In late morning trade the S&P/ASX 200 Index (ASX: XJO) looks set to end its winning streak with a small decline. At the time of writing the benchmark index is down 0.2% to 6,090.5 points.
Four shares that have not let that hold them back are listed below. Here’s why they are charging higher today:
The ARB Corporation Limited (ASX: ARB) share price has climbed 5% to $31.84. Investors have been buying the auto accessories company’s shares this week following the release of a positive first quarter update. ARB reported unaudited sales revenue growth of 17.7% for the first quarter of FY 2021. Profit before tax for the quarter was $29.7 million, setting it up for a big lift in first half profit growth.
The CIMIC Group Ltd (ASX: CIM) share price has surged 6% higher to $21.59. This follows the release of the engineering company’s third quarter update this morning. Although CIMIC’s revenue and profits are down notably year to date, it revealed that its performance improved in the third quarter. Management also advised that it expects to benefit from the increased investment in infrastructure as part of the economic recovery from the pandemic.
The Janus Henderson Group CDI (ASX: JHG) share price has risen 6.5% to $37.50. The fund manager’s shares have been strong performers this month. Investors have been buying Janus Henderson’s shares following reports that activist investor Trian Fund Management had bought a big stake.
The Netwealth Group Ltd (ASX: NWL) share price has pushed 3.5% higher to $17.89. This appears to have been driven by a broker note out of Macquarie this morning. That note reveals that the broker has upgraded the investment platform provider’s shares to a neutral rating and lifted the price target on them materially to $17.50. This follows the release of its first quarter update this week.
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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 Netwealth. The Motley Fool Australia has recommended ARB 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.
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