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Why Bank of Queensland, BHP, Pro Medicus, & Redbubble shares are charging higher

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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to bounce back with a solid gain. At the time of writing, the benchmark index is up 0.6% to 6,216 points.

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

The Bank of Queensland Limited (ASX: BOQ) share price is up 2% to $6.86. Investors have been buying the regional bank’s shares after it was upgraded by analysts at Credit Suisse. According to the note, the broker has upgraded its shares to an outperform rating with a $7.60 price target. This follows the release of a better than expected FY 2020 result on Wednesday.

The BHP Group Ltd (ASX: BHP) share price has climbed 2.5% to $36.91. This appears to be down to improving sentiment in the mining sector today and its annual general meeting update on Wednesday afternoon. At the event, management advised that BHP was “very well positioned to weather uncertainty and to emerge from COVID-19 stronger, faster-paced and more focused.”

The Pro Medicus Limited (ASX: PME) share price has jumped 7.5% higher to $31.20. Investors have been buying the healthcare imaging software provider’s shares after it announced a milestone contract win in Germany. Pro Medicus has signed a seven-year deal with LMU Klinikum worth a total of A$10 million. The contract will see its Visage 7 technology deployed throughout LMU Klinikum’s radiology and subspecialty imaging departments.

The Redbubble Ltd (ASX: RBL) share price has surged 11.5% higher to $5.35. The catalyst for this was the release of the ecommerce company’s first quarter update this morning. For the three months ended 30 September, Redbubble reported a 116% jump in Marketplace Revenue to $147.5 million and a 149% increase in gross profit to $64.5 million. The Redbubble share price was up as much as 25% to a record high of $6.02 at one stage.

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Returns as of 6th October 2020

James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Pro Medicus Ltd. The Motley Fool Australia owns shares of and has recommended Pro Medicus 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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