In afternoon trade the S&P/ASX 200 index is on course to finish the week on a high. At the time of writing the benchmark index is up 0.7% to 6,371.4 points.
Four shares that have climbed more than most today are listed below. Here’s why they are ending the week on a high:
The Afterpay Touch Group Ltd (ASX: APT) share price is up 4.5% to $26.59 despite there being no news out of the payments company. However, following a positive night of trade on Wall Street’s technology-focused Nasdaq index, the majority of Australia’s leading tech shares have stormed higher today. So much so, the S&P/ASX 200 Info Tech index is up 2.4%.
The IDP Education Ltd (ASX: IEL) share price has continued its strong run and is up a further 4.5% to $16.79. The international student placement services company’s shares have charged higher this week thanks to a positive broker note out of the Macquarie equities desk. According to the note, the broker retained its outperform rating but lifted the price target on its shares to a lofty $17.50. Macquarie believes IDP Education’s digital strategy could disrupt the global student recruitment market and drive strong long term growth.
The Neuren Pharmaceuticals Ltd (ASX: NEU) share price has jumped a sizeable 17.5% to $1.21 following an update on its drug candidate NNZ-2591. According to the update, NNZ-2591 has normalised all deficits in a pre-clinical model of both Angelman syndrome (AS) and the neurodevelopmental disorder Pitt Hopkins syndrome (PTHS). Management anticipates that both AS and PTHS meet the criteria for Orphan Drug designation. It also notes that there are currently no treatments designed specifically for either syndrome.
The NRW Holdings Limited (ASX: NWH) share price has stormed 11.5% higher to $2.93 following the announcement of a major contract win. According to the release, NRW Holdings has been awarded the Koodaideri Rail Formation South Earthworks contract by Rio Tinto Limited (ASX: RIO). The project includes the construction of approximately 73 kms of new rail embankment, a new mine access road, and associated road works along the Koodaideri rail alignment. The project value is in excess of $137 million.
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
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.
- Earnings season: What to expect from the Qantas FY 2020 result – August 3, 2020 6:13pm
- Where to invest $20,000 into ASX shares right now – August 3, 2020 5:18pm
- Beat interest rate cuts with BHP and this ASX dividend share – August 3, 2020 4:52pm