Motley Fool Australia

Why Afterpay, Bank of Queensland, EML, & Sonic shares are storming higher

share price higher

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is fighting hard to maintain its winning streak. At the time of writing, the benchmark index is off its lows and down slightly to 6,192 points.

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

The Afterpay Ltd (ASX: APT) share price is up over 2.5% to $96.99. Investors have been buying the payments company’s shares today following an update on its Anti-Money Laundering and Counter-Terrorism Financing audit. According to the release, AUSTRAC has considered the final audit report and Afterpay’s response to the findings and has decided it will not be taking any further regulatory action.

The Bank of Queensland Limited (ASX: BOQ) share price has stormed almost 4% higher to $6.65. The catalyst for this was the release of a stronger than expected full year result this morning. For the 12 months ended 31 August, the regional bank posted a 30% decline in cash earnings to $225 million. This compares favourably to the consensus estimate of $204 million.

The EML Payments Ltd (ASX: EML) share price has jumped 8.5% higher to $3.55 following the release of an investor update. Although the update contained no new information, management spoke positively about the payments company’s future and believes it is well-positioned for growth.

The Sonic Healthcare Limited (ASX: SHL) share price is up 3% to $35.76. Investors have been buying the healthcare company’s shares after the release of its first quarter update. For the three months ended 30 September, Sonic delivered a 29% increase in revenue to $2,144 million and a 71% lift in EBITDA to $580 million. This impressive growth was driven by very strong demand for COVID-19 testing services globally. However, management has warned not to expect this level of growth to persist over the remainder of FY 2021.

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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 EML Payments. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended EML Payments and Sonic Healthcare 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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