In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a poor start and is almost 0.1% higher at 5,900 points.
Four shares which are climbing more than most today are listed below. Here’s why they are ending the week with strong gains:
The AGL Energy Ltd (ASX: AGL) share price is almost 2% higher to $24.86. Today’s gain is likely to be attributable to a research note out of Citi. According to the note, the investment bank has upgraded the energy company to a buy rating with a $26.88 price target. Citi appears to believe the government’s new energy policy will be a positive for AGL.
The MGC Pharmaceuticals Ltd (ASX: MXC) share price has climbed a massive 58% to 6 cents after the medical and cosmetic cannabis company made a game-changing announcement. MGC has signed a binding terms and conditions supply agreement with South Korea-based Varm Cosmo that could be worth approximately $40 million in annual revenue for its MGC Derma division.
The Over The Wire Holdings Ltd (ASX: OTW) share price is up almost 5% to $2.40 after the fledgling telco company announced the acquisition of VPN Solutions for $15.6 million. The acquisition is expected to offer attractive EBITDA and EPS accretion to Over the Wire immediately, with further cost savings to be delivered in the next financial year.
The zipMoney Ltd (ASX: ZML) share price has jumped 10% to 64 cents following the release of its quarterly update. According to the release, the payments company posted record quarterly revenue of $6.9 million. This was an impressive 22% increase on the previous quarter. During the quarter Zip saw the number of customers using its service rise 34% quarter-on-quarter to 403,964.