In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to extend its winning run with another solid gain. At the time of writing the benchmark index is up over 1% to 6,406.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are surging higher:
Commonwealth Bank of Australia (ASX: CBA)
The CBA share price is up over 2% to $74.04 following the release of its first quarter update. For the three months ended 30 September, the banking posted an unaudited net profit after tax of $1.8 billion. This was a 16% decline over the prior corresponding period. In addition to this, the bank revealed a sharp reduction in its COVID-19 temporary loan deferrals in October.
Straker Translations Ltd (ASX: STG)
The Straker share price has zoomed almost 44% higher to $1.30. Investors have been buying the translation platform provider’s shares after it announced a major deal with IBM. The global tech giant has appointed Straker as a strategic translation service provider on a two-year agreement. This agreement commences in January and comes with an option for an additional two years. It extends the company’s current relationship with IBM from one language (Spanish) to 55 languages.
Woodside Petroleum Limited (ASX: WPL)
The Woodside Petroleum share price has climbed 3% to $20.31. Today’s gain appears to have been driven by a rise in oil prices and the release of its investor day presentation. In respect to the latter, the company spoke positively about its future and confirmed its full-year output guidance of 99 to 101 million barrels of oil equivalent.
Xero Limited (ASX: XRO)
The Xero share price has surged 8% higher to $124.48. This is despite there being no news out of the business and accounting platform provider. However, with its half year results due to be released on Thursday, some investors may be buying shares in anticipation of a strong result.
Where to invest $1,000 right now
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.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of June 30th
More reading
- Why the Straker Translations (ASX:STG) share price is rocketing 37% higher today
- CBA (ASX:CBA) share price lifts on first quarter results
- These ASX dividend shares offer 4.5%+ dividend yields
- 5 things to watch on the ASX 200 on Wednesday
- Vaccine hopes cause ASX 200 to rise on Tuesday
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 Xero. The Motley Fool Australia has recommended Straker Translations. 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 CBA, Straker, Woodside, & Xero shares are surging higher appeared first on Motley Fool Australia.
from Motley Fool Australia https://ift.tt/35kUyAS
Leave a Reply