What Happened to Credit Corp’s Share Price?
Shares in Credit Corp Group [ASX:CCP] touched as high as $11.80 today. The move up put the stock closer to its all-time high of $12.99, which it reached in 2007. The stock is also moving up alongside the bullish trend of the general market at the moment.
Why Did This Happen to CCP Shares?
The stock market is pricing in strong earnings for the company. Yesterday the directors of the company reported results for the first half of the financial year. That included rising profit over the year before and a 10% increase in the interim dividend.
What Now for Credit Corp Group?
According to the company, ‘The transition of the consumer lending business to profitability in 2015 will underpin solid full-year earnings growth. The company confirms its previously stated guidance for the 2015 financial year.’
A rising stock price confirms this view for now.
Editor, The Daily Reckoning