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Why Bendigo and Adelaide Bank, CIMIC, James Hardie, & Webjet are storming higher

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is pushing higher again. At the time of writing the benchmark index is up 1% to 6,170.1 points.

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

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is up 4.5% to $7.18. Investors have been returning to the banks again on Tuesday and driving their shares higher. In addition to this, Bendigo and Adelaide Bank was the subject of a broker note out of Goldman Sachs on Monday. Although the broker only retained its neutral rating, its price target of $8.14 is notably higher than where it trades today.

The CIMIC Group Ltd (ASX: CIM) share price has climbed 4% to $23.65. This follows the second contract update in as many days by the engineering company. According to the release, CIMIC’s CPB Contractors business has been awarded two contracts for resources and water projects located in Western Australia and Queensland. These contracts are worth approximately $128 million in revenue.

The James Hardie Industries plc (ASX: JHX) share price has stormed 5% higher to $31.61. This follows the release of the building materials company’s first quarter update. James Hardie reported an adjusted net operating profit (NOPAT) of US$89.3 million, which was in line with the prior corresponding period. For the full year, James Hardie expects an adjusted NOPAT of US$330 million to US$390 million.

The Webjet Limited (ASX: WEB) share price has jumped 7% to $3.47. A number of travel companies have been pushing higher on Tuesday. Investors may believe the recent weakness in the sector has brought them down to attractive levels. It won’t be long until this is proven to be the case or not. Webjet is scheduled to release its eagerly anticipated full year results on Wednesday 19 August.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet 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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