The S&P/ASX 200 index has run out of steam on Tuesday and looks set to end its winning run. In afternoon trade the benchmark index is down 0.5% to 7,045.4 points.
Four shares that have not let that hold them back today are listed below. Here’s why they are storming higher:
The Data#3 Limited (ASX: DTL) share price has jumped 7.5% to $4.34. This morning the technology solutions company provided an update on its expectations for the first half. Data#3 revealed that it expects to report consolidated net profit before tax (NPBT) at the top end of its guidance range of $11 million and $12.5 million. This compares to the $9 million it achieved in the prior corresponding period.
The Maca Ltd (ASX: MLD) share price is up 2% to 99.5 cents. This morning the mining and civil services company advised that it will cease operations in Brazil this month. This follows the early termination of the contract at Antas for Oz Minerals Limited (ASX: OZL). This news was offset by several new project awards. One is a $9.5 million construction contract by VicRoads for the Bacchus Marsh Road Stage 2A Safety Improvements.
The Pact Group Holdings Ltd (ASX: PGH) share price has risen 3.5% to $2.78. Investors have been buying the packaging company’s shares in response to news that it is planning to divest its Contract Manufacturing division. Management believes this will simplify its business, generate stronger returns for shareholders, and strengthen its balance sheet.
The THC Global Group Ltd (ASX: THC) share price has rocketed almost 12% to 43 cents. The cannabis company’s shares have raced higher after it announced that the Australian Therapeutic Goods Administration has granted it a licence to manufacture therapeutic goods from its Southport Facility. Management revealed that it will now seek to complete negotiations for the export supply of cannabis medicines.
The post Why Data#3, Maca, Pact Group, & THC Global shares 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 has recommended Data#3 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