In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to snap its losing streak with a solid gain. At the time of writing the benchmark index is up 0.4% to 5,949.2 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Biotron Limited (ASX: BIT) share price has rocketed 21% higher to 11.5 cents. This morning the clinical stage biotechnology company provided an update on the screening of select compounds against SARS-CoV-2. This is the coronavirus that causes COVID-19. According to the release, the company has concluded the first stage of its screenings and found that several compounds have been shown in laboratory cell-culture studies to have antiviral activity against SARSCoV-2.
The Fortescue Metals Group Limited (ASX: FMG) share price is up 3% to $18.06. This may have been driven by a positive broker note out of Macquarie this morning. According to the note, the broker believes the sky high iron ore price could drive strong earnings growth in FY 2021. It has retained its outperform rating and $20.00 price target on the iron ore producer’s shares.
The Ramelius Resources Limited (ASX: RMS) share price is up 6.5% to $2.26. This also appears to have been driven by a broker note. This morning Morgans retained its add rating and lifted its price target to $2.49. The broker made the move in response to the gold miner’s quarterly production forecast and the current spot gold price. Morgans also likes the company due to its promising exploration activities.
The Temple & Webster Group Ltd (ASX: TPW) share price has stormed 6% higher to $9.78. On Friday, S&P/Dow Jones announced that it would be adding the online homewares and furniture retailer to the S&P/ASX 300 Index at the next quarterly rebalance. Temple & Webster will join the index effective at the open on 21 September.
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More reading
- Why the Ramelius share price is leading the gold sector higher today
- Biotron share price rockets 47% higher on COVID-19 compound testing update
- Forget Westpac’s term deposits and buy these ASX dividend shares
- 3 unstoppable ASX shares to hold for the next decade
- ASX 200 plunges 3.1%, Afterpay suffers
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 Temple & Webster Group Ltd. The Motley Fool Australia has recommended Temple & Webster Group Ltd. 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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