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Why Coca-Cola Amatil, Newcrest, QBE, & Tabcorp shares are pushing higher

asx shares higher

In late morning trade the S&P/ASX 200 Index (ASX: XJO) has fought back from an early decline and is pushing higher. At the time of writing the benchmark index is up 0.45% to 6,101.8 points.

Four shares that have climbed more than most today are listed below. Here’s why they are pushing higher:

The Coca-Cola Amatil Ltd (ASX: CCL) share price has jumped 5% to $8.93 after the release of a trading update. That update revealed that the beverage giant’s performance during the month of June improved greatly as COVID-19 restrictions eased. Trading volumes across the group in June were down approximately 9% compared to June 2019. This resulted in a second quarter 2020 volume decline of approximately 23% compared to the prior corresponding period.

The Newcrest Mining Limited (ASX: NCM) share price is up 2% to $34.85. This follows the release of the gold mining giant’s fourth quarter update. Newcrest delivered group gold production of 573,000 ounces during the fourth quarter, up 7% on the prior quarter. This was better than the consensus estimate of 542,000 ounces. Newcrest achieved this with a quarterly all-in sustaining cost (AISC) of US$878 per ounce. This was also better than expected.

The QBE Insurance Group Ltd (ASX: QBE) share price is up 4.5% to $10.28. This morning analysts at UBS retained their buy rating on this insurance giant’s shares and lifted the price target on them to $11.50. This follows an update on its first half expectations on Wednesday. UBS was pleased with its first half operating trends and notes that its gross written premiums grew by more than 10%.

The Tabcorp Holdings Limited (ASX: TAH) share price is up 5% to $3.63. This morning the gambling company announced its new chairman and the retirement of its chief executive officer. In respect to the former, Steven Gregg will succeed Paula Dwyer at the end of the year. As for the latter, the company’s current CEO, David Attenborough, intends to retire during the first half of calendar year 2021.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

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In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

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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