In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is tumbling lower. At the time of writing the benchmark index is down a sizeable 0.8% to 5,929.4 points.
Four shares that have not let that hold them back are listed below. Here’s why they are charging higher:
The Breville Group Ltd (ASX: BRG) share price is up 5% to $24.06. Investors have been buying the appliance manufacturer’s shares after it was the subject of a positive broker note out of Morgan Stanley. According to the note, the broker has initiated coverage on Breville with an overweight rating and $28.00 price target. It believes the company is well-positioned for growth thanks to its $10 billion market opportunity.
The Credit Corp Group Limited (ASX: CCP) share price is up 5% to $16.03. This solid gain appears to have also been driven by a broker note. According to a note out of Morgans, its analysts have retained their add rating and lifted the price target on the debt collector’s shares to $19.10. This follows the release of its unaudited results for FY 2020 on Monday.
The Pendal Group Ltd (ASX: PDL) share price is up over 2% to $5.88. This morning the fund manager released its funds under management (FUM) update. That update revealed a 4% increase in FUM to $89.4 billion for the June quarter. This was driven largely by a significant rebound in global equity markets. Its FUM increase would have been stronger were it not for currency headwinds due to a strengthening Australian dollar.
The Whitehaven Coal Ltd (ASX: WHC) share price is up almost 5% to $1.53. Investors have been buying the coal miner’s shares following the release of its quarterly update. During the June quarter, Whitehaven delivered record ROM coal production and record managed saleable coal production. This means the company achieved its full year production guidance for both.
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More reading
- Whitehaven Coal share price surges 10% on production data
- Breville share price surges as top broker reckons it’s worth $62 a share
- Top brokers name 3 ASX 200 shares to buy next week
- Why Lovisa, New Hope, Temple & Webster, & Whitehaven Coal are tumbling lower
- Why the Afterpay share price zoomed to a new record high today
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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