The S&P/All Ordinaries Index (Index: ^AORD) (ASX: XAO) is up just 0.2% in mid-afternoon trading, after posting a strong early rise.
Overlooked in the plethora of large companies reporting their full year and interim results today are four stocks that have posted strong gains of more than 10%.
Here's our rundown on the four companies and why their share prices have surged…
Hub24 Ltd (ASX: HUB) is up 20.4%, after the company announced the acquisition of independently owned financial planning licencee Paragem Pty Ltd. Paragem has 20 financial advisory practices across Australia and has been cashflow positive for the past two financial years. Hub24 is paying cash of $1m upfront, with a deferred payment of another $1m, plus an earnout provision of up to $6m over the next 3 years – paid for in HUB24 shares.
Reverse Corp Limited (ASX: REF) is up 15.4% at 15 cents, after noted micro-cap fund manager Pie Funds Management took a 10.7% stake in the company from CC Asia Absolute Return Master Fund, at an average of 7 cents a share. Reverse Corp expects to report earnings before interest, tax, depreciation and amortisation (EBITDA) of around $2.4 million for the 2014 financial year.
Ariadne Australia Limited (ASX: ARA) has seen its share rise 14.3%, after the company reported a 219% jump in net profit to $6.3 million, compared to the previous year. Ariadne is an investment company with a 50% holding in Secure Parking, which generated the majority of profit, but its investment and property divisions also saw strong profits.
Maverick Drilling and Exploration Ltd (ASX: MAD), once a market darling, is up 10.8% at 20.5 cents, recovering from a fall to 17 cents earlier in the week. That came after the company revised down its proven oil and gas reserves from to just 4.4 million barrels. It's still early days yet for Maverick though.
