In morning trade the S&P/ASX 200 Index (ASX: XJO) has defied the weakness on Wall Street and is edging higher. The benchmark index is currently up 0.1% to 6,703.4 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
ARB Corporation Limited (ASX: ARB)
The ARB share price is up 5.5% to $33.42. Investors have been buying the 4×4 accessories company’s shares following the release of its guidance for the first half. Based on preliminary and unaudited management accounts, ARB expects to report a 21.6% increase in sales to $284 million and profit before tax of $70 million to $72 million. While its profits include $9.8 million of non-recurring government assistance, even excluding this, it is up materially on the prior corresponding period’s profit before tax of $34.4 million.
Mesoblast limited (ASX: MSB)
The Mesoblast share price is up a further 4% to $2.66. Investors have been buying the biotech company’s shares after it finally released some good news. On Monday Mesoblast announced that its rexlemestrocel-L drug provides a reduction in heart attacks, strokes, and cardiac death in patients with chronic heart failure.
Pushpay Holdings Ltd (ASX: PPH)
The Pushpay share price has stormed 5% higher to $1.57 following the release of a trading update. That update revealed that Pushpay’s performance has been stronger than expected, leading to another guidance upgrade. Instead of EBITDAF of between US$54 million and US$58 million, management is now forecasting FY 2021 EBITDAF of between US$56 million and US$60 million. This will be up 123% to 139% year on year. Pushpay also announced the appointment of its new CEO, Molly Matthews.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price has surged 5.5% higher to $11.58. This is despite there being no news out of the retail group. However, investors may believe that the company’s Super Cheap Auto business is benefiting from the same tailwinds that led to ARB recording strong profit growth in the first half.
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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 PUSHPAY FPO NZX. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia has recommended ARB Limited and PUSHPAY FPO NZX. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.