Why Harvey Norman, Macquarie Technology, Ramsay Health Care, and Star are rising

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street’s lead and dropped into the red. At the time of writing, the benchmark index is down 0.15% to 7,647.9 points.

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

Harvey Norman Holdings Limited (ASX: HVN)

The Harvey Norman share price is up 3% to $4.89. This is despite the retailer releasing its half-year results and reporting a 29.4% decline in profit before tax to $303.8 million and a 23% reduction in its fully franked interim dividend to 10 cents per share. Investors may be pleased to see that the company’s sales returned to growth in January.

Macquarie Technology Group Ltd (ASX: MAQ)

The Macquarie Technology share price is up 9% to $77.49. Investors have been buying the technology company’s shares following the release of its half-year results. Macquarie Technology posted a 5.1% increase in revenue to $181.3 million and a 74% jump in net profit after tax to $14.8 million. The company’s data centre business was a key driver of its growth.

Ramsay Health Care Ltd (ASX: RHC)

The Ramsay Health Care share price is up 6% to $54.25. This private hospital operator’s shares were trading lower following the release of its half-year results before rebounding. Ramsay reported a 23% decline in profit from continuing operations to $140.4 million. However, management is guiding to profit growth for the full year despite the weak start.

Star Entertainment Group Ltd (ASX: SGR)

The Star share price is up 8% to 52 cents. This follows the release of the casino and resorts operator’s first-half results. While the result itself was quite poor, investors appear encouraged by its improving outlook. Management advised: “The start of this calendar year has seen revenue and earnings continue to track our first half run rate.”

The post Why Harvey Norman, Macquarie Technology, Ramsay Health Care, and Star are rising appeared first on The Motley Fool Australia.

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More reading

• This ASX 300 stock just jumped 12%! Here’s why
• Star Entertainment share price jumps 5% on strengthening outlook
• Harvey Norman share price jumps to 52-week high on half-year results
• Ramsay Health Care share price falls on profit crunch and dividend cut
• 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 no position in any of the stocks mentioned. The Motley Fool Australia has positions in and has recommended Harvey Norman. 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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