Why AGL, Cochlear, Mirvac, and News Corp shares are storming higher

The S&P/ASX 200 Index (ASX: XJO) is having another solid session. In afternoon trade, the benchmark index is up 0.5% to 7,652.8 points.

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

AGL Energy Limited (ASX: AGL)

The AGL share price is up 10.5% to $8.82. This follows the release of the energy giant’s half-year results. AGL posted a 20% drop in revenue to $6,183 million but a whopping 358.6% jump in underlying profit after tax to $399 million. This strong profit growth was driven partly by higher wholesale electricity pricing. In light of this profit growth, the AGL board increased its interim dividend by 225% to 26 cents per share.

Cochlear Limited (ASX: COH)

The Cochlear share price is up 4% to $303.01. Investors have been buying this hearing solutions company’s shares after it upgraded its FY 2024 guidance. Cochlear now expects underlying net profit in the range of $385 million to $400 million, which will be a 26% to 31% increase year on year. It was previously guiding to underlying net profit of $355 million to $375 million. The upgrade was driven by stronger than expected cochlear implant revenue.

Mirvac Group (ASX: MGR)

The Mirvac share price is up 5% to $2.25. This is despite the property company reporting a sizeable profit decline for the first half. It reported operating profit of $252 million, down 17% on the prior corresponding period. Investors may have been expecting a larger decline.

News Corporation (ASX: NWS)

The News Corp share price is up 6.5% to $41.99. This has been driven by the release of the media giant’s second quarter update this morning. News Corp reported a 3% increase in quarterly revenue to US$2.59 billion and a 95% jump in net profit to US$183 million. Management said: “News Corp again saw growth in both revenue and profitability this quarter as we continue to realize the collective benefit of our strategic shift to digital and subscription revenues, and away from sometimes volatile advertising revenues.”

The post Why AGL, Cochlear, Mirvac, and News Corp shares are storming higher appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares rocketing over 10% today
• Guess which ASX 200 stock is jumping on a 95% profit surge
• AGL share price rockets 15% after half-year profit surge
• Cochlear shares jump 6% on guidance upgrade
• 5 things to watch on the ASX 200 on Thursday

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 Cochlear. The Motley Fool Australia has recommended Cochlear. 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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