In afternoon trade the S&P/ASX 200 index is on course to end the week on a positive note. At the time of writing the benchmark index is up 0.3% to 7,110.1 points.
Four shares that are climbing more than most today are listed below. Here’s why they are ending the week on a high:
The CIMIC Group Ltd (ASX: CIM) share price is up 5% to $29.38. The engineering company’s shares are rebounding on Friday after crashing lower on Thursday. This morning Credit Suisse upgraded CIMIC’s shares to an outperform rating with a $35.00 price target. It sees yesterday’s selloff as a buying opportunity and appears to support its decision to exit the Middle East.
The Lynas Corporation Ltd (ASX: LYC) share price is up 3% to $2.41. The rare earths producer’s shares have been charging higher after the release of its quarterly update. During the quarter Lynas reported neodymium and praseodymium production of 1,270 tonnes and rare earth oxide production of 3,592 tonnes. This was in line with the company’s guidance.
The Netwealth Group Ltd (ASX: NWL) share price has surged 6% higher to $8.28. The catalyst for this gain may be a broker note out of Citi this morning. According to the note, the broker has retained its buy rating and lifted the price target on the financial services platform provider’s shares slightly to $9.65. It was pleased with its inflows during the second quarter.
The Village Roadshow Ltd (ASX: VRL) share price has climbed 4% to $4.00 after the entertainment company received another takeover approach. Village Roadshow received a $4.00 per share offer from BGH Capital. This latest unsolicited bid is higher than the $3.90 per share bid it received from Pacific Equity Partners in December. Shareholders will no doubt be hoping that this leads to a bidding war between the two private equity firms.
The post Why CIMIC, Lynas, Netwealth, & Village Roadshow shares are pushing higher appeared first on Motley Fool Australia.
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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 Netwealth. 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. 2020