So far so good for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the benchmark index is higher by 0.4% to 5,432 points.
Four shares doing a lot of the heavy lifting today are listed below. Here’s why they’re soaring today:
Flight Centre Travel Group Ltd (ASX: FLT) shares are up 3.5% to $35.49 despite there being no news out of the company. As I mentioned earlier in the week Flight Centre’s short interest has dropped to the lowest level all year. This could be a sign that sentiment is shifting positively on the leading travel agent. All being well today’s gain could be a sign of better things to come for shareholders.
Money3 Corporation Limited (ASX: MNY) shares have jumped 8% to $1.85. Today’s gain is likely to be attributable to news that Bell Potter has initiated coverage on the small loans company with a buy rating and a 12-month price target of $2.40. I would have to agree with the brokers on this one. Even though Money3’s share price has doubled this year, it still looks to be great value to me.
Saracen Mineral Holdings Limited (ASX: SAR) shares are up over 6% to $1.22. Almost all of the gold miners have been rallying strongly today after the price of the precious metal touched on a one-week high. I wouldn’t expect this run to continue for much longer though unfortunately. According to CME Group, there is a 60.3% chance of a U.S. rate rise in December.
Tatts Group Limited (ASX: TTS) shares have jumped 14.5% to $4.11 after it revealed its plan to merge with Tabcorp Holdings Limited (ASX: TAH) to form a $11.3 billion gambling entertainment group. Shareholders of Tatts will receive the equivalent of $4.34 per share if the agreement goes ahead. With Tatts shares only climbing to $4.11 it would appear as though the market isn’t completely convinced the deal will get approval from the ACCC.
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