The S&P/ASX 200 index has recovered from a morning selloff and is pushing notably higher on Tuesday. In afternoon trade the benchmark index is up a decent 1.3% to 5,833.9 points.
Four shares that are climbing more than most today are listed below. Here’s why they are surging higher:
The Afterpay Ltd (ASX: APT) share price has jumped 6% higher to $29.26. Investors appear to be taking advantage of a sharp decline in this payments company’s shares during the market selloff. Especially after analysts at Citi slapped a buy rating and $42.20 price target on the company’s shares on Monday morning.
The Jumbo Interactive Ltd (ASX: JIN) share price has surged almost 12% higher to $9.32. The online lottery ticket seller’s shares have fallen heavily this year due to its soft first half result and the broad market selloff. So much so, in morning trade they sank to a 52-week low of $7.78. I suspect that bargain hunters are now swooping in to pick up shares at what I believe is a very attractive level.
The Mesoblast Limited (ASX: MSB) share price has rocketed 21% higher to $2.21. This follows an announcement by the allogeneic cellular products developer this morning in relation to its mesenchymal stem cell (MSC) product candidate remestemcel-L. Mesoblast advised that it intends to evaluate remestemcel-L in patients with acute respiratory distress syndrome caused by coronavirus in the United States, Australia, China, and Europe. Management believes remestemcel-L has a lot of promise with this treatment.
The Orora Ltd (ASX: ORA) share price has stormed 9% higher to $2.67. The catalyst for this appears to be a broker note out of Morgan Stanley this morning. According to the note, the broker has upgraded the packaging company’s shares to an overweight rating with a $3.50 price target. It believes Orora’s shares are undervalued at the current level.
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As of 13/2/20
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 and recommends Jumbo Interactive Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Jumbo Interactive Limited. 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.