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Why Afterpay, Bigtincan, Dicker Data, & NIB shares are racing higher

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In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing the benchmark index is up almost 1.1% to 5,997.3 points.

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

The Afterpay Ltd (ASX: APT) share price is up 5% to $65.44. The catalyst for this gain has been a broker note out of Citi. Although the broker has retained its neutral rating on its shares, it has increased its price target by more than double to $64.25. The broker made the move after upgrading its earnings estimates.

The Bigtincan Holdings Ltd (ASX: BTH) share price is up 2% to 80.5 cents. Investors have been buying the artificial intelligence-powered sales enablement automation platform provider’s shares after it announced a new contract win. Bigtincan has signed a contract with Red Bull GmbH for a deployment of its software with a total contract value of $1.8 million over 30 months. It also includes an option to extend the agreement for a further 60 months.

The Dicker Data Ltd (ASX: DDR) share price has jumped 7.5% to $7.53. This follows the release of a half year update by the wholesale distributor of computer hardware and software. Dicker Data has recorded over $1 billion of unaudited revenue during the half, which represents an 18.3% increase over the prior corresponding period. Unaudited net profit before tax came in at ~$40 million for the six months. This represents a 25% jump on its profit before tax during the first half of FY 2019.

The NIB Holdings Limited (ASX: NHF) share price is up over 5% to $4.88. Investors have been buying the private health insurer’s shares after it responded to an announcement by APRA. The regulator has warned private health insurers to provision in FY 2020 for a presumed catch up in treatment and claims post-pandemic. This morning NIB confirmed that its forecast capital position remains well ahead of regulatory requirements, internal targets, and allows for APRA’s announcement.

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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 BIGTINCAN FPO. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended BIGTINCAN FPO and NIB Holdings 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.

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