Why Bank of Queensland, MNF, Oil Search, & Starpharma are charging higher

Bank of Queensland Limited (ASX:BOQ) and MNF Group Ltd (ASX:MNF) are two of four ASX shares charging higher on Tuesday…

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to continue its losing streak. The benchmark index is currently down slightly at 6,773 points.

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

Bank of Queensland Limited (ASX: BOQ)

The Bank of Queensland share price has returned from its trading halt and charged 6% higher to $8.90. This morning the regional bank announced the successful completion of the institutional component of its capital raising. Bank of Queensland raised $673 million at $7.35 per share as part of its $1.35 billion capital raising. These funds are being used to acquire ME Bank.

MNF Group Ltd (ASX: MNF)

The MNF share price has surged 9% higher to $4.56 following the release of its half year results. The leading voice communications software provider reported a 15% increase in recurring revenue to $55.7 million and a 30% increase in underlying net profit after tax (before amortisation) to $8.4 million. This allowed the MNF board to increase its interim dividend by 32% to 3.3 cents. Management also revealed that it is on track to achieve its guidance and is looking to expand deeper into the Asia-Pacific market.

Oil Search Ltd (ASX: OSH)

The Oil Search share price is up 6% to $4.29. This appears to have been driven by a strong rise in oil prices overnight and the release of its full year results. In respect to the latter, Oil Search reported a 32% decline in revenue to $1,074.2 million and a 93% reduction in core net profit after tax to $22 million. This appears to have been better than the market feared.

Starpharma Holdings Limited (ASX: SPL)

The Starpharma share price is up 5.5% to $2.32. This morning the dendrimer products developer announced that its Viraleze antiviral nasal spray has been successfully registered for sale in Europe, including in the UK. Viraleze is an easy to use antiviral nasal spray. It contains SPL7013, which has been shown to inactivate a broad spectrum of respiratory viruses. This includes >99.9% of coronavirus SARS-CoV-2 – the virus that causes COVID-19.

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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 Starpharma Holdings Limited. The Motley Fool Australia owns shares of and has recommended MNF Group Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. 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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