In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a small gain. At the time of writing, the benchmark index is up 0.2% to 6,603.5 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has climbed 2% to $17.61. This may have been driven by news that the UK is going to start rolling out the Pfizer COVID-19 vaccine next week. There is also speculation that the vaccine could be released sooner than expected in Australia. This could be a big boost to global travel markets.
Fortescue Metals Group Limited (ASX: FMG)
The Fortescue share price has jumped 11.5% higher to $20.33. Investors have been buying Fortescue and other iron ore producers after the spot price of the steel making ingredient climbed to a six-year high. The catalyst for this was news that mining giant Vale is expecting to produce less iron ore than previously expected in the near term. This could keep prices higher for longer.
Kogan.com Ltd (ASX: KGN)
The Kogan share price is up over 7% to $17.29. This strong gain has been driven by news that Kogan has acquired 100% of the issued capital of leading New Zealand-based online retailer Mighty Ape for A$122.4 million. Mighty Ape operates online stores in New Zealand and Australia and has a focus on gaming, toys, and other entertainment categories. It has more than 690,000 unique customers and is expecting to generate revenue of A$137.7 million in FY 2021.
Telix Pharmaceuticals Ltd (ASX: TLX)
The Telix share price is up almost 3% to $4.11 after the release of yet another announcement this morning. It revealed details from the pre-Investigational New Drug (IND) meeting with the United States Food and Drug Administration (FDA) in relation to its prostate cancer therapy product TLX591. Telix Chief Medical Officer, Dr Colin Hayward noted: “The valuable feedback Telix has received from our November meeting with the FDA has helped Telix to finalize the clinical development roadmap for TLX591.”
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Returns as of 6th October 2020
More reading
- ASX 200 up 0.3%: Fortescue rockets, Afterpay sales explode, Westpac APRA update
- Why has the Telix (ASX:TXL) share price shot up 5% today?
- Kogan (ASX:KGN) share price storms higher on $122m Mighty Ape acquisition
- After a record November, what’s next for ASX 200 shares?
- Why Rio Tinto (ASX:RIO) and 2 other ASX iron ore mining shares sit at record highs
James Mickleboro owns shares of TELIXPHARM DEF SET. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia has recommended Flight Centre Travel Group Limited and Kogan.com 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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