It’s been a fairly slow start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). Currently the index is just about flat on 5405 points.
However, there have been four shares in particular which have been climbing strongly today. Here’s why:
Appen Ltd (ASX: APX) shares continued climbing higher today, this time by over 6% to $2.35. The market continues to be bullish on the shares following its annual general meeting last week. The outlook provided by the language and search services provider appears to be the cause for the buying frenzy. Management advised that it had orders in hand worth over $75 million at the end of April and expected full year earnings growth in the high-teen percentages. I believe this is an exciting tech share worth keeping a close eye on.
Appen’s share price has climbed a whopping 250% in the last 12 months.
Patties Foods Limited’s (ASX: PFL) share price has rocketed over 16% to $1.55 on the back of news of a takeover approach from private equity firm Pacific Equity Partners. The conditional and incomplete takeover proposal includes $1.65 of cash per share, as well as any dividends paid after the proposal date. Management has advised that it will engage with Pacific Equity Partners, but made no assurances over whether the approach will result in a formal offer.
Patties Foods’ shareholders will be delighted to see its share price now higher by 37% in 2016.
Select Harvests Limited’s (ASX: SHV) share price is up over 5% to $6.70 following the release of its overseas investor update. In the presentation it advised that it has increased its almond production volume estimate from 13,700 to 14,000 tonnes for the full year. Additionally, there have been signs that almond prices could have bottomed. According to data from Primex International Trading Corporation, US almond prices have shown further increases over the last month on strong demand against limited offers.
Select Harvests’ share price has now rallied by 33% in the last 30 days.
Spotless Group Holdings Ltd (ASX: SPO) has climbed almost 7% to $1.16 on the release of a market update which revealed it is planning the sale of its laundries business. Analysts have estimated that the sale could raise more than $650 million. It is understood that there are interested parties, but that a deal is far from complete. It appears that management believes this sale would fit into the strategy reset it is currently undertaking in an attempt to accelerate growth.
Spotless Group has been struggling in recent times, with its share price down 48% in the last 12 months.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.