Why Cochlear, Goodman, Lovisa, & Whispir shares are surging higher

Cochlear Limited (ASX:COH) and Lovisa Holdings Ltd (ASX:LOV) shares are two of four surging notably higher on Friday. Here’s why…
The post Why Cochlear, Goodman, Lovisa, & Whispir shares are surging higher appeared first on The Motley Fool Australia. –

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a disappointing note. At the time of writing, the benchmark index is down 0.7% to 6,835.5 points.

Four ASX shares that have not let that hold them back are listed below. Here’s why they are surging higher:

Cochlear Limited (ASX: COH)

The Cochlear share price has jumped 8% to $220.40 following the release of a better than expected half year result. The hearing solutions company’s performance improved so much that its underlying net profit of $125.3 million fell only a touch short of its record half year profit from FY 2020. Looking ahead, it has provided full-year underlying net profit guidance of $225 million to $245 million. This represents a 46% to 59% increase on FY 2020’s profits.

Goodman Group (ASX: GMG)

The Goodman share price is up 2.5% to $17.40 following the release of its half year results. For the six months ended 31 December, the global integrated property company reported a 16% increase in operating profit to $614.9 million. This reflects new developments, strong demand, and 3% like-for-like net property income growth. In light of this strong half, management has upgraded its full year operating profit guidance. It now expects 12% growth in FY 2021 compared to previous guidance of 9% growth.

Lovisa Holdings Ltd (ASX: LOV)

The Lovisa share price has zoomed 16% higher to $12.80. Investors have been buying the fashion jewellery retailer’s shares after investors overlooked its sharp first half profit decline and focused on its strong start to the second half. During the first half, as was widely expected, Lovisa recorded a 26.7% decline in profit after tax of $19.6 million. Positively, during the first seven weeks of the second half, Lovisa has experienced an impressive 12% increase in same store sales.

Whispir Ltd (ASX: WSP)

The Whispir share price has surged 9% higher to $4.27. The catalyst for this was news that the company has renewed its business partner agreement with telco giant Telstra Corporation Ltd (ASX: TLS). Whispir and Telstra have agreed to extend their agreement for a further period of three years. This is on the same terms and conditions as their previous agreement.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends Whispir Ltd. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. The Motley Fool Australia owns shares of and has recommended Telstra Limited. The Motley Fool Australia has recommended Cochlear Ltd. and Whispir Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Cochlear, Goodman, Lovisa, & Whispir shares are surging higher appeared first on The Motley Fool Australia.

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