In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to give back all of Monday’s strong gains. At the time of writing the benchmark index is down 1.25% to 5,392.4 points.
Four shares that are not letting that hold them back are listed below. Here’s why they are storming higher:
The CSR Limited (ASX: CSR) share price has jumped 9.5% to $3.70. Investors have been buying the building products company’s shares after the release of its full year results. Although CSR delivered a 25.8% decline in underlying net profit to $134.8 million, this was better than the market was expecting. Furthermore, the company revealed that trading conditions have remained reasonably steady in the first six weeks of FY 2021.
The Kogan.com Ltd (ASX: KGN) share price is up 6.5% to $8.90. This follows the release of a business update from the ecommerce company this morning. During the month of April, Kogan’s sales grew by more than 100% compared to the prior corresponding period. Things were even better in respect to profits. Its gross profit grew more than 150% and its adjusted EBITDA increased by more than 200% during the month. This was despite its biggest monthly investment in marketing during the period.
The Premier Investments Limited (ASX: PMV) share price is up 2% to $15.75 following the release of a business update. According to the release, Premier Investments will reopen the balance of its Australian stores later this week. This will be a positive as its total sales for the six weeks to May 6 were down 74% on the prior corresponding period. The store closures were partially offset by a 99% jump in online sales.
The ResMed Inc. (ASX: RMD) share price is up 5.5% to $26.14. This follows a strong gain by its NYSE-listed shares during overnight trade. Investors may be betting on the company’s ventilator sales remaining strong for some time to come because of the pandemic and potential second waves.
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Returns as of 7/4/2020
More reading
- Premier Investments share price higher after announcing store reopenings and online sales surge
- These were the top 10 ASX 200 shares over the last year
- Kogan share price jumps after doubling its sales in April
- Brokers may be upgrading this ASX stock even as it delivered a plunge in profits
- In a post-COVID world, could Australia be the next superpower?
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Kogan.com ltd and Premier Investments Limited. The Motley Fool Australia has recommended ResMed Inc. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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