Why Alcidion, GrainCorp, Premier Investments, & Xero are storming higher

Premier Investments Limited (ASX:PMV) and Xero Limited (ASX:XRO) are two of four ASX shares storming higher on Wednesday…
The post Why Alcidion, GrainCorp, Premier Investments, & Xero are storming higher appeared first on The Motley Fool Australia. –

In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up a decent 0.45% to 6,775 points.

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

Alcidion Group Ltd (ASX: ALC)

The Alcidion share price has jumped a sizeable 9% to 30.5 cents after announcing a new contract win. According to the release, the healthcare technology company has signed a contract with East Lancashire Hospitals NHS Trust for its Patientrack and Smartpage solutions. The contract is estimated to be worth a total of $2.2 million over five years.

GrainCorp Ltd (ASX: GNC)

The GrainCorp share price is up over 2% to $4.82. Investors have been buying the grain exporter’s shares after it announced new operating initiatives that are expected to boost its earnings. According to the release, GrainCorp is forecasting a $25 million boost in annualised EBITDA by 2023-24 thanks to these initiatives.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price is up almost 3% to $23.85 following the release of its half year results. The retail conglomerate reported a 7.2% increase in global sales to $784.6 million for the half. A key driver of this growth was the Peter Alexander business which delivered a 43.4% increase in sales to a record $207.7 million. On the bottom line, thanks to improved margins, the company’s first half net profit after tax jumped 88.9% to $188.2 million.

Xero Limited (ASX: XRO)

The Xero share price is up 3.5% to $125.48 after announcing a new acquisition. The business and accounting platform provider is acquiring e-invoicing infrastructure business Tickstar for up to SEK 150 million (~A$22.9 million). Sweden-based Tickstar allows organisations such as Xero and its customers to connect to a global e-invoicing network. This enables faster and more secure transactions.

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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 and has recommended Premier Investments Limited. The Motley Fool Australia owns shares of Xero. 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 Alcidion, GrainCorp, Premier Investments, & Xero are storming higher appeared first on The Motley Fool Australia.

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