The S&P/ASX 200 Index (ASX: XJO) has followed the lead of international markets and is storming higher on Tuesday. In late morning trade the benchmark index is up 2% to 5,569.9 points following positive COVID19 vaccine news.
Four shares that are climbing more than most today are listed below. Here’s why they are jumping higher:
The James Hardie Industries plc (ASX: JHX) share price has stormed almost 11% higher to $23.75. Investors have been buying the building products company’s shares after the release of its full year results. James Hardie delivered a 4% increase in revenue to US$2.61 billion and a 20% lift in EBIT to US$486.8 million for the year ended March 31.
The Oil Search Limited (ASX: OSH) share price has jumped 9% to $3.27. The catalyst for this strong gain was a sharp rise in oil prices overnight. Traders appear optimistic that a vaccine could open up economies much quicker than expected and lead to an increase in demand for oil. The S&P/ASX 200 Energy index is up 4.5% at the time of writing.
The Webjet Limited (ASX: WEB) share price has surged 6% higher to $3.33. Once again, this strong gain appears to have been driven by the vaccine news. The travel sector would be a big winner if this vaccine solves the COVID19 crisis. It could mean that international travel returns much sooner than the market was expecting, which would only be good news for travel bookers like Webjet.
The Westpac Banking Corp (ASX: WBC) share price is up 4.5% to $15.58. Australia’s big four banks have responded very positively to today’s development and are all notably higher. If the crisis ends earlier than expected, it could mean the banks have all overestimated the provisions that will be required. This could have positive consequences for future dividend payments.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.