In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its good run and is higher by almost 0.5% to 5,940 points.
Four shares which have followed the index higher with notable gains today are listed below. Here’s why they have surged higher:
The Costa Group Holdings Ltd (ASX: CGC) share price has jumped over 7% to $4.70 today after the release of a positive research note from Goldman Sachs. According to the note its analysts have raised their target price on the horticulture company to $5.10 thanks largely to strong avocado demand.
The Amaysim Australia Ltd (ASX: AYS) share price has climbed higher again, this time by 2.5% to $1.99. Investors appear to be impressed with the telco company’s decision to expand into energy retailing. Yesterday Amaysim announced that it plans to acquire Click Energy for $120 million. Management expects the acquisition to boost its earnings by 20% in FY 2018.
The Reject Shop Ltd (ASX: TRS) share price has bounced back from yesterday’s heavy decline with a 4% increase to $4.33. The discount retailer’s shares have almost halved in value since Friday’s dreadful market update. As tempting as it is to pick up its shares after the steep decline, I would keep away from this one for the time being.
The Zelda Therapeutics Ltd (ASX: ZLD) share price has rocketed 8% to 13 cents despite there being no news out of the pot stock today. Whilst the company’s focus on the lucrative eczema and insomnia markets could one day result in bumper profits, there is certainly a long way to go before that becomes a reality. Because of this I think it would be best to keep Zelda on your watch list.
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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.