Why AMP, Audinate, Light & Wonder, and RED 5 shares are pushing higher today
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a decline. At the time of writing, the benchmark index is down 0.3% to 7,677.1 points.
Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:
AMP Ltd (ASX: AMP)
The AMP share price is up 10% to $1.24. Investors have been buying the financial services company's shares following the release of its half year results. AMP reported a 4% decline in revenue to $641 million but a 5.4% lift in underlying net profit after tax to $118 million. The latter was driven by a 6.4% reduction in controllable costs to $339 million. This means that AMP is on track to achieve its FY 2024 cost target. AMP also announced a new strategic partnership and ownership structure with Entireti and AZ Next Generation Advisory for its AMP Advice business. It believes the partnership will create a sustainable business model for AMP Advice and sees potential for it to transform the advice industry landscape in Australia.
Audinate Group Ltd (ASX: AD8)
The Audinate share price is up almost 8% to $8.92. This appears to have been driven by the release of a broker note out of Macquarie this morning. While the broker was disappointed with Audinate's guidance for FY 2025 and has been forced to revise its earnings estimates markedly, it thinks the de-rating of its shares has brought them down to an attractive level. Particularly given the strength of its core business and plans to address the current headwinds it is facing. As a result, the broker has upgraded the audiovisual solutions provider's shares to an outperform rating with a reduced price target of $10.50 (from $14.40).
Light & Wonder Inc (ASX: LNW)
The Light & Wonder share price is up 2% to $160.27. This follows the release of the gaming technology company's quarterly update. Light & Wonder delivered its 8th consecutive quarter of double-digit group revenue growth year-over-year and continued the execution of its diverse content roadmap and cross-platform strategy. Revenue grew 12%, driven by continued strong performance across all businesses, resulting a 40% increase in net profit to US$130 million.
RED 5 Limited (ASX: RED)
The RED 5 share price is up 4.5% to 35 cents. This morning, RED 5 announced the sale of the ~411.7 million Red 5 shares it acquired following the implementation of the merger with Silver Lake Resources in June. It notes that Silver Lake purchased the Red 5 shares in September and October 2023 for 26 cents per share or a total consideration of $107.7 million. These shares have now been sold of 33.5 cents per share for sale proceeds of $136.8 million.
The post Why AMP, Audinate, Light & Wonder, and RED 5 shares are pushing higher today appeared first on The Motley Fool Australia.
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 positions in and has recommended Audinate Group and Light & Wonder. The Motley Fool Australia has positions in and has recommended Audinate Group. The Motley Fool Australia has recommended Light & Wonder. 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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