In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a strong gain. At the time of writing the benchmark index is up 0.7% to 5,351.9 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
The Crown Resorts Ltd (ASX: CWN) share price is up 7.5% to $9.25. This morning the casino and resorts operator revealed that The Blackstone Group and its affiliates have purchased 67,675,000 shares in Crown. This represents 9.99% of the issued capital of the company. Blackstone bought the shares from Melco Resorts & Entertainment Limited at a price of $8.15 per share.
The LiveTiles Ltd (ASX: LVT) share price has jumped 9.5% higher to 23 cents after the release of its third quarter update. Although the intranet software company only reported a modest 4.7% quarter on quarter lift in its annualised recurring revenue (ARR) to $55.2 million, investors appear pleased that it has no plans to raise capital in the near term. Instead, it is accelerating its efforts to reach breakeven with its operating cash flow by the end of 2020.
The National Australia Bank Ltd (ASX: NAB) share price has stormed 4% higher to $15.92. This may have been driven by a positive broker note out of Morgans this morning. Its analysts have upgraded NAB’s shares to an add rating with a $16.50 price target. It made the move on valuation grounds after a sharp decline over the last couple of months.
The Santos Ltd (ASX: STO) share price is up 5% to $4.46. Investors have been buying Santos and other energy shares on Wednesday after oil prices rebounded overnight. This rebound has continued during Asian trade with the WTI crude oil price up 10% and the Brent crude oil price up 2%. This has sent the S&P/ASX 200 Energy index charging 4% higher this morning.