It has been a volatile day of trade for the S&P/ASX 200 index. But this afternoon the benchmark index is on course to finish the day higher and is up 0.1% to 6,554 points.
Four shares that have climbed more than most today are listed below. Here's why they have raced higher:
The Brambles Limited (ASX: BXB) share price has climbed 3% to $11.35. The catalyst for this gain was the supply chain logistics company's first quarter update this morning. During the first quarter Brambles reported a 5% increase in sales revenue in constant currency. Although all its business delivered growth, a key driver of its solid performance was its U.S. business which increased its revenue by 7%.
The Netwealth Group Ltd (ASX: NWL) share price has jumped 4.5% to $9.31. Investors have been buying the investment platform provider's shares today after it reported a record first quarter. According to the release, Netwealth's Funds Under Administration (FUA) grew $2 billion or 8.5% quarter on quarter to $25.3 billion. This was a 31.3% increase on the prior corresponding period. The majority of its FUA increase came from net inflows of $1.5 billion.
The Orora Ltd (ASX: ORA) share price has surged 13% higher to $3.08. Investors have been fighting to get hold of the packaging company's shares today after it announced that it is selling its Australasian Fibre Business to Nippon Paper Industries for ~$1.7 billion. Management advised that the majority of the proceeds of the sale (~$1.2 billion) will be returned to shareholders. Though, it has not yet decided how it will return these funds.
The Polynovo Ltd (ASX: PNV) share price has stormed 7.5% higher to $2.44 despite there being no news out of the medical device company. However, a number of promising companies in the healthcare and biotech sectors are on the rise today. Possibly due to increasing investor interest after the success of Clinuvel Pharmaceuticals Limited (ASX: CUV) this week.
