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 0.55% to 6,761.7 points.
Four shares climbing more than most today are listed below. Here’s why they are storming higher:
The Afterpay Touch Group Ltd (ASX: APT) share price is up almost 5% to $28.24. The catalyst for this gain appears to be a broker note out of Citi. According to the note, it has upgraded Afterpay’s shares to a buy rating with a trimmed price target of $31.10. After looking into app downloads and website traffic, it believes Afterpay was a strong performer in the United States during October.
The Bubs Australia Ltd (ASX: BUB) share price has stormed almost 4% higher to $1.11. This morning the baby food and infant formula company announced that it has secured ranging for the Bubs product portfolio in Vietnam’s largest Mother & Baby store chain, Bibo Mart. This gives Bubs access to over 135 stores, predominantly located in major metropolitan areas. In addition to this, Bubs has entered into a master distribution agreement with Viet Nam TVV Service and Trading Company Limited.
The Domain Holdings Australia Ltd (ASX: DHG) share price is up 4.5% to $3.26. This morning the property listings company announced a new acquisition. Domain has entered into a binding agreement to acquire Real Time Agent operator Bidtracker Holdings. Real Time Agent is an Australian point of sale platform that digitises key steps in the property journey. Its product suite includes Real Time Authority, Bidtracker, and Real Time Contracts.
The Elders Ltd (ASX: ELD) share price has raced over 5% higher to $6.38 following the release of its full year results. For the 12 months ended September 30, Elders delivered a statutory profit after tax of $68.9 million. This is a decline of 3.8% on the $71.6 million achieved in the previous year. Its underlying net profit after tax came in at $63.6 million, which was flat on the prior corresponding period. Management believes this solid result highlights the resilience of its business model in the face of difficult trading conditions that many of its customers are facing.
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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 AFTERPAY T FPO. The Motley Fool Australia has recommended BUBS AUST FPO and Elders 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.