In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a small decline. At the time of writing the benchmark index is down 0.2% to 6,199.7 points.
Four shares that have not let that hold them back are listed below. Here’s why they are racing higher:
The Beacon Lighting Group Ltd (ASX: BLX) share price has jumped 12% to $1.59 following the release of its first quarter update. That update revealed that the retailer has started FY 2021 in fine form. For the three months ended 30 September, Beacon Lighting’s sales were up 24.3% on the prior corresponding period. Things were even better on the bottom line with first quarter underlying net profit after tax (excluding Beacon Energy Solutions) almost tripling to $8.4 million.
The Medibank Private Ltd (ASX: MPL) share price is up over 4% to $2.76. Investors have been buying the private health insurer’s shares after analysts at Morgan Stanley upgraded them to an overweight rating with an improved price target of $3.10. It believes the company’s policyholder growth target is achievable in FY 2021.
The Redbubble Ltd (ASX: RBL) share price has risen a further 2.5% to $5.49. Investors have been buying the ecommerce company’s shares after brokers responded positively to its first quarter update. One of those brokers was Morgans, which retained its add rating and lifted its price target to $6.31. It was pleased with the company’s strong sales growth and widening margins during the first quarter.
The Tyro Payments Ltd (ASX: TYR) share price is up almost 7% to $4.19. This follows the announcement of a partnership with Australia’s fifth biggest retail bank, Bendigo and Adelaide Bank Ltd (ASX: BEN). The two companies have agreed to a 10-year merchant acquiring alliance which will see Tyro deliver its leading card-present and card-not-present payments solutions to Bendigo Bank’s merchant acquiring customers. This is expected to add 26,000 Tyro terminals in 2021, increasing its terminal fleet to just above 89,000 terminals.
This Tiny ASX Stock Could Be the Next Afterpay
One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting...
Because 'Doc' Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget 'buy now pay later', this stock could be the next hot stock on the ASX.
Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!
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 Tyro Payments. The Motley Fool Australia has no position in any of the stocks mentioned. 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.