The S&P/ASX 200 index has rebounded from yesterday’s decline and is pushing notably higher on Thursday. In afternoon trade the benchmark index is up 0.45% to 6,512.5 points.
Four shares climbing more than most today are listed below. Here’s why they are surging higher:
The Catapult Group International Ltd (ASX: CAT) share price has rocketed 13% higher to $1.37 following the release of the sports analytics and wearables company’s full year results. Catapult delivered a result largely in line with its guidance. This included its first positive EBITDA result of $4.1 million, which was a $6 million improvement on last year’s result. Management expects more strong growth in FY 2020.
The ERM Power Ltd (ASX: EPW) share price has surged a massive 42% higher to $2.44 after announcing its full year results and a takeover approach. In respect to the latter, Shell Energy Australia has proposed to acquire 100% of the share capital of ERM Power for a cash price of $2.4654 per share, by way of a scheme of arrangement. The ERM Power board have unanimously recommended the offer.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has charged 9% higher to $47.79 following the release of its full year results. Although Flight Centre posted a disappointing 10.8% decline in underlying profit before tax to $343 million, there were a lot of positives. This included management advising that margins are stabilising in its key Australian leisure business. This business was the main drag on its performance in FY 2019.
The Pro Medicus Limited (ASX: PME) share price has stormed a massive 15% higher to $30.21 thanks to an impressive increase in profits. This morning the leading health imaging company announced a full year profit of $19.1 million, which was 91.9% higher than the prior corresponding period.
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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 and recommends Pro Medicus Ltd. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Catapult Group International Ltd. The Motley Fool Australia owns shares of and has recommended Flight Centre Travel Group Limited. The Motley Fool Australia has recommended Catapult Group International Ltd, ERM Power Limited, and Pro Medicus 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.