Why Block, Pinnacle, Resimac, and Westgold shares are pushing higher today

MotleyFool
02 Aug 2024

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to end the week deep in the red. At the time of writing, the benchmark index is down 2.1% to 7,942.5 points.

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

Block Inc (ASX: SQ2)

The Block Inc share price is up 5.5% to $100.55. This follows the release of the payments company's quarterly update. For the quarter, Block reported an 11.2% increase in total revenue to US$6.16 billion. And with operating expenses falling 3.4% to US$1.93 billion, this helped Block almost double its net income to US$195 million. Also getting investors excited was news that its board has now authorised the repurchase of up to an additional US$3 billion of shares to return capital to shareholders.

Pinnacle Investment Management Group Ltd (ASX: PNI)

The Pinnacle share price is up over 4% to $17.17. Investors have been buying this investment management company's shares following the release of its full year results. Pinnacle reported an 18.1% increase in profit to $90.35 million. This allowed the company's board to increase its dividend by 17% to 42 cents. Management notes that affiliate revenues (including performance fees) grew by 30% over FY 2023, which included revenues from Horizon 2 initiatives.

Resimac Group Ltd (ASX: RMC)

The Resimac share price is up 3% to 90 cents. This morning, this non-bank lender released a trading update for FY 2024. Resimac revealed that total settlements for the year were $5.1 billion, which is up from $4.2 billion from a year earlier. This comprises home loan settlements of $4.3 billion (up from $3.7 billion) and asset finance settlements of $0.8 billion (up from $0.5 billion). Management also revealed that arrears and hardships remain relatively low across all product segments. This is reflective of the underlying credit quality of the book supported by a strong collections and recovery capability.

Westgold Resources Ltd (ASX: WGX)

The Westgold Resources share price is up 2% to $2.70. This morning, Westgold announced that its merger with Karora Resources is complete. It notes that this creates a leading mid-tier gold producer and international gold company, which is expected to be dual listed on the Australian Securities Exchange and Toronto Stock Exchange. CEO Wayne Bramwell said: "Today marks the next phase of Westgold's evolution into a larger, unhedged and well-funded Australian gold producer."

Disclaimer: Investing carries risk. This is not financial advice. The above content should not be regarded as an offer, recommendation, or solicitation on acquiring or disposing of any financial products, any associated discussions, comments, or posts by author or other users should not be considered as such either. It is solely for general information purpose only, which does not consider your own investment objectives, financial situations or needs. TTM assumes no responsibility or warranty for the accuracy and completeness of the information, investors should do their own research and may seek professional advice before investing.

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