The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and started the week on a very positive note. In late morning trade the benchmark index is up 1.2% to 5,456.3 points.
Four shares that have climbed more than most today are listed below. Here’s why they are charging higher:
The Advance Nanotek Ltd (ASX: ANO) share price is up 14% to $5.36 after the release of a trading update. The advanced materials company revealed that it expects its net profit before tax to be approximately $8.4 million in FY 2020. This will be 2.5 times greater than FY 2019’s profit before tax. The company also advised that sunscreen manufacturing has recommenced in the United States. And although manufacturing is occurring at smaller volumes, it anticipates sales volumes to return to normal.
The Macquarie Group Ltd (ASX: MQG) share price is up almost 5% to $110.22. This gain may have been driven by a broker note out of Morgan Stanley. This morning the broker retained its overweight rating and lifted the price target on the investment bank’s shares to $120.00. This offset a downgrade by Credit Suisse to neutral with a $107.50 price target.
The Tyro Payments Ltd (ASX: TYR) share price has jumped over 8% to $3.67. This follows the release of its weekly trading update. According to the release, Tyro’s transaction values have continued to recover. During the week ending May 8, its transaction value was $315 million. This is down 23% on the prior corresponding period. A week earlier, its transaction value was down 27%.
The Zip Co Ltd (ASX: Z1P) share price has stormed a further 8.5% higher to $3.55. Investors have been buying the buy now pay later provider’s shares since the release of a strong trading update last week. During April, Zip Co’s monthly revenue increased 81% on the prior corresponding period to $15.1 million. The company also reported an 86% lift in monthly transaction volume to $181.6 million and net bad debts of 1.99%.
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Returns as of 7/4/2020
More reading
- How Macquarie Group is vying to unseat CBA
- ASX 200 Weekly Wrap: New ASX bull run continues
- These are the 10 most shorted ASX shares
- 5 things to watch on the ASX 200 on Monday
- Which is the cheapest ASX bank stock on the market?
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 Advance NanoTek Limited, Tyro Payments, and ZIPCOLTD FPO. The Motley Fool Australia owns shares of and has recommended Macquarie Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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