue of $249 million. Investors appear pleased with this result given how its stores were forced to close during the pandemic.
The PointsBet Holdings Ltd (ASX: PBH) share price has jumped 6% higher to $6.06. Investors have been buying the sports betting company’s shares after its U.S. business entered into a new multi-year deal to become a gaming partner of the Detroit Tigers Major League Baseball (MLB) team. This is the first of its kind in the MLB.
The Transurban Group (ASX: TCL) share price is up over 2% to $14.85. The catalyst for this gain appears to have been a broker note out of Ord Minnett. Its analysts have upgraded the toll road operator’s shares to an accumulate rating with a $16.00 price target. Ord Minnett is expecting Transurban’s earnings to recover close to pre-pandemic levels by FY 2023.
The WiseTech Global Ltd (ASX: WTC) share price is up 5% to $20.69. This is despite there being no news out of the logistics solutions company. However, its shares have fallen heavily this week after it revealed that its CEO offloaded almost $46 million worth of shares late last month. Investors may believe the sell off was unnecessary and have been taking advantage of the pullback.
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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 Pointsbet Holdings Ltd. The Motley Fool Australia owns shares of Transurban Group and WiseTech Global. The Motley Fool Australia has recommended Pointsbet Holdings Ltd. 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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