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Why Clover, FlexiGroup, Speedcast, & Zip Co shares surged higher today

In afternoon trade the S&P/ASX 200 index is on course to finish the week on a high. At the time of writing the benchmark index is up 0.45% to 6,707.4 points.

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

The Clover Corporation Limited (ASX: CLV) share price is up a further 5.5% to $3.10, which has stretched its two-week gain to almost 48%. The infant formula ingredients supplier’s shares have been on fire since the release of a strong full year result earlier this month. They were given an additional boost this week when analysts at Ord Minnett retained their buy rating and lifted the price target on them to $3.31.

The FlexiGroup Limited (ASX: FXL) share price has climbed a further 3% to $2.50. Investors have been buying the financial services company’s shares this week following the release of an update on its buy now pay later platform, humm. In FY 2020 FlexiGroup has added a number of high profile retailers to the platform including Mitre 10, Home Timber & Hardware, KOOKAÏ, SurfStitch, and Smile Solutions. Another positive was that so far in FY 2020 total transactions on the humm platform are up 25% on the prior corresponding period.

The Speedcast International Ltd (ASX: SDA) share price has rocketed 16.5% higher to $1.24. Investors have been buying the shares of the provider of remote communications and IT services after it announced two key appointments. According to the release, the highly experienced Peter Shaper and Joe Spytek have agreed to join its board as independent non-executive directors.

The Zip Co Ltd (ASX: Z1P) share price is up 5% to $4.20 despite there being no news out of the buy now pay later provider. However, a number of shares in the industry have been charging higher today, possibly due to FlexiGroup’s update. That update appears to show that consumers are continuing to embrace this form of payment method.

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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 and ZIPCOLTD FPO. The Motley Fool Australia has recommended FlexiGroup 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.