The S&P/ASX 200 index has followed the lead of U.S. markets and looks set to finish the week on a high. In afternoon trade the benchmark index is up 0.5% to 6,414.5 points.
Four shares climbing more than most today are listed below. Here's why they are finishing the week with a bang:
The Afterpay Touch Group Ltd (ASX: APT) share price is up 2% to $23.93 a day after the release of its business update. One broker that was impressed this update was Morgans. This morning the broker retained its add rating and lifted the price target on Afterpay's shares to $25.96. Morgans was pleased to see strong growth in sales, customers, and merchants in the United States.
The Costa Group Holdings Ltd (ASX: CGC) share price is up 3% to $3.74 despite there being no news out of the horticulture company. However, with Costa's shares down significantly this year following a series of downgrades, I suspect bargain hunters may be swooping in. One person that appears to see value in its shares is independent non-executive director, Janette Kendall. A notice this morning reveals that she bought 6,445 shares on-market this week.
The Creso Pharma Ltd (ASX: CPH) share price has rocketed 34% higher to 55.7 cents after announcing that it has received a takeover approach from PharmaCielo. Under the share scheme, Creso Pharma shareholders will receive 0.0775 PharmaCielo shares for each Creso Pharma share held. This represents an offer price of A$0.63 per Creso Pharma share and values the cannabis company at A$122 million.
The GrainCorp Ltd (ASX: GNC) share price has raced 5% higher to $8.08 after announcing a 10-year agreement to manage the risk associated with the volatility of eastern Australian winter grain production. Management advised that the contract will smooth GrainCorp's cash flow and earnings across volatile east coast Australia grain harvests. The contract is with White Rock Insurance, a subsidiary of Aon.
