The S&P/ASX 200 Index (ASX: XJO) is on course to end the week on a positive note. In late morning trade the benchmark index is up 0.7% to 5,365.2 points.
Four shares that have climbed more than most today are listed below. Here's why they are zooming higher:
The Kogan.com Ltd (ASX: KGN) share price is up 4% to $8.91 after announcing a new acquisition. The ecommerce company has bought the intellectual property and goodwill of replica furniture and homewares retailer Matt Blatt for $4.4 million. Kogan will relaunch the business as an online-only offering. It expects the acquisition of Matt Blatt to give it a springboard from which to expand its reach in the furniture and homewares market.
The Macquarie Group Ltd (ASX: MQG) share price is up 2% to $105.10. The banking sector is on course to end the week on a high after their U.S. counterparts stormed higher overnight. In addition to this, investors may have been buying Macquarie's shares before they trade ex-dividend on Monday. To be eligible for its upcoming final $1.80 per share dividend, investors need to be on the share registry at the close of play today.
The Newcrest Mining Limited (ASX: NCM) share price is up 3% to $29.85. Investors have been buying Newcrest and other gold miners after the price of the precious metal hit a three week high overnight. Traders were buying gold amid concerns that a trade war is brewing between the U.S. and China. The S&P/ASX All Ordinaries Gold index is up 3.2% at the time of writing.
The Santos Ltd (ASX: STO) share price is up 2% to $4.65. Santos and other energy shares have been performing strongly today after a spike in the oil price overnight. Oil prices pushed higher after data revealed that U.S. inventories had fallen more than expected last week.
