In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a sizeable decline. The benchmark index is currently down 0.85% to 6,115.1 points.
Four shares that have not let that hold them back are listed below. Here’s why they are charging higher:
The Afterpay Ltd (ASX: APT) share price has surged 8% higher to $80.92. Investors have been buying the payments company’s shares after it upgraded its earnings before interest, tax, depreciation and amortisation (EBITDA) guidance for FY 2020. According to the release, due to better than expected net transaction losses, Afterpay is now forecasting EBITDA of approximately $44 million in FY 2020. This is a 76% to 120% increase on its previous EBITDA guidance of $20 million to $25 million.
The Codan Limited (ASX: CDA) share price has jumped 13% to $10.16. This follows the release of an impressive full year result by the electronic products company. Codan delivered record sales of $348 million thanks to strong metal detector demand. And on the bottom line, the company reported a record statutory net profit after tax of $64 million. This was an increase of 40% year on year.
The IDP Education Ltd (ASX: IEL) share price has jumped 31% to $19.42. Investors were scrambling to buy the student placement and language testing company’s shares after the release of a surprisingly strong full year result. Despite the pandemic, IDP Education reported a 2% decline in revenue to $587.1 million and a 29% increase in EBITDA to $148.6 million.
The Sonic Healthcare Limited (ASX: SHL) share price is up 2% to $35.30. This morning the healthcare company released its full year results. It delivered underlying revenue growth of 11.5% to $6.8 billion and underlying net profit growth of 6.5% to $552 million. This allowed Sonic to pay a final dividend of $0.51 per share, bringing its full year dividend to $0.85 per share. The latter is up 1.2% on the prior year.
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More reading
- Afterpay share price rockets to record high after guidance upgrade
- IDP Education share price rockets 45% higher on surprisingly strong FY 2020 result
- The Afterpay share price is up a massive 700% since March. Is it still a buy?
- 5 things to watch on the ASX 200 on Thursday
- Afterpay share price on watch after upgrading FY 2020 guidance
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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Sonic Healthcare Limited. 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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