Why Objective, Pinnacle, Resolute, & Xero shares are pushing higher

These ASX shares are on form on Tuesday…

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In early afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to stay in positive territory. At the time of writing, the benchmark index is up 0.2% to 7,519 points.

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

Objective Corporation Limited (ASX: OCL)

The Objective share price is up 5.5% to $18.55 following the release of its FY 2021 results. For the 12 months ended 30 June, the information technology software and services provider reported a 31% increase in annualised recurring revenue (ARR) to $74 million. This led to a full year net profit after tax of $16 million, which is up 45% year on year.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price has jumped 6.5% to $14.50. This follows the release of the investment company’s full year results after the market close on Wednesday. According to the release, Pinnacle more than doubled its net profit after tax to $67 million in FY 2021. This led to the company doubling its dividend to 17 cents per share.

Resolute Mining Limited (ASX: RSG)

The Resolute Mining share price has risen 4.5% to 58 cents. Investors have been buying the gold miner’s shares after it announced the sale of its Bibiani Gold Mine in Ghana. According to the release, Resolute has agreed to sell the mine to Asante Gold Corporation for $90 million in cash. The good news is the agreement has received Ministerial Consent. Earlier this year the Minister had blocked the sale of the asset to China’s Chifeng Jilong for ~$105 million.

Xero Limited (ASX: XRO)

The Xero share price is up 2% to $148.85. This appears to have been driven by a positive broker note out of Goldman Sachs. In response to the launch of the Xero App Store in the ANZ and UK markets, the broker has retained its buy rating and $165.00 price target on the company’s shares. Goldman commented: “Although the quantum of app attachment rates is uncertain, we estimated that a 15% app store fee could open up an incremental NZ$1.4bn of TAM, with these earnings likely to be 100% margin.”

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Motley Fool contributor 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 and has recommended Objective Corporation Limited and Xero. The Motley Fool Australia owns shares of and has recommended Xero. 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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