The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher on Tuesday. In late morning trade the benchmark index is up 8% to 5,333.4 points.
Four shares that are climbing more than most today are listed below. Here’s why they are on the rise:
The Computershare Limited (ASX: CPU) share price has jumped 9% to $11.08. This is despite the share registry company downgrading its guidance for FY 2020 this morning. According to the release, the external environment has been impacting its margin income and transactional revenues. As a result, FY 2020 management EPS is now expected to be down around 20% year on year. This compares to last month’s update which forecast a 15% year on year reduction. Investors may have been expecting even worse.
The Northern Star Resources Ltd (ASX: NST) share price has surged 8% higher to $11.64. Investors have been buying Northern Star and its fellow gold miners after a strong rise in the spot gold price overnight. The gold price has continued its ascent in Asian trade and is up a further 1.15% to US$1,713.40 an ounce. At the time of writing the S&P/ASX All Ordinaries Gold index is up a sizeable 4.6%.
The PolyNovo Ltd (ASX: PNV) share price has jumped 11% higher to $1.86. The dermal regeneration medical device company’s shares were up as much as 31% at one stage following the release of a trading update. That update revealed that PolyNovo had a record month in March, with U.S. sales growing 166% on the prior corresponding period. Management also notes that its sales grew stronger as the month went on.
The Tyro Payments Ltd (ASX: TYR) share price has stormed 15% higher to $2.77. This is the second day in a row of strong gains for the payments company’s shares. This follows the release of a trading update on Monday. Investors don’t appear concerned by a sharp reduction in payment volumes during the early part of the month. Transactions between April 1 and April 3 (inclusive) were down 23% compared to the prior corresponding period. Though, year to date, transactions are still up 26%.
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Tyro Payments. The Motley Fool Australia has no position in any of the stocks mentioned. 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.