The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish higher again on Thursday. In afternoon trade the index is up almost 0.3% to 6,124 points.
Four shares that have climbed more than most today are listed below. Here’s why they are storming higher:
The Blue Sky Alternative Investments Ltd (ASX: BLA) share price has jumped 15% to $2.89 despite there being no news out of the embattled asset manager. I suspect today’s rise could either be a case of bargain hunters bravely swopping in or short sellers buying shares in order to close their positions. I would suggest investors stay well clear of Blue Sky no matter how cheap it appears.
The Mitula Group Ltd (ASX: MUA) share price has rocketed 64.5% higher to 74 cents after the classifieds company announced that it has signed a scheme of implementation with Japan-based LIFULL Co. Ltd. The agreement will see LIFULL acquire 100% of Mitula’s shares through a scheme of arrangement that will see shareholders receive 0.0753 LIFULL shares for each Mitula Group share they own. This works out to be 85 cents per share. Shareholders also have the option to receive a cash consideration of 80 cents per Mitula share for the first 20,000 shares they own.
The Pendal Group Limited (ASX: PDL) share price has jumped 8% to $9.93 following the release of its half-year results. Pendal, formerly known as BT Investment Management, reported a 30% increase in its cash net profit to $114.5 million for the six months ending March 2018. The solid performance was driven by a 9% rise in its Funds Under Management to $99 billion.
The Woodside Petroleum Limited (ASX: WPL) share price has pushed 5% higher to $33.97 after oil prices surged higher. According to Bloomberg, WTI crude oil rose 3.2% to US$71.30 a barrel and Brent crude oil leapt 3.4% higher to US$77.40 a barrel. This was driven by President Trump’s decision to withdraw the U.S. from the Iran nuclear agreement and reimpose sanctions on Tehran.
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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.