In afternoon trade the S&P/ASX 200 index is on course to record a solid gain. At the time of writing the benchmark index is up 0.4% to 6,558.5 points.
Four shares that are climbing more than most today are listed below. Here's why they have surged higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has rebounded over 6% higher to $21.56 despite there being no news out of the payments company. However, with its shares falling heavily amid concerns over its dealings with AUSTRAC, I suspect bargain hunters may have swooped in today. Prior to today, the Afterpay share price had fallen almost 30% from its all-time high of $28.70.
The Coles Group Ltd (ASX: COL) share price is up 4% to $13.28 following the announcement of its refreshed strategy at its investor day event. As part of the strategy the company expects to deliver $1 billion in cumulative savings by FY 2023. This will be achieved through initiatives including the use of technology to automate manual tasks and simplifying above-store roles to remove duplication, allowing Coles to offset the impact of rising costs including energy and labour.
The Freedom Foods Group Ltd (ASX: FNP) share price has risen almost 4% to $5.33 after the diversified food company was the subject of a positive broker note. According to a note out of Goldman Sachs, its analysts have initiated coverage on Freedom Foods with a buy rating and $6.15 price target. The broker likes Freedom Foods as it believes the company possesses a number of key competitive advantages including its integrated supply; purpose built, latest technology processing facilities; and a proven Nutritional/Dairy production (NPD) track record.
The Nearmap Ltd (ASX: NEA) share price has zoomed 8% higher to $3.98. The catalyst for this latest gain appears to have been a note out of the Macquarie equities desk. According to the note, the broker has initiated coverage on the aerial imagery technology and location data company's shares with an outperform rating and $4.22. Its analysts believe there is a $3 billion opportunity for Nearmap in its existing markets.
