In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and is sitting just a fraction higher. At the time of writing the benchmark index is up 3 points to 5,847 points.
Four shares that have climbed more than most today are listed below. Here's why they have climbed higher:
The ELMO Software Ltd (ASX: ELO) share price is up 2% to $5.40 after the cloud-based HR and payroll software provider announced the acquisition of Get BoxSuite for $1.4 million. Get BoxSuite is a cloud-based software provider for workplace rostering and time and attendance management. Management believes the acquisition opens up a large new market opportunity for the company estimated to be worth ~$426 million in Australia and New Zealand.
The Harvey Norman Holdings Limited (ASX: HVN) share price has climbed 3% to $3.50. The retailer's shares have been on a solid run since analysts at Macquarie upgraded them to an outperform rating from neutral on Wednesday. Macquarie has a $4.10 price target on Harvey Norman's shares. It believes its international business and property portfolio should help shield its profits somewhat from the Australian housing market downturn.
The Japara Healthcare Ltd (ASX: JHC) share price has climbed 3.5% to $1.20. Some investors may believe that the selloff of the aged care provider's shares has been overdone and created a buying opportunity. Japara's shares have fallen 36% over the last six months, due largely to concerns over the aged care Royal Commission which commenced last week.
The Santos Ltd (ASX: STO) share price has pushed over 3.5% higher to $6.18 following the release of its fourth quarter update this morning. A strong finish to the year means that Santos will deliver a record sales result in FY 2018. Annual sales revenue of $3,696 million is expected, which is a 19% increase on the prior year.
