In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. At the time of writing the benchmark index is up 1.8% to 5,203.7 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 surged 10% higher to $21.37. Investors have been fighting to get hold of the payments company’s shares this week. This appears to be due to the belief that its shares were severely oversold the previous week. In addition to this, news that the U.S. government is launching a US$2 trillion stimulus package appears to have gone down well with investors.
The Breville Group Ltd (ASX: BRG) share price has jumped 8% to $16.06. Although Breville announced that it was withdrawing its earnings guidance for FY 2020, it revealed that demand for its appliances has been strong. It also advised that its balance sheet is robust and that its Chinese manufacturers were coming back online.
The Catapult Group International Ltd (ASX: CAT) share price has rocketed 24.5% higher to 79.7 cents. Investors have been buying the sports analytics and wearables company’s shares following the release of a business update. Catapult advised that customers have continued to use and purchase its solutions despite the suspension of most sporting competitions following the coronavirus outbreak. And while sales will be impacted in the fourth quarter, management is confident its long-term sales trajectory will not be.
The ResMed Inc. (ASX: RMD) share price is up over 4% to $23.79. Investors have been buying the sleep treatment specialist’s shares after it revealed that it would switch its manufacturing focus from sleep apnoea devices to ventilators and masks suitable for affected patients with lung damage from coronavirus.
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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 and has recommended Catapult Group International Ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended ResMed Inc. 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.
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