Why BetMakers, CIMIC, Galaxy, & Perenti shares are jumping higher

The Galaxy Resources Limited (ASX:GXY) share price is one of four jumping higher on the ASX on Wednesday. Here’s why…

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Rising ASX share price represented by investors jumping high in the air

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The S&P/ASX 200 index has followed the lead of U.S. markets and is pushing higher again on Wednesday. In afternoon trade the benchmark index is up 0.3% to 6,967.4 points.

Four shares that are climbing more than most today are listed below. Here’s why they are jumping higher:

The BetMakers Technology Group Ltd (ASX: BET) share price has rocketed 48% higher to 35.5 cents. Investors have been buying the racing data and analytics supplier’s shares after it announced an agreement with New Jersey Thoroughbred Horsemen Association and Darby Development, the operator of the Monmouth Park racetrack. The agreement will see BetMakers deliver and manage Fixed Odds horse racing into New Jersey along with exclusive distribution of Monmouth Park racing content throughout other parts of the United States and internationally.

The CIMIC Group Ltd (ASX: CIM) share price has jumped 8.5% higher to $30.59. This follows the release of its full year results after the market close yesterday. Due to a one-off post tax impact of $1.8 billion, the engineering company posted a loss after tax of $1 billion in FY 2019. Excluding this one-off impact, CIMIC reported a 3% lift in profit to $800 million. One broker that liked what it saw was Macquarie. This morning its analysts upgraded its shares to an outperform rating with a $32.64 price target.

The Galaxy Resources Limited (ASX: GXY) share price has jumped 13% higher to $1.18. Galaxy and the rest of the lithium miners are surging higher following a positive development in the UK. Overnight the UK government announced that it is bringing forward its ban on the sale of petrol and diesel cars to 2035. If other countries follow the UK’s lead, it could underpin strong electric vehicle sales and increasing demand for lithium.

The Perenti Global Ltd (ASX: PRN) share price has stormed 6% higher to $1.50. This morning Perenti revealed that it is interested in acquiring the mining services business of Downer EDI Limited (ASX: DOW). It advised that it is looking at the business, but will only pursue a transaction that is earnings per share accretive.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. 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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