The S&P/ASX 200 index has returned to form on Friday and is on course to finish the week on a positive note. In afternoon trade the benchmark index is up a decent 0.25% to 6,353.3 points.
Four shares that have climbed more than most today are listed below. Here’s why they are ending the week on a high:
The Afterpay Touch Group Ltd (ASX: APT) share price is up almost 4% to $27.87 after the payments company announced the signing of a US$300 million receivables funding facility with Citi to support the expansion of its U.S. business. This receivables funding facility will support in excess of US$4 billion in annual underlying sales in the massive U.S. market.
The Orocobre Limited (ASX: ORE) share price has stormed over 9% higher to $3.78 despite there being no news out of the lithium miner. Investor sentiment in the lithium industry has improved greatly this week after Wesfarmers Ltd (ASX: WES) announced a takeover proposal for Western Australia-based lithium miner Kidman Resources Ltd (ASX: KDR). Wesfarmers believes Kidman and its Mt Holland project will benefit greatly from the global uptake of electric vehicles.
The ResMed Inc. (ASX: RMD) share price has surged 9.5% higher to $16.21 after the sleep treatment specialist released its third quarter update. ResMed posted a 12% increase in quarterly revenue to $662 million, or 15% on a constant currency basis. This was driven by top line revenue growth across all categories of its business.
The Superloop Ltd (ASX: SLC) share price has pushed 5% higher to $1.90 after the independent provider of connectivity services revealed that it received a takeover proposal last month. According to the release, QIC Private Capital has made a non-binding, conditional, and indicative proposal to acquire the company for $1.95 per share. Exclusive due diligence was granted on April 28 and is ongoing.
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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 SUPERLOOP FPO. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended ResMed Inc. and SUPERLOOP 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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