In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has just managed to keep its head above water and is up 0.2% to 5,736 points.
Four shares which have climbed more than most today are listed below. Here's why they have surged higher:
The Afterpay Holdings Ltd (ASX: AFY) share price is up almost 9% to $2.90 a day after the payments company announced a new funding facility with National Australia Bank Ltd (ASX: NAB). The new facility will increase from $40 million to $200 million and comes with improved pricing terms. Furthermore, the company reported that annualised underlying sales are estimated to be greater than $1 billion based on its recent monthly trading performance.
The Creso Pharma Ltd (ASX: CPH) share price has jumped 5% to 41.5 cents following the release of a positive announcement from the medicinal cannabis company. Creso has signed a letter of intent with Switzerland-based Cannapharm to provide patients in the Asia-Pacific and Latin America with high quality medicinal cannabis products to treat numerous conditions. A positive step from the fledgling company.
The Premier Investments Limited (ASX: PMV) share price has climbed 3.5% to $12.55. Today's gain is likely to be attributable to a research note out of Citi which revealed that its analysts have upgraded the retailer to a buy rating with a $13.80 price target. I would agree with Citi on this one and believe Premier Investments is one of the best options in the retail industry right now.
The Vita Group Limited (ASX: VTG) share price has rocketed 11.5% to $1.08 after it emerged that its CEO Maxine Horne had purchased over $3 million worth of shares in the embattled retailer over the last few days. Despite today's gain Vita Group's shares are still down 66% year-to-date.
