In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to end a difficult week on a positive note. At the time of writing the benchmark index is up 0.5% to 5,243 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
The Bapcor Ltd (ASX: BAP) share price is up 3% to $4.67. This morning the auto parts announced that its $30 million Share Purchase Plan is now open for applications from eligible shareholders. This follows the recent completion of its $180 million placement to institutional investors at a price of $4.40 per share. Bapcor is raising funds to strengthen its balance sheet and place it in a strong position to continue to execute its 5-year strategy.
The Carsales.Com Ltd (ASX: CAR) share price has risen 2.5% to $13.12. This gain may have been driven by a broker note out of the Macquarie equities desk. It has upgraded the auto listings company’s shares to an outperform rating with a $15.30 price target. While the broker expects the near term to be tough, it believes it will be well-placed to benefit when trading conditions recover.
The Mesoblast limited (ASX: MSB) share price has jumped 21% higher to $2.39. Investors have been fighting to buy Mesoblast’s shares after it released an update on trials of its allogeneic mesenchymal stem cell product candidate remestemcel-L in ventilator-dependent COVID-19 patients. That update revealed that it has experienced an 83% survival rate in ventilator-dependent COVID-19 patients (10 out of 12 patients) with moderate to severe acute respiratory distress syndrome (ARDS). This is significantly better than the standard of care treatment.
The Santos Ltd (ASX: STO) share price is up 2.5% to $4.37. Investors have been buying energy producers on Friday after oil prices rebounded strongly again overnight. Production cuts and tensions between the U.S. and Iran have boosted prices. In addition to this, this morning Morgans retained its add rating and lifted its price target on the company’s shares to $4.72.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Bapcor. The Motley Fool Australia has recommended carsales.com 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.