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3 ASX shares up strongly today

Phil Harpur
rising arrow on staircase symbolising business growth

While the S&P/ASX 200 Index (INDEXASX: XJO) has lost a bit of ground so far today, down 0.4% at the time of writing, here are three ASX shares that have bucked the trend with solid share price gains.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price is up by 4.13% today at the time of writing. There still appears to be upward momentum on the company’s 1HFY20 results release to the market yesterday, which saw the Pinnacle share price close the day 11.8% higher. With today’s rise, Pinnacle shares have notched a more than 15% market gain since the announcement.

In the results release, Pinnacle announced net profit after tax (NPAT) of $13.8 million, up 36.6% from $10.1 million in the prior corresponding period (pcp). The company also reported basic earnings per share from continuing operations of 8.1 cents, up 32.8% from 6.1 cents in the pcp.

These results appear to be above market expectations, resulting in a strong uplift in the Pinnacle share price. Over the past 12 months, Pinnacle shares have risen by 19%.

Livetiles Ltd (ASX: LVT)

The LiveTiles share price is up by 6.25% today. The catalyst behind this increase appears to be the company’s announcement earlier in the week relating to U.S. Federal Government General Services Administration (GSA) approval.

What this means is that LiveTiles is now an approved GSA vendor under the U.S. Government’s IT Schedule 70 multiple award schedule (MAS).

As an approved GSA vendor, the procurement of the company’s software by governmental agencies can now occur at a faster pace. Management believes that the reduction in procurement duration is from an average of over 10 months to under 30 days.

This approval will allow LiveTiles to expand on existing implementations within agencies that are current customers, as well as also creating new opportunities with other agencies through co-selling partners including Microsoft.

Collins Foods Ltd (ASX: CKF)

The Collins Foods share price is up 3.17% so far today, although there have been no recent market announcements. Collins Foods has had a strong run on the ASX over the past 12 months, up by 44%. However, the company’s share price has lost some ground since late last November.

Collins Foods is a quick-service restaurant operator. The company operates KFC restaurants across Australia, Europe, and New Zealand. In addition, Collins Foods also operates Sizzler restaurants in Asia and has been rolling out the Taco Bell brand across several Australian states.

In the company’s recent HY120 results, revenue was up 9.2% to $448.8 million and there was a 5.6% increase on the interim dividend. Collins appears to have good growth potential across both Australia and Asia.

The post 3 ASX shares up strongly today appeared first on Motley Fool Australia.

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Motley Fool contributor Phil Harpur has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Collins Foods Limited and LIVETILES FPO. 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.

The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2020