Why Alumina, Kogan, Mayne Pharma, and Suncorp shares are racing higher

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has given back its morning gains and dropped into the red. At the time of writing, the benchmark index is down slightly to 7,642.4 points.

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

Alumina Ltd (ASX: AWC)

The Alumina share price is up 7% to $1.09. This follows news that the alumina producer has received and accepted a takeover offer from Alcoa. According to the release, Alcoa has tabled an offer valuing Alumina at $3.3 billion.

Kogan.com Ltd (ASX: KGN)

The Kogan share price is up 22% to $7.46. Investors have been buying the ecommerce company’s shares following the release of its half-year results. Although Kogan reported a decline in sales, this didn’t stop its profits from surging. Kogan’s net profit after tax came in at $10.2 million, up from a $9.6 million loss a year earlier.

Mayne Pharma Group Ltd (ASX: MYX)

The Mayne Pharma share price is up 15% to $6.02. This follows the release of the pharmaceutical company’s half-year results. Mayne Pharma reported a 43% increase in revenue to $188 million and underlying EBITDA of $8 million. The latter compares favourably to a $25.7 million EBITDA loss from the prior corresponding period.

Suncorp Group Ltd (ASX: SUN)

The Suncorp share price is up 2.5% to $15.53. Investors have been buying the insurer’s shares after it released its half-year results. Suncorp’s cash earnings were up 13.8% to $660 million for the half. This allowed Suncorp to declare a fully franked interim dividend of 34 cents per share, up from 33 cents per share.

The post Why Alumina, Kogan, Mayne Pharma, and Suncorp shares are racing 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(“#0095C8”, ‘background’, ‘#5FA85D’);
setButtonColorDefaults(“#0095C8”, ‘border-color’, ‘#43A24A’);
setButtonColorDefaults(“#fff”, ‘color’, ‘#fff’);
})()

More reading

• Alumina shares leap 8% on Alcoa takeover bid
• Suncorp share price marching higher on 14% earnings boost
• Kogan share price jumps 14% on massive profit rebound and dividend return
• 5 things to watch on the ASX 200 on Monday
• Morgans says these ASX shares are buys (with special dividends to come)

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. The Motley Fool Australia has recommended Kogan.com. 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/zle4tyE