The S&P/ASX 200 Index (ASX: XJO) has returned to form on Thursday and is charging notably higher in late morning trade. At the time of writing the benchmark index is up 0.7% to 5,962.7 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 5.5% to $69.65. Investors have been buying the payments company's shares following the release of a bullish broker note out of Morgan Stanley. According to the note, the broker has upgraded Afterpay's shares to a buy rating and lifted its price target on them from $36.00 to $101.00. It is pleased with its better than expected credit quality control performance and sales growth acceleration. It also sees opportunities for M&A activity following its capital raising.
The Evolution Mining Ltd (ASX: EVN) share price has risen 4% to $6.29. The catalyst for this has been another rise in the gold price overnight. The price of the precious metal hit a nine-year high following increasing demand for safe haven assets. It isn't just Evolution on the rise today, the S&P/ASX All Ordinaries Gold index is up a sizeable 2.5% at the time of writing.
The Netwealth Group Ltd (ASX: NWL) share price has jumped 6% to $9.82. This follows the release of the investment platform provider's latest quarterly update. According to the release, Netwealth's funds under administration (FUA) stood at $31.5 billion at the end of the fourth quarter. This means the company grew its FUA by $8.2 billion or 35% during the financial year. This includes a negative market movement of $0.9 billion for the year.
The Praemium Ltd (ASX: PPS) share price has rocketed 15% higher to 42.5 cents. Investors have been buying this investment platform provider's shares after it announced the friendly takeover of Powerwrap Ltd (ASX: PWL). Praemium has offered 7.5 cents cash per Powerwrap share and 1 Praemium share for every 2 Powerwrap shares held. This values Powerwrap at $55.6 million or 26.44 cents per share, which represents a 51.1% premium to its last close price. The Powerwrap board has urged shareholders to accept the offer, in the absence of a superior proposal.
