In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and pushed higher again. At the time of writing the benchmark index is up 0.3% to 6,711.8 points.
Four shares that have climbed more than most today are listed below. Here's why they have stormed higher:
The Altium Limited (ASX: ALU) share price is up 4% to $36.66 despite there being no news out of the printed circuit board design software provider. However, many of Australia's leading tech shares have followed the lead of their U.S. counterparts by racing higher again on Thursday. Overnight the Nasdaq index pushed 0.75% higher thanks to trade talk developments and a dovish Federal Reserve.
The Netwealth Group Ltd (ASX: NWL) share price has climbed 3.5% to $7.63 after the investment platform provider released its latest business update. According to the release, during the June quarter the company's funds under administration (FUA) increased $2.3 billion or 10.8% quarter on quarter to $23.3 billion. This means the company achieved a $5.4 billion or 29.9% increase for the full year. Netwealth also revealed that its 12-month FUA increase to March 31 was the biggest in the industry.
The Resolute Mining Limited (ASX: RSG) share price has charged over 8% higher to $1.50 after the gold price rose strongly. According to CNBC, the spot gold price rose 1.4% overnight and has continued to strengthen during Asian trade. At the time of writing the precious metal is fetching US$1,426.40 an ounce. The catalyst for the rise were comments by U.S. Federal Reserve chair Jerome Powell which indicated that a rate cut would be coming very soon.
The Whitehaven Coal Ltd (ASX: WHC) share price has risen over 6.5% to $3.89 after the coal miner released its quarterly update. According to the release, Whitehaven Coal had a strong finish to the year. It achieved 7.3Mt ROM coal production in the final quarter, which was a 25% increase on the prior corresponding period. This ultimately led to total ROM coal production of 23.2Mt in FY 2019, which was a 1% year on year increase and exceeded the company's full year guidance.
