The S&P/ASX 200 index has started the week in impressive form and is charging higher in afternoon trade. At the time of writing the benchmark index is up 0.5% to 6,830.2 points.
Four shares that have climbed more than most today are listed below. Here's why they have stormed higher today:
The Bubs Australia Ltd (ASX: BUB) share price has charged 5.5% higher to $1.42 following the release of its fourth quarter update. During the quarter the baby food and infant formula company recorded sales of $18.46 million. This was a record figure and helped propel full year gross revenue up to $51.3 million, which was a massive 179% increase on the previous year.
The Karoon Energy Ltd (ASX: KAR) share price has surged 6.5% higher to $1.69 after the energy producer's shares were upgraded by equity analysts at Macquarie. The broker upgraded its shares to an outperform rating and more than doubled its price target to $3.00. It made the move after Karoon Energy announced plans to acquire the Bauna oilfield.
The National Veterinary Care Ltd (ASX: NVL) share price has jumped 6.5% to $2.41 after releasing an acquisition update. According to the update, the company has entered into a binding agreement to acquire a veterinary procurement business. This acquisition expands the veterinary company's capacity, together with its existing management services business United Vets Group, to service a larger share of the ~$3 billion veterinary industry.
The Nearmap Ltd (ASX: NEA) share price has pushed 2.5% higher to $3.35 despite there being no news out of it. The majority of Australia's leading tech shares have stormed higher today following a positive finish to the week on the technology-focused Nasdaq index. This has led to the S&P/ASX 200 Info Tech index racing an impressive 1.8% higher on Monday. The Nasdaq rose after a series of positive updates from popular tech companies such as Alphabet and Twitter.
