After a strong start to the day, the S&P/ASX 200 index has given back its morning gains and is sinking lower. In afternoon trade the benchmark index is down 0.15% to 6,686.6 points.
Four shares that have not let that hold them back today are listed below. Here's why they are charging higher:
The Coca-Cola Amatil Ltd (ASX: CCL) share price is up 2% to $10.29. The catalyst for the gain appears to have been a broker note out of Ord Minnett. Its analysts have upgraded its shares to an accumulate rating with an $11.00 price target. It expects the Australian beverages division to return to growth and feels its valuation is attractive.
The Corporate Travel Management Ltd (ASX: CTD) share price has surged 9.5% higher to $19.68. Investors have been buying the corporate travel specialist's shares following the release of a trading update. Although trading conditions have been tough, management has reiterated its full year guidance. It expects to deliver underlying EBITDA of between $165 million and $175 million in FY 2020. This represents growth of approximately 10% to 16.5% on the prior year.
The Pendal Group Ltd (ASX: PDL) share price has charged 9% higher to $8.18. This morning the fund manager released its full year results. It reported a 19% decline in cash net profit after tax and cash earnings per share to $163.5 million and 51.3 cents per share, respectively. The key driver of its underperformance in FY 2019 was its significantly lower performance fees. Whilst this was disappointing, the market appears to have been expecting even worse.
The Pushpay Holdings Ltd (ASX: PPH) share price has pushed 4.5% higher to $3.06. The catalyst for this solid gain has been Pushpay's half year results release. The payments company posted a 30% increase in revenue to US$57.4 million during the half. This was driven by a combination of customer growth and a rise in average revenue per customer (ARPC). During the half, Pushpay's ARPC lifted 20% to US$1,272.
