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Why Accent, Domino’s, Mesoblast, & Tyro shares are storming higher

In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) has fought back from a morning decline and is pushing higher. At the time of writing the benchmark index is up 0.7% to 5,279.8 points.

Four shares climbing more than most today are listed below. Here’s why they are storming higher:

The Accent Group Ltd (ASX: AX1) share price has jumped 22% higher to $1.10. This morning the footwear retailer revealed that its Digital sales have exploded over the last few weeks. Prior to closing its stores in March, Accent was generating $250,000 of Digital sales per day. Over the last two weeks this has jumped to between $800,000 and $1.1 million per day. In addition to this, the company revealed plans to re-open its stores and is negotiating rent reductions.

The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is up 5% to $50.26. This gain appears to have been driven by a couple of positive broker notes. This morning Goldman Sachs reiterated its buy rating and lifted its price target to $62.60. Over at Morgans, the broker has upgraded Domino’s shares to an add rating with a $55.57 price target. Both price targets imply decent upside for the pizza chain operator’s shares.

The Mesoblast limited (ASX: MSB) share price has continued rocketing higher and is up 44% to $3.93. Investors have been fighting to buy the company’s shares after the release of a trial update last week. That trial was for its allogeneic mesenchymal stem cell product candidate remestemcel-L in ventilator-dependent COVID-19 patients. The release shows that the product achieved an 83% survival rate in ventilator-dependent COVID-19 patients with moderate to severe acute respiratory distress syndrome (ARDS). This is significantly better than the standard of care treatment.

The Tyro Payments Ltd (ASX: TYR) share price is up over 3% to $2.74. This follows the release of its weekly business update this morning. For the week ending April 24, Tyro revealed a 39% decline in total transaction value through its network. This is an improvement on what it has delivered over the two prior weeks. This appears to show that its transaction volumes have now bottomed.

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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 recommended Accent Group and Domino's Pizza Enterprises Limited. 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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