Why Bega, Blackmores, IDP Education, & SeaLink shares are zooming higher

Blackmores Limited (ASX:BKL) and IDP Education Ltd (ASX:IEL) are two of four ASX shares zooming notably higher on Wednesday…

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Rising ASX share price represented by investors jumping high in the air

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline. At time of writing, the benchmark index is down 0.95% to 6,775.2 points.

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

Bega Cheese Ltd (ASX: BGA)

The Bega share price has jumped 8% to $6.24. Investors have been buying the diversified food company’s shares following the release of a solid half year result. For the six months ended 31 December, the company reported a 5% decline in revenue but a 98% increase in normalised profit after tax to $29.7 million. This was driven by a more profitable sales mix and an increase in its margins compared to the prior corresponding period. The second half will be boosted by the Lion Dairy and Drinks acquisition, which completed on 25 January.

Blackmores Limited (ASX: BKL)

The Blackmores share price has zoomed 7% higher to $79.47. The catalyst for this was the health supplements company’s much improved performance during the first half. Blackmores reported a 3% increase in revenue of $302.6 million and an 8% increase in underlying net profit after tax to $19.4 million. This allowed the Blackmores Board to reinstate its dividend, declaring a fully franked interim dividend of 29 cents per share.

IDP Education Ltd (ASX: IEL)

The IDP Education share price has raced 9% higher to $27.09. This follows the release of a better than expected half year result this morning. The student placement and language testing company posted a 53% decline in half year earnings per share to 10.9 cents. However, this was a massive 156% ahead of Goldman Sachs’ estimates.

Sealink Travel Group Ltd (ASX: SLK)

The SeaLink share price is up an impressive 16% to $8.19. Investors have been fighting to buy the travel and transport company’s shares after it reported stellar first half revenue and profit growth. SeaLink reported record revenue of $570.8 million, up 329.5% on the prior corresponding period. This was driven largely by the transformational acquisition of the Transit Systems Group in January 2020. Underlying net profit after tax and before amortisation increased 231.9% to $48.1 million.

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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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores 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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