The S&P/ASX 200 index has returned from the long weekend and stormed notably higher. In afternoon trade the benchmark index is up 1.3% to 6,528.6 points.
Four shares that are climbing more than most today are listed below. Here’s why they have started the week strongly:
The Liquefied Natural Gas Ltd (ASX: LNG) share price has risen 7.5% to 28 cents after providing an update on its Magnolia operation. According to the release, the LNG producer has received notice of intent from the United States Federal Energy Regulatory Commission that the agency will prepare a supplemental Environmental Impact Statement for the incremental 0.8 million tonnes per annum production capacity increase application for the operation. This would lift its output by 10% per annum.
The Nearmap Ltd (ASX: NEA) share price has zoomed a further 7.5% to $3.44 despite there being no news out of the aerial imagery technology and location data company. However, late last week, Morgan Stanley retained its overweight rating and $4.20 price target on the company’s shares after it announced the launch of new products. It has noted that previous product launches have generated a meaningful increase in demand.
The Prospa Group (ASX: PGL) share price has stormed 19% above its IPO price to $4.50 after finally hitting the ASX boards at noon. Prospa is Australia’s number one online small business lender, with over $1 billion in originations in Australia and New Zealand and a current net loan book of over $300 million. Its shares listed on the ASX at $3.68, raising $109.6 million to fund its future growth.
The Vocus Group Ltd (ASX: VOC) share price is up 8.5% to $4.15 after receiving a takeover offer from AGL Energy Limited (ASX: AGL). The energy retailer has made a non-binding, indicative proposal to acquire the telco company for $4.85 per share. It believes the acquisition of Vocus could create material shareholder value and drive customer loyalty, amongst other things.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Nearmap Ltd. 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.