In late morning trade the S&P/ASX 200 Index (ASX: XJO) is bouncing back from yesterday's heavy decline. At the time of writing the benchmark index is up 0.75% to 5,922.8 points.
Four shares that are climbing more than most today are listed below. Here's why they are charging higher:
The Afterpay Ltd (ASX: APT) share price is up 4% to $77.14. Investors have been buying the payments company's shares following a rebound on the technology-focused Nasdaq index overnight. It isn't just Afterpay that is on the rise today. At the time of writing the S&P ASX All Technology index is up by a solid 2.2%.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has jumped 7% to $21.08. This morning the biopharmaceutical company announced that it is looking to expand its SCENSSE product to treat the disease xeroderma pigmentosum. This is a rare genetic disorder where sufferers have the most extreme deficiencies in their DNA repair processes, leading to a 10,000-fold increase in their risk of skin cancer. There is no known cure for XP at present. SCENSSE is currently used to treat rare genetic disorder Erythropoietic Protoporphyria.
The IDP Education Ltd (ASX: IEL) share price is up 3% to $19.42. This gain appears to have been driven by a broker note out of Goldman Sachs this morning. According to the note, the broker has retained its buy rating and lifted its price target by almost a third to $22.50. It believes the student placement and language testing company is well positioned for the eventual restart of the international student market.
The Saracen Mineral Holdings Limited (ASX: SAR) share price is 3% higher at $5.16. Investors have been buying Saracen's shares after a rise in the gold price overnight. This was driven by weakness in the U.S. dollar and concerns over the AstraZeneca-Oxford University coronavirus vaccine candidate. It isn't just Saracen pushing higher today. At the time of writing the S&P/ASX All Ordinaries Gold index is up 2.2%.
