The S&P/ASX 200 Index (ASX: XJO) has followed the lead of US markets and is on course to record a strong gain on Wednesday. In late morning trade the benchmark index is up 1.2% to 6,710.5 points.
Four shares that have climbed more than most today are listed below. Here’s why they are shooting higher:
Beacon Lighting Group Ltd (ASX: BLX)
The Beacon Lighting share price is up over 8% to $1.54 following the release of a trading update. That update revealed that the retailer’s performance has been very strong in the first half of FY 2021. It is expecting to report sales of $147 million to $152 million, up from $122.5 million in the prior corresponding period. It was even better on the bottom line, with Beacon providing half year profit after tax guidance of $19.5 million to $21.5 million. This is more than double the $9.5 million it achieved in the first half of FY 2020.
Flight Centre Travel Group Ltd (ASX: FLT)
The Flight Centre share price has risen 5% to $16.82. A number of travel shares are surging higher today. This may be due to news that US FDA staff have endorsed the emergency use of another COVID-19 vaccine. The regulator endorsed Moderna’s COVID vaccine ahead of a meeting to review its emergency use. This means it could be administered to the public as early as next week if all goes to plan.
Regional Express Holdings Ltd (ASX: REX)
The Regional Express share price has jumped 8% to $2.03. Investors have been buying the regional airline operator’s shares after it was granted the High Capacity Air Operator’s Certificate (HCAOC) by the Civil Aviation Safety Authority (CASA). This means Regional Express can now commence domestic operations between Sydney and Melbourne from 1 March 2021 and thereafter to other major cities.
Resolute Mining Limited (ASX: RSG)
The Resolute share price has stormed 7% higher to 77.5 cents. This has been driven by a rebound in the gold price and news that the gold miner has signed an agreement to sell its Bibiani Gold Mine in Ghana to China’s Chifeng Jilong Gold Mining Co. According to the release, the two parties have agreed a total cash consideration of US$105 million.
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Returns as of 6th October 2020
More reading
- Why the Regional Express (ASX:REX) share price is soaring 10% higher today
- Why the Resolute Mining (ASX:RSG) share price is charging higher today
- Why the Beacon Lighting (ASX:BLX) share price is on watch today
- Qantas (ASX:QAN) budget flights to exceed pre-COVID levels by March
- Creso Pharma and Nuix 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 has recommended Flight Centre Travel Group Limited. 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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