The S&P/ASX 200 Index (ASX: XJO) is on course to follow the lead of U.S. markets and finish the week on a positive note. In late morning trade the benchmark index is up 0.4% to 5,174.6 points.
Four shares that are climbing more than most today are listed below. Here's why they are storming higher:
The NEXTDC Ltd (ASX: NXT) share price is up 3.5% to $9.49. Investors have been buying the data centre company's shares after it announced the successful completion of its fully underwritten institutional placement to raise $672 million. These funds will be used to support its growth agenda. This includes the proposed development of a new data centre in Sydney.
The Santos Ltd (ASX: STO) share price has jumped 11.5% to $4.42. Investors have been fighting to buy energy shares on Friday after oil prices spiked overnight. The WTI crude oil price rocketed 25% higher after President Trump suggested that Saudi Arabia and Russia will soon end their price war and cut production. This was the largest daily increase in the WTI crude oil price since records began.
The Serko Ltd (ASX: SKO) share price has surged 10% higher to $2.05. This morning the leading travel and expense technology provider released a market update. Although its operations have been impacted materially from the coronavirus outbreak, it notes that it has a cash balance of $42 million. As such, it sees no reason to take on any debt at this point. Serko is also utilising the travel shutdown period to further strengthen its core technology and expects to be well positioned for global growth when business travel resumes.
The Webjet Limited (ASX: WEB) share price is up over 5% to $2.93. The online travel agent's shares are rebounding after a sharp decline on Thursday following their return from suspension. Today's gain appears to have been triggered by a broker note out of Credit Suisse. It has upgraded Webjet's shares to an outperform rating with a $4.50 price target. It believes Webjet could come out of the crisis in a stronger position given the market disruption.
