Why AMP, IOOF, Redbubble, & Westpac shares are charging higher

AMP Limited (ASX:AMP) and Westpac Banking Corp (ASX:WBC) shares are two of four charging notably higher on Friday. Here’s why…

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) has bounced back strongly from yesterday’s selloff. At the time of writing the benchmark index is up 0.95% to 5,873.1 points.

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

The AMP Limited (ASX: AMP) share price is up almost 5% to $1.86. This gain appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has retained its outperform rating and lifted the price target on the financial services company’s shares to $2.05. Credit Suisse has lifted its profit forecasts to reflect stronger equity markets.

The IOOF Holdings Limited (ASX: IFL) share price has jumped 9% to $5.13. The catalyst for this also appears to have been a broker note out of Credit Suisse. This morning the broker retained its outperform rating and lifted its price target on the company’s shares up to $5.50. Once again, it made the move after increasing its earnings forecasts to reflect stronger than expected equity markets.

The Redbubble Ltd (ASX: RBL) share price is up a further 2% to $2.01. Investors have been buying the ecommerce company’s shares after the release of a very strong trading update this week. That update revealed that its sales have been booming during the pandemic. Quarter to date, revenue is up 107% on the prior corresponding period. This has led to its operating profit for the 11 months to 31 May doubling to $11.9 million.

The Westpac Banking Corp (ASX: WBC) share price is up over 2.5% to $17.87. The big four banks have been strong performers on Friday and are helping drive the ASX 200 higher. Investors have been buying them after their U.S. counterparts jumped higher overnight.

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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia has recommended REDBUBBLE 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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