The S&P/ASX 200 Index (ASX: XJO) is fighting hard to maintain its winning streak on Monday. In late morning trade the benchmark index is up slightly to 6,105.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
The Evolution Mining Ltd (ASX: EVN) share price is up 4.5% to $6.16 following the release of its first quarter update. The gold miner delivered a result ahead of expectations, with production coming in at 170,021 ounces. This was achieved with an all-in sustaining cost of $1,198 per ounce and an all-in cost margin of $871 per ounce. As a result, Evolution generated operating mine cash flow of $272.3 million for the quarter.
The Link Administration Holdings Ltd (ASX: LNK) share price has jumped almost 25% higher to $4.97. This follows news that the administration services provider has received a takeover approach from a consortium comprising Pacific Equity Partners, Carlyle Group, and their affiliates. An offer of $5.20 cash per share has been tabled. Major shareholder Perpetual Limited (ASX: PPT) intends to vote in favour of the proposal.
The Newcrest Mining Limited (ASX: NCM) share price has risen 3% to $32.24. Investors have been buying Newcrest and other gold miners on Monday following a solid rise in the gold price on Friday night. In addition to this, analysts at Citi upgraded the company’s shares to a buy rating with a $37.00 price target this morning. This follows news that its board has approved the expansion of its Cadia operation.
The NEXTDC Ltd (ASX: NXT) share price is up 2.5% to $13.10. This morning the data centre operator announced a new $1.5 billion debt facility. This debt facility has lowered the company’s cost of debt notably and positioned it for growth. It is also worth noting that some of the facility is multi-currency. This could be a sign that NEXTDC has its eyes on expanding internationally in the near future.
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Returns as of 6th October 2020
James Mickleboro owns shares of NEXTDC Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Link Administration Holdings Ltd. The Motley Fool Australia has recommended Link Administration Holdings Ltd. 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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