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Why Afterpay, Super Retail, Uniti, & Viva Energy are charging higher

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In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing the benchmark index is up 3.3% to 5,908.2 points.

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

The Afterpay Ltd (ASX: APT) share price is up almost 9% to $55.88. This is despite there being no news out of the payments company today. At one stage the Afterpay share price hit a new record high of $55.93. And as I mentioned here earlier, one leading broker still believes its shares can go higher from here.

The Super Retail Group Ltd (ASX: SUL) share price has returned from its trading halt and jumped 8.5% higher to $8.48. This morning Super Retail raised $158 million through an institutional entitlement offer at an 8% discount of $7.19 per share. Management believes this equity raising will allow the company to continue to execute its strategy and pursue strategic growth initiatives. Super Retail also released a trading update which revealed that like for like sales rebounded strongly in May.

The Uniti Group Ltd (ASX: UWL) share price is back from its trading halt and up 7.5% to $1.66. This morning the growing telecommunications completed an institutional entitlement offer and raised approximately $152 million at $1.40 per share. These funds will be used to part-fund the acquisition of its larger rival Opticomm Ltd (ASX: OPC).

The Viva Energy Group Ltd (ASX: VEA) share price has jumped 15% higher to $1.75. This morning the fuel retailer released a trading update which included its guidance for the first half. Viva Energy expects its underlying net profit after tax (on a replacement cost basis) to be in the broad range of $20 million to $50 million. This appears to have been better than the market was expecting given the tough trading conditions it is facing.

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Returns as of 6th October 2020

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Super Retail Group Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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