In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week on a positive note. At the time of writing, the benchmark index is up 0.45% to 6,671.5 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up almost 5% to $105.90. Investors have been buying the payments company’s shares after it was added to both the ASX 20 and ASX 50 indices at the December rebalance. When companies are added to new indices it tends to support its share price. This is because it means fund managers with strict investment mandates can now invest and index-tracking funds have to buy shares.
Alcidion Group Ltd (ASX: ALC)
The Alcidion share price has jumped 8% to 20.5 cents. This follows an announcement this morning which revealed that the South Tees Hospitals NHS Foundation Trust in the United Kingdom has extended its contract. The extension, worth an additional $2 million, will include cloud hosting on Microsoft Azure and Alcidion’s Smartpage clinical communication solution, among other things.
Eagers Automotive Ltd (ASX: APE)
The Eagers Automotive share price is up a sizeable 6% to $14.34. Investors have been buying the auto retailer’s shares after it announced the sale of its Daimler truck business to United States-based Velocity Vehicle Group. According to the release, the sale will deliver a net gain of approximately $32 million to $36 million. It includes the sale of Eagers’ Milperra property, where its Stillwell Trucks operation is based.
Pacific Smiles Group Ltd (ASX: PSQ)
The Pacific Smiles share price has stormed 13% higher to $2.39. This follows the release of a trading update which revealed that its performance has been stronger than expected. According to the release, the dental practice operator expects patient fees to grow by 25% to 30% in FY 2021. This is up from its previous guidance of 20%. As a result, Pacific Smiles expects its underlying earnings before interest, tax, depreciation, and amortisation (EBITDA) growth to be in the range of 35% to 45%. This is up from 25% previously.
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Returns as of 6th October 2020
More reading
- Pacific Smiles (ASX:PSQ) share price jumps 13%. Here’s why
- Trading at record highs, why the Eagers (ASX:APE) share price is lifting again today
- These are 10 of the best performing ASX tech shares of 2020 so far
- Here’s why the Alcidion (ASX:ALC) share price is charging 8% higher
- Quarterly rebalance: Afterpay (ASX:APT) added to ASX 20, Kogan (ASX:KGN) joins the ASX 200
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. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Alcidion Group Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
The post Why Afterpay, Alcidion, Eagers Automotive, & Pacific Smiles are storming higher appeared first on The Motley Fool Australia.
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