The Motley Fool

Why Carsales, NIB, Tyro Payments, & Western Areas are pushing higher

In afternoon trade the S&P/ASX 200 index is on course to finish the week on a positive note. At the time of writing the benchmark index is up 0.15% to 6,692.8 points.

Four shares that are climbing more than most today are listed below. Here’s why they are ending the week on a high:

The Carsales.Com Ltd (ASX: CAR) share price is up 3% to $16.61. Its shares are racing higher despite there being no news out of the auto listings company today. However, Carsales’ shares have been strong performers in recent months thanks to improvements in the housing market. House prices are often a leading indicator for car sales.

The NIB Holdings Limited (ASX: NHF) share price is up 2.5% to $6.69. This morning nib announced the creation of a specialist healthcare data science and services company. This new company has the specific purpose of delivering better health outcomes for members and communities. It is a joint venture initiative between nib and global health services giant Cigna Corporation. Both parties will contribute A$10 million in start-up funding.

The Tyro Payments Limited (ASX: TYR) share price has rocketed 23% higher to $3.39 on its first day as a listed company. Tyro is a technology-focused company which provides Australian businesses with payment solutions and value-adding business banking products. Its IPO raised approximately $287 million at $2.75 per share. In FY 2020 management expects pro forma revenue of $240.6 million and gross profit of $99.8 million. This represents growth of 26.8% and 19.8%, respectively, on the prior corresponding period.

The Western Areas Ltd (ASX: WSA) share price has climbed 4.5% to $2.82. The nickel producer’s shares are racing higher today after analysts at UBS took their sell rating off its shares. According to the note, the broker has upgraded its shares to a neutral rating with a $2.90 price target.

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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended carsales.com Limited and NIB Holdings 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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