Why Coles, G8 Education, Helia, and Reece shares are storming higher

These ASX shares are having a strong session. But why?

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The S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and dropped into the red. In afternoon trade, the benchmark index is down 0.25% to 7,633.2 points.

Four ASX shares that are not letting that hold them back are listed below. Here's why they are rising:

Coles Group Ltd (ASX: COL)

The Coles share price is up 5.5% to $16.76. This follows the release of the supermarket giant's half-year results. Coles reported a 3.7% increase in sales revenue to $22.2 billion and a 4.1% lift in underlying EBITDA to $1.9 billion. Management also revealed that the second half has started strongly with supermarket sales up 4.9% during the first eight weeks of the third quarter.

G8 Education Ltd (ASX: GEM)

The G8 Education share price is up almost 12% to $1.25. This morning, this childcare operator released its full year results and reported a 9.1% increase in revenue to $983.4 million and a 53.1% jump in statutory net profit after tax to $56.1 million. G8 Education's second half performance was significantly stronger than the first, which bodes well for FY 2024.

Helia Group Ltd (ASX: HLI)

The Helia share price is up 11% to $4.82. This follows the release of the mortgage insurance company's FY 2023 results. Helia reported statutory net profit after tax growth of 37% to $275.1 million and underlying net profit after tax growth of 7% to $247.7 million. This allowed the company to declare a fully franked final dividend of 15 cents per share and an unfranked special dividend of 30 cents per share.

Reece Ltd (ASX: RCE)

The Reece share price is up almost 16% to $27.87. Investors have been buying the plumbing parts company's shares after it delivered a stronger than expected half-year result. Reece revealed a 2.5% lift in sales revenue to $4,537 million and a 6% increase in adjusted net profit after tax to $224 million. A fully franked interim dividend of 8 cents per share was declared.

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. has no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Coles Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

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