As of the close on Friday, $S&P/ASX 200(XJO.AU)$ closed at 7,921.30 on Friday, down 0.63% in the past 5 days.
1. $IRESS LTD(IRE.AU)$ +16.98%
Iress shares jump on first-half earnings lift. In an announcement on Monday, Iress projected an adjusted EBITDA in the 1H24 period to be between $65–$67 million, up approximately 50 per cent from $44 million in the prior corresponding period.
“A disciplined approach to cost management and revenue in line with expectations have seen a significant improvement in operating leverage through the period. Earnings in Iress’ core businesses of Wealth and Trading & Market Data are expected to be materially higher on pcp, alongside UK Wealth which has continued to perform well under strengthened leadership.”
Iress said the net proceeds of all divestments have been used to retire debt, “strengthening the balance sheet and paving the way for a return to maintainable dividends”. Iress’ first half FY24 results will be announced on 19 August 2024.
2. $Insignia Financial Ltd(IFL.AU)$ +12.18%
Insignia Financial has appointed Dave Woodall as CEO of its superannuation business, which is the main reason why stocks are rising.
Insignia said Woodall will have end-to-end accountability for the company's master trust business, and will be responsible for product strategy, management and development, client operations, workplace solutions, sales and insurance. Woodall was most recently chief commercial officer at Australian Retirement Trust, where he led its enterprise growth strategy, including strategic partnerships and merger and acquisition activities.
Insignia said the appointment is part of the company's recently announced restructuring of its operating model and executive team, with the new structure focused on four dedicated lines of business: asset management, superannuation, wrap platform, and advice.
3. $POLYNOVO LTD(PNV.AU)$ +6.61%
The Polynovo Ltd share price is climbing 3% into the green on Tuesday after the medical device company reported its FY24 trading results.
The company's revenue growth to $104.8 million was primarily driven by performance across the entire business. In the U.S. market, sales surged to $68.7 million, representing a 49% increase on the prior year. But even its non-U.S. sales were up 73%, underscoring the global demand for Polynovo's products.
As a reminder, Polynovo is in the wound healing business, with a niche in skin regeneration through its NovoSorb technology. The technology's advantage is that it is highly versatile and biodegradable.
4. $COCHLEAR LTD(COH.AU)$ +4.96%
Cochlear shares advanced on the AU as Macquarie analysts hiked their price target on the company and the medical devices manufacturer announced changes to its executive team. On Thursday, Macquarie analysts retained their 'underperform' rating on Cochlear, but hiked their target price 17.6% from $255 to $300.
Macquarie also lifted its earnings per share (EPS) estimates by 1% in FY24, but lowered them by 2% in FY25 and 4% in FY26. The analysts increased their longer-term sales growth assumptions for the company's cochlear implants, driving average increases to its EPS estimates of 12% between FY30 and FY35.
5. $COMPUTERSHARE LTD(CPU.AU)$ +4.96%
Computershare Limited has announced an update on its ongoing share buy-back program, revealing the repurchase of 75,000 shares on the previous day, adding to a cumulative total of 14,341,516 ordinary fully paid shares bought back to date, which explains why Computershare share price surge.
It's can't deny that Computershare has grown its earnings per share at a very impressive rate. That's attractive. Further, the high level of insider ownership is impressive and suggests that the management appreciates the EPS growth and has faith in Computershare's continuing strength.
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