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.
5 stocks under $5
We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
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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 Praemium Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO and Netwealth. The Motley Fool Australia has recommended Praemium 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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