The S&P/ASX 200 index has shaken off trade war concerns and returned to form on Wednesday. In afternoon trade the benchmark index is on course to bounce back strongly from yesterday’s sell off and is up 0.6% to 6,279.3 points.
Four shares climbing more than most today are listed below. Here’s why they have surged higher:
The Altium Limited (ASX: ALU) share price has raced over 4% higher to $32.13 after investors returned to the tech sector following yesterday’s selloff. Altium isn’t the only tech share racing higher today. The rampant buying has led to the S&P/ASX 200 Info Tech index rising a solid 1.4% this afternoon.
The AVITA Medical Ltd (ASX: AVH) share price has risen over 6% to 43 cents. The global regenerative medicine company’s shares have stormed higher despite it announcing that Dale A. Sander is resigning as its chief financial officer in order spend more time with his family on the east coast. According to the release, Tim Rooney, AVITA’s chief administrative officer, will assume the role of interim CFO until a comprehensive search can be completed.
The Cann Group Ltd (ASX: CAN) share price has pushed over 4% higher to $2.25 after announcing that it has delivered the Victorian Government the first Australian sourced and commercially grown cannabis resin for use by Australian patients. Cann Group CEO Peter Crock explained that the company was pleased to be associated with the Victorian Government’s compassionate access scheme, which aims to improve the quality of life for young epilepsy patients and their carers.
The Strike Energy Ltd (ASX: STX) share price has zoomed 12% higher to 8.3 cents after the oil and gas company provided a positive update on its Jaws pilot operation at the Southern Cooper Basin Gas Project. According to the release, Strike Energy has continued piloting the Jaws appraisal project and drawing the wells down in a careful and controlled manner. This has led to consistent gas production being re-established and the flare stack igniting with reservoir pressure at Jaws currently at 425 psi.
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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 Altium. The Motley Fool Australia has no position in any of the stocks mentioned. 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.