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.
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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 NATVETCARE FPO. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. The Motley Fool Australia has recommended BUBS AUST FPO. 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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