The S&P / ASX200 (ASX: XJO) is 0.2% higher in lunchtime trade today after Wall Street was closed overnight for the Thanksgiving public holiday, while major European indices continue to fall due to concerns over the EU and United Kingdom's Brexit deal.
However, there are a few businesses storming higher in Australia today on the back of some strong updates, so let's take a look at what might be giving investors cause for cheer.
The IPH Ltd (ASX: IPH) share price is up 3.4% to $5.18 after the holding group behind the Spruson & Ferguson patent law firm and others in Asia provided a strong trading update at its AGM in Sydney today. IPH's management reported Australia and New Zealand patent filings are up 3.6% on the prior corresponding period, with Asia seeing "double digit" revenue and EBITDA growth. The group also benefits as the Australian dollar falls versus the US dollar as it invoices for work in US dollars.
The Kathmandu Holdings Ltd (ASX: KMD) share price is up 15% to $2.67 today after the outdoor adventure apparel and equipment business reported same-store sales were up 6.3% at constant currency exchange rates for the 15 weeks to November 11 2018. Total sales grew 8.4% for the period, excluding the contribution from its recent acquisition of the Oboz business. Overall, it expects first half profit to be "strongly" above last year as it heads into the all-important Christmas trading period.
The Costa Group Holdings Ltd (ASX: CGC) share price is up 5.6% to $6.96 after the fruit and vegetable grower and retailer told investors to expect earnings in calendar year 2019 to be around 30% higher than those delivered in 2018. It also suggested it could achieve "low double digit" net profit growth over a 3 to 5-year period. The stock may be rising today on the back of brokers upgrading their valuations after yesterday's trading update at its AGM.
The ARB Corporation Limited (ASX: ARB) share price is up 4.2% to $17.26 despite the founder-led 4-wheel-drive automotive parts dealer releasing no specific news to the market. At its October 18 AGM the group reported sales for the first quarter of 2019 were up, however the pace of growth was slower than the prior corresponding quarter. It also suggested the US / China "trade war" was creating confusion that was impacting demand for some of its products and services as a lot of its goods come from Asia.
