Why Audinate, Endeavour, IAG, and Vitura Health shares are charging higher

The S&P/ASX 200 Index (ASX: XJO) has started the week in a subdued fashion. In afternoon trade, the benchmark index is down 0.2% to 7,417.3 points.

Four ASX share that are not letting that hold them back are listed below. Here’s why they are charging higher:

Audinate Group Ltd (ASX: AD8)

The Audinate share price has jumped 11% to $7.96. Investors have been buying this media networking solutions provider’s shares after it delivered a record half year result. Audinate reported a 39.3% increase in revenue to US$20.6 million and a 30% lift in gross profit to US$14.5 million. Management also revealed that its sales backlog remains at record levels.

Endeavour Group Ltd (ASX: EDV)

The Endeavour share price is up 3.5% to $7.06. This follows the release of the drinks giant’s half year update. Endeavour reported a 2.5% increase in sales to $6.5 billion and a 17% jump in profit after tax to $364 million. The latter came in ahead of Goldman Sachs’ estimate of $346 million, which itself was ahead of consensus expectations.

Insurance Australia Group Ltd (ASX: IAG)

The IAG share price is up 5% to $4.96. Investors have been buying this insurance giant’s shares after the release of its half year results. IAG reported gross written premium growth of 7.5% to $7.06 billion and a 171% jump in net profit after tax to $468 million.

Vitura Health Ltd (ASX: VIT)

The Vitura Health share price is up 8.5% to 57 cents. This follows the release of the cannabis company’s half year results. Vitura, formerly known as Cronos Australia, reported record gross revenue of $57.6 million and a record net profit of $7.7 million. Both were more than double compared to the prior corresponding period.

The post Why Audinate, Endeavour, IAG, and Vitura Health shares are charging higher appeared first on The Motley Fool Australia.

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More reading

• 3 ASX All Ordinaries shares going gangbusters on Monday
• IAG share price marching higher on 25% profit boost
• Audinate share price jumps 13% on record half
• Endeavour share price jumps as sales reach $6.5b
• 5 things to watch on the ASX 200 on Monday

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 Audinate Group. The Motley Fool Australia has positions in and has recommended Audinate Group. 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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