In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week in a disappointing fashion. At the time of writing the benchmark index is down 1.7% to 5,949 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are pushing higher:
The Afterpay Ltd (ASX: APT) share price is up 1.5% to $69.88. Investors have been buying Afterpay and other tech shares today after their U.S. counterparts pushed higher overnight. Although the Dow Jones and S&P 500 indices tumbled lower, the tech-heavy Nasdaq index recorded a solid gain.
The Bapcor Ltd (ASX: BAP) share price is up 2.5% to $6.29. This appears to have been driven by the release of a positive update by Supercheap Auto owner, Super Retail. That update revealed that the Supercheap Auto business recorded a 6.3% increase in like-for-like sales and a 7.6% jump in total sales in FY 2020. This bodes well for Bapcor given their similar target markets.
The NRW Holdings Limited (ASX: NWH) share price is up almost 6% to $1.80. This morning the contract services provider revealed that the Southwest Connex Alliance has been named as the preferred proponent for the Bunbury Outer Ring Road project. NRW is a 40% partner in the Southwest Connex Alliance. The project is fully funded for $852 million and is expected to have a duration of three and a half years.
The Super Retail Group Ltd (ASX: SUL) share price is up 9% to $8.85. Investors have been buying the retailer’s shares after the release of a stronger than expected full year update. Super Retail revealed that its sales bounced back very strongly in May and June. This led to total sales growth of 4.2% in FY 2020. The company also expects to deliver growth in its pro forma EBITDA. This is expected in the range of $327 million and $328 million, up from $315 million in FY 2019. This excludes one-offs such as employee underpayment remediation costs.
These 3 stocks could be the next big movers in 2020
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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 and has recommended Bapcor and Super Retail Group Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.