Why Bingo Industries, Magellan, Megaport, and Ramelius shares raced higher today

It has been another positive day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) on Wednesday. In afternoon trade the benchmark index is up an impressive 0.9% to 5,775.4 points.

Four shares that have climbed more than most today are listed below. Here’s why they have raced higher:

The Bingo Industries Ltd (ASX: BIN) share price has climbed a further 6% to $2.06. Bingo’s shares have been on fire this week after the waste management company announced plans to divest its waste processing facility in Banksmeadow in order to address an ACCC preliminary concern in relation to the company’s proposed acquisition of Dial A Dump Industries. Management is optimistic that this will lead to the competition watchdog approving the acquisition in February.

The Magellan Financial Group Ltd (ASX: MFG) share price has surged almost 9% higher to $26.65. On Tuesday the leading fund manager released a better than expected funds under management update. One broker that was impressed was Goldman Sachs. It retained its buy rating and lifted the price target on the fund manager’s shares to $29.50 this morning.

The Megaport Ltd (ASX: MP1) share price has stormed over 7% higher to $3.95 following the release of an update on the elastic interconnection services provider’s North America business. According to the update, as of the end of December the company’s North America business had increased its monthly recurring revenues (MRR) by 80% so far in FY 2019.

The Ramelius Resources Limited (ASX: RMS) share price has pushed 6.5% higher to 53.2 cents. This morning the gold miner advised that it exceeded its guidance in the December quarter and produced 52,623 ounces of gold from the company’s operations in Western Australia. In addition to this, management revealed that its cash and gold balance at the end of the quarter stood at a record $108.1 million.

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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