In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the month on a positive note. At the time of writing, the benchmark index is up 0.7% to 6,565.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Collins Foods Ltd (ASX: CKF)
The Collins Foods share price is up 2.5% to $9.58. Investors have been buying the quick service restaurant operator’s shares after the release of its half year results. For the six months ended 30 September, Collins Foods delivered a 11.3% increase in revenue compared to the prior corresponding period to $499.6 million. And on the bottom line, underlying net profit after tax came in 15.1% higher to $27.5 million.
Domino’s Pizza Enterprises Ltd (ASX: DMP)
The Domino’s share price has jumped 10% higher to $81.54. The catalyst for this appears to be a broker note out of Goldman Sachs this morning. Its analysts have upgraded Domino’s shares to a conviction buy rating with an $88.00 price target. The broker believes the company has the “potential to maintain double digit EBITDA CAGR in the medium term despite various levels of COVID impacts in each of their markets.”
Macquarie Telecom Group Ltd (ASX: MAQ)
The Macquarie Telecom share price is up 2% to $49.93 following the release of its investor day update. That update reveals that management is expecting further earnings before interest, tax, depreciation, and amortisation (EBITDA) growth in FY 2021. It has provided first half EBITDA guidance of $36 million to $37 million. This will be a 13.9% to 17.1% increase on the $31.6 million it achieved in the prior corresponding period.
PolyNovo Ltd (ASX: PNV)
The PolyNovo share price has jumped 6% to $3.41. Investors have been buying the medical device company’s shares after it announced that it would bring its Breast device development program in-house effective immediately. Chairman David Williams advised that “the new product development and extension opportunities in front of us dictate that we need to build our research and development team and efforts.”
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Returns as of 6th October 2020
More reading
- 2 ASX 200 healthcare shares that outperformed in November
- Collins Foods (ASX:CKF) share price jumps 7% on strong half year result
- Leading broker upgrades Domino’s (ASX:DMP) share price to conviction buy rating
- These were the worst performing ASX 200 shares in November
- 5 things to watch on the ASX 200 on Tuesday
James Mickleboro owns shares of Collins Foods Limited. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of POLYNOVO FPO. The Motley Fool Australia has recommended Collins Foods Limited and Domino’s Pizza Enterprises 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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