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Why Kidman, Nearmap, Select Harvests, & Zip Co shares raced higher today

The Motley Fool logo The Motley Fool 5/2/2019 James Mickleboro
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The S&P/ASX 200 index is on course to finish the day notably lower. In afternoon trade the benchmark index is down 0.6% to 6,339.3 points.

Four shares that have not let that hold them back are listed below. Here’s why they have raced higher:

The Kidman Resources Ltd (ASX: KDR) share price has rocketed 43% higher to $1.85 after Wesfarmers Ltd (ASX: WES) announced a takeover approach for the lithium miner. According to the release, Wesfarmers has tabled a $1.90 per share offer, valuing Kidman Resources at approximately $776 million. It believes the acquisition will provide an attractive investment in a project which is set to benefit from the global uptake of electric vehicles.

The Nearmap Ltd (ASX: NEA) share price has continued its strong run and climbed 5.5% to $3.79. At one stage today the aerial imagery technology company’s shares hit an all-time high of $3.90. The good news for shareholders is that analysts at Citi believe they can go higher. This morning the broker retained its overweight rating and $4.20 price target on Nearmap’s shares following yesterday’s update.

The Select Harvests Limited (ASX: SHV) share price has jumped 5% higher to $6.76 following the release of a market update from the almond producer. According to the update, the company has now processed around 48% of its crop. Pleasingly, its yield results continue to show all varieties and regions producing yields at least 10% above industry benchmark volumes. Further, the company confirmed that it expects the FY 2019 average price to be in the previously provided range of A$8.40 to A$8.70 per kilogram.

The Zip Co Ltd (ASX: Z1P) share price has raced higher once again and is up over 5% to $3.60 at the time of writing. Earlier today the payments company’s shares were up 12.5% to an all-time high of $3.85 before dropping back. Investors may believe its shares are cheap in comparison to some of its peers.

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