The S&P/ASX 200 index may have faded in afternoon trade but it is still on course to deliver another gain. At the time of writing the index is up 0.2% to 6,559.2 points.
Four shares that have climbed more than most today are listed below. Here’s why they have stormed higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has raced 6% higher to $25.60 after successfully raising $317.2 million through its fully underwritten institutional placement. The buy now, pay later platform provider advised that the placement was strongly supported by both existing and new shareholders. As a result, the funds were raised at $23.00 per share, which was at the top end of the placement price range and a discount of only 4.8% to the last close price.
The Dicker Data Ltd (ASX: DDR) share price has pushed 6.5% higher to $5.38 after announcing the launch of Dicker Data Financial Services. This is a new business that has been set up to address the growing demand for Device-as-a-Service solutions, Infrastructure-as-a-Service solutions, and the shift from capital expenditure to operational expenditure. The new business will offer by-the-month payment solutions that can be specifically tailored to suit its partners and their customers’ varying needs.
The Emeco Holdings Limited (ASX: EHL) share price has raced 18% higher to $1.95 after providing a trading update this morning. According to the release, the leading provider of equipment leasing to the earthmoving industry has continued to experience strong demand for its services. As a result, it expects to deliver operating EBITDA in the range of $211 million to $213 million in FY 2019. This will be an increase of almost 40% on FY 2018’s result.
The Fortescue Metals Group Limited (ASX: FMG) share price is up 5% to $8.50 thanks to another rise in the iron ore price. According to CommSec, overnight the spot price for the benchmark 62% fines surged another 5.5% to US$105.90 a tonne. News that the Chinese government is encouraging local governments to make major investments in infrastructure appears to have been the catalyst for this strong rise.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Dicker Data Limited. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019