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Why Harvey Norman, Northern Star, Stockland, & TechnologyOne shares are charging higher

asx shares higher

In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning run. At the time of writing, the benchmark index is down 0.2% to 6,668.5 points.

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

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price is up 6% to $4.85. This follows a positive reaction from brokers to the retailer’s trading update yesterday. One broker that liked what it saw was Credit Suisse. This morning it retained its outperform rating and $5.06 price target on the company’s shares.

Northern Star Resources Ltd (ASX: NST) 

The Northern Star share price is up over 3% to $12.93. This appears to have been driven by a small recovery in the gold price and an update on its merger with Saracen Mineral Holdings Limited (ASX: SAR). That update revealed that all Northern Star financier consents and material Saracen facilities and relevant agreements consents required under their merger implementation deed have been obtained and are now satisfied. A number of other conditions, such as shareholder approval are still required. The Saracen share price is also up 3%.

Stockland Corporation Ltd (ASX: SGP)

The Stockland share price is up 2% to $1.65 after naming its new chief executive officer. The retail property company has appointed Lendlease Group (ASX: LLC) chief financial officer, Tarun Gupta, as its new leader. He will join the company in June 2021. Current CEO, Mark Steinert, is retiring from the role after over 7 years with the company.

TechnologyOne Ltd (ASX: TNE)

The TechnologyOne share price is up 4.5% to $9.45. Investors have been buying the enterprise software company’s shares after brokers responded positively to its full year results. Morgans has retained its add rating and lifted its price target to $9.99. TechnologyOne’s FY 2020 result was better than it expected and it was pleased with management’s positive commentary for the year ahead.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.

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