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Why Afterpay Touch Group Ltd (ASX:APT) is at the top of the S&P/ASX 200 gains

Payment gateway company Afterpay Touch Group Ltd (ASX: APT) is sitting pretty at the top of the S&P/ASX 200 gainers today, with its shares up 7.7% to $21.21 at the time of writing.

Afterpay has been labelled a reporting season hero after its FY18 result revealed revenue rose 391% to $142.3 million with EBITDA up 463% to $33.8 million.

Afterpay went into a temporary trading halt on August 23 after the announcement of its UK expansion plans to acquire a 90% interest in Clearpay for 1 million Afterpay shares with $117 million raised via institutional placement at $17.05 per share.

Investors are clearly keen to rally behind the company to kick off the trading week, after its return to trade on Friday saw its share price lift 24% to $23 during the day’s trade.

Other S&P/ASX 200 stocks to watch on the gains list today include IDP Education (ASX: IEL) – up 4.8% to $11.27 at the time of writing following on from its August 23 announced FY18 results and Platinum Asset Management Limited (ASX: PTM) – up 6.3% to $5.72.

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Motley Fool contributor Carin Pickworth has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO and Platinum Investment Management 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.

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