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Why ANZ, Blackmores, IDP Education, & Nearmap shares are racing higher

share price higher

In the afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing the benchmark index is up 1.8% to 5,877.7 points.

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

The Australia and New Zealand Banking Grp Ltd (ASX: ANZ) share price has jumped 6% higher to $18.99. Investors continue to buy the big four banks, potentially on the belief that the worst is over for them. ANZ Bank’s latest gain means the banking giant’s shares are now up a remarkable 24% this week.

The Blackmores Limited (ASX: BKL) share price is up almost 3% to $80.99. Investors have been buying the health supplements company’s shares following the completion of the institutional component of its capital raising. Blackmores raised $92 million at an 8% discount of $72.50. It will now use these funds to strengthen its balance sheet, support its activities in the Asia market, and invest in its efficiency program. Another positive was that Blackmores revealed that it is on track to achieve its guidance in FY 2020.

The IDP Education Ltd (ASX: IEL) share price has jumped 5% to $17.72. This is despite there being no news out of the provider of international student placement services and English language testing services. However, with its shares down materially from their pre-pandemic high, it looks as though bargain hunters have been piling in today.

The Nearmap Ltd (ASX: NEA) share price has rocketed 18% higher to $2.27. This morning the aerial imagery technology and location data company released an update which revealed that its annualised contract value (ACV) had hit $102 million. This puts it well on course to achieve its full year ACV guidance of $103 million to $107 million. The company also reaffirmed that it expects to be cash flow breakeven by the end of the financial year. This is expected to leave it with a cash balance of $32 million to $35 million.

Man who said buy Kogan shares at $3.63 says buy these 3 ASX stocks now

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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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores Limited and Nearmap 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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