In late morning trade the S&P/ASX 200 Index (ASX: XJO) has broken through the 6,000 points mark again and is on course to record a strong gain. At the time of writing the benchmark index is up 0.8% to 5,991.8 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Magellan Financial Group Ltd (ASX: MFG) share price is up 2.5% to $59.92. The catalyst for this appears to be a broker note out of Credit Suisse this morning. Its analysts have upgraded the fund manager’s shares to an outperform rating with an improved price target of $65.00. This follows the release of its latest funds under management update on Monday.
The Nufarm Limited (ASX: NUF) share price has jumped 5% to $4.05. This appears to have been driven by a broker note out of Morgans this morning. Its analysts have upgraded Nufarm’s shares to an add rating with an improved price target of $4.85. While it expects a soft FY 2020 result later this month, it appears optimistic that this could be the bottom of the cycle.
The Opticomm Ltd (ASX: OPC) share price has stormed 10% higher to $5.62. Investors have been buying the telco’s shares after it received another takeover approach. Superannuation fund First State Super is looking to snare Opticomm from the hands of Uniti Group Ltd (ASX: UWL), which was reasonably close to finalising a takeover. Uniti has postponed its scheme meeting until further notice.
The Scentre Group (ASX: SCG) share price is up 4% to $2.27 after releasing an update on its rental collections. The Westfield shopping centre operator revealed that it was able to collect a total of $183 million of gross rent in August. This represents 86% of monthly gross rental billings. This is another month on month improvement for Scentre. This compares to pre-pandemic collections of 94% or $200 million of gross rental billings.
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More reading
- ASX 200 up 0.95%: Big four banks rise, Scentre collections improve, Nufarm jumps
- Magellan share price up after reporting increased FUM for August
- Why the Scentre share price is pushing higher today
- ASX 200 rises 0.3%, CSL reveals COVID-19 vaccine manufacturing deals
- Last chance to buy ASX REIT shares cheaply
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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