The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and stormed higher on Thursday. In late morning trade the benchmark index is up 1.45% to 5,471.6 points.
Four shares that are climbing more than most today are listed below. Here’s why they are surging higher:
The Credit Corp Group Limited (ASX: CCP) share price has returned from its trading halt and jumped 13.5% higher to $16.05. This morning the debt collector announced the successful completion of its fully underwritten institutional placement to raise $120 million. These funds were raised at $12.50 per share and will be used to strengthen its balance sheet and pursue debt purchasing opportunities.
The IOOF Holdings Limited (ASX: IFL) share price is up 0.5% to $4.13. Investors have been buying IOOF’s shares after it revealed a sharp increase in funds under management, advice and administration (FUMA). IOOF’s FUMA grew by 34.2% or $49.8 billion over the three months to reach $195.6 billion at the end of March. This was driven largely by the acquisition of the OnePath business from Australia and New Zealand Banking Group (ASX: ANZ), which offset unfavourable market movements.
The Mesoblast limited (ASX: MSB) share price is up 4.5% to $3.30. This morning the cellular medicine developer announced the start of the enrolment of a Phase 2/3 randomised, placebo-controlled trial. This trial aims to rigorously confirm whether its remestemcel-L product provides a survival benefit in moderate/severe acute respiratory distress syndrome (ARDS) due to COVID-19. More than 20 medical centres across the United States will participate in the trial.
The Oil Search Limited (ASX: OSH) share price has surged 7% higher to $2.95. Investors have been buying Oil Search and other energy shares after oil prices rebounded strongly overnight. The catalysts for this were a softer than expected oil inventory build up and positive data from Gilead Sciences’ coronavirus treatment trial. The latter is sparking hopes of a quicker economic recovery from the pandemic. This would be good news for oil prices.
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