In afternoon trade the S&P/ASX 200 index is on course to start the week on a high. At the time of writing the benchmark index is up 0.6% to 6,885.3 points.
Four shares that are climbing more than most on Monday are listed below. Here's why they are storming higher:
The Amaysim Australia Ltd (ASX: AYS) share price has jumped 10% to 43 cents. Investors have been buying the junior telco company's shares after it announced the acquisition of mobile virtual network operator Jeenee Communications. In addition to this, its shares were given a boost by speculation that one of its biggest shareholders is in talks with turnaround specialists about a potential public to private takeover of the telco.
The NRW Holdings Limited (ASX: NRW) share price is up almost 5% to $3.12. The catalyst for this gain appears to be a broker note out of UBS this morning. According to the note, the broker has retained its buy rating and lifted its price target on the mining services company's shares to $3.85. This implies material upside over the next 12 months even after its strong gains in recent days.
The Opthea Ltd (ASX: OPT) share price has zoomed 15% higher to $3.14 after announcing an institutional placement. The clinical-stage biopharmaceutical company raised $50 million at $2.65 per share. This was a discount of only 3% to its last close price. The proceeds will be used to support the late-stage clinical development of OPT-302 as a therapy for wet Age-related Macular Degeneration.
The Select Harvests Limited (ASX: SHV) share price has continued its positive run and is up 5% to $8.13. Investors have been buying the almond producer's shares since the release of its full year results last week. Select Harvests delivered EBITDA of $95.2 million and a net profit after tax of $53 million. This compares to EBITDA of $51.7 million and NPAT of $20.4 million in FY 2018. This led to UBS reiterating its buy rating and $9.10 price target on the company's shares this morning.
