It has been a very positive day for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is up over 0.5% to 5,769 points.
Four shares climbing more than most today are listed below. Here’s why they surged higher:
The Bubs Australia Ltd (ASX: BUB) share price is up 8.5% to 51 cents despite there being no news out of the infant formula and baby food company. As I mentioned earlier, I expect Bubs to provide the market with its next sales update within the next couple of weeks. Some investors may believe that this update will reveal that it is making progress in the China market.
The Platinum Asset Management Limited (ASX: PTM) share price has climbed 4% to $6.96. Today’s gain may be related to yesterday’s funds under management (FUM) update which was released just before the market closed. That update revealed a 3.7% month-on-month increase in FUM to $24,770 million.
The PUSHPAY FPO NZX (ASX: PPH) share price has surged 8.5% higher to $2.70 following the release of a trading update this morning. According to the release, the church donation payment processing software provider has brought forward its annualised committed monthly revenue target of US$100 million to 31 December 2017. The company had previously aimed to reach this milestone by March of next year.
The Skydive the Beach Group Ltd (ASX: SKB) share price has climbed 5.5% to 75 cents after the adventure company announced the acquisition of GBR Helicopters for $19.6 million. In order to fund the deal, the company has completed an oversubscribed $20 million institutional placement at 66 cents per share. Management expects the acquisition to be materially earnings accretive on an annualised basis.