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Proactive Investors Australia

Reporting season has stocks making sharp moves – CGF, MQG, PGH, TCL, SUL

S&P/ASX 200 is up 0.40% mid-afternoon heading into the close.

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SUL was trading as high as +8% intra-day this morning but has given it all back

S&P/ASX 200 (INDEXASX:XJO) (ASX:XJO) continues its upwards trajectory of recent weeks up 24 points to 6085 in the afternoon session.

CGF gets losses back, SUL gives back gains

Challenger Ltd (ASX:CGF) reported its December half result today and opened down 5.6% at $7.39, an opening dive considering the result was largely pre-announced in January through the trading update.

What was interesting, however, was the stock gained back all of its intra-day losses and at one stage was trading up 3% - it is trading up 1.5% at around 3.00pm.

At the opposite end of the spectrum is Super Retail Group Ltd (ASX:SUL) who surprised the market with a trading update 20 minutes before the open.

With retail stocks priced by sector sentiment which is doom and gloom for many retailers, the relatively strong trading update saw the stock open up nearly 7% and climb even higher early on.

However, Super Retail shares went on to give every part of that 7-8% intra-day gain back throughout the morning and early afternoon session.

SUL shares are trading flat on the day at around $7.85 at 3.00pm.

Trading updates from MQG and PGH attract mixed responses

Both Macquarie Group Ltd (ASX:MQG) and Pact Group Holding Ltd (ASX:PGH) revealed trading updates to the market before the open this morning.

With Pact down nearly 10% and Macquarie up 2.5% at 3.00pm, it’s safe to say they spurred opposite reactions from investors.

Transurban grows but disappoints investors

Transurban Holdings Ltd (ASX:TCL) posted its December half financial results today as expected and slightly disappointed investors with shares down around 2% heading into the close.

The toll road giant grew its EBITDA by 9.8% to $1.001 billion and reaffirmed FY19 distribution guidance at 59.0 cents per share.

Transurban is working to deliver nine committed projects safely and successfully over the next five years.

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