The S&P/ASX 200 index is on course to record a solid gain on Wednesday. In afternoon trade the benchmark index is up 1.1% to 6,725.2 points.
Four shares that have climbed more than most today are listed below. Here’s why they have zoomed higher:
The Challenger Ltd (ASX: CGF) share price has charged over 7% higher to $7.35 on Wednesday. Investors have been buying the annuities company’s shares today following the release of its first quarter update. Although Challenger reported a disappointing 28% decline in annuities sales compared to the prior corresponding period, investors appear relieved that management has reaffirmed its full year profit guidance.
The CYBG PLC (ASX: CYB) share price has raced a further 7% higher to $2.51. The catalyst for this strong gain appears to have been more positive Brexit developments. This led to a jump in the British pound overnight, taking it to a four-month high. The UK-based bank’s shares are now up a massive 32% since this time last week.
The Freedom Foods Group Ltd (ASX: FNP) share price has stormed a sizeable 10% higher to $5.68. Investors have been scrambling to buy the diversified food company’s shares after a positive broker note out of Goldman Sachs. According to the note, it has retained its conviction buy rating and $6.80 price target on its shares. The broker is bullish on Freedom Foods’ Plant Based Beverage and Dairy Nutritionals divisions and expects them to drive strong earnings growth over the next few years.
The Viva Leisure Ltd (ASX: VVA) share price has jumped over 9% to $2.22. Investors have been buying the technology-focused Australian health club owner’s shares after it announced its expansion into the Queensland market. Viva Leisure revealed that it has signed a binding sale and purchase agreement for eight Healthworks Fitness Centres in Queensland. This will add approximately 10,000 new members to its growing portfolio.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Challenger Limited. The Motley Fool Australia has recommended Freedom Foods Group Limited and Viva Leisure 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.
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