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Why Afterpay, Eclipx, Select Harvests, & Woolworths shares stormed higher today

The benchmark S&P/ASX 200 index has started the month in fine form and is on course to record a solid gain on Monday. In afternoon trade the index is up 0.75% to 6,226.9 points.

Four shares climbing more than most today are listed below. Here’s why they have started the week on a high:

The Afterpay Touch Group Ltd (ASX: APT) share price has zoomed 7% higher to $22.44 despite there being no news out of the payments company. However, just over a month ago analysts at Bell Potter slapped a buy rating and $28.00 price target on the company’s shares. Some investors may be buying its shares in the belief they still have significantly further to run.

The Eclipx Group Ltd (ASX: ECX) share price has rebounded 8.5% higher to 69.5 cents. Investors have been buying shares after analysts at UBS resumed coverage on the embattled company with a buy rating. The broker has, however, taken an axe to its price target. UBS has reduced it all the way from $4.25 to $1.00. It doesn’t expect the company to breach its debt covenants in the first half and sees material upside at the current share price.

The Select Harvests Limited (ASX: SHV) share price has surged 6% higher to $6.44 after the almond producer released a crop and market update. According to the update, conditions have been ideal and the 2019 harvest is progressing very well. In addition to this, management advised that market conditions are favourable thanks to a lower Californian crop and strong demand from China.

The Woolworths Group Ltd (ASX: WOW) share price has climbed a solid 2.5% to $31.12 after the conglomerate released a market update and announced a $1.7 billion off market share buy-back following the sale of its fuel business. According to the market update, Woolworths has identified 30 BIG W stores for closure over the next three years.

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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 AFTERPAY T FPO. 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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