The S&P/ASX 200 index may have faded in afternoon trade but it is still on course to deliver another gain. At the time of writing the index is up 0.2% to 6,559.2 points.
Four shares that have climbed more than most today are listed below. Here's why they have stormed higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has raced 6% higher to $25.60 after successfully raising $317.2 million through its fully underwritten institutional placement. The buy now, pay later platform provider advised that the placement was strongly supported by both existing and new shareholders. As a result, the funds were raised at $23.00 per share, which was at the top end of the placement price range and a discount of only 4.8% to the last close price.
The Dicker Data Ltd (ASX: DDR) share price has pushed 6.5% higher to $5.38 after announcing the launch of Dicker Data Financial Services. This is a new business that has been set up to address the growing demand for Device-as-a-Service solutions, Infrastructure-as-a-Service solutions, and the shift from capital expenditure to operational expenditure. The new business will offer by-the-month payment solutions that can be specifically tailored to suit its partners and their customers' varying needs.
The Emeco Holdings Limited (ASX: EHL) share price has raced 18% higher to $1.95 after providing a trading update this morning. According to the release, the leading provider of equipment leasing to the earthmoving industry has continued to experience strong demand for its services. As a result, it expects to deliver operating EBITDA in the range of $211 million to $213 million in FY 2019. This will be an increase of almost 40% on FY 2018's result.
The Fortescue Metals Group Limited (ASX: FMG) share price is up 5% to $8.50 thanks to another rise in the iron ore price. According to CommSec, overnight the spot price for the benchmark 62% fines surged another 5.5% to US$105.90 a tonne. News that the Chinese government is encouraging local governments to make major investments in infrastructure appears to have been the catalyst for this strong rise.
