Why Costa, Lovisa, OZ Minerals, & Tyro shares are racing higher today

Costa Group Holdings Ltd (ASX:CGC) and Tyro Payments Ltd (ASX:TYR) are two of four ASX shares racing notably higher today…

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is edging ever so slightly higher. At the time of writing, the benchmark index is up a few points to 6,796.8 points.

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

Costa Group Holdings Ltd (ASX: CGC)  

The Costa share price has jumped 9% to $4.37 after the horticulture company released a stronger than expected full year result. For the 12 months ended 27 December, Costa reported an 11.2% increase in revenue to $1,164 million and a 108.4% jump in net profit to $59.4 million. According to a note out of Morgans, it was forecasting a profit of $52.2 million, whereas the market consensus was for a profit of $48.1 million. Strong demand and pricing were key drivers of its growth.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price has surged 14% higher to $14.93. Investors have been fighting to get hold of the jewellery retailer’s shares since the release of its half year results last week. While those results were weak, its improving performance has caught the eye of investors and also analysts at Morgans. This morning the broker reaffirmed its add rating and lifted its price target significantly to $17.95. It is very positive on its global rollout.

OZ Minerals Limited (ASX: OZL)

The OZ Minerals share price has stormed 8% higher to $22.81. Last week analysts at Macquarie responded positively to the copper producer’s full year results. The broker retained its outperform rating and lifted its price target to $24.00. It feels its shares are attractively priced given its growth profile and current spot copper and gold prices.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price is up 9% to $2.96 following its half year results release. Tyro reported a 13% increase merchant numbers to 36,720 and a 10% lift in transaction through its platform to $12.1 billion. This underpinned a 464% increase in EBITDA to $8.5 million. But perhaps the biggest positive was that it hasn’t experienced any material changes to its normal churn rates since its outages earlier this year. In addition, it revealed that net merchant applications remain at normal levels.

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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 Tyro Payments. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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