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Why Domino’s, EML Payments, Redbubble, & Westpac shares are storming higher

Domino’s Pizza Enterprises Ltd (ASX:DMP) and Westpac Banking Corp (ASX:WBC) shares are two of four storming higher today…
The post Why Domino’s, EML Payments, Redbubble, & Westpac shares are storming higher appeared first on The Motley Fool Australia. –

High

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end its winning streak. The benchmark index is currently down 0.6% to 6,875 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are storming higher:

Domino’s Pizza Enterprises Ltd (ASX: DMP)

The Domino’s share price is up 4% to $101.39. This follows the release of the pizza chain operator’s first half results this morning. For the six months ended 31 December, Domino’s delivered a 16.5% increase in total global food sales to $1.84 billion. Thanks to margin expansion, the company’s EBIT grew at the even quicker rate of 32.3% to $153 million. Domino’s CEO and Managing Director, Don Meij, said the company intends “to significantly outperform this strong result in the Second Half.”

EML Payments Ltd (ASX: EML)

The EML Payments share price has jumped 13% to $4.77. Investors have been buying the payments company’s shares following the release of its half year results. EML Payments reported a 54% increase in group gross debit volume to $10.2 billion and a 61% jump in revenue to $95.3 million. And while changes in its sales mix weighed on margins, net profit after tax before amortisation still came in 30% higher at $13.2 million. Management reinstated its guidance and is predicting strong full year growth.

Redbubble Ltd (ASX: RBL)

The Redbubble share price is up 4% to $5.91. Investors have been buying the ecommerce company’s shares following a selloff on Tuesday. Analysts at Goldman Sachs believe the weakness in the Redbubble share price is a buying opportunity and have put a buy rating and $7.15 price target on its shares.

Westpac Banking Corp (ASX: WBC)

The Westpac share price has stormed 5% higher to $23.65 following the release of its first quarter update. Investors have been buying the banking giant’s shares after it delivered a $1.97 billion quarterly cash profit. This was more than double the quarterly average of $808 million it achieved during the second half of FY 2020. Westpac recorded an impairment benefit of $501 million in the period as the COVID-19 impact receded.

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James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of and recommends EML Payments. The Motley Fool Australia has recommended Dominos Pizza Enterprises Limited and EML Payments. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Domino’s, EML Payments, Redbubble, & Westpac shares are storming higher appeared first on The Motley Fool Australia.

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