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Why Codan, Pro Medicus, Uniti, & Zip shares are storming higher

share price higher
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It has been another positive day of trade for the S&P/ASX 200 Index (ASX: XJO) on Thursday. In afternoon trade the benchmark index is up 0.85% to 6,736 points.

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

Codan Limited (ASX: CDA)

The Codan share price has jumped 10% to $11.08. Investors have been buying the metal detector-focused electronics products company’s shares since it provided guidance for the first half of FY 2021 on Wednesday. Codan has been experiencing very strong demand for its metal detectors and expects this to lead to a net profit after tax of $40 million for the half. This is up over 33% from the $30 million it achieved in the prior corresponding period.

Pro Medicus Limited (ASX: PME)

The Pro Medicus share price is up 3% to $32.02 after announcing a major contract win. According to the release, Pro Medicus has signed a five-year contract with MedStar Health worth a total of A$18 million. MedStar Health is the largest health system in the Maryland and Washington, D.C. metropolitan region, comprising 10 hospitals.

Uniti Group Ltd (ASX: UWL)

The Uniti share price has rocketed 13.5% higher to $1.68. Investors have been fighting to get hold of shares after the telco announced an agreement to acquire the Telstra Velocity and South Brisbane Exchange assets from Telstra Corporation Ltd (ASX: TLS). In order to fund the acquisition, Uniti has raised $50 million at a 1.4% premium of $1.50 per new share.

Zip Co Ltd (ASX: Z1P)

The Zip share price is up 1.5% to $5.65. Investors have been buying the buy now pay later provider’s shares after it announced the completion of the institutional component of a $150 million capital raising. Zip raised $120 million from institutional investors at a 4.1% discount of $5.34 per new share. These funds will be used to support its growth in the United States, product development, and its UK expansion.

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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 ZIPCOLTD FPO. 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. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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