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.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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