The S&P/ASX 200 index has come under pressure again on Wednesday and dropped sharply lower. At the time of writing the benchmark index is down 1% to 6,479.8 points.
Four shares that have not let that hold them back today are listed below. Here's why they have stormed higher:
The Bapcor Ltd (ASX: BAP) share price has raced 7% higher to $6.74 following the release of the automotive parts supplier's full year results. It reported pro-forma net profit of $94.3 million on pro-forma revenue of $1,297 million. This was an 11.4% and 6.9% increase, respectively, on the prior corresponding period. In FY 2020 management expects pro-forma net profit growth in the mid to high single digits.
The Kogan.com Ltd (ASX: KGN) share price has continued its positive run and is up a further 5.5% to $5.95. The ecommerce company's shares have been on fire since the release of its full year results on Tuesday. Kogan reported gross sales of $551.8 million and NPAT of $17.2 million. This was a 12% and 21.9% increase, respectively, on the prior corresponding period. The company also revealed that it has started FY 2020 strongly, with gross sales growth of 18.3% and gross profit growth of 32% during July.
The McMillan Shakespeare Limited (ASX: MMS) share price has stormed 16.5% higher to $15.29 despite posting a 5% decline in UNPATA to $88.7 million in FY 2019. I suspect that some investors were expecting much worse from the salary packaging company. In addition to this, the announcement of an $80 million off-market buy-back could also be supporting its shares today.
The WiseTech Global Ltd (ASX: WTC) share price has charged 9% higher to $30.27. The catalyst for this was the release of the logistics solutions company's full year results this morning. WiseTech Global posted a 57% increase in total revenue to $348.3 million and a 33% lift in net profit after tax to $54.1 million. Next year it expects revenue growth of 26% to 32% and EBITDA growth of 34% to 42%.
