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Why Brickworks, McPherson’s, MedAdvisor, & Premier Investments are storming higher

Brickworks Limited (ASX:BKW) and McPherson’s Ltd (ASX:MCP) are two of four ASX shares storming higher on Thursday…
The post Why Brickworks, McPherson’s, MedAdvisor, & Premier Investments are storming higher appeared first on The Motley Fool Australia. –

hand on touch screen lit up by a share price chart moving higher

In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on form and pushing higher again. At the time of writing, the benchmark index is up 0.3% to 6,799.7 points.

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

Brickworks Limited (ASX: BKW)

The Brickworks share price has climbed 4% to $19.67. Investors have been buying the building products company’s shares following the release of its half year results. Although its underlying earnings were down 10% on the prior corresponding period to $90 million, management spoke positively about its outlook. This appears to be an indication that the worst is now behind Brickworks.

McPherson’s Ltd (ASX: MCP)

The McPherson’s share price has jumped 13% to $1.38. This follows news that McPherson’s has received a takeover approach from Gallin Pty Ltd at $1.34 cash per share. Gallin has been incorporated specifically for the purpose of acquiring an interest in McPherson’s. It is owned by Kin Group, which is controlled by the Geminder family. Kin Group attacked McPherson’s management for destroying shareholder wealth. The McPherson’s board responded by saying that the offer is “utterly opportunistic and profoundly undervalues” the company.

Medadvisor Ltd (ASX: MDR)

The MedAdvisor share price is up 3% to 33.5 cents. Investors have been buying the medication management company’s shares following the release of a positive announcement. MedAdvisor has revealed that a global pharmaceutical company has extended its health program deal for an estimated 3 months. This is expected to be worth US$4.7 million.

Premier Investments Limited (ASX: PMV)

The Premier Investments share price has stormed over 4% higher to $24.88. The catalyst for this was the release of a broker note out of Macquarie this morning. According to the note, the broker has retained its outperform rating and lifted its price target to $31.00. Macquarie was impressed with the retail conglomerate’s first half result.

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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 MedAdvisor. The Motley Fool Australia owns shares of and has recommended Brickworks and Premier Investments Limited. The Motley Fool Australia has recommended MedAdvisor. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Brickworks, McPherson’s, MedAdvisor, & Premier Investments are storming higher appeared first on The Motley Fool Australia.

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