In the afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing the benchmark index is up 1.8% to 5,877.7 points.

Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:

The Australia and New Zealand Banking Grp Ltd (ASX: ANZ) share price has jumped 6% higher to $18.99. Investors continue to buy the big four banks, potentially on the belief that the worst is over for them. ANZ Bank’s latest gain means the banking giant’s shares are now up a remarkable 24% this week.

The Blackmores Limited (ASX: BKL) share price is up almost 3% to $80.99. Investors have been buying the health supplements company’s shares following the completion of the institutional component of its capital raising. Blackmores raised $92 million at an 8% discount of $72.50. It will now use these funds to strengthen its balance sheet, support its activities in the Asia market, and invest in its efficiency program. Another positive was that Blackmores revealed that it is on track to achieve its guidance in FY 2020.

The IDP Education Ltd (ASX: IEL) share price has jumped 5% to $17.72. This is despite there being no news out of the provider of international student placement services and English language testing services. However, with its shares down materially from their pre-pandemic high, it looks as though bargain hunters have been piling in today.

The Nearmap Ltd (ASX: NEA) share price has rocketed 18% higher to $2.27. This morning the aerial imagery technology and location data company released an update which revealed that its annualised contract value (ACV) had hit $102 million. This puts it well on course to achieve its full year ACV guidance of $103 million to $107 million. The company also reaffirmed that it expects to be cash flow breakeven by the end of the financial year. This is expected to leave it with a cash balance of $32 million to $35 million.

More reading

• Why the Nearmap share price has surged 15% higher today
• ASX 200 up 2.4%: Blackmores raises $92m, big four banks jump, Nearmap rockets
• Why the Blackmores share price is charging higher today
• What would $50,000 invested in the ASX 200 a decade ago be worth today?
• 5 things to watch on the ASX 200 on Thursday

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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of and has recommended Blackmores Limited and Nearmap Ltd. 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.

The post Why ANZ, Blackmores, IDP Education, & Nearmap shares are racing higher appeared first on Motley Fool Australia.

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The Nearmap Ltd (ASX: NEA) share price has surged 15% higher in early morning trade today. This comes after Nearmap released a positive trading update on recent business performance and detailed the launch of its new ‘Nearmap AI’ product.

Continued Nearmap growth across key segments 

Nearmap informed the market that its overall recent business performance has been relatively strong. It’s seen continued month by month growth across its main industry segments despite challenging economic conditions triggered by the coronavirus crisis.

The company reports its actual cash value (ACV) portfolio to be in excess of $102 million. It anticipates a closing FY20 ACV portfolio value of between $103–$107 million, on a constant currency basis.

Sales activity levels were reported to have remained strong since the coronavirus onset and with customer churn to now be below 10% on a 12-month rolling basis. This is a significant reduction from the 11.5% last reported at the end of 2019.

The company did indicate there has been some downward momentum on sales growth. Some customers have delayed their purchasing decisions, however, Nearmap sees minimal overall impact on their expanding sales pipeline.

Cash flow break-even target on track

Back in April, Nearmap announced that a number of cash management initiatives were to be implemented to preserve its cash position and strengthen its balance sheet to avoid the need to raise additional capital. These measures were aimed at reaching breakeven point by the end of FY 2020 through an approximate 30% reduction in operating and capital costs.

Pleasingly, Nearmap reported today that it is currently on track to achieve its cashflow breaking target. The company predicts its cash balance to be between $32–$35 million by the end of this financial year.

Launch of Nearmap AI product

Nearmap announced that its new artificial intelligence (AI) product; Nearmap AI, is scheduled for initial launch on 1 June in both its Australian and United States markets. The launch of this new Nearmap AI product follows recent launches of the 3D and rooftop geometry products.

Nearmap will initially be targeting Nearmap AI in the insurance, utility and local government markets. All three of these markets saw strong demand for the new product while it was still in beta mode.

More reading

• Why ANZ, Blackmores, IDP Education, & Nearmap shares are racing higher
• ASX 200 up 2.4%: Blackmores raises $92m, big four banks jump, Nearmap rockets
• What would $50,000 invested in the ASX 200 a decade ago be worth today?
• Forget day trading: Get rich with these top ASX shares
• 3 timeless investing lessons from 2020 (so far!)

Motley Fool contributor Phil Harpur owns shares of Nearmap Ltd. The Motley Fool Australia owns shares of and has recommended Nearmap Ltd. 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.

The post Why the Nearmap share price has surged 15% higher today appeared first on Motley Fool Australia.

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