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Why Afterpay, Orocobre, REA Group, & Slater & Gordon are racing higher

share price higher

The S&P/ASX 200 index has started the year on a high. In afternoon trade the benchmark index is up 0.3% to 6,703.1 points.

Four shares that have climbed more than most today are listed below. Here’s why they are racing higher:

The Afterpay Ltd (ASX: APT) share price has started the year on a positive note and is up 4% to $30.46. This follows the release of a regulatory update relating to its US operations. According to the release, the California Department of Business Oversight (DBO) granted Afterpay a California finance lender’s license in November. This license remains valid today. Rival Sezzle Inc (ASX: SZL) revealed that it has been denied the same license this morning.

The Orocobre Limited (ASX: ORE) share price is up 4% to $2.76 despite there being no news out of the lithium miner. However, a good number of its industry peers are pushing higher along with it today. This could be down to short sellers buying shares to close positions or investors believing that their shares have been oversold.

The REA Group Limited (ASX: REA) share price has climbed 2% to $105.50. Investors have been buying the property listings company’s shares following the release of the latest CoreLogic house price data. According to the release, the Corelogic National Index rose 4% over the December quarter. A key highlight was Sydney house prices which jumped 6.2% in the final quarter.

The Slater & Gordon Limited (ASX: SGH) share price has surged 12% higher to $1.02. This could be a delayed reaction to news late last month that Vocus Group Ltd (ASX: VOC) has agreed to settle its class action. Vocus agreed a settlement of $35 million with the law firm. The statement of claim included allegations of contraventions of the Corporations Act 2001 in relation to misleading or deceptive conduct and continuous disclosure obligations.

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Returns as of 6th October 2020

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 AFTERPAY T FPO. The Motley Fool Australia has recommended REA Group Limited and Sezzle Inc. 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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