The S&P/ASX 200 Index (ASX: XJO) has returned to form on Tuesday. In late morning trade the benchmark index is up a decent 2.3% to 4,650.5 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 14% to $10.14. This payments company’s shares have been bouncing wildly over the last few trading sessions. Investors appear divided on whether the company will experience a slowdown in its growth and a spike in bad debts due to the coronavirus outbreak. On Monday Afterpay’s shares hit a 52-week low of $8.01.
The Baby Bunting Group Ltd (ASX: BBN) share price has jumped 11% to $1.78. This follows the release of a trading update after the market close on Monday. Although Baby Bunting has withdrawn its guidance, that update revealed that business has continued to boom year to date. During the second half (December 30 to March 22), total sales growth has been 12.4% and comparable store sales growth has been 6.2%.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has surged 12% higher to $1.35. Investors have been buying the biopharmaceutical company’s shares after it released an update on its FDA approved Expanded Access Program (EAP) in the United States. According to the release, Paradigm has commenced the dosing of all ten patients with its Zilosul drug and has had positive feedback from patients thus far.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has stormed 16.5% higher to $3.46. Investors have been buying Saracen’s shares and the rest of the gold miners after a spike in the gold price overnight. This followed the announcement of major stimulus from the U.S. Federal Reserve. It has pledged to buy an unlimited amount of bonds to support the financial market.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of AFTERPAY T FPO. 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.