In late morning trade the S&P/ASX 200 Index (ASX: XJO) has bounced back from yesterday’s decline and is pushing higher. At the time of writing the benchmark index is up a sizeable 0.7% to 6,154.9 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Bega Cheese Ltd (ASX: BGA) share price is up 5% to $5.10. This follows the release of its full year results this morning. The dairy company reported a 5% increase in revenue to $1,493 million and an 11% lift in statutory EBITDA to $87.8 million. Things were even better on the bottom line, with Bega’s profit after tax rebounding 284% to $21.3 million.
The De Grey Mining Limited (ASX: DEG) share price has jumped 15% to $1.02 after revealing positive drilling results. According to the release, the mineral exploration company has intercepted exceptional high grade gold at the Crow zone of the Hemi Gold Discovery. Management notes that these results demonstrate the potential for Crow to significantly add to the overall gold endowment at Hemi.
The Northern Star Resources Ltd (ASX: NST) share price has risen 3.5% to $13.82. Investors have been buying Northern Star and other gold miners on Thursday after a rebound in the gold price overnight. This has led to the S&P/ASX All Ordinaries Gold index rising by a solid 3.3% at the time of writing.
The Reece Ltd (ASX: REH) share price has jumped 12% to $12.44. Investors have been buying the plumbing parts company’s shares following the release of its full year results. For the 12 months ended 30 June, Reece delivered a 10% increase in sales revenue to $6,010 million. And on the bottom line, the company’s net profit after tax (Pre AASB 16) grew 19% to $202 million. This was driven largely by strong growth in its US business during the year.
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More reading
- Reece share price on watch after delivering solid FY 2020 result
- Is it still the time to be greedy for ASX gold shares?
- Meet the group reaping the biggest profit from the gold bull run
- 5 things to watch on the ASX 200 on Monday
- Retail investors are flocking to buy ASX gold stocks Saracen Mineral and Northern Star Resources, and they look to have made a killing
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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