Why Coronado Global, Lake, Megaport, and REA shares are storming higher

In late trade, the S&P/ASX 200 Index (ASX: XJO) is on track to record a small gain. At the time of writing, the benchmark index is up 4.4 points to 7,024.4 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Coronado Global Resources Inc (ASX: CRN)

The Coronado Global share price is up 5% to $1.59. This follows the release of the coal miner’s half year results this morning. Thanks to sky high coal prices, Coronado Global reported a 147.4% increase in revenue to US$1,978 million and a 3,204% jump in adjusted EBITDA to US$849 million.

Lake Resources N.L. (ASX: LKE)

The Lake Resources share price is up 15% to $1.23. This is despite there being no news out of the heavily shorted lithium developer. However, it is worth noting that a number of lithium shares are storming higher today. This follows a strong night of trade on Wall Street for lithium shares.

Megaport Ltd (ASX: MP1)

The Megaport share price is up 9% to $8.94. Investors have been buying this network as a service company’s shares following the release of its full year results. Megaport reported a 40% increase in revenue to $109.7 million and a 43% lift in monthly recurring revenue to $10.7 million. Management also revealed that it sees “strong momentum” heading into FY 2023.

REA Group Limited (ASX: REA)

The REA share price is up almost 7% to $132.52. This follows the release of the real estate listings company’s full year results. REA reported a 26% increase in revenue to $1.17 billion and a 25% jump in net profit to $408 million. Looking ahead, REA is targeting full year positive operating jaws for Australia in FY 2023.

The post Why Coronado Global, Lake, Megaport, and REA shares are storming higher appeared first on The Motley Fool Australia.

(function() {
function setButtonColorDefaults(param, property, defaultValue) {
if( !param || !param.includes(‘#’)) {
var button = document.getElementsByClassName(“pitch-snippet”)[0].getElementsByClassName(“pitch-button”)[0];
button.style[property] = defaultValue;
}
}

setButtonColorDefaults(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Here are the 3 most heavily traded ASX 200 shares on Tuesday
• Could this development further energise ASX lithium shares in FY23?
• Coronado share price jumps on 3,200% earnings surge
• Why is the Lake Resources share price powering up 17% today?
• Megaport share price rises as revenue lifts 40%

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has positions in and has recommended MEGAPORT FPO. The Motley Fool Australia has recommended MEGAPORT FPO and REA Group Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

from The Motley Fool Australia https://ift.tt/2ADRzyP