The S&P/ASX 200 Index (ASX: XJO) has started the week on a very positive note. In late morning trade the benchmark index is up 1% to 5,458.7 points.
Four shares that have climbed more than most today are listed below. Here's why they are charging higher:
The Aristocrat Leisure Limited (ASX: ALL) share price has stormed 5% higher to $26.45. This morning the gaming technology company announced that it has successfully priced a new US$500 million Term Loan B facility maturing in October 2024. This further strengthens its liquidity and preserves its strong balance sheet metrics. In addition to this, this morning Goldman Sachs reaffirmed its buy rating and $30.00 price target on the company's shares ahead of its half year update this week.
The Newcrest Mining Limited (ASX: NCM) share price has jumped 5.5% to $31.90. This follows a jump in the gold price on Friday night which took the precious metal to a seven-year high. Pleasingly for shareholders, the gold price has continued its rise during Asian trade on Monday. It isn't just Newcrest that is pushing higher. The S&P/ASX All Ordinaries Gold index is up 5.3% this morning.
The Santos Ltd (ASX: STO) share price is up 3.5% to $4.76. Investors have been buying Santos and other energy shares after oil prices jumped higher on Friday night. Oil prices recorded their third weekly gain in a row amid signs that demand is picking up. The S&P/ASX 200 Energy index is up over 2.5% at the time of writing.
The Zip Co Ltd (ASX: Z1P) share price is up 2.5% to $3.17. This gain appears to have been driven by a broker note out of Morgans this morning. According to the note, the broker has upgraded its forecasts to reflect a better than expected performance in April. This has led to Morgans retaining its add rating and lifting its price target from $2.57 up to $3.40.
