Why Accent, Iluka, Myer, and QBE shares are charging higher today

a man sits at his computer pumping his fist as he smiles widely with eyes closed and an expression of great joy as he looks at his laptop screen in his own home with a cup nearby.

a man sits at his computer pumping his fist as he smiles widely with eyes closed and an expression of great joy as he looks at his laptop screen in his own home with a cup nearby.

The S&P/ASX 200 Index (ASX: XJO) has come under pressure on Wednesday after a higher than expected inflation reading. In afternoon trade, the benchmark index is down 0.2% to 7,476.2 points.

Four ASX shares that aren’t letting that hold them back today are listed below. Here’s why they are charging higher:

Accent Group Ltd (ASX: AX1)

The Accent share price is up 9% to $2.09. This follows the release of a strong trading update from the footwear retailer this morning. Accent revealed that total sales for the first half were up 33% over the prior corresponding period to $825 million. This is expected to lead to half year earnings before interest and tax (EBIT) in the range of $90 million to $92 million, up from $30.3 million a year earlier.

Iluka Resources Limited (ASX: ILU)

The Iluka share price is up 2.5% to $11.03. Investors have been buying this mineral sands producer’s shares following the release of its fourth quarter and full year update. Iluka reported production of 157,000 tonnes for the fourth quarter, taking its full year production to 679,400 tonnes. And while its production and sales volumes were both lower year over year, stronger prices led to revenue growing 16.3% to $1,727.4 million.

Myer Holdings Ltd (ASX: MYR)

The Myer share price is up a further 5% to 94.2 cents. Investors have been buying this department store operator’s shares following the release of a trading update this week. Myer revealed that for the five months to December 31, it delivered total sales growth of 24.8%. Management expects this to lead to the company reporting a first half profit of $61 million to $66 million. The latter will be double last year’s half year profit.

QBE Insurance Group Ltd (ASX: QBE)

The QBE share price is up almost 1.5% to $13.78. This appears to have been driven by a bullish broker note out of Goldman Sachs this morning. Goldman has named the company as its top pick in the insurance sector and has initiated coverage with a buy rating and $16.67 price target. It believes QBE’s shares are trading at an attractive level compared to historical levels, particularly given its strong capital position and improving outlook.

The post Why Accent, Iluka, Myer, and QBE shares are charging higher today appeared first on The Motley Fool Australia.

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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 no position in any of the stocks mentioned. The Motley Fool Australia has recommended Accent Group. 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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