In afternoon trade the S&P/ASX 200 index is on course to record a strong gain. At the time of writing the benchmark index is up 0.65% to 6,949.5 points.
Four shares that are climbing more than most today are listed below. Here’s why they are zooming higher:
The Afterpay Ltd (ASX: APT) share price is up 3% to $33.48. The local tech sector has been performing strongly on Tuesday following a positive night of trade on the Wall Street’s technology-focused Nasdaq index. In addition to this, a strong update by rival Zip Co Ltd (ASX: Z1P) on Monday appears to have given the buy now pay later industry a lift.
The AusCann Group Holdings Ltd (ASX: AC8) share price has jumped over 9% to 35 cents. This is despite there being no news out of the medicinal cannabis company. However, its shares have been on fire this year thanks to positive developments. This includes the commercial launch of its medicinal products being a matter of months away.
The Orocobre Limited (ASX: ORE) share price is up a sizeable 8.5% to $3.83. Orocobre and the rest of the lithium miners are storming higher today thanks to positive industry news and optimism around Tesla’s recent success. The Telsa share price jumped 10% to an all-time high overnight thanks to its expansion into China and strong year-end delivery numbers.
The Webjet Limited (ASX: WEB) share price has risen 3.5% to $13.90 after takeover speculation intensified. CEO John Guscic and the Webjet board are believed to have been discussing how much they feel the company would be worth if it pursued a sale. This follows the purported receipt of indicative views on the company’s valuation from prospective buyers. Herbert Smith Freehills and MinterEllison are rumoured to have been appointed as legal advisers to Webjet, which is adding to the speculation that a takeover approach is coming.
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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 AFTERPAY T FPO and ZIPCOLTD FPO. The Motley Fool Australia has recommended Webjet Ltd. 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.