In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is offs its highs but remains in positive territory. At the time of writing the benchmark index is up 0.1% to 6,081.3 points.
Four shares that have climbed more than most today are listed below. Here’s why they are charging higher:
The Cochlear Limited (ASX: COH) share price has jumped 8.5% higher to $215.37. This follows the release of the hearing solutions company’s full year results this morning. Cochlear reported a 6% decline in sales revenue to $1,352.3 million. This was driven by a 7% decline in Cochlear implant unit sales over the 12 months following COVID‐19‐related surgery deferrals. Investors may have been expecting a much worse sales result.
The Kogan.com Ltd (ASX: KGN) share price is up 6% to $21.79. Investors appear to have been taking advantage of a pullback in the ecommerce company’s shares yesterday and snapping them up. This follows the release of Kogan’s full year results release on Monday. That release revealed a 39.3% increase in gross sales to $768.9 million and a 57.6% increase in adjusted EBITDA to $49.7 million in FY 2020.
The Megaport Ltd (ASX: MP1) share price has jumped 10% to $14.50. This follows the release of an announcement by the network-as-a-service provider after the market close on Monday. That announcement revealed the upcoming release of Megaport Virtual Edge. This product innovation will allow customers to tap into Megaport’s platform to deploy and extend network functions in real time, without deploying hardware.
The Northern Star Resources Ltd (ASX: NST) share price is up over 4% to $14.85. Investors have been buying the gold miner’s shares after a decent rise in the gold price and a positive announcement. The latter relates to its KCGM joint venture. According to the release, KCGM reserves have increased by 102% from 5.5M ounces to 10.8M ounces. Management notes that this underpins strong growth in forecast production and long mine life visibility.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends MEGAPORT FPO. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and Kogan.com ltd. The Motley Fool Australia has recommended Cochlear Ltd., Kogan.com ltd, and MEGAPORT FPO. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. 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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