The share prices of a number of ASX companies have reversed yesterdays losses and made rapid share price gains in morning trade today. Here are four of the leading large caps and some reasons why they have made such a healthy turnaround.
Afterpay Ltd (ASX: APT)
Afterpay has published very strong first quarter growth figures in its Q1 update today. The company reported a 115% increase in underlying sales to a record of $4.1 billion in Q1. In summary, the US recorded a 229% increase in sales with a 346% step change in UK and a 63% lift in Australia. Moreover, the company's active user base has grown to 11 million globally.
The company said like-for-like sales growth was driven by Millennials, which accounted for 45 per cent of the increase. Afterpay also noted that defaults were "below historical rates" in all regions. The Afterpay share price has surged 5.26% up at the time of writing.
Resmed CDI (ASX: RMD)
Resmed has also seen its share price reverse yesterday's trend, rising by 4.3% at the time of writing. Morgan Stanley raised its Resmed share price target this week. Moving it from $25.40 to $25.90 due to its belief in strong growth despite the pandemic. The company is due to deliver its Q1 results tomorrow which are expected to continue the performance of its FY20 annual report.
Fisher & Paykel Healthcare Corp Ltd (ASX: FPH)
Fisher & Paykel has seen its share price jump up by 4.5% in early trading underlining its status as a 'go to' healthcare share for many investors. The company booked a record FY20 profit after sales of respiratory and home care products helped lift the company's full-year profit 10 per cent. At this time, the company stated that an estimated three million patients were treated with its Optiflow respiratory products during the year.
Coles Group Ltd (ASX: COL)
Supermarket large cap Coles has reported Q1 results above expectations. Same-store supermarket sales rose 9.7 per cent in the September quarter. This was due to a popular Little House collectibles promotion, and strong online and in-store Victorian demand. This is the company's second-highest quarterly comparable stores sales growth since it was taken over by Wesfarmers Ltd (ASX: WES).
As many still live with some restrictions, there were strong sales of baking mixes, herbs and spices, and cleaning goods.
