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Why Catapult, FlexiGroup, LiveTiles, & WiseTech shares are storming higher

beat the share market

The S&P/ASX 200 index is pushing higher again and is on course to record another solid gain. In afternoon trade the benchmark index is up 0.6% to 7,037.2 points.

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

The Catapult Group International Ltd (ASX: CAT) share price has jumped 9% to $1.99 following the release of another U.S. update. This morning Catapult revealed that it has signed a league-wide deal with Major Rugby League (MLR). MLR has implemented Catapult’s technology for all 12 of its teams starting with the 2020 season. In addition to this deal, Catapult revealed that it has signed multiple high profile and strategic elite clients in the U.S. in the last month. This includes Cleveland Indians, Toronto Blue Jays, Los Angeles FC, and the New York Red Bulls academy.

The FlexiGroup Limited (ASX: FXL) share price is up almost 5% to $2.17. The catalyst for this gain appears to have been a note out of UBS this morning. According to the note, the broker has upgraded the financial services company’s shares to a buy rating with an increased price target of $2.30. It appears more confident on the company’s buy now pay later strategy.

The LiveTiles Ltd (ASX: LVT) share price is up 5.5% to 28 cents. This morning the intelligent workplace platform provider released its second quarter update. That update revealed that LiveTiles has pushed up a gear in the second quarter. According to the release, at the end of December LiveTiles’ annualised recurring revenue (ARR) reached $52.7 million. This was a 22.8% increase on the previous quarter and a 130% lift on the prior corresponding period. Organic ARR growth was $5.1 million or 11.9% over the previous quarter.

The WiseTech Global Ltd (ASX: WTC) share price is up 4% to $25.31. Investors have been buying tech shares on Thursday after the signing of a trade deal by the United States and China. It isn’t just the logistics solutions company’s shares that are on the rise. The S&P/ASX 200 Info Tech index is up a sizeable 1.75% this afternoon.

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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 Catapult Group International Ltd. The Motley Fool Australia owns shares of WiseTech Global. The Motley Fool Australia has recommended Catapult Group International Ltd, FlexiGroup Limited, and LIVETILES FPO. 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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