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The Australian stock market started this week on a robust note. The S&P/ASX200 closed up Monday, gaining 49.30 points or 0.63% to 7,863.70. Several ASX-listed shares outperformed the broader market today, with notable gains. Here's a closer look at three companies that experienced significant upward momentum:
Gentrack Group Ltd (ASX: GTK)
The Gentrack share price surged by 21% and closed at AU$8.75. The gain followed the release of the company's half-year results. The software provider, catering to utilities and airports, reported a remarkable 21% increase in revenue to AU$102 million. Additionally, Gentrack achieved an EBITDA of AU$12.3 million, aligning with its guidance for full-year EBITDA of AU$23.5 million to AU$26.5 million. Management attributed the growth to new customers and upsells, with expansion seen across core markets such as New Zealand, Australia, the UK, and Saudi Arabia.
Nuix Ltd (ASX: NXL)
Investors drove the Nuix share price up by 25% to AU$2.97 following a positive trading update. The investigative analytics and intelligence software provider announced that it is likely to surpass its strategic revenue growth target of around 10% in constant currency for the full year. Nuix expects statutory EBITDA for FY 2024 to be in the range of AU$47 million to AU$52 million, marking a significant increase of at least 35% compared to FY 2023.
Star Entertainment Group Ltd (ASX: SGR)
The share price of Star Entertainment soared by nearly 19% to AU$0.535, amid speculation surrounding potential transactions. Although the casino and resort operator denied receiving a proposal directly from Hard Rock Hotels and Casinos, it confirmed receiving interest from several external parties regarding possible deals. Among these parties is a consortium of investors, including the entity Hard Rock Hotels & Resorts (Pacific), indicating ongoing interest in the company's assets.
