In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to give back a lot of yesterday’s strong gains. At the time of writing the benchmark index is down 1.1% to 6,088.4 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
The Baby Bunting Group Ltd (ASX: BBN) share price is up 8% to $3.40. Investors have been buying the baby products retailer’s shares after the release of its unaudited preliminary full year results. Baby Bunting delivered a 12% increase in total sales to $405 million and expects to post a 29% to 35% lift in pro forma net profit after tax to between $18.5 million and $19.5 million. A key driver of its growth was strong online sales during the second half.
The Beach Energy Ltd (ASX: BPT) share price is up 5% to $1.56. This follows the release of the energy company’s fourth quarter and full year production update. Beach Energy reported total fourth quarter production of 6.8 MMboe, bringing its full year production to a total of 26.7 MMboe. This represents a 2% increase on FY 2019 pro forma production of 26.2 MMboe. And although its sales slumped because of the oil price collapse, the decline wasn’t as bad as many feared.
The QBE Insurance Group Ltd (ASX: QBE) share price is up 2% to $9.84. This morning the insurance giant revealed an update on its expectations for the first half of FY 2020. QBE now expects to report a first half combined operating ratio of around 104%, which reflects COVID-19 impacts of around $335 million, adverse catastrophe experience of around $60 million, and adverse prior accident year claims development of around $120 million.
The Resolute Mining Limited (ASX: RSG) share price has jumped 11% to $1.38. Investors have been buying the gold miner’s shares after the release of its second quarter update. During the quarter, Resolute achieved gold production of 107,183 ounces at an all-in sustaining cost (AISC) of US$1,033 an ounce. This means it is on course to achieve its FY 2020 guidance of 430,000 ounces at an AISC of US$980 an ounce. Resolute also revealed an average realised price of US$1,446 an ounce for the period.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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