The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rebounded strongly from yesterday’s selloff and finds itself almost 0.9% higher to 6,270.5 points in afternoon trade.
Four shares climbing more than most today are listed below. Here’s why they are surging higher:
The InvoCare Limited (ASX: IVC) share price has pushed 4.5% higher to $14.51 after the funerals company announced yet another acquisition. InvoCare has entered into a conditional sales agreement to acquire the business and assets of Archer & Sons Funeral Homes based in the south west region of Western Australia. It expects the proposed acquisition to complete on July 20.
The Nearmap Ltd (ASX: NEA) share price has continued its solid run and is up a further 5% to $1.47. The geospatial map technology company’s shares have been on fire since the release of its preliminary full-year results this week. Investors appear to have been impressed with the growth of its U.S. business. Despite its strong gain this week I think Nearmap could be worth a closer look given the size of the U.S. market opportunity.
The Praemium Ltd (ASX: PPS) share price has surged 10.5% higher to 95 cents after the fintech company released a funds under administration update. According to the release, Praemium has achieved record annual gross inflows of $3 billion in FY 2018, 50% higher than the prior financial year. This means that its funds under administration climbed 35% on last year to $8.3 billion. Key client wins including Morgan Stanley Wealth Management, Mashreq Bank, and CMC Markets have been drivers of this impressive growth.
The Sonic Healthcare Limited (ASX: SHL) share price is up almost 6% to $26.55 after being the subject of a broker note out of Citi. The broker has taken its sell rating off the healthcare company and upgraded it to neutral following a change of analyst. The broker also lifted its price target from $21.75 to $26.00.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia has recommended InvoCare Limited. 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.