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Why these 5 ASX shares have surged higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has recovered well from a very poor start and in afternoon trade sits higher by 0.4% to 5,864 points.

Five shares which have made notably strong gains today are listed below. Here’s why they have surged higher:

The Afterpay Holdings Ltd (ASX: AFY) share price is up 3.5% to $2.63 after the payments company announced that a number of retail brands owned and operated by Premier Investments Limited (ASX: PMV) had signed up to use its services. I believe this is a big win for the company and cements its position as the leader in the buy now, pay later space.

The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price is up 4.5% to $12.34 today. The market appears to believe that the latest Budget has been a big win for the regional banks at the expense of the Big Four banks. The Bank of Queensland Limited (ASX: BOQ) share price is also up sharply on the news.

The Cimic Group Ltd (ASX: CIM) share price has jumped 4% to a new 52-week high of $40.28 today. The leading construction company’s shares were given a lift this morning after it announced that its UGL business had been awarded a $117 million contract to design and build two new solar farms.

The Cleanaway Waste Management Ltd (ASX: CWY) share price has climbed 5.5% to $1.38 despite there being no news out of the waste management company. Today’s gain means that its shares have now rocketed over 68% since this time last year following an impressive turnaround after a couple of years of struggles.

5 stocks under $5

We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.

And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!

*Extreme Opportunities returns as of June 5th 2020

The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Premier Investments Limited. 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.

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