In afternoon trade the S&P/ASX 200 index is on course to finish the week on a very positive note. At the time of writing the benchmark index is up 1.3% to 6,778.7 points.
Four shares that are climbing more than most on Friday are listed below. Here’s why they are racing higher:
The Nearmap Ltd (ASX: NEA) share price is up over 3% to $2.59. This follows a strong night of trade for the technology-focused Nasdaq index. Overnight the Nasdaq stormed 1.3% higher. And as the local tech sector has a tendency to follow the lead of their U.S. counterparts, Nearmap and co. are enjoying a solid day of trade. The S&P/ASX 200 Info Tech index is up 2.3% at the time of writing.
The News Corp (ASX: NWS) share price has climbed almost 4% to $21.36. This follows reports that one of its shareholders, L1 Capital, believes there could be upside of 50% to its current share price. One broker that is also bullish on News Corp is Goldman Sachs. It has the media company’s shares on its conviction buy list with a $26.80 price target.
The Northern Star Resources Ltd (ASX: NST) share price is up 3% to $11.60. This morning the gold mining giant announced the completion of its Super Pit acquisition. Northern Star paid a total of US$800 million to Newmont Goldcorp Corporation and will now co-own the highly rated gold mine with Saracen Mineral Holdings Limited (ASX: SAR). A lift in the gold price is also contributing to today’s gains.
The REA Group Limited (ASX: REA) share price has continued its positive run and is up a further 3% to $108.25. Investors have been buying the property listings company’s shares this week following the release of the latest CoreLogic house price data. That release reveals that the Corelogic National Index rose a sizeable 4% during the December quarter. A key highlight was Sydney house prices which jumped 6.2% in the final quarter.
The post Why Nearmap, News Corp, Northern Star, & REA Group are racing 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 and has recommended Nearmap Ltd. The Motley Fool Australia has recommended REA Group 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.
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