In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record the smallest of gains. At the time of writing, the benchmark index is up slightly to 7,114 points.
Four ASX shares that are climbing more than most are listed below. Here’s why they are charging higher:
Accent Group Ltd (ASX: AX1)
The Accent share price is up 10% to $1.66. Investors have been buying this footwear retailerâs shares following the release of its full year results. Although Accent posted a sizeable 59.2% decline in net profit after tax to $31.5 million, this was largely expected. As a result, investors appear to be focusing on its very strong start to FY 2023 instead.
Cochlear Limited (ASX: COH)
The Cochlear share price is up 2.5% to $219.75. This morning this hearing solutions company released its FY 2022 results and revealed record sales revenue of $1.6 billion and an 18% increase in underlying profit to $277 million. Looking ahead, management expects its underlying profit to grow to between $290 million and $305 million in FY 2023.
Newcrest Mining Ltd (ASX: NCM)
The Newcrest share price is up 4% to $19.39. This follows the release of FY 2022 results that were ahead of the marketâs expectations. The gold miner delivered a full year net profit after tax of US$872 million. While this was down 25% year over year, it was ahead of consensus estimate of US$843.5 million.
Santos Ltd (ASX: STO)
The Santos share price is up 6% to $7.48. Investors have been buying this energy producerâs shares after oil prices charged higher overnight. Traders were buying oil after data showed that US crude stockpiles fell significantly more than expected last week. The S&P/ASX 200 Energy index is up almost 4% today.
The post Why Accent, Cochlear, Newcrest, and Santos shares are charging higher today appeared first on The Motley Fool Australia.
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More reading
- Why is the Santos share price soaring 6% on Friday?
- Cochlear share price takes off despite guidance miss
- Accent share price jumps despite 59% profit drop
- Everything you need to know about the latest Newcrest dividend
- Newcrest share price lifts despite profit falling 25%
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 positions in and has recommended Cochlear Ltd. The Motley Fool Australia has recommended Accent Group and Cochlear Ltd. 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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