The S&P/ASX 200 Index (ASX: XJO) has fought back from an early decline and is pushing higher. In late morning trade the benchmark index is up 0.2% to 6,689.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Adairs Ltd (ASX: ADH)
The Adairs share price has jumped over 8.5% to $3.50. This follows the release of a trading update by the homewares retailer this morning. For the first 23 weeks of FY 2021, Adairs reported a 23.4% increase in total Adairs sales compared to the prior corresponding period. The company’s Mocka business was an even stronger performer, reporting a 45.1% increase in sales. In light of this positive performance, management is forecasting exceptionally strong earnings growth in the first half.
Link Administration Holdings Ltd (ASX: LNK)
The Link share price has surged 14% higher to $5.66. This follows the receipt of a second takeover approach. SS&C Technology has tabled an offer of $5.65 per share. This represents a 13.9% premium to Link’s last close price. It is also higher than the offer made by a consortium comprising Pacific Equity Partners and Carlyle Group. It is currently conducting due diligence after offering $5.40 per share.
Nuix Ltd (ASX: NXL)
The Nuix share price has risen 4.5% to $9.45. Investors continue to scramble to get hold of the investigative analytics and intelligence software provider’s shares following its IPO last week. The Nuix share price is now up over 78% since listing at $5.31.
Tyro Payments Ltd (ASX: TYR)
The Tyro share price has risen 4.5% to $3.48. This appears to have been driven by a broker note out of Macquarie this morning. According to the note, Macquarie has upgraded Tyro’s shares to a neutral rating from underperform. The broker has also lifted its price target to $3.50. It has been pleased with the payments company’s recovery since the height of the pandemic.
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Returns as of 6th October 2020
More reading
- Why the Adairs (ASX:ADH) share price has rocketed up 13% today
- Red hot ASX IPOs that you might have missed from last week
- Link (ASX:LNK) share price on watch after receiving second takeover approach
- 5 things to watch on the ASX 200 on Tuesday
- Watch out! ASX IPO boom may sink the ASX bull market in 2021
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 Link Administration Holdings Ltd and Tyro Payments. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. recommends ADAIRS FPO. The Motley Fool Australia has recommended ADAIRS FPO and Link Administration Holdings Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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