Why A2 Milk, Lovisa, McMillan Shakespeare, and Tyro are storming higher

The S&P/ASX 200 Index (ASX: XJO) is having a day to forget on Monday. In afternoon trade, the benchmark index is down 1.9% to 6,967.1 points.

Four ASX shares that have managed to avoid the selloff and push higher are listed below. Here’s why they are rising:

A2 Milk Company Ltd (ASX: A2M)

The A2 Milk share price is up 9% to $5.36. Investors have been buying this infant formula company’s shares after its full year results impressed. Not only did A2 Milk deliver a net profit after tax ahead of expectations, it decided to return some of its huge cash pile to investors. A2 Milk intends to return NZ$150 million via an on-market share buyback.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price is up 5% to $19.61. This morning the fashion jewellery retailer released its full year results and revealed a 59.3% increase in revenue to $458.7 million and a 116.3% jump in net profit after tax to $59.9 million. Management also advised that price increases introduced during the third quarter to combat inflation delivered sales growth with minimal impact to volumes.

McMillan Shakespeare Limited (ASX: MMS)

The McMillan Shakespeare share price has jumped 14% to $14.60. This follows the release of the salary packaging company’s full year results for FY 2022. The company reported 9.2% increase in revenue to $594.3 million and a 16.5% increase in underlying profit to $83.8 million. This and its strong balance sheet have allowed an off market share buyback to be announced.

Tyro Payments Ltd (ASX: TYR)

The Tyro share price has risen 6% to $1.06 following the release of the payments company’s full year results. Tyro reported a 39% increase in revenue to $229.2 million but a loss after tax of $29.6 million. The company finished the period with a total of 109,248 terminals, which was up 4% year over year.

The post Why A2 Milk, Lovisa, McMillan Shakespeare, and Tyro 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(“#43B02A”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#43B02A”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Everything you need to know about the latest A2 Milk share buyback
• A2 Milk share price soars 8% as company regains money-making mojo
• McMillan Shakespeare share price revs 9% higher on bumper final dividend
• Tyro Payments shares surge as gross profit lifts 34% in FY22
• Lovisa share price lifts as full-year profit surges 116%

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 Tyro Payments. The Motley Fool Australia has recommended A2 Milk, Lovisa Holdings Ltd, and Tyro Payments. 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/eNDpIz7