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Why Appen, Data#3, FBR, and Nearmap shares raced higher today

In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back the majority of its morning gains but still sits  a fraction higher at 5,815 points.

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

The Appen Ltd (ASX: APX) share price has zoomed 3.5% higher to $14.76. A number of top Australian tech shares have pushed higher on Wednesday after a positive night of trade for their U.S. counterparts on the Nasdaq. Streaming giant Netflix was the best performer with a sizeable 6.5% gain after it announced price increases. The S&P/ASX 200 Info Tech index is up 1% at the time of writing.

The Data#3 Limited (ASX: DTL) share price has raced over 11% higher to $1.61 after the information technology solutions provider released a trading update this morning. According to the release, the company expects consolidated net profit before tax for the first half of FY 2019 to be ahead of the guidance provided at its AGM in November 2018. It estimates first half pre-tax profit in the range of $8.5 million to $9 million, up from $4 million in the prior corresponding period.

The FBR Ltd (ASX: FBR) share price has rocketed 26% higher to 10.5 cents despite there being no news out of the robotics company. However, prior to today its shares were down almost 60% in the space of six months. Bargain hunters could be swooping in today on the belief that its shares have been oversold.

The Nearmap Ltd (ASX: NEA) share price is up 4.5% to $1.90. Last week analysts at Morgan Stanley retained their overweight rating and $2.00 price target on the geospatial map technology company’s shares following its impressive half year update. Nearmap has seen demand for its services increase strongly in both the United States and Australia during the first half of 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 and has recommended Nearmap Ltd. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Data#3 Ltd. 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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