In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is on course to record a very strong gain. At the time of writing the benchmark index is up 1.2% to 6,011.2 points.
Four shares that are climbing more than most today are listed below. Here's why they are racing higher:
The Afterpay Ltd (ASX: APT) share price is up 3.5% to $68.75. Investors have been buying the payments company's shares after it released an update on its U.S. operations. According to the announcement, the company's millions of U.S. customers can now use Apple Pay and Google Pay to make purchases through its buy now pay later platform in physical retail stores and online.
The ELMO Software Ltd (ASX: ELO) share price is up 2% to $6.19. This follows the release of the cloud-based HR and payroll software company's fourth quarter and full year update. For FY 2020, ELMO achieved record cash receipts of $57.5 million, up 27.4% on FY 2019's cash receipts. At the end the financial year ELMO had a cash balance of $139.9 million with no debt. These funds will be used to invest in organic growth and executing strategic acquisitions.
The Oil Search Limited (ASX: OSH) share price is up 4% to $3.11. Investors have been buying the energy producer's shares after oil prices rebounded overnight. Traders were bidding oil prices higher after OPEC announced greater than expected production cuts during the month of June.
The Paradigm Biopharmaceuticals Ltd (ASX: PAR) share price has jumped 11% higher to $3.15. This follows the release of the biopharmaceutical company's full year update. That update provided investors with a summary on the progress Paradigm has made over the last 12 months and its expectations for the future. Management advised that results from a key program for its Zilosul therapy will be released in early August.
