The S&P/ASX 200 Index (ASX: XJO) are on course to start the week with a large decline. In afternoon trade, the benchmark index is down 1.25% to 7,216 points.
Four ASX shares that have not let that hold them back are listed below. Hereâs why they are racing higher:
Kogan.com Ltd (ASX: KGN)
The Kogan share price is up 4% to $3.56. This follows the release of the ecommerce companyâs half-year results. Although Koganâs result was very disappointing, investors appear pleased with its trading update. It achieved a return to operating profit in January, which some investors seem to believe suggests that the worst is now behind the company.
Praemium Ltd (ASX: PPS)
The Praemium share price is up almost 7% to 78 cents. This morning, this investment platform provider released its half-year results and reported a 17% increase in revenue to $35.4 million and a 52% jump in EBITDA to $11.4 million. This was underpinned by a 6% lift in funds under administration to $42.7 billion and margin improvements.
TPG Telecom Ltd (ASX: TPG)
The TPG share price is up 5% to $4.96. Investors have been buying this telcoâs shares following the release of its full-year results. TPG posted a 1.5% increase in revenue to $4.4 billion and a 354% jump in net profit after tax to $513 million. A key driver of the result was its mobile business, which reported a 300,000 increase in subscribers to 5.28 million.
Weebit Nano Ltd (ASX: WBT)
The Weebit Nano share price is up 8% to a 52-week high of $7.42. This follows the release of a roadshow presentation from the semiconductor company. While the company has made a lot of progress with its product development, it has yet to demonstrate that there is sufficient demand for its technology to command a $1.3 billion market valuation. Buyers will be hoping this doesnât turn out to be another meme stock that ultimately crashes and burns.
The post Why Kogan, Praemium, TPG, and Weebit Nano shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- 2 ASX tech shares making massive moves right now on earnings updates
- ‘The ship has steadied’: Kogan share price climbs on first-half results
- TPG share price takes off as full-year profit soars 350%
- 3 ASX All Ords shares making moves today following earnings, one up 16%
- ASX tech share Weebit Nano has surged 90% in 2023. Whatâs going on?
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 Kogan.com and Praemium. The Motley Fool Australia has positions in and has recommended Kogan.com. The Motley Fool Australia has recommended Praemium and Tpg Telecom. 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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