In late morning trade the S&P/ASX 200 Index (ASX: XJO) has fought back from a sharp decline to edge higher. At the time of writing the benchmark index is up slightly to 6,145 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
The CSL Limited (ASX: CSL) share price has pushed 3% higher to $287.15. This morning analysts at Goldman Sachs reiterated their buy rating and $336.00 price target on this biotherapeutics company’s shares. This follows the announcement that CSL is taking up its option to acquire Vitaeris. The clinical-stage biotechnology company is currently focused on the phase 3 development of a treatment for rejection in solid organ kidney transplant patients.
The Harvey Norman Holdings Limited (ASX: HVN) share price has jumped 4.5% higher to $3.72 after the release of a sales update. Although its international operations have been a bit mixed due to forced closures during the pandemic, Harvey Norman’s local operations have delivered very strong growth. Another positive is that the board has declared a special dividend of 6 cents per share. This will be paid to shareholders later this month.
The IPH Ltd (ASX: IPH) share price is up 4% to $7.54 after announcing an acquisition. The company’s AJ Park subsidiary has agreed to acquire New Zealand intellectual property firm Baldwins Intellectual Property. It will be paying approximately NZ$7.9 million, including deferred consideration of NZ$0.4 million. Baldwins’ FY 2020 EBITDA after normalisation adjustments for partner salaries was approximately NZ$2 million.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has surged 9% higher to $4.62. This follows a rebound in the gold price overnight ahead of the U.S. Federal Reserve’s June meeting this week. It isn’t just Saracen on the rise today. The S&P/ASX All Ordinaries Gold index is up a sizeable 2.5% at the time of writing.
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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 CSL Ltd. 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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