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Why these 4 ASX shares are ending the week with a bang

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week with a push higher. At the time of writing the benchmark index is up 0.4% to 6,269.7 points.

Four shares that have climbed more than most today are listed below. Here’s why they are ending the week with a bang:

The Afterpay Touch Group Ltd (ASX: APT) share price has returned to trade and is up almost 5.5% to $19.55. Investors have responded positively to the company’s plan to enter the UK market through the acquisition of Clearpay. This morning Afterpay announced that it successfully raised $117 million via an institutional placement at $17.05 per share. This was the top end of the placement price range.

The IDP Education Ltd (ASX: IEL) share price has rallied 10% higher to $10.85 a day after the release of its full year results. Although its shares tumbled lower yesterday, they were given a lift today when analysts at Morgan Stanley released a favourable broker note. According to the note, the broker liked what it saw and retained its overweight rating and lifted the price target on IDP Education’s shares to $11.00.

The Mayne Pharma Group Ltd (ASX: MYX) share price has jumped 6% to $1.11. This morning the pharmaceutical company released its full year results which revealed that it had a strong second half thanks to the easing of price deflation in the generic drugs market. Investors appear to be betting that the company returns to growth in FY 2019. Mayne Pharma’s shares were up as much as 15% at one stage, possibly due to short sellers closing positions in a hurry. It had 5.2% of shares held short at the last count.

The Star Entertainment Group Ltd (ASX: SGR) share price has surged almost 6% higher to $5.29 following the release of a strong normalised profit result. Thanks to a positive performance from the casino and resort operator’s Sydney business, Star delivered a 5.5% increase in revenue to $2,472 million and a 20.3% increase in normalised profit after tax to $258.1 million. In addition to this, management advised that it has had a positive start to FY 2019.

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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 AFTERPAY T FPO. 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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