In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to snap its winning streak. At the time of writing the benchmark index is down 0.3% to 6,121.4 points.
Four shares that have not let that hold them back are listed below. Here’s why they are pushing higher:
The Aurizon Holdings Ltd (ASX: AZJ) share price is up 3.5% to $4.74. This appears to have been driven by a positive broker note out of UBS this week. In response to its full year results, the broker has retained its buy rating and $5.55 price target on the rail operator’s shares. While its FY 2021 outlook wasn’t overly positive, it believes its shares are good value at the current level.
The Cochlear Limited (ASX: COH) share price is up 4% to $201.53 despite there being no news out of the hearing solutions company. However, with Russia claiming to have successfully developed a coronavirus vaccine, investors may believe that the tough trading conditions the company is facing could soon ease. Though, it is worth noting that there are many doubts over Russia’s claims.
The Magellan Financial Group Ltd (ASX: MFG) share price is up 2.5% to $63.31 after the release of the fund manager’s full year results. For the 12 months ended 30 June 2020, Magellan delivered a 20% increase in adjusted net profit after tax to $438.3 million. This allowed the company to declare a final dividend of 122 cents per share, up 10% on the prior corresponding period. Magellan also announced the proposed launches of MFG Core Series and the Magellan Sustainable Fund.
The Westpac Banking Corp (ASX: WBC) share price is up almost 2% to $18.10. This appears to have been driven by a reasonably robust full year result by rival Commonwealth Bank of Australia (ASX: CBA) this morning. CBA reported an 11.3% decline in cash net profit after tax from continuing operations to $7,296 million.
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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia has recommended Aurizon Holdings Limited and Cochlear Ltd. 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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