Why Bapcor, Codan, Mirvac, and Pact shares are racing higher

These ASX shares are defying the odds and racing higher.

| More on:
A man sees some good news on his phone and gives a little cheer.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) is having a tough time on Wednesday. In afternoon trade, the benchmark index is down 1.5% to 7,196.5 points.

Four ASX shares that are not letting that hold them back today are listed below. Here's why they are rising:

Bapcor Ltd (ASX: BAP)

The Bapcor share price is up 6% to $6.81. Investors have been buying this auto parts retailer's shares following the release of its FY 2023 results. Bapcor reported a 9.7% increase in revenue to a record $2 billion. And while its underlying net profit after tax dropped 4.8% to $125.3 million, that hasn't put off investors. Particularly with management expecting a "solid underlying performance" in FY 2024.

Codan Limited (ASX: CDA)

The Codan share price is up over 4% to $7.99. Although Codan has delayed its full-year results release due to illnesses in its audit team, it has provided an update on its performance in FY 2023. Unaudited group revenue was down 10% and net profit after tax was down 35% to $65 million. The market appears to have been expecting a bigger earnings decline.

Mirvac Group (ASX: MGR)

The Mirvac share price is up 4% to $2.37. This morning, this property company released its full-year results and revealed earnings in line with guidance. Mirvac's operating earnings came in at 14.7 cents per share. Looking ahead, management expects a small decline in operating earnings in FY 2024 to 14 to 14.3 cents per share.

Pact Group Holdings Ltd (ASX: PGH)

The Pact share price is up 6.5% to 81 cents. Investors have been buying this packaging company's shares following the release of its FY 2023 results. Pact reported a 6% increase in revenue to $1,949 million and a 36% decline in net profit after tax to $45 million.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Bapcor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.

More on Share Gainers

Rising gold share price represented by a green arrow on piles of gold block.
Share Gainers

2 ASX All Ords stocks that would already have more than doubled your money this year

These ASX All Ords stocks have gained 126% and 145% year to date. But how?

Read more »

Ten smiling business people wave to the camera after receiving some winning company news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was an historic day for the ASX, with the market setting a new record.

Read more »

Man drawing an upward line on a bar graph symbolising a rising share price.
Share Gainers

Why Fletcher Building, Johns Lyng, Pilbara Minerals, and Zip shares are charging higher

These shares are having a strong session on hump day. But why?

Read more »

A cool dude looks back at the camera while ziplining above the treetops.
BNPL shares

Zip share price rockets 19% on full-year earnings upgrade

Surging again today, Zip shares are now up 127% since their recent April lows.

Read more »

happy teenager using iPhone
Share Gainers

Up 96% since April, should I still buy Life360 shares today?

A leading expert offers his verdict on the growth outlook for the surging Life360 share price.

Read more »

Businessman smiles with arms outstretched after receiving good news.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a lucrative return to trading for investors this Tuesday.

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Austal, Botanix, DroneShield, and NextDC shares are storming higher today

These shares are starting the week with a bang. But why?

Read more »

A female coal miner wearing a white hardhat and orange high-vis vest holds a lump of coal and smiles as the Whitehaven Coal share price rises today
Share Gainers

The Coronado Global share price just surged to a 114% weekly gain. Here's why

Investors have sent the ASX coal stock flying higher in June. But why?

Read more »