In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is storming higher. At the time of writing the benchmark index is up 0.7% to 6,922.5 points.
Four shares that have climbed more than most on Friday are listed below. Here’s why they have stormed higher:
The FlexiGroup Limited (ASX: FXL) share price is up 5% to $1.98. This gain appears to have been driven by positive retail sales data and the release of a bullish broker note out of Credit Suisse. According to the note, the broker has retained its outperform rating and lifted the price target on its shares to $2.05. It appears confident that FlexiGroup’s buy now pay later offering will drive growth in the future.
The Galaxy Resources Limited (ASX: GXY) share price has climbed 4.5% to $1.19. The lithium miner’s shares have been on fire in 2020 thanks to positive industry news and the release of a production update this week. The latter revealed that Galaxy achieved its production guidance during the December quarter. Galaxy reported lithium concentrate production volume of 43,222 dry metric tonnes at its Mt Cattlin operation. This compares to its guidance range of 35,000 to 45,000 dry metric tonnes.
The Objective Corporation Limited (ASX: OCL) share price has pushed 4% higher to $6.03. This morning the information and process governance solutions provider released a first half update. Objective Corp revealed revenue growth of 13.7% to $33.2 million and operating profit growth of 24% to $5.8 million.
The Vocus Group Ltd (ASX: VOC) share price has surged 8% higher to $3.20. This follows an announcement that its CEO and managing director, David Russell, has made a large purchase of shares. Mr Russell bought 200,000 shares through an on-market trade on January 9 for a total consideration of $594,399.51. This is the second instance of insider buying in as many weeks.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has recommended FlexiGroup 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.