Stocks of the Hour: Challenger, Megaport, Novonix

Challenger (ASX:CGF) reports total market value in FY21 of $110 billion, up 29 per cent from the prior year. The investment firm focuses on providing customers with financial security for a better retirement. The Life Business delivered record sales of $7 billion and net cash flows of $16 billion. Full year dividend hit 20 cents per share, up 14 per cent from the prior year. Shares in Challenger (ASX:CGF) are trading 0.6 per cent higher at $5.82.

Global network software Megaport (ASX:MP1) reports annual revenue in FY21 of 78.28 million, up 35 per cent from the prior year. Customers grew 24 per cent and enabled data centres increased by 92 per cent. Chief Executive Officer Vincent English said they achieved, "strong new customer growth as a result of investments made in our commercial team and focus in growing our channel”. Shares in Megaport (ASX:MP1) are trading 2.8 per cent higher at $17.86.

Energy manufacturing and logistics company Phillips 66 is set to acquire a 16 per cent stake in Novonix (ASX:NVX). The acquisition enables Phillips 66 to support the development of the US battery supply chain, pursuing lower-carbon solutions, and to support Novonix's emerging position in the US. Under the terms of the agreement, Phillips 66 will subscribe to over 77 million ordinary shares of Novonix for US $150 million. Shares in Novonix (ASX:NVX) are trading 14.2 per cent higher at $3.45.
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Source: Finance News Network