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Why Codan, Evolution, Opthea, & People Infrastructure shares are charging higher

Codan Limited (ASX:CDA) and Evolution Mining Ltd (ASX:EVN) are two of four ASX shares charging notably higher on Monday. Here’s why…
The post Why Codan, Evolution, Opthea, & People Infrastructure shares are charging higher appeared first on The Motley Fool Australia. –

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The S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a decline. In late morning trade the benchmark index is down 0.15% to 6,757.4 points.

Four ASX shares that are not letting that hold them back are listed below. Here’s why they are charging higher today:

Codan Limited (ASX: CDA)

The Codan share price is up 2% to $15.28. Investors have been buying this metal detector company’s shares this morning after S&P Dow Jones Indices announced its inclusion in the ASX 200 at the next quarterly rebalance. Codan and five other companies will join the illustrious index next week on 22 March.

Evolution Mining Ltd (ASX: EVN)

The Evolution share price is up 3.5% to $4.09. The catalyst for this was the gold miner announcing a definitive agreement to acquire all of the issued and outstanding shares of Battle North. Evolution has agreed to pay C$2.65 per share in cash, which equates to a total consideration of approximately C$343 million. Battle North is the owner of the Bateman Gold Project in Ontario, Canada. Evolution has tenements of its own neighbouring the project.

Opthea Ltd (ASX: OPT)

The Opthea share price has jumped 9% higher to $1.68. This morning the biopharmaceutical company announced that the first patient has been treated in its Phase 3 pivotal clinical program. This program is trialling the first-in-class VEGF-C/D ‘trap’ inhibitor, OPT-302, in participants with treatment-naïve wet age-related macular degeneration.

People Infrastructure Ltd (ASX: PPE)

The People Infrastructure share price is up over 2.5% to $3.51. Investors have been buying the workforce management company’s shares after it announced a new acquisition. People Infrastructure has entered into a binding agreement to acquire leading nursing agency SwingShift Nurses. Swingshift Nurses is focused on the mental health market and is a contracted preferred supplier to most public sector hospitals in the Victorian market.

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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 People Infrastructure Ltd. The Motley Fool Australia has recommended People Infrastructure 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 Codan, Evolution, Opthea, & People Infrastructure shares are charging higher appeared first on The Motley Fool Australia.

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