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Why Pact Group, Pilbara Minerals, Praemium, & Xenith IP surged higher today

In afternoon trade the S&P/ASX 200 index has fought back from a heavy morning decline to be just a fraction lower at 6,135.8 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are surging higher:

The Pact Group Holdings Ltd (ASX: PGH) share price is up 2% to $2.73 after the packaging company announced that its new CEO will be Sanjay Dayal. He will join the company next week from BlueScope Steel Limited (ASX: BSL), where he held the position of Chief Executive, Building Products, Corporate Strategy and Innovation.

The Pilbara Minerals Ltd (ASX: PLS) share price has pushed 3.5% higher to 72.5 cents after the lithium miner announced that it has achieved commercial production at its Pilgangoora project. In addition to this, the company revealed that it has started a partnering process to interconnect uncommitted Stage 3 Pilgangoora offtake and is considering the sale of a minority interest of between 20% to 49% in its project.

The Praemium Ltd (ASX: PPS) share price is up almost 8% to 56 cents after the investment platform provider announced a major expansion in its relationship with Morgan Stanley Wealth Management Australia. It currently provides non-custodial reporting for 2,500 investor portfolios with domestic assets via its Virtual Managed Account (VMA) reporting solution. The new agreement will see a further 2,500 portfolios with international assets added to its VMA reporting solution.

The Xenith IP Group Ltd (ASX: XIP) share price has stormed almost 5% higher to $1.90 after the ACCC revealed that it would not oppose the potential acquisition of it by IPH Ltd (ASX: IPH). The competition watchdog said that most customers it consulted “did not express concerns.” In response to the news, Xenith IP advised that it continues to engage with IPH about outstanding issues and will keep the market updated in accordance with its disclosure obligations.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Praemium Limited. The Motley Fool Australia owns shares of and has recommended IPH Ltd. The Motley Fool Australia has recommended Praemium 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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