The S&P /ASX 200 (ASX: XJO) is trading flat in lunchtime trade today after Wall Street shares dropped last Friday night and investors wait for economic data later this week that is likely to provide the market more guidance. However, there are a few shares breaking higher for differing reasons, so let's take a look at what might be behind the price action.
The Vocus Group Ltd (ASX; VOC) share price is up 3.8% to $3.56 today as investors bet the internet services business may become a turnaround story. On the one hand, Vocus still carries more than a $1 billion in debt and faces continued margin erosion from the transition to the national broadband network. However, it still has a strong dark fibre business and has recently won a couple of new contracts to build international submarine cables, following on from its completion of the major Australia Singapore Cable project.
The Bapcor Ltd (ASX: BAP) share price is up 2% to $7.12 despite the automotive repairs and second-hand parts auto business releasing no specific news to the market. The company behind the Burson brand posted a net profit of $86.5 million on revenue of $1,237 million for for the year ending June 30, 2018. The profit from continuing operations and revenue were up 32% and 22% on the prior year. The group also has plans to expand into Thailand, which is a fast-growing region.
The Lynas Corporation Ltd (ASX: LYC) share price rocketed nearly 10% to $2.40 after news reports in the Fairfax media that a public hearing in Malaysia held yesterday passed off without in any material damage to the company's reputation. In fact the Fairfax press reported that government analysts and environmental compliance specialists actually gave the rare earths miner a good rap. If Lynas successfully navigates the rest of the hearing shares could be well supported.
The Kogan.com Ltd (ASX: KGN) share price climbed 3.7% to $2.82 today despite the online retailer releasing no specific news to the market. Kogan's share price has been volatile at the best of times, but it has been especially rocky since its CEO warned on October 29 that its sales were being dented by overseas competitors in the Australian market who weren't paying GST.
