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.
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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 Netwealth. 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.