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Why Afterpay, Codan, Cleanaway, & Webjet shares are surging higher

hand on touch screen lit up by a share price chart moving higher
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The S&P/ASX 200 Index (ASX: XJO) has returned from the Easter break in fine form. In late morning trade the benchmark index is up 1.1% to 6,902.3 points.

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

Afterpay Ltd (ASX: APT)

The Afterpay share price is up 8% to $114.18. This appears to have been driven by strong gains in the US tech sector on Thursday and Monday night. This has led to the famous Nasdaq index climbing by an impressive 5% since this time last week. At the time of writing, the S&P ASX All Technology Index (ASX: XTX) is up 3.7%.

Codan Limited (ASX: CDA)

The Codan share price has climbed 5.5% to $16.74. Investors have been buying the technology company’s shares following the release of a positive broker note out of Macquarie. This morning the broker responded to its acquisition of Zetron for US$45 million by retaining its outperform rating and lifting its price target to $17.00. It also notes the recent release of a key new metal detector, which could be a boost to sales.

Cleanaway Waste Management Ltd (ASX: CWY)

The Cleanaway share price has surged 9.5% higher to $2.41. This morning the waste management company announced an agreement to acquire Suez R&R Australia for $2.52 billion. The acquisition of the recycling and recovery business is expected to provide additional scale and scope to create further operating leverage and multiple avenues to accelerate growth. It is also forecast to be significantly accretive to earnings post synergies.

Webjet Limited (ASX: WEB)

The Webjet share price has rebounded almost 4% to $5.48. This appears to have been driven by a broker note out of Goldman Sachs this morning. While the broker notes that its latest capital raising dilutes shareholders again, it also removes some uncertainties. In light of this, it has retained its buy rating and trimmed its price target slightly to $7.00.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

*Returns as of February 15th 2021

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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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