The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s decline with a push higher on Wednesday. In afternoon trade the benchmark index is up 0.35% to 6,015.7 points.
Four shares climbing more than most today are listed below. Here’s why they are climbing higher:
The BHP Billiton Limited (ASX: BHP) share price has risen 2% to $33.50 after reports emerged claiming that the mining giant has received bids of up to US$9 billion for its shale assets in the first round of bidding. Sources have told Bloomberg that BHP expects to receive offers of US$10 billion or more in the second round and up to US$13 billion if the assets are sold individually.
The Megaport Ltd (ASX: MP1) share price has pushed over 3.5% higher to $4.19 after the provider of elasticity connectivity and network services was the subject of a positive broker note out of UBS. According to the note, the broker has initiated coverage on Megaport with a buy rating and sizeable $5.20 price target. Considering the size and growth of the cloud market, Megaport might be worth a closer look.
The Praemium Ltd (ASX: PPS) share price has risen 4.5% to 80 cents a day after announcing a deal with Morgan Stanley Australia. From July Praemium will provide Morgan Stanley with its market-leading SMA technology and a completely automated managed accounts investment solution. Morgan Stanley Australia currently has $27 billion in assets under management across 110 advisers, making this a potentially lucrative deal if funds come across to its platform.
The Xero Limited (ASX: XRO) share price has zoomed 3% higher to $43.63 after the release of a positive broker note out of Morgan Stanley. According to the note, the broker has looked deeply into the accounting software market and believes that Xero is poised to be a big winner from the shift to cloud-based solutions. The broker has initiated coverage on Xero with an overweight rating and $50.00 price target.