The Motley Fool

Why AMP, Premier Investments, QBE, & Treasury Wine shares are storming higher

In late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is dropping lower. At the time of writing the benchmark index is down 0.25% to 6,116.4 points.

Four shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

The AMP Limited (ASX: AMP) share price has jumped 11% to $1.53. This morning the financial services company released its half year results and revealed an underlying profit of $149 million. It also revealed plans to return $544 million to shareholders. This comprises $344 million via a fully franked special dividend of 10 cents per share and up to $200 million via an on-market share buy-back.

The Premier Investments Limited (ASX: PMV) share price is up almost 9% to $18.39. This follows the release of a second half trading update by the retail conglomerate. Although the company’s retail business will report a decline in overall sales, the business still expects to deliver profit growth in FY 2020. This is due to a big jump in higher margin online sales during the financial year.

The QBE Insurance Group Ltd (ASX: QBE) share price has stormed 5.5% higher to $10.61. This morning the insurance giant released its half year results and revealed a statutory net loss after tax of $712 million. This was actually better than its guidance for a loss of $750 million for the half. This reflects the impact of COVID-19, catastrophe experience and a pre-tax investment loss of $90 million. Despite this loss, QBE declared a 4 cents per share interim dividend.

The Treasury Wine Estates Ltd (ASX: TWE) share price has jumped 12% to $12.60 following the release of its FY 2020 results. For the 12 months, the wine company reported a 6% decline in net sales revenue to $2,649.5 million and a 22% decline in EBITS to $533.5 million. Treasury Wine Estates’ performance was impacted by challenging conditions in the US wine market and the COVID-19 pandemic. The latter impacted the sales of high margin luxury products.

These stocks could rocket in a Post-COVID world (FREE STOCK REPORT)

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

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 owns shares of and has recommended Premier Investments Limited and Treasury Wine Estates Limited. 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.

Related Articles...

Latest posts by James Mickleboro (see all)