Why Elders, Jumbo, Northern Star, & PolyNovo shares are charging higher

Jumbo Interactive Ltd (ASX:JIN) and Northern Star Resources Ltd (ASX:NST) shares are two of four charging notably higher on Friday…

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In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a disappointing note. The benchmark index is currently down 0.5% to 6,386.8 points.

Four shares that have not let that hold them back are listed below. Here’s why they are charging higher:

Elders Ltd (ASX: ELD)

The Elders share price has climbed 2% to $11.61. This appears to have been driven by optimism that the agribusiness company is going to deliver a strong full year result next week. One broker that is tipping Elders to achieve this is Goldman Sachs. This morning its analysts suggested Elders could deliver earnings per share 8% ahead of the Bloomberg consensus estimate. It expects this to be driven partly by the execution of the backward integration strategy and the integration of the AIRR acquisition.

Jumbo Interactive Ltd (ASX: JIN)

The Jumbo share price has jumped 7.5% to $13.76. Investors have been buying the online lottery ticket seller’s shares after it confirmed that it has signed an agreement with the Western Australian state government-owned and operated, Lotterywest. This deal will see the company provide its online software platform and services to Lotterywest for the next 10 years.

Northern Star Resources Ltd (ASX: NST)

The Northern Star share price is up a sizeable 7% to $15.07. Investors have been buying Northern Star and other gold miners following a solid rebound in the gold price overnight. This has led to the S&P/ASX All Ordinaries Gold index surging an impressive 4.3% higher in afternoon trade.

PolyNovo Ltd (ASX: PNV)

The PolyNovo share price is storming 5% higher to $2.95. This morning the medical device company revealed that the US FDA has approved its pivotal trial investigation device exemption. This approval means PolyNovo can begin patient recruitment once the various hospital independent review boards grant approval. It expects recruitment to begin in 2021 and conclude around the end of 2023. The clinical program is supported by BARDA funding of US$15 million.

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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 POLYNOVO FPO. The Motley Fool Australia's parent company Motley Fool Holdings Inc. recommends Jumbo Interactive Limited. The Motley Fool Australia owns shares of and has recommended Jumbo Interactive Limited. The Motley Fool Australia has recommended Elders 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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