The S&P/ASX 200 Index (ASX: XJO) has continued its positive run and is up again on Tuesday. In late morning trade the benchmark index is up 1.25% to 5,386.7 points.
Four shares that have climbed more than most today are listed below. Here's why they are storming higher:
The Afterpay Ltd (ASX: APT) share price is up a further 3% to $37.26. Investors have been scrambling to buy its shares this week after it revealed that Chinese tech behemoth Tencent Holdings has become a substantial holder with a 5% stake. Investors may believe Tencent will open the door to a future expansion into the lucrative Asia market for the Afterpay platform.
The Flight Centre Travel Group Ltd (ASX: FLT) share price is up 2.5% to $9.65. This gain may be a delayed reaction to an update out of the travel agent on Monday which revealed that it is making positive progress with its cost cutting. Flight Centre expects to reduce its monthly operating costs to $65 million by July. Pleasingly, it expects to achieve this with lower one-off restructuring costs than first planned.
The James Hardie Industries plc (ASX: JHX) share price is up 4.5% to $21.78. This morning the building supplies company provided an update on its guidance for FY 2020. According to the release, it has narrowed its NOPAT guidance range from US$350 million – US$370 million to US$350 million – US$355 million. This will be an increase from the prior year's US$301 million. Investors may have been expecting the company to fall short of its guidance due to the pandemic.
The Qantas Airways Limited (ASX: QAN) share price is up over 3.5% to $3.69. Investors have been buying the airline operator's shares after it revealed that it has boosted its liquidity further. Qantas has secured a further $550 million in funding against three of its wholly-owned Boeing 787-9 aircraft. This follows the $1.05 billion raised in March against seven aircraft. This means that Qantas now has sufficient liquidity to see it through the worst case scenario of trading conditions remaining as they are until the end of December 2021.
