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Why Flight Centre, Goodman, Inghams, & Scentre shares are charging higher

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In late morning trade on Thursday the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 1% to 6,122.8 points.

Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:

Flight Centre Travel Group Ltd (ASX: FLT)

The Flight Centre share price is up 3% to $13.31 following the release of its annual general meeting update. Although the company acknowledges that the outlook is uncertain for the travel industry, it believes it should be able weather the storm until conditions improve. Management also highlighted its cost cutting success. This has resulted in a very lean cost base, which could lead to breakeven at 40% of pre-COVID total transaction volume.

Goodman Group (ASX: GMG)

The Goodman share price has risen 3% to $19.46 following its first quarter update. Management notes that the current global environment has reinforced the consumer need for convenience and heightened the use of technology. This has continued to accelerate the adoption of physical infrastructure necessary to support e-commerce, including warehouse and data centre space. As a result, it delivered first quarter like-for-like net property income growth of 2.9% across its managed partnerships.

Inghams Group Ltd (ASX: ING)

The Inghams share price has surged 13% higher to $3.22. Investors have been buying the poultry company’s shares after the release of its first quarter update. According to the release, poultry volumes sold in the first quarter of FY 2021 increased by 6.2% to 110.9 kilotons compared to the prior corresponding period. This growth was driven by strong demand in Australia and New Zealand.

Scentre Group (ASX: SCG)

The Scentre share price is up 1.5% to $2.37 following the release of its third quarter update. According to the release, the shopping centre operator’s portfolio occupancy was 98.4% at the end of September 2020. Scentre also revealed that it has reached agreements regarding COVID arrangements with a total of 3,187 retailers, representing 89% of the 3,600 retail brands in its portfolio.

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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 has recommended Flight Centre Travel Group 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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