In afternoon trade the S&P/ASX 200 index is on course to start the week with a small gain. At the time of writing the benchmark index is up 0.15% to 6,726 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
The Nufarm Limited (ASX: NUF) share price has zoomed 27% higher to $5.67. Investors have been buying the agricultural chemicals company’s shares today following the release of its full year results and the announcement of the sale of its South American business. In respect to its results, the company posted $420 million in EBITDA, which was in line with its guidance. Management also spoke positively about FY 2020 and believes it is well-placed for growth. This appears to have spooked the large number of short sellers targeting its shares, resulting in a short squeeze.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has raced 15% higher to $2.90. Investors have been scrambling to buy the biopharmaceutical company’s shares after it revealed a ground-breaking discovery for its drug designed to treat osteoarthritis in the knees. According to the release, the company’s patented Zilosul drug has been shown to inhibit nerve growth factor in bone cells in knee osteoarthritis patients.
The ResApp Health Ltd (ASX: RAP) share price is up almost 11.5% to 24.5 cents. The catalyst for this strong gain was an announcement out of the digital health company relating to the top-line results from its prospective, blinded at-home obstructive sleep apnoea study. According to the release, ResApp’s algorithms, which analyse a person’s breathing and snoring sounds recorded using a smartphone placed on a bedside table, were able to accurately identify obstructive sleep apnoea when compared to a simultaneous at-home comprehensive sleep study.
The Zip Co Ltd (ASX: Z1P) share price has jumped 9% to $4.63. Investors have been fighting to buy the payments company’s shares since the release of its annual report on Friday. Although it included nothing material, it was a clear reminder of the massive market opportunity that the company has. Management said: “The global opportunity dwarfs the local region. BNPL is in its infancy in most territories with market share estimated at less than 1% in the US and UK.”
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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 ZIPCOLTD FPO. 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.