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Why these 4 ASX shares started the week on a high

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a reasonably positive start to the week and finished the day almost 0.1% higher at 6,345 points.

Four shares that climbed more than most today are listed below. Here’s why they started the week on a high:

The Eclipx Group Ltd (ASX: ECX) share price has zoomed 16.5% higher to $2.49 after one of its rivals made an opportunistic takeover approach. Rival SG Fleet Group Ltd (ASX: SGF) made an offer on Sunday valuing Eclipx at $2.52 per share. The board quickly rejected the offer and rightly so in my opinion. Just one month ago Eclipx’s shares were trading at $3.34, 32% higher than SG Fleet’s offer.

The Hub24 Ltd (ASX: HUB) share price has jumped 9% higher to $13.02 following the release of its full-year results. The market appears to have responded positively to HUB24’s underlying net profit after tax growth of 129% to $5.4 million and management’s revised targets. It is now targeting funds under administration in the range of $19 billion to $23 billion by June 2021, more than double the current funds on its platform.

The OceanaGold Corp (ASX: OGC) share price has risen almost 3.5% to $3.95. As well as receiving a boost from a rebound in the gold price with the rest of the industry, OceanaGold was given an additional boost from the release of a positive broker note out of Macquarie. The broker retained its outperform rating and $6.00 price target after the miner’s drill results suggested that its Haile operation could be expanded meaningfully.

The Superloop Ltd (ASX: SLC) share price surged 6% higher to $2.45 after the company swung from a $1.2 million loss to a reported net profit after tax of $7.1 million in FY 2018. A massive 109% increase in revenue to $125.2 million was driven by the impressive performance of its Superloop business. This business includes fixed line and fixed wireless connectivity solutions for wholesale and enterprise customers and the INDIGO project.

These 3 stocks could be the next big movers in 2020

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.

*Returns as of 6/8/2020

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.

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