It has been another disappointing day of trade for the S&P/ASX 200 Index (ASX: XJO). In late morning trade the benchmark index is down 1.5% to 5,321.5 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
The Commonwealth Bank of Australia (ASX: CBA) share price is up 1% to $60.34. This follows the release of the banking giant’s third quarter update this morning. Commonwealth Bank delivered cash net profit from continuing operations of $1.3 billion during the quarter. This was a 41% reduction on the average quarterly cash net profit it achieved in the first half. The main drag on its result was an additional credit provision of $1.5 billion for the potential longer term impacts of COVID-19. This may have been lower than many were expecting.
The CSR Limited (ASX: CSR) share price is up a further 1% to $3.76. The building products company’s shares have been pushing higher since the release of its full year results on Tuesday. Although CSR delivered a 25.8% decline in underlying net profit to $134.8 million, this was better than the market was expecting. In addition to this, CSR revealed that trading conditions have been relatively steady during the first six weeks of FY 2021.
The Fortescue Metals Group Limited (ASX: FMG) share price has climbed over 1% to $11.85. The catalyst for this appears to have been a rise in the iron ore price overnight. According to Commsec, the spot iron ore price rose by a decent 1.3% to US$86.69 a tonne.
The Northern Star Resources Ltd (ASX: NST) share price has pushed 2% higher to $13.43. Investors have been buying Northern Star and other gold miners today due to the broad market selloff and a rise in the price of the precious metal. At the time of writing the S&P/ASX All Ordinaries Gold index is up by a solid 1.1%.
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Returns as of 7/4/2020
More reading
- Safe dividend stocks to buy today for the COVID-19 world
- Commonwealth Bank reveals $1.5 billion COVID-19 provision with Q3 result
- 5 things to watch on the ASX 200 on Wednesday
- ASX 200 drops over 1% at the market close
- 3 ways to pay off your mortgage faster
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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