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Why Costa, Flight Centre, Polynovo, & Pointsbet shares are storming higher

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a disappointing decline. At the time of writing the benchmark index is down a sizeable 0.9% to 6,072.2 points.

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

The Costa Group Holdings Ltd (ASX: CGC) share price has jumped over 8% higher to $3.21 following the release of its half year results. For the six months ended 28 June 2020, Costa posted revenue of $612.4 million. This was an increase of 6.8% on the prior corresponding period. On the bottom line, Costa reported a net profit after tax of $45.8 million. This is an increase of 12% on the prior corresponding period.

The Flight Centre Travel Group Ltd (ASX: FLT) share price is up 4% to $13.10. This morning analysts at Morgan Stanley retained their overweight rating and $16.00 price target on the travel company’s shares. The broker estimates that Flight Centre has enough liquidity to see it through to the end of next year. In light of this and its solid performing corporate business, it believes a re-rating of its shares could be coming in the medium term.

The Polynovo Ltd (ASX: PNV) share price has stormed 7.5% higher to $2.17. News that the medical device company’s chairman has been buying shares following a drop this week appears to have boosted sentiment. David Williams picked up 500,000 shares on market for an average of ~$2.04 per share on Thursday.

The Pointsbet Holdings Ltd (ASX: PBH) share price has rocketed 55% higher to $11.63. Investors have been buying the sports betting company’s shares following its full year results release and the announcement of a partnership with NBC. In respect to the former, Pointsbet tripled its revenue in FY 2020 despite the disruption caused by the pandemic.

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Returns as of 6th October 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Pointsbet Holdings Ltd and POLYNOVO FPO. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Pointsbet Holdings 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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