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:
Image source: Getty Images
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.
