Insights

Why Ecofibre, MoneyMe, Nearmap, & Race Oncology shares are storming higher

Ecofibre Ltd (ASX:EOF) and Nearmap Ltd (ASX:NEA) are two of four ASX shares that are storming notably higher on Wednesday…
The post Why Ecofibre, MoneyMe, Nearmap, & Race Oncology shares are storming higher appeared first on The Motley Fool Australia. –

Five stacked building blocks with green arrows, indicating rising inflation or share prices

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing, the benchmark index is up 0.75% to 7,120.3 points.

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

Ecofibre Ltd (ASX: EOF)

The Ecofibre share price is up 9.5% to 86.5 cents. Investors have been buying the hemp company’s shares following the release of an investor update this morning. That update revealed improved momentum in its core United States independent pharmacy business. In April, the Ananda Professional pharmacy segment saw its best month since September 2020.

MoneyMe Ltd (ASX: MME)

The MoneyMe share price has jumped 7.5% to $1.45. This follows the release of a trading update for the month of April. According to the release, the digital credit company delivered record originations of $47 million for the month. This is up 693% over the prior corresponding period. In light of this, the company now expects its gross customer receivables to exceed $300 million in FY 2021. This will be up at least 225% year on year from $134 million in FY 2020.

Nearmap Ltd (ASX: NEA)

The Nearmap share price has surged 14.5% higher to $2.36. This follows the release of an update after the market close on Tuesday. According to the release, trading has remained strong since the end of the first half. As a result, it now expects to deliver annual contract value (ACV) of $128 million to $132 million in FY 2021. This compares to its previous guidance of $120 million to $128 million and will be a 20% to 24% increase on FY 2020’s ACV of $106.4 million.

Race Oncology Ltd (ASX: RAC)

The Race Oncology share price has stormed 5.5% higher to $3.24. This follows news that the biotechnology company has raised $5.4 million from institutional and sophisticated investors in an oversubscribed placement. These funds were raised via the issue of 1.8 million new shares at $3.00 per share. Race Oncology intends to use the new capital to help develop its Bisantrene cancer drug. 

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

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 Nearmap Ltd. The Motley Fool Australia has recommended Nearmap 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 Ecofibre, MoneyMe, Nearmap, & Race Oncology shares are storming higher appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;


To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.


An active and funded account with a positive trading balance is required to continue to have access to the tools;


Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;


Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!