The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In late morning trade the benchmark index is up 2.6% to 4,908.4 points.
Four shares that are climbing more than most today are listed below. Here's why they are storming higher:
The Afterpay Ltd (ASX: APT) share price is up a massive 17% to $11.62. It appears as though bargain hunters have been swooping in today after an extremely sharp pullback in its share price. Prior to today, the buy now pay later provider's shares were down a whopping 75% from their high. This decline was driven by concerns over potentially lower sales and higher bad debts because of the coronavirus outbreak.
The Corporate Travel Management Ltd (ASX: CTD) share price has jumped 17% higher to $5.51. Investors have been buying the corporate travel specialist's shares following the release of a market update this morning. Although the update revealed that its business has been hit hard by the coronavirus outbreak, it stressed that there is no current need to raise equity due to its strong liquidity position. Rival Webjet Limited (ASX: WEB) is currently in a trading halt whilst it seeks additional funding.
The Premier Investments Limited (ASX: PMV) share price has stormed 9% higher to $11.30. Investors have been buying the retail conglomerate's shares following the release of its half year results. For the six months ended January 25, Premier Investments delivered record total sales of $732.1 million and a net profit after tax of $99.6 million. This was an increase of 7.6% and 12.2%, respectively on the prior corresponding period. This allowed the Premier Investments board to declare a record fully franked interim dividend of 34 cents per share.
The Santos Ltd (ASX: STO) share price has zoomed 11.5% higher to $3.07. The catalyst for this was a significant rebound in oil prices overnight. Oil prices had their best ever day of trade and recorded a gain of 23%. A number of other energy producers are climbing notably higher on the news today as well.
