In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a solid start to the week and is up 0.2% to 5,842 points.
Four shares that have climbed more than most today are listed below. Here’s why they have started the week with a bang:
The Netwealth Group Ltd (ASX: NWL) share price has bounced back from a post-update decline on Friday with a 4% gain to $6.19. Netwealth’s shares are likely to have rebounded after a broker note out of Ord Minnett revealed that its analysts have upgraded them to a buy rating from hold with a price target of $6.40. Not all brokers are bullish, though. UBS has retained its sell rating and $5.60 price target following Friday’s weak business update.
The Origin Energy Ltd (ASX: ORG) share price has pushed over 2.5% to $9.27. This morning Origin was upgraded to an outperform rating by equity analysts at Macquarie. The broker has also increased its price target to $9.89 from $9.21. According to the note, the broker believes that Origin’s position as a provider of +3GW electricity makes it “increasingly attractive”.
The Praemium Ltd (ASX: PPS) share price has raced 7% higher to 66.5 cents after the fintech company released its quarterly update. According to the release, Praemium reported combined gross inflows of $671 million. This was the third highest on record and 39% higher than the prior corresponding period. This took Praemium’s funds under administration to a record $7.8 billion. I think Praemium is worth a closer look after yet another solid quarterly performance.
The South32 Ltd (ASX: S32) share price has climbed 3.5% higher to $3.60 thanks to rising alumina and aluminium prices after President Trump placed sanctions on Russia. In addition to this, Goldman Sachs reiterated its buy rating and increased the price target on the miner’s shares to $4.10. As these two commodities make up 50% of the company’s EBITDA, the broker believes South32 is well positioned to profit from the material improvement in prices. I would agree with Goldman on South32.
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Motley Fool contributor James Mickleboro has no position in any of the 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 Scott Phillips.