The S&P/ASX 200 index has started the week on a positive note. In early afternoon trade the benchmark index is up 0.8% to 6,457.9 points.
Four shares that have climbed more than most today are listed below. Here's why they are charging higher:
The A2 Milk Company Ltd (ASX: A2M) share price has charged 3% higher to $15.28 despite there being no news out of the fresh milk and infant formula company. However, with its full year results due to be announced this week and Morgans tipping it to outperform expectations, I suspect that some investors have been buying shares ahead of the release in anticipation of another strong post-results share price rise.
The Beach Energy Ltd (ASX: BPT) share price has raced 6.5% higher to $1.92. Investors have been buying the energy producer's shares in response to a solid full year result release this morning. Beach reported a 55% increase in production to 29.4 MMboe and an 86% lift in underlying net profit after tax to $560 million. Management expects a similar level of production in FY 2020 and then production of 34 to 40 MMboe within five years. The latter is up from its prior guidance of 30 to 36 MMboe.
The Lendlease Group (ASX: LLC) share price is up almost 10.5% to $14.95 after the release of a better than expected full year result. Although the international property and infrastructure group reported a 41% decline in full year net profit after tax in FY 2019, this was a lot better than the market had expected. According to CommSec, the market had been expecting Lendlease to post a net profit after tax of $425 million but it delivered a profit of $467 million.
The Smartgroup Corporation Ltd (ASX: SIQ) share price has rocketed 21.5% higher to $10.98. The salary packaging and fleet management company's shares have raced higher thanks to a better than expected half year profit result this morning. Smartgroup posted a 5% lift in NPATA to $40.5 million and declared a fully franked interim dividend of 21.5 cents per share.
