CGF, HSN and JBH: Three ASX stocks trading in green on Tuesday

2 min read | February 13, 2024 04:26 PM AEDT | By Team Kalkine Media

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CGF, HSN and JBH: Three ASX stocks trading in green on Tuesday — Image source: Gsign76

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The S&P/ASX 200 Index declined by 0.15% to 7,603.60 points on 13 February 2024. Despite the challenges, several ASX-listed companies are standing out today, showcasing noteworthy gains. Here's a closer look at four stocks that are outperforming the broader market and the reasons behind their surge:

Challenger Ltd (ASX: CGF)

Investors in Challenger Ltd are reaping the rewards today as the share price climbs by an impressive 8.97% to reach AU$7.17 apiece. This surge follows the release of the company's half-year results, revealing a 16% increase in normalized net profit before tax, totaling AU$290 million. Furthermore, Challenger reported a substantial 80% jump in statutory net profit after tax, reaching AU$56 million.

Hansen Technologies Limited (ASX: HSN)

Hansen Technologies Limited is making waves with its share price rising nearly 4.90% to AU$5.35 apiece. This surge is attributed to the morning announcement of the acquisition of Powercloud GmbH for an equity value of approximately AU$49 million. Powercloud is a prominent provider of mission-critical billing and customer management software products to utility companies and regional municipalities across Germany.

The strategic acquisition is expected to contribute significantly to Hansen Technologies' financials, with anticipated FY 2025 revenues ranging between AU$40 million to AU$46 million. Moreover, the acquisition is projected to become EBITDA accretive within the financial year ending June 2025, further boosting investor confidence.

JB Hi-Fi Limited (ASX: JBH)

JB Hi-Fi Limited continues to impress with its share price rising by an additional 5.63% to AU$63.99 apiece. Investor enthusiasm has been fueled by the release of the retailer's half-year results earlier this week. Despite facing headwinds, JB Hi-Fi managed to surpass market expectations.

While the company experienced a 2.3% decline in total sales to AU$5.16 billion and a 20% decrease in earnings before interest and tax (EBIT) to AU$386.7 million, these figures still exceeded market forecasts. Investors appear to be focusing on the resilience displayed by JB Hi-Fi in navigating challenges and maintaining a strong financial position.

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