The S&P/ASX 200 index has given back the majority of its morning gains but remains on course to extend its positive run. In afternoon trade the benchmark index is up 0.25% to 6,654.6 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
The Blackmores Limited (ASX: BKL) share price has surged over 7% higher to $79.30. This latest gain means the struggling health supplements company’s shares are now up almost 12% in the space of just three days on the back of no news. Some investors may believe its shares have been oversold since its disappointing full year results release.
The Class Ltd (ASX: CL1) share price has jumped 10% to $1.49 despite there being no news out of the SMSF platform provider. However, with its shares falling heavily this year, bargain hunters may believe that they have fallen into the bargain bin. Especially given management’s plan to expand its offering into new markets to drive growth.
The Mesoblast limited (ASX: MSB) share price has continued its positive run and is up a further 4% to $1.98. The biotech company’s shares have been on fire this week thanks to a strategic partnership with global pain management leader Grünenthal. The two parties will develop and commercialise Mesoblast’s Phase III allogeneic cell therapy candidate, MPC-06-ID. Management advised that the deal has the potential to generate in excess of $1 billion in cumulative milestone payments for Mesoblast.
The St Barbara Ltd (ASX: SBM) share price has risen almost 3% to $2.86. As well as benefiting from a small rebound in the gold price overnight, St Barbara’s shares were given a boost this morning by a broker note out of Citi. According to the note, the broker has upgraded its shares to neutral from sell after revising its gold price forecasts.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Blackmores Limited. The Motley Fool Australia owns shares of Class Limited. 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.