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.
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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 Bravura Solutions Ltd. The Motley Fool Australia has recommended Bravura Solutions Ltd and LIVETILES FPO. 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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