In afternoon trade the benchmark S&P/ASX 200 index is on course to record an impressive gain thanks to a positive reaction to this weekend's surprise election result. At the time of writing the index is up 1.65% to 6,470.5 points.
Four shares that have climbed more than most today are listed below. Here's why they have charged higher:
The Class Ltd (ASX: CL1) share price has jumped 6.5% higher to $1.59 in response to a favourable election result. There were concerns that this SMSF platform provider would have been negatively impacted from SMSF account closures if Labor won the election and went ahead with its plan to remove franking credits.
The EML Payments Ltd (ASX: EML) share price is up 4% to $2.14 after the payments company announced a new acquisition. EML Payments has agreed to acquire UK based shopping centre-focused gift card solutions company, Flex-e-Card Limited, for a total consideration of £21.6 million (A$40.5 million). The new business is expected to generate $4 million to $4.1 million of EBTDA in the first year of ownership
The National Australia Bank Ltd (ASX: NAB) share price has raced over 7% higher to $25.62. All the big four banks are charging notably higher today following the Coalition's surprise election victory. This is on the belief that this result lowers risks associated with credit quality, the mortgage market, and regulatory environment. In addition to this, it also means that fully franked dividends are here to stay.
The NIB Holdings Limited (ASX: NHF) share price has rocketed 12.5% to $6.63. Once again, this strong gain is related to the election result. NIB and fellow private health insurers have been out of favour with investors after Labor announced that it would limit premium increases at 2% if it won the election. Fellow private health insurer Medibank Private Ltd (ASX: MPL) is up almost 11% at the time of writing as well.
