In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing the benchmark index is up 1% to 6,121.7 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The IOOF Holdings Limited (ASX: IFL) share price is up 2% to $3.65. This appears to have been driven by a broker note out of Ord Minnett. Its analysts have upgraded the financial services company’s shares to a buy rating with a $4.15 price target. Ord Minnett notes that IOOF will become the largest superannuation company following the acquisition of MLC Wealth.
The SKYCITY Entertainment Group Limited (ASX: SKC) share price is up 7.5% to $2.48. Investors have been buying the casino and resorts operator’s shares following its FY 2020 results. Included with the results was a surprisingly positive trading update. SKYCITY revealed that local gaming in Auckland and Hamilton was ahead of pre-COVID levels. Furthermore, local gaming in Adelaide is now consistent with pre-COVID 19 levels. In light of this, it expects to deliver profit growth in FY 2021.
The Starpharma Holdings Limited (ASX: SPL) share price has stormed 5% to $1.71. This morning the dendrimer products developer revealed that it has been awarded $1 million in funding from the Federal Government’s Medical Research Future Fund to develop a nasal spray for the treatment of COVID-19. The nasal spray will utilise its proprietary dendrimer, SPL7013.
The Telix Pharmaceuticals Ltd (ASX: TLX) share price stormed 6.5% higher to $1.82. This morning the clinical-stage biopharmaceutical company announced that has entered into a strategic collaboration agreement with Palo Alto-based Varian Medical Systems. The agreement will see the two parties evaluate the use of advanced prostate cancer imaging within Varian’s radiation treatment planning platform.
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More reading
- Starpharma share price jumps 5% on funding for COVID-19 nasal spray
- ASX 200 up 1%: Big four banks charge higher, SKYCITY impresses, Xero tumbles
- SKYCITY share price on watch after FY 2020 result and positive trading update
- ASX 200 jumps 1.6%: Afterpay tumbles, IOOF crashes, CBA pushes higher
- Why Afterpay, IOOF, Redbubble, & Zip shares are dropping lower
James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Starpharma Holdings Limited. The Motley Fool Australia has recommended Sky City Entertainment Group Ltd. and Starpharma Holdings 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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