In late morning trade the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday’s heavy decline. At the time of writing the benchmark index is up 0.75% to 5,922.8 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
The Afterpay Ltd (ASX: APT) share price is up 4% to $77.14. Investors have been buying the payments company’s shares following a rebound on the technology-focused Nasdaq index overnight. It isn’t just Afterpay that is on the rise today. At the time of writing the S&P ASX All Technology index is up by a solid 2.2%.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has jumped 7% to $21.08. This morning the biopharmaceutical company announced that it is looking to expand its SCENSSE product to treat the disease xeroderma pigmentosum. This is a rare genetic disorder where sufferers have the most extreme deficiencies in their DNA repair processes, leading to a 10,000-fold increase in their risk of skin cancer. There is no known cure for XP at present. SCENSSE is currently used to treat rare genetic disorder Erythropoietic Protoporphyria.
The IDP Education Ltd (ASX: IEL) share price is up 3% to $19.42. This gain appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its buy rating and lifted its price target by almost a third to $22.50. It believes the student placement and language testing company is well positioned for the eventual restart of the international student market.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is 3% higher at $5.16. Investors have been buying Saracen’s shares after a rise in the gold price overnight. This was driven by weakness in the U.S. dollar and concerns over the AstraZeneca-Oxford University coronavirus vaccine candidate. It isn’t just Saracen pushing higher today. At the time of writing the S&P/ASX All Ordinaries Gold index is up 2.2%.
These stocks could rocket in a Post-COVID world (FREE STOCK REPORT)
When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
In this FREE STOCK REPORT, Scott just revealed what he believes are the 3 ASX stocks for the post COVID world that investors should buy right now while they still can. These stocks are trading at dirt-cheap prices and Scott thinks these could really go gangbusters as we move into ‘the new normal’.
Find out the names of our 3 Post COVID Stocks – For FREE!
*Returns as of 6/8/2020
More reading
- Why the CLINUVEL (ASX:CUV) share price is shooting higher
- Where to invest your first $1,000 into ASX shares
- 5 things to watch on the ASX 200 on Thursday
- ASX 200 drops over 2%, tech and oil fall
- Why the Laybuy (ASX:LBY) share price is tanking today
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 Idp Education Pty Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.
The post Why Afterpay, Clinuvel, IDP Education, & Saracen shares are charging higher appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/3m7xTyk
Leave a Reply