In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher. At the time of writing the benchmark index is up 0.1% to 6,128.2 points.
Four shares climbing more than most today are listed below. Here’s why they are charging higher:
The A2 Milk Company Ltd (ASX: A2M) share price is up 1.5% to $18.42. This follows the release of an announcement by the infant formula company this morning. That announcement reveals that it has made a non-binding indicative offer to acquire a 75.1% interest in Mataura Valley Milk for NZ$270 million. Mataura Valley Milk is a New Zealand based dairy nutrition business. If everything goes to plan, A2 Milk will look to establish blending and canning capacity at Mataura’s facility in the future.
The Coca-Cola Amatil Ltd (ASX: CCL) share price has climbed 3.5% to $9.61. This morning analysts at Credit Suisse upgraded the beverage giant’s shares to an outperform rating with an improved price target of $11.25. It made the move after the release of a better than expected half year result earlier this week.
The Star Entertainment Group Ltd (ASX: SGR) share price has jumped 9% to $3.20. This also appears to have been driven by a broker note out of Credit Suisse this morning. The broker has upgraded the casino and resorts operator’s shares to an outperform rating with a $3.60 price target. It was pleased with its good cost control. This has led to its analysts upgrading their earnings estimates.
The Suncorp Group Ltd (ASX: SUN) share price has surged 7.5% higher to $9.35. Investors have been buying the insurance and banking giant’s shares following the release of its FY 2020 results. Suncorp’s cash earnings came in at $749 million in FY 2020, down 32.8% on the prior corresponding period. The market appears to have been expecting a much softer result.
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More reading
- Suncorp share price in focus after posting 32.8% cash earnings decline
- a2 Milk share price on watch after announcing Mataura Valley Milk acquisition plans
- Where to invest $10,000 into ASX shares immediately
- 5 things to watch on the ASX 200 on Friday
- Top brokers name 3 ASX shares to sell today
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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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