In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing the benchmark index is up 0.5% to 6,122.3 points.
Four shares that are climbing more than most today are below, Here’s why they are zooming higher:
The Baby Bunting Group Ltd (ASX: BBN) share price has jumped 8% to $4.06 following the release of its full year results. In FY 2020, the baby products retailer posted an 11.8% increase in total sales to $405.2 million despite the pandemic. And thanks to margin expansion, Baby Bunting delivered a 34.1% increase in pro forma net profit after tax to $19.3 million. Importantly, this was achieved without the company receiving any COVID-19 assistance from the government.
The Evolution Mining Ltd (ASX: EVN) share price is up 5% to $6.02. This appears to have been driven by a rebound in the gold price overnight. It isn’t just Evolution pushing higher today. A number of gold miners are on the rise for the same reason. This has led to the S&P/ASX All Ordinaries Gold index rising 1.5% at the time of writing.
The Mesoblast limited (ASX: MSB) share price has rocketed 38% higher to $4.66. Investors have been fighting to get hold of the biotech company’s shares after a very positive outcome from its meeting with the Oncologic Drugs Advisory Committee (ODAC) overnight. This meeting was to discuss its remestemcel-L product candidate as a treatment for paediatric steroid-resistance acute graft versus host disease (paediatric SR-aGvHD). While the company still needs the U.S. FDA to approve the product, the odds look to be very much in its favour now.
The Xero Limited (ASX: XRO) share price is up 3.5% to $92.50. This appears to be in response to the business and accounting software provider’s annual general meeting update on Thursday. That update revealed that Xero has added 96,000 net subscribers to its platform since the start of April. This lifted its subscribers to a total of 2.38 million at the end of the period.
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Returns as of 6th October 2020
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 Xero. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
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