The All Ordinaries index may be racing higher this month, but its 11% gain pales in comparison to some of the gains being made in November.
Three All Ords shares that have been on fire this month are listed below. Here’s why they are rocketing higher:
Japara Healthcare Ltd (ASX: JHC)
The Japara Healthcare share price has surged 102% higher since the start of the month. Investors have been buying the aged care provider’s shares in November despite there being no news out of the company. The catalyst for this gain appears to have been due to its rival, Regis Healthcare Ltd (ASX: REG), receiving a takeover offer from investment house Washington H. Soul Pattinson & Co Ltd (ASX: SOL). This led to sector wide upgrades being made by analysts at JP Morgan.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price has been a very strong performer and is up an impressive 93% this month. Investors have been buying the nuclear medicine company’s shares for a couple of reasons. One is the announcement of a strategic commercial partnership with China Grand Pharmaceutical and Healthcare Holdings. This agreement is for its portfolio of Molecularly-Targeted Radiation products. It includes a US$25 million up-front non-refundable prepayment to Telix and up to US$225 million in milestone payments. In addition to this, news that the US FDA has approved its new drug application for a prostate cancer imaging product went down well with the market.
Unibail-Rodamco-Westfield CDI (ASX: URW)
The Unibail Rodamco Westfield share price has jumped 75% since the start of the month. Investors have been fighting to get hold of the shopping centre operator’s shares thanks to positive COVID-19 vaccine developments. A highly effective vaccine could give its struggling Westfield centres around the world a huge lift in 2021.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia owns shares of and has recommended Washington H. Soul Pattinson and Company 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.