In afternoon trade the S&P/ASX 200 index is on course to finish the day notably higher thanks to gains in the banking sector. At the time of writing the index is 0.8% higher at 6,376.2 points.
Four shares that have climbed more than most today are listed below. Here's why they have jumped higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has raced 6% higher to $27.12 a day after revealing its UK launch plans. Investors appear to believe the company has chosen the correct strategy and seem confident that the expansion will be a success. Earlier today the Afterpay Touch share price climbed over 7% to an all-time high of $27.48.
The Australia and New Zealand Banking Group (ASX: ANZ) share price has climbed 3% higher to $28.02 following the release of the banking giant's half year results. ANZ reported cash profit from continuing operations of $3,564 million. This was a 2% increase on the prior corresponding period and largely in line with the market's expectations. ANZ will pay an 80 cents per share fully franked interim dividend, which is flat on the prior corresponding period.
The Bega Cheese Ltd (ASX: BGA) share price has risen 4% higher to $5.25 after the diversified food company won its battle with Kraft Heinz in the Federal Court. Kraft Heinz had been seeking to prevent Bega Cheese from using its current packaging. This morning the Federal Court confirmed Bega Cheese's right to continue to use the trade dress associated with the peanut butter products. It determined that Kraft Heinz's use of the trade dress is misleading or deceptive under Australian law
The Zip Co Ltd (ASX: Z1P) share price has continued its strong run and pushed a further 9.5% higher to $3.35 on Wednesday. At one stage the payments company's shares were up almost 11% to a new all-time high of $3.40. This morning Ord Minnett retained its accumulate rating and lifted its price target on Zip Co's shares from $1.50 all the way to $3.30 in response to its impressive third quarter update.
