Why ARB, Bravura, Hub24, and Suncorp shares are storming higher

The S&P/ASX 200 Index (ASX: XJO) is having a subdued session on Tuesday. In afternoon trade, the benchmark index is down 0.2% to 7,650.3 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are rising:

ARB Corporation Ltd (ASX: ARB)

The ARB share price is up 11% to $39.62. This morning, this 4×4 automotive parts company released its half year results and reported a 0.1% lift in sales revenue to $341.5 million and an 8.1% jump in profit after tax to $51.3 million. Management also revealed that it has started the second half positively.

Bravura Solutions Ltd (ASX: BVS)

The Bravura share price is up 30% to $1.25. Investors have been buying the investment software provider’s shares following the release of its half-year results which revealed a return to profit. Bravura reported EBITDA of $7.9 million for the half, up from negative EBITDA of $3.6 million a year earlier.

Hub24 Ltd (ASX: HUB)

The Hub24 share price is up 7.5% to $40.36. This follows the release of the investment platform provider’s half-year results. Hub24 reported a 14% increase in revenue to $156.7 million and a 39% jump in net profit after tax to $21.5 million. This was driven by record half year net inflows of $7.2 billion, up 26% on the prior corresponding period.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is up 6% to $15.27. Investors have been buying the insurance giant’s shares after the Australian Competition Tribunal approved the sale of its banking operations to ANZ Group Holdings Ltd (ASX: ANZ). Suncorp Group CEO, Steve Johnston, notes that the sale would result in Suncorp becoming “a dedicated Trans-Tasman insurance company at a time when the value of insurance and the need for continued investment in a vibrant private insurance sector had never been greater.”

The post Why ARB, Bravura, Hub24, and Suncorp shares are storming higher appeared first on The Motley Fool Australia.

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