These ASX shares are having a strong finish to the week…
The post Why Adairs, Redbubble, Treasury Wine, & Western Areas are storming higher appeared first on The Motley Fool Australia. –
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is fighting hard to finish the week on a positive note. At the time of writing, the benchmark index is up 0.1% to 7,471.4 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Adairs Ltd (ASX: ADH)
The Adairs share price is up 3.5% to $3.82. This follows the release of the furniture and homewares retailer’s full year results. For the 12 months ended 30 June, Adairs reported a 28.5% increase in sales to $499.8 million. And thanks to margin expansion, the company’s underlying earnings before interest and tax (EBIT) almost doubled to $109.1 million. This allowed Adairs to increase its dividend to 23 cents per share. Adairs also revealed that it has started FY 2022 strongly.
Redbubble Ltd (ASX: RBL)
The Redbubble share price is up almost 10% to $3.99. Investors have been buying this ecommerce company’s shares following the release of a positive broker note out of Morgans. In response to its full year results, Morgans upgraded Redbubble’s shares to an add rating with a slightly trimmed price target of $4.83.
Treasury Wine Estates Ltd (ASX: TWE)
The Treasury Wine share price is up 5% to $13.12. This also appears to have been driven by a broker note out of Morgans. According to the note, the broker has retained its add rating and lifted its price target on the wine giant’s shares to $14.01. Morgans was pleased with Treasury Wine’s full year results and is positive on its longer term outlook.
Western Areas Ltd (ASX: WSA)
The Western Areas share price has jumped a further 9% to $3.06. Investors have been buying the nickel producer’s shares this week after it confirmed takeover talks with IGO Ltd (ASX: IGO). Though, it warned that discussions are at a preliminary stage and there can be no assurance whether a takeover offer will be made.
The post Why Adairs, Redbubble, Treasury Wine, & Western Areas are storming higher appeared first on The Motley Fool Australia.
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Redbubble (ASX:RBL) share price jumps 12% after broker upgrade
Adairs (ASX:ADH) share price surges 9% on record FY21 result
The Treasury Wines (ASX:TWE) dividend bumped up by 60%
The ASX reporting wrap-up: Origin Energy, Redbubble, Treasury Wine
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 recommended ADAIRS FPO. The Motley Fool Australia owns shares of and has recommended ADAIRS FPO and Treasury Wine Estates Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.