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Why Domain, InvoCare, Jumbo, & OFX shares are racing higher today

In afternoon trade on Tuesday the S&P/ASX 200 index is on course to give back a good portion of yesterday’s gain. At the time of writing the benchmark index is down 0.5% to 6,740.6 points.

Four shares that have not let that hold them back today are listed below. Here’s why they are racing higher:

The Domain Holdings Australia Ltd (ASX: DHG) share price is up 4.5% to $3.43. Investors have been buying the property listings company’s shares on Tuesday following a broker upgrade. A note out of the Macquarie equities desk reveals that it has upgraded its shares to an outperform rating from neutral. It also lifted the price target on them to $3.60. Macquarie was impressed with Domain’s costs management during the first quarter.

The InvoCare Limited (ASX: IVC) share price has climbed 3% higher to $13.86. This morning the funerals company announced another acquisition. According to the release, it has entered into two separate sales agreements. This will see it acquire Batemans Bay & Moruya District Funerals and Broulee Memorial Gardens located on the South Coast of NSW. The proposed acquisition is anticipated to complete this month.

The Jumbo Interactive Ltd (ASX: JIN) share price has raced 5.5% higher to $21.45. Investors have been buying its shares after it announced its expansion into the UK market. The online lottery ticket seller is entering the market via the ₤3 million (~A$5.4 million) acquisition of UK lottery merchant Gatherwell.

The OFX Group Ltd (ASX: OFX) share price is up over 3% to $1.42. The catalyst for this gain was the international payment services company’s half year result release this morning. OFX reported a 2.3% lift in underlying EBITDA (excluding corporate action costs) to $16.5 million. This appears to have been better than many had expected given the tough trading conditions.

These 3 stocks could be the next big movers in 2020

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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 and recommends Jumbo Interactive Limited. The Motley Fool Australia has recommended InvoCare Limited and Jumbo Interactive 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.

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