Why Codan, Super Retail, Universal Store, and Whitehaven Coal shares are charging higher
In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to continue its winning run. At the time of writing, the benchmark index is up 0.25% to 8,029.5 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are climbing:
Codan Ltd (ASX: CDA)
The Codan share price is up 10% to $14.25. This morning, this metal detector manufacturer released its FY 2024 results and revealed a 21% increase in group revenue to $550.5 million. Things were even better for its earnings, with net profit after tax jumping 24% to $81.3 million. This was driven by strong growth from both its Communications and Metal Detection businesses. Communications segment profit was up 19% to $80.5 million and Metal Detection segment profit grew by 37% to $77.9 million. Management is guiding to further top line growth in FY 2025.
Super Retail Group Ltd (ASX: SUL)
The Super Retail share price is up 6% to $17.63. This follows the release of the retailer's FY 2024 results this morning. Super Retail posted a 2% increase in sales but an 11% decline in normalised net profit after tax to $242 million. However, this didn't stop the Supercheap Auto and Rebel owner from declaring a special dividend of 50 cents per share. Combined with its interim and final dividends, Super Retail is paying a total of 119 cents per share. Another positive was the company's strong start to FY 2025, with like-for-like sales up 3% during the first seven weeks.
Universal Store Holdings Ltd (ASX: UNI)
The Universal Store share price is up 12% to $7.10. Investors have been scrambling to buy the youth fashion retailer's shares after it released an impressive full year result. Universal Store reported a 9.7% increase in group sales to $288.5 million and a 45.3% jump in net profit after tax to $34.3 million. In addition, it revealed that it has achieved double-digit like for like sales growth across all brands during the first seven weeks of FY 2025.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price is up 6% to $7.66. This is despite the coal miner releasing its FY 2024 results and reporting a 37% decline in revenue to $3.8 billion and a 72% reduction in underlying net profit to $740 million. Investors may be focusing more on news that the company has entered into binding agreements to sell joint venture interests in the Blackwater mine. This is expected to bring in US$1.08 billion.
The post Why Codan, Super Retail, Universal Store, and Whitehaven Coal shares are charging higher appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Universal Store. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Super Retail Group. The Motley Fool Australia has positions in and has recommended Super Retail Group. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2024