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Why Afterpay, Mesoblast, Netwealth, & oOh!Media are surging higher

The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a very positive note. In afternoon trade the benchmark index is up 1.95% to 5,307.8 points.

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

The Afterpay Ltd (ASX: APT) share price is up 7% to $21.28. Investors appear to be buying the payments company’s shares in anticipation of a strong update when the market returns on Tuesday next week. A number of its competitors have released their latest numbers this month and revealed further strong growth.

The Mesoblast limited (ASX: MSB) share price has jumped 12% to $2.05 after releasing a trial update. According to the release, Mesoblast’s allogeneic mesenchymal stem cell (MSC) product candidate remestemcel-L will be formally evaluated in a randomised, placebo-controlled trial in 240 patients with acute respiratory distress syndrome (ARDS) caused by COVID-19.

The Netwealth Group Ltd (ASX: NWL) share price has climbed 4% to $7.60. This morning the investment platform provider released its March update and revealed record quarterly net inflows. Netwealth experienced $3.2 billion of net inflows during the quarter, bringing its year to date net inflows to $7.6 billion. This offset unfavourable market movements and led to a funds under administration increase of 19.4%.

The oOh!Media Ltd (ASX: OML) share price has rocketed 25% to 79.5 cents. Investors have been buying the media and outdoor advertising company’s shares amid speculation rival HT&E Ltd (ASX: HT1) could be about to launch a takeover approach. This follows news that HT&E has snapped up 11 million shares in oOh!Media. Late this morning HT&E confirmed its purchases and revealed that it currently holds a 4.2% equity interest in oOh!media. It commented that it “looks forward to supporting oOh!media as a constructive significant shareholder.”

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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 Netwealth. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended oOh!Media Ltd. 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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