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Why ELMO, IOOF, Karoon Energy, & OneVue shares surged higher today

beat the share market

In afternoon trade the S&P/ASX 200 index has continued its positive run and pushed higher. At the time of writing the index is up 0.35% to 6,800.5 points.

Four shares that have performed better than most today are listed below. Here’s why they surged higher:

The ELMO Software Ltd (ASX: ELO) share price has raced 8.5% higher to $7.40 following the release of its fourth quarter update. The release revealed that ELMO delivered record growth in cash receipts during the fourth quarter to $15.5 million. This was a 63% increase on the third quarter and 57% higher than the prior corresponding period. For the full year cash receipts came to $45.1 million, which was an increase of 60% on FY 2018’s result.

The IOOF Holdings Limited (ASX: IFL) share price has jumped 6.5% higher to $5.85 following the release of its latest funds update. According to the release, at the end of the June quarter the company’s funds under management, advice and administration (FUMA) reached $149.5 billion. This was an increase of 18.7% or $23.6 billion compared to prior year. FUMA was up 5.9% or $7.5 billion when excluding the ANZ Wealth acquisition.

The Karoon Energy Ltd (ASX: KAR) share price has surged 13% higher to $1.37. The catalyst for today’s gain was an announcement revealing that it has executed a binding sale and purchase agreement to acquire a 100% operating interest in the Baúna field located in the Santos Basin, offshore Brazil for a headline consideration of US$665 million.

The Onevue Holdings Ltd (ASX: OVH) share price has rocketed 16% higher to 44.2 cents following the release of its June quarter update. The fintech company revealed that each of its continuing businesses delivered record results over the period. One highlight was OneVue’s managed fund administration business which processed a record number of items during the quarter thanks to a combination of new clients and organic growth.

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Returns as of 6th October 2020

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 and recommends Elmo Software. The Motley Fool Australia has recommended Elmo Software and Onevue Holdings 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.

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