The S&P/ASX 200 index has bounced back from yesterday’s selloff and is pushing higher on Wednesday. In afternoon trade the benchmark index is up 0.6% to 7,037.6 points.
Four shares that have climbed more than most today are listed below. Here’s why they are storming higher:
The Credit Corp Group Limited (ASX: CCP) share price has jumped 6% to $34.86. This morning analysts at Macquarie retained their outperform rating and $35.60 price target on this debt collector’s shares. They were pleased with Credit Corp’s first half results, which came him slightly ahead of expectations.
The Damstra Holdings Ltd (ASX: DTC) share price is up 12% to $1.08. This follows the release of its second quarter update. Damstra advised that its year to date performance is currently tracking ahead of its FY 2020 prospectus forecasts for both revenue and pro-forma EBITDA. Total revenue for the first half of FY 2020 is $10.2 million, up 44% compared to the prior period. First half pro-forma EBITDA is expected to be approximately $2.6 million.
The Sydney Airport Holdings Pty Ltd (ASX: SYD) share price is up 2% to $34.86. Investors have been buying the airport operator’s shares after analysts at Macquarie upgraded them to an outperform rating with an $8.68 price target. The broker believes the negative impact of the coronavirus will be restricted to just one quarter. In light of this, it sees a recent pullback in its share price as a buying opportunity.
The Virgin Money UK PLC (ASX: VUK) share price has rocketed 11.5% higher to $3.57. Investors have responded very positively to the UK-based bank’s first quarter update. Virgin Money revealed that trading during the quarter was in line with its expectations. The bank reported customer deposit growth of 1.6% to £64.8 billion. It also revealed a solid 2.5% increase in business lending and a 3.7% lift in personal lending.
The post Why Credit Corp, Damstra, Sydney Airport, & Virgin Money are storming higher appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Sydney Airport Holdings Limited. The Motley Fool Australia has recommended Damstra Holdings 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