The S&P/ASX 200 index is on course to continue its positive run and is trading notably higher on Tuesday afternoon. At the time of writing the benchmark index is up 0.5% to 6,596.9 points.
Four shares that have climbed more than most today are listed below. Here's why they have charged higher:
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is up over 3% to $27.96. Investors appear to have been buying the biopharmaceutical company's shares in the hope of a positive announcement on Wednesday. Overnight the US Food and Drug Administration (FDA) is scheduled to give its verdict on the company's SCENESSE product. This product is used for the prevention of phototoxicity in adult patients with erythropoietic protoporphyria (EPP).
The HUB24 Ltd (ASX: HUB) share price is up 5% to $11.70 despite there being no news out of the investment platform provider. However, its shares were sold off last week after the Reserve Bank cut the cash rate. This sparked fears that demand for its platform could soften if its cash accounts now provide negative returns after fees.
The Mayne Pharma Group Ltd (ASX: MYX) share price has charged over 6% to 59.5 cents. Last week the pharmaceutical company announced a 20-year exclusive supply and license agreement with Mithra Pharmaceuticals to commercialise a novel oral contraceptive comprising estetrol and drospirenone in the United States. This got investors excited as management noted that the US contraceptive market is valued at US$5.4 billion, with the short acting combined hormonal contraceptives component estimated at US$4 billion.
The New Century Resources Ltd (ASX: NCZ) share price is up over 6% to 25.5 cents. This morning the zinc producer announced record metal production and a further significant reduction in its operating costs. According to the release, in the September quarter New Century achieved a 28% increase in zinc metal production and a 18% decrease in its C1 costs.
