BlueScope Steel Limited (ASX:BSL) and FlexiGroup Limited (ASX:FXL) shares are two of four charging notably higher on Thursday…
The post Why ALS, BlueScope, FlexiGroup, & Perpetual shares are charging higher appeared first on Motley Fool Australia. –
In late morning trade on Thursday the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and looks set to end its winning streak. The benchmark index is currently down 0.4% to 6,505.2 points.
Four shares that are not letting that hold them back are listed below. Here’s why they are charging higher:
ALS Ltd (ASX: ALQ)
The ALS share price is up 8% to $10.23 a day after the release of its half year results. The catalyst for this appears to have been a positive reaction to its results from a number of brokers. One that was particularly positive was Macquarie. In response to the release, the broker has retained its outperform rating and lifted the price target on its shares to $10.65.
BlueScope Steel Limited (ASX: BSL)
The BlueScope share price has stormed 5.5% higher to $17.78. This follows the release of its updated guidance for the first half of FY 2021. According to the release, underlying earnings before interest and tax (EBIT) is expected to be approximately $475 million for the half. This includes the contribution made from the recent industrial warehouse property sale. The new guidance represents a rise of 80% over the second half of FY 2020.
FlexiGroup Limited (ASX: FXL)
The FlexiGroup share price has jumped 9% higher to $1.17. Investors have been buying the financial services company’s shares after it announced a deal with Mastercard for its bundll buy now pay anywhere product. In addition to this, the company revealed that it expects its first half cash net profit after tax to be ahead of the $34.5 million it achieved in the prior corresponding period.
Perpetual Limited (ASX: PPT)
The Perpetual share price is up 4% to $31.41. This appears to have been driven by a broker note out of Morgan Stanley. In response to the completion of its acquisition of Barrow Hanley, the broker has retained its overweight rating but trimmed its price target on the fund manager’s shares to $42.50.
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- Why the Downer (ASX:DOW) share price is outperforming today
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended FlexiGroup Limited. 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.
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