In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.65% to 6,731.2 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Afterpay Ltd (ASX: APT)
The Afterpay share price is up 2% to $97.59. Investors have been buying Afterpay and other tech shares after a positive night of trade on the Nasdaq index. The tech-focused index outperformed the Dow Jones and S&P 500 with a 0.5% gain. This has led to the S&P/ASX All Technology Index (ASX: XTX) climbing 1.1% higher this morning.
Creso Pharma Ltd (ASX: CPH)
The Creso Pharma share price has continued its meteoric rise and is up 53% to 36 cents. Investors have been buying Creso Pharma’s shares since the UN announced a landmark decision to reclassify cannabis as a less dangerous drug and the US House of Representatives voted to decriminalise cannabis. This morning it announced plans to expand into Canada’s largest recreational market.
Healius Ltd (ASX: HLS)
The Healius share price is up 5% to $3.81. The catalyst for this has been the release of a strong trading update and the announcement of a $200 million on-market share buyback. The healthcare company also revealed that it has revised its dividend payout ratio to a target of 50% to 70% of reported net profit after tax.
Resonance Health Limited (ASX: RHT)
The Resonance Health share price has rocketed 51.5% higher to 23.5 cents. Investors have been fighting to get hold of the medical imaging company’s shares after the US FDA approved its HepaFat-AI product. HepaFat-AI is a medical software that is fully automated and uses artificial intelligence to assess liver fat through the analysis of MRI datasets. This provides doctors with a comprehensive, multi-metric tool for use in the assessment of fatty liver.
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Returns as of 6th October 2020
More reading
- Healius (ASX:HLS) share price jumps 6% on update and $200m share buyback plan
- What’s wrong with the Zip (ASX:Z1P) share price?
- Why Creso Pharma and these ASX shares just hit 52-week highs or better
- Which shares will benefit from trillions of dollars in new global stimulus?
- Zip and Creso Pharma were among the most traded shares on the ASX last week
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 Resonance Health Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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