In afternoon trade the S&P/ASX 200 index has given back the majority of its morning gains and is now just a fraction higher. At the time of writing the benchmark index is up a single point to 6,741.7 points.
Four shares that are climbing more than most today are listed below. Here's why they have raced higher:
The Bravura Solutions Ltd (ASX: BVS) share price is up 4.5% to $3.99. This morning the fintech company announced the acquisition of FinoComp for $25 million. FinoComp is an Australian software company that builds unique, registry-agnostic and highly flexible software that supports the UK wealth market. Management expects the addition of FinoComp to deepen its technical capabilities and create a compelling opportunity for it to deliver plug and play solutions to a broader addressable market.
The Coles Group Ltd (ASX: COL) share price has climbed almost 3% to $14.96. This morning the supermarket operator released its first quarter sales update. During the quarter Coles posted a 1.8% increase in total group sales to $8,695 million. Pleasingly, its Supermarket segment recorded its 48th consecutive quarter of comparable sales growth. This was despite cycling the hugely successful Little Shop 1 promotion a year earlier.
The LiveTiles Ltd (ASX: LVT) share price has risen 4% to 29.7 cents. Investors have been buying the intelligent workplace platform provider's shares following the release of its first quarter update. LiveTiles grew its annualised recurring revenue (ARR) to $42.9 million in the first quarter. This was a 7% increase on the previous quarter and 131% higher than the same period last year. LiveTiles also reported cash receipts of $8.5 million. This was 252% higher than the prior corresponding period and the fourth consecutive record quarter for cash receipts.
The QMS Media Ltd (ASX: QMS) share price has rocketed 21% higher to $1.21. Investors have been scrambling to buy the media company's shares after Quadrant Private Equity tabled a $1.22 cash per share takeover offer. This values QMS Media's equity at approximately $420.6 million and an enterprise value of $571.6 million. The offer of $1.22 per share represents a 36.3% premium to its undisturbed close price on October 23.
