In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a very strong gain. At the time of writing the benchmark index is up 1.7% to 6,297.4 points.
Four shares that have climbed more than most today are listed below. Here’s why they are on the rise:
Alcidion Group Ltd (ASX: ALC)
The Alcidion share price has rocketed 36% higher to 17 cents. Investors have been fighting to buy the healthcare technology company’s shares after it announced a major new deal with another NHS Trust in the UK. Alcidion has signed a ~$9.5 million deal with South Tees Hospitals NHS Foundation Trust for its Miya Precision solution and the Better OPENeP electronic prescribing and medicines administration (ePMA) system.
Avita Therapeutics Inc (ASX: AVH)
The Avita share price has stormed 4% higher to $6.19. This follows the announcement of a collaboration with the Houston Methodist Research Institute. According to the release, the project is seeking to establish proof-of-concept for the development of a novel approach to reverse ageing and rejuvenate skin. It also includes the potential for broader applicability, such as scar revision and wound healing.
BHP Group Ltd (ASX: BHP)
The BHP share price is up 3.5% to $35.87 after announcing the completion of its acquisition of an additional 28% working interest in Shenzi development from Hess Corporation. BHP paid a total of US$505 million for the interest, lifting its share of the deepwater Gulf of Mexico development to a total of 72%. This adds approximately 11,000 barrels of oil equivalent per day of production (90% oil) as of the transaction closing date of 6 November 2020.
REA Group Limited (ASX: REA)
The REA Group share price has been a strong performer and is up 8% to $138.38. Investors have been buying the property listings company’s shares since the release of its strong first quarter update last week. One broker that was impressed was Goldman Sachs. It has retained its buy rating and lifted the price target on the company’s shares to $143.00. The broker expects REA Group to benefit from a near term listings recovery and a step change in earnings as it introduces Premiere Plus.
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More reading
- ASX 200 jumps 1.7%: REA Group surges to record high, bank shares push higher
- AVITA Therapeutics (ASX:AVH) share price climbs higher on reverse ageing project
- Why the Alcidion (ASX:ALC) share price is shooting 38% higher today
- BHP (ASX:BHP) share price higher after completing US$505m Shenzi deal
- ASX 200 Weekly Wrap: US election special
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 Alcidion Group Ltd and Avita Medical Limited. The Motley Fool Australia has recommended Alcidion Group Ltd, Avita Medical Limited, and 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.
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