The S&P/ASX 200 index is on course to follow the lead of U.S. markets and finish the week on a positive note. At the time of writing the benchmark index is up 0.1% to 6,548.7 points.
Four shares climbing more than most today are listed below. Here’s why they are ending the week with a bang:
The Austal Limited (ASX: ASB) share price has raced 4% higher to $3.07 after the ship builder was named as a new member of the ASX 200 index by S&P Dow Jones Indices this morning. Austal is joining the benchmark index along with Clinuvel Pharmaceuticals Limited (ASX: CUV) and Service Stream Limited (ASX: SSM) in place of the departing Navitas Limited (ASX: NVT), Seven West Media Ltd (ASX: SWM), and Syrah Resources Ltd (ASX: SYR).
The Fortescue Metals Group Limited (ASX: FMG) share price has stormed 5% higher to $8.78 after the iron ore price hit a five-year high of US$110.20 a tonne overnight. Tight supply and strong demand in China are largely behind the steel-making ingredient’s strong rise in 2019.
The Nanosonics Ltd (ASX: NAN) share price has climbed almost 4.5% to $4.82 despite there being no news out of the medical device company. This latest gain means that the company behind the trophon EPR ultrasound probe disinfection system has seen its shares rise by an impressive 73% since the turn of the year.
The Volpara Health Technologies Ltd (ASX: VHT) share price has risen almost 5% to $1.69 after announcing the completion of its acquisition of MRS Systems. MRS Systems is a medical software company that provides comprehensive patient tracking and communication, and a radiology reporting platform for sub-specialty radiology applications including breast and lung imaging. Management is confident that the acquisition will give Volpara a much stronger presence in the United States and lead to a significant increase in annual recurring revenue.
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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 VOLPARA FPO NZ. The Motley Fool Australia owns shares of and has recommended Nanosonics Limited. The Motley Fool Australia has recommended VOLPARA FPO NZ. 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.