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Why Adore Beauty, BlueScope, Qantas, & Webjet shares are charging higher

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week with a decline. At the time of writing, the benchmark index is down 0.25% to 6,157.7 points.

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

Adore Beauty Group Limited (ASX: ABY)

The Adore Beauty share price has hit the ASX boards today and stormed 9.5% higher to $7.40. This morning the online beauty retailer completed its IPO, raising $269.5 million at a price of $6.75 per share. These funds will be used to support the company’s growth strategy and future growth opportunities.

BlueScope Steel Limited (ASX: BSL)

The BlueScope Steel share price has jumped over 11% higher to $16.00. This follows the release of a trading update this morning which included guidance for the first half. According to the release, the steel producer expects to report underlying earnings before interest and tax (EBIT) of $340 million for the first half. This represents a 30% increase on the second half of FY 2020 and a 12.4% lift on the prior corresponding period.

Qantas Airways Limited (ASX: QAN)

The Qantas share price is up over 2% to $4.53 following the release of its annual general meeting presentation. At the meeting, the airline operator noted that revenue is likely to be lower for some time. In light of this, it has identified $15 billion in cost savings over the next three years. This is mostly through reduced flying activity. Qantas is also targeting $1 billion in ongoing cost improvements from FY 2023.

Webjet Limited (ASX: WEB)

The Webjet share price has climbed almost 3% to $4.05. Investors have been buying the online travel agent’s shares following the release of a trading update at its annual general meeting. Although Webjet’s bookings are still down materially, investors appear pleased that its cash burn has been better than forecast. It also revealed significant market share gains in Australia.

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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 and has recommended Webjet 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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