The S&P/ASX 200 index has bounced back from yesterday’s selloff and is storming higher this afternoon. At the time of writing the index is up 0.45% to 6,954.4 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
The Afterpay Ltd (ASX: APT) share price has jumped 4.5% to $39.81. This morning analysts at Goldman Sachs named the buy now pay later provider as one of nine companies that could surprise to the upside during earnings season. It suspects Afterpay could deliver stronger than expected customer and underlying sales growth during the first half. This follows a very strong finish to the year.
The Australian Ethical Investment Limited (ASX: AEF) share price has stormed 9% higher to $4.57. This morning the ethical fund manager announced the appointment of its new chief executive officer. Australian Ethical has named John McMurdo as its new chief executive officer and managing director. Mr McMurdo is an experienced chief executive officer and director with a proven history of growth and success in the financial services industry.
The Harvey Norman Holdings Limited (ASX: HVN) share price is up over 7% to $4.57. Investors have been buying the retailer’s shares on Tuesday after it was the subject of a positive broker note out of UBS. According to the note, the broker has upgraded Harvey Norman’s shares to a buy rating with a $4.50 price target.
The Temple & Webster Group Ltd (ASX: TPW) share price has rocketed 20% higher to $3.41. This follows the release of the online homewares and furniture retailer’s half year update this morning. During the six months ended December 31, Temple & Webster reported revenue of $74.1 million. This was a sizeable 50% increase on the prior corresponding period. This was driven partly by a 45% increase in active customers to more than than 330,000. Also growing very strongly was its EBITDA, which came in at $2.3 million during the half. This was up a massive 130% since this time last year.
The post Why Afterpay, Australian Ethical, Harvey Norman, & Temple & Webster are racing higher appeared first on Motley Fool Australia.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Australian Ethical Investment Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Australian Ethical Investment Ltd. 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