Today’s ASX top stocks: OFX Group (OFX ↑15.5%), hummgroup (HUM ↑10.8%)

Posted: 20 December 2021 12:30 pm
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The 10 biggest movers on the ASX.

The best performing companies on the ASX so far today were OFX Group (OFX, up 15.5%) and hummgroup (HUM, up 10.8%).

Largest gains on the ASX Monday 20 December 2021

The 2 biggest movers on the ASX were due to acquisitions.

OFX Group (OFX) was the biggest mover on the ASX today.

Shares in the company rose 15.5% to $2.16.

OFX announced to shareholders that it will acquire 100% of Canadian foreign exchange business Firma Foreign Exchange Corporation.

The company said it paid $98 million to acquire Firma, representing 9.0x of last 12 months' EBITDA.

OFX CEO and managing director Skander Malcolm said, "This is our first major acquisition and very much aligned with our strategy of building scale in the Corporate segment and growing the North American region."

"Firma generates strong earnings from a high quality customer base and has an excellent service culture, so there is a lot of alignment with OFX."

"By bringing our businesses together we become a much bigger Corporate specialist with a strong recurring revenue base and considerable growth opportunities."

OFX Group is part of the diversified financials sector.

Learn more about investing in OFX Group in Finder's full guide.

The other acquisition announcement is around hummgroup (HUM). Its shares rose 10.8% to reach $0.82.

The buy now pay later provider soared during afternoon trading after the company announced a potential take-over bid.

humm, which also operates credit cards and other businesses, said its shares are currently undervalued and that it will determine whether the definitive offer is in the best interest of shareholders.

Newly appointed independent chair Christine Christian thanked the outgoing chair Andrew Abercrombie while highlighting the importance of growing the company in the future.

"Andrew was a founding shareholder of the original FlexiRent business some 20 years ago now and the Board continues to benefit from his insights and corporate knowledge," Christian said in a statement to the ASX.

"I look forward to working with my fellow directors to assess the proposals put before us and importantly, to support the management team as they implement the company's strategy to grow the business profitably."

It is important to highlight that humm has given no assurances that the take-over bid will occur.

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The top 10 biggest movers on the ASX so far today were:

StockPrice% change
OFX Group (OFX)$2.1615.5%
hummgroup (HUM)$0.8210.8%
Clover Corporation (CLV)$1.786.0%
Boart Longyear (BLY)$2.715.4%
Betmakers Technology Group (BET)$0.805.3%
Viva Energy Group (VEA)$2.223.3%
Sonic Healthcare (SHL)$44.453.0%
Eroad (ERD)$5.153.0%
Highfield Resources (HFR)$0.732.8%
Frontier Digital Ventures (FDV)$1.542.7%

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Each weekday we round up the best performing stocks on the Australian Securities Exchange (ASX), ranked by price percentage from market open to 11am. To avoid higher price volatility we only include stocks with market caps of more than $200 million. Price changes are calculated by 11am on the trading day, but these prices may be subject to minor variation depending on data availability.

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