In late morning trade on Friday the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. At the time of writing the benchmark index is up 1% to 5,996.8 points.
Four shares that have climbed more than most today are listed below. Here’s why they are storming higher:
The Adairs Ltd (ASX: ADH) share price has jumped 15% to $2.40. Investors have been buying the homewares retailer’s shares after the release of a positive trading update. According to the release, second half to date, Adairs’ brick and mortar sales are up 5.3% on a like-for-like basis. The company’s online sales have been growing even quicker. They are up 92.6% so far during the second half. Sales for the recently acquired Mocka brand were up 52.1% over the same period.
The Nick Scali Limited (ASX: NCK) share price has jumped 23% to $7.08. This has also been driven by a positive trading update this morning. The furniture retailer revealed that its fourth quarter sales are up 20.4% compared to the prior corresponding period. In light of this, the company expects to report a 15% to 20% increase in second half profit. This has allowed the board to bring forward the payment of its 25 cents interim dividend to 29 June 2020. In March Nick Scali deferred it until October.
The SEEK Limited (ASX: SEK) share price is up almost 5% to $21.82. Investors have been buying the job listings giant’s shares after analysts at UBS upgraded them to a buy rating with a $23.00 price target. The broker believes that the worst is behind the company now and expects job volumes to start their recovery.
The Splitit Ltd (ASX: SPT) share price has continued its positive run and raced 23.5% higher to $1.70. Investors have been fighting to get hold of the buy now pay later provider’s shares after it announced a partnership with Mastercard. However, it is worth noting that Splitit has warned that it is not able to determine the economic materiality of the partnership. This is due to the contingent nature of results that may be generated.
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More reading
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- Adairs share price soars 16% on trading update and FY20 guidance
- 3 quality ASX shares to buy now to get rich later
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Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia has recommended SEEK Limited. 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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