In late morning trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing the benchmark index is up 0.15% to 6,023.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are zooming higher:
The Australian Ethical Investment Limited (ASX: AEF) share price is up 6% to $6.74. This follows the release of its profit guidance for FY 2020 this morning. The ethical fund manager revealed that it expects underlying profit after tax to be between $9 million and $9.5 million. The mid-point of this guidance range represents an increase of 41% on the 12 months ended 30 June 2019.
The Magellan Financial Group Ltd (ASX: MFG) share price is up 3.5% to $64.45. Investors have been buying the fund manager’s shares after the release of its latest funds under management update. According to the update, in June, Magellan experienced net inflows of $249 million. This comprised net retail inflows of $173 million and net institutional inflows of $76 million.
The St Barbara Ltd (ASX: SBM) share price has jumped over 8% to $3.57. This follows the release of the gold miner’s quarterly production update this morning. Fourth quarter gold production came in at 108,612 ounces, which lifted its full year production to 381,887 ounces. This was in line with its full year production guidance of 370,000 to 400,000 ounces. St Barbara closed the year out with A$406 million in cash and term deposits.
The Sezzle Inc (ASX: SZL) share price has rocketed 14% higher to $4.65 after releasing its second quarter update. During the quarter, Sezzle’s underlying merchant sales came in at US$188 million (A$272.3 million). This represents a 58% quarter on quarter increase and a 349% year on year increase. This was driven by strong growth in active customers, active merchants, and repeat usage.
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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 Australian Ethical Investment Ltd. The Motley Fool Australia has recommended Australian Ethical Investment Ltd. and Sezzle Inc. 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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