After a subdued start, in late morning trade the S&P/ASX 200 Index (ASX: XJO) has found its legs and is pushing higher. At the time of writing the benchmark index is up 0.5% to 5,414.4 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 jumped 12.5% to $24.75 following the release of a business update. At the end of the third quarter of FY 2020, Afterpay's underlying sales reached $7.3 billion year to date. This was a 105% increase on the prior corresponding period. The company also revealed that its losses and income margins had remained stable during the quarter despite the pandemic.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has surged 11% higher to $12.90. This is despite there being no news out of the travel agent on Tuesday. However, with its shares down materially and its liquidity now sufficient to sustain the pandemic, investors appear to believe they could be great value.
The Northern Star Resources Ltd (ASX: NST) share price is up a sizeable 10% to $12.67. This follows another rise in the gold price. In fact, the precious metal has been in such strong demand that it hit a seven-year high overnight. Northern Star isn't the only gold miner on the rise. At the time of writing the S&P/ASX All Ordinaries Gold index is up an impressive 7.4%.
The Prospa Group Ltd (ASX: PGL) share price has rocketed 26% higher to 95 cents. Investors have been fighting to get hold of the lender's shares after it was granted access to the Federal Government's Coronavirus SME Guarantee Scheme. This scheme has been setup to help small businesses deal with the impact of COVID-19 over the next six months. Prospa has received an allocation of up to $223 million under the scheme.
