In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a disappointing decline amid rising tensions in Ukraine. At the time of writing, the benchmark index is down 1.4% to 7,130.5 points.
Four ASX shares that are not letting that hold them back are listed below. Here’s why they are racing higher:
Cochlear Limited (ASX: COH)
The Cochlear share price has jumped 9% to $207.62. This follows the release of the hearing solutions company’s half year results. Cochlear delivered a 26% increase in half year underlying net profit to $158 million, which was well ahead of the market consensus estimate.
Coles Group Ltd (ASX: COL)
The Coles share price is up over 3% to $17.30. This follows the release of the supermarket giant’s half year results. Although Coles reported a 4.4% decline in EBIT to $975 million due to COVID impacts, this was ahead of the Visible Alpha analyst consensus estimate of $965 million. It also didn’t stop Coles maintaining its fully franked interim dividend at 33 cents per share.
Costa Group Holdings Ltd (ASX: CGC)
The Costa share price has stormed 7% higher to $3.21. Investors have been buying the horticulture company’s shares after a strong performance from its international operations helped drive a 16% increase in full year net profit after tax (before one offs) to $64 million. International sales grew 30% over the 12 months and now account for over a quarter of Costa’s overall sales.
Monadelphous Group Limited (ASX: MND)
The Monadelphous share price is up 10% to $10.92. Investors have been buying the mining services company’s shares following the release of its half year results. Monadelphous reported a 12% increase in revenue to $1,065 million and a 17.7% jump in net profit after tax to $30.1 million. This was driven by record half year maintenance and industrial services revenue.
The post Why Cochlear, Coles, Costa, and Monadelphous shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- ‘Strength to strength’: Monadelphous (ASX:MND) share price spikes 8% on strong earnings
- ASX 200 (ASX:XJO) midday update: Coles and Cochlear impress, Nanosonics sinks
- Cochlear (ASX:COH) share price 6% higher on juicy 35% dividend spike
- Fruitful earnings: Costa Group (ASX:CGC) share price surges 8% on full-year results
- Coles (ASX:COL) share price on watch after COVID costs hit earnings
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. owns and has recommended Cochlear Ltd. The Motley Fool Australia owns and has recommended COLESGROUP DEF SET. The Motley Fool Australia has recommended COSTA GRP FPO and Cochlear Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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