The S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain on Wednesday. In afternoon trade the benchmark index is up 3.1% to 4,883.4 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 has rocketed 28% higher to $14.33. Investors have been taking advantage of a very sharp pullback in this payments company's share price this month to pick up shares. In addition to this, the prospect of a mega stimulus package being launched by the United States government imminently appears to have given its prospects a lift.
The Nufarm Limited (ASX: NUF) share price is up 9% to $4.59. Investors have been buying the agricultural chemicals company's shares following the release of its half year results. Although Nufarm posted a loss of $122 million for the half, it spoke positively about the future. Management notes that there has been stronger demand for its products and services following the recent improvement in overall weather conditions.
The Qantas Airways Limited (ASX: QAN) share price has rocketed 21% higher to $3.13. Investors have been buying the airline operator's shares on Wednesday after it revealed that it has secured $1.05 billion in additional liquidity. These funds will be used to strengthen its position as it manages through the coronavirus outbreak. Management advised that this debt has been secured against part of its fleet of unencumbered aircraft.
The Reliance Worldwide Corporation Ltd (ASX: RWC) share price is up 8% to $1.88. The plumbing parts company's shares have stormed higher after the release of a trading, operations, and COVID-19 update. According to the release, Reliance's sales for January and February were in line with management's expectations and customer orders in March have so far been strong.
