Why Clover, IOOF, Premier Investments, & Wattle Health surged higher today

The IOOF Holdings Limited (ASX:IFL) share price and the Premier Investments Limited (ASX:PMV) share price are two of four surging higher on Monday…

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ASX shares soaring higher

In afternoon trade the S&P/ASX 200 index is on course to start the week on a positive note. At the time of writing the benchmark index is up 0.3% to 6,751.7 points.

Four shares that have climbed more than most today are listed below. Here’s why they have started the week on a high:

The Clover Corporation Limited (ASX: CLV) share price has zoomed a further 8% to $2.76. The shares of the provider of ingredients for infant formula and nutrition products have been on fire since the release of its full year results. In FY 2019 Clover reported a 21.8% increase in revenue to $76.7 million and a 33.1% lift in net profit after tax to $10.1 million.

The IOOF Holdings Limited (ASX: IFL) share price is up almost 11% to $6.64. The catalyst for this appears to have been a broker note out of Macquarie this morning. According to the note, the broker has upgraded its shares to an outperform rating with a $7.00 price target. It made the move after the Federal Court held that IOOF’s APRA regulated entities and five individuals did not contravene the Superannuation Industry Act.

The Premier Investments Limited (ASX: PMV) share price has continued its positive run and is up a further 7% to $19.42. Its shares have been strong performers since the release of its full year results last week. One broker that liked what it saw was Macquarie. This morning its analysts upgraded Premier Investments shares to an outperform rating with a $20.00 price target after it outperformed the broker’s expectations in FY 2019.

The Wattle Health Australia Ltd (ASX: WHA) share price has raced 34% higher to 73 cents. This infant formula company’s shares have rocketed notably higher since Bellamy’s Australia Ltd (ASX: BAL) received a takeover approach last week. It appears as though some investors believe the company behind the Uganic infant formula range could become a takeover target for other Chinese dairy companies. Wattle Health’s shares are now up 92% in the space of a week.

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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 Clover Limited. The Motley Fool Australia owns shares of and has recommended Premier Investments Limited. 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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