The S&P/ASX 200 Index (ASX: XJO) has bounced back from a sizeable morning decline and is pushing slightly higher this afternoon. At the time of writing the benchmark index is up 0.1% to 5,934.6 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Alliance Aviation Services Ltd (ASX: AQZ) share price has jumped 7% to $3.34. This morning the airline operator announced an agreement with Azorra Aviation to expand its fleet. This will see the company purchase 14 Embraer E190 aircraft, including a significant package of related inventory, ground support equipment, tooling, and training devices. Management commented: “This acquisition is more than opportunistic, it underpins our expected growth.”
The Cochlear Limited (ASX: COH) share price has stormed 5% higher to $199.58. Investors have been buying the hearing solutions company’s shares despite there being no news out of it today. However, with its shares down 21% from their 52-week high, some investors may believe they are in the bargain bin.
The Kogan.com Ltd (ASX: KGN) share price is up 8.5% to $18.09. This ecommerce company’s shares have been in demand with investors on Monday after the Victorian state government announced a six-week lockdown. With non-essential retail stores to close across the state, more and more spending looks set to shift online. This bodes well for ecommerce companies like Kogan.
The Netwealth Group Ltd (ASX: NWL) share price has risen 5% to $12.61. The investment platform provider’s shares have been in fine form of late thanks to a strong fourth quarter update. So much so, Netwealth was the best performer on the ASX 200 in July. At the end of the fourth quarter, its funds under administration (FUA) had climbed to a sizeable $31.5 billion. This means the company grew its FUA by $8.2 billion or 35% during the financial year.
These 3 stocks could be the next big movers in 2020
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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Cochlear Ltd. and Kogan.com ltd. The Motley Fool Australia owns shares of Netwealth. The Motley Fool Australia has recommended Cochlear Ltd. and Kogan.com 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.