The Motley Fool

Why Appen, Bingo, Catapult, & EML Payments shares are pushing higher today

The S&P/ASX 200 index looks set to record another disappointing decline on Wednesday. In afternoon trade the benchmark index is down 0.5% to 6,716.6 points.

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

The Appen Ltd (ASX: APX) share price is up 4% to $22.28. A good number of tech shares are pushing higher on Wednesday following a reasonably positive night of trade on the Nasdaq index. As a result, the S&P/ASX 200 Info Tech index is trading 0.6% higher at the time of writing.

The Bingo Industries Ltd (ASX: BIN) share price has rocketed over 12% higher to $2.84. Investors have been buying the waste management company’s after it provided a market update at its annual general meeting. Management advised that it expects to report underlying EDITDA in the range of $159 million to $164 million in FY 2020. This compares to underlying EBITDA of $106.1 million in FY 2019 and is thanks largely to the benefits of acquisitions.

The Catapult Group International Ltd (ASX: CAT) share price has zoomed 6% higher to $1.82. The catalyst for this gain was a broker note out of Morgans this morning. According to the note, its analysts have upgraded Catapult’s shares from hold to an add rating. They also lifted the price target on its shares by a massive 40% to $2.19. This follows news that Rugby Australia has renewed its union-wide performance partnership and expanded it to include Catapult’s new Vector technology.

The EML Payments Ltd (ASX: EML) share price has raced 10% higher to $4.21. This morning EML Payments’ shares returned to trade after announcing the proposed acquisition of Prepaid Financial Services. The payments company will be paying an upfront enterprise value of £226 million ($423 million) plus an earn-out component of up to £55 million ($103 million). This morning EML Payments revealed that it has successfully completed the institutional component of its entitlement offer and its placement. This has raised approximately $156 million at a price of $3.55 per share.

Looking for the next shares to charge higher? My money would be on one of these dirt cheap growth shares.

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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 Catapult Group International Ltd and Emerchants Limited. The Motley Fool Australia owns shares of Appen Ltd. The Motley Fool Australia has recommended Catapult Group International Ltd and Emerchants 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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