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Why Macquarie, Northern Star, REA Group, & Zip Co shares surged higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its earlier gains but is still higher in afternoon trade. At the time of writing the benchmark index is up 0.2% to 6,074 points.

Four shares climbing more than most today are listed below. Here’s why they have surged higher:

The Macquarie Group Ltd (ASX: MQG) share price has climbed over 3% to $125.81 after the investment bank released an update on its business activity for the third quarter. The release advised that trading conditions were satisfactory with significant realisations across the business during the quarter. It expects the solid form to continue and lead to full year growth of 15% on FY 2018’s result.

The Northern Star Resources Ltd (ASX: NST) share price is up almost 2.5% to $9.02 after the gold miner released an update on its Pogo gold mine in Alaska. According to the release, its investment in drilling is already generating significant results, with high grade hits pointing to a substantial increase in Resources and Reserves. Management appears very optimistic on the asset. Chairman Bill Beament said: “Pogo is fast turning out to be everything we expected and more.”

The REA Group Limited (ASX: REA) share price which has rebounded from its recent weakness and is up almost 4% to $75.52. It looks as though bargain hunters believe the REA Group share price has fallen too far following its half year update. I agree with this view and think it would be a great long-term investment at the current level.

The Zip Co Ltd (ASX: Z1P) share price has jumped over 6% to $1.26. This morning the payments company announced that it has signed a partnership with CW Retail Services Pty Ltd, the owner of Chemist Warehouse. The partnership will see Zip offer its interest-free payments to the customers of Australia’s largest pharmacy retailer in store and online within the next few months.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended REA Group 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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