Aristocrat Leisure Limited (ASX:ALL) and Westpac Banking Corp (ASX:WBC) shares are two of four charging higher on Wednesday…
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The S&P/ASX 200 Index (ASX: XJO) is currently on course to record another solid gain. In afternoon trade on Wednesday the benchmark index is up 0.6% to 6,539.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Aristocrat Leisure Limited (ASX: ALL)
The Aristocrat Leisure share price is up over 2% to $34.07. This follows the release of its FY 2020 results this morning. The gaming technology company reported a 5.9% decline in operating revenue to $4,139.1 million and a 31.8% reduction in earnings before interest, tax, depreciation and amortisation (EBITDA) to $1,089.4 million. While this was a sizeable decline, it was a touch ahead of expectations. Pleasingly, management also appears cautiously optimistic on its prospects in FY 2021.
Chalice Gold Mines Limited (ASX: CHN)
The Chalice Gold Mines share price has jumped 16% to $3.81. Investors have been buying the exploration company’s shares after it revealed further strong drilling results from its Julimar Nickel-Copper-Platinum Group Element (PGE) Project in Western Australia. Management advised that its discovery at the Gonneville Intrusion continues to grow on multiple fronts. It believes this is a sign that Julimar is emerging as a globally significant deposit of critical metals.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up 2% to $19.37. This appears to have been driven by a couple of favourable broker notes. This morning analysts at Goldman Sachs declared Westpac a buy with a $20.34 price target. Whereas on Tuesday, Morgan Stanley upgraded its shares to an overweight rating with a $20.40 price target.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price has surged 6.5% higher to $1.36. This morning a broker note out of Goldman Sachs revealed that its analysts believe Chinese steel makers will begin buying Australian coal again in January/February. It notes that the China steel industry still requires high quality Australian met coals for blending in 2021.
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- Morgan Stanley updates its share price targets for the big 4 banks
- ASX 200 up 0.35%: Aristocrat FY 2020 results, big four banks higher, a2 Milk update
- Why the Chalice Gold Mines (ASX:CHN) share price is rocketing 16% higher
- Here’s the ASX bank share rated as a conviction buy
- Aristocrat Leisure (ASX:ALL) share price in focus after FY 2020 results
Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has no position in any of the stocks mentioned. 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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