Why Afterpay, Clinuvel, Kogan, & SEEK shares are storming higher today

Kogan.com Ltd (ASX:KGN) and SEEK Limited (ASX:SEK) shares are two of four charging notably higher on Wednesday. Here’s why…

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child in a superman outfit indicating a surge in share price

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In late morning trade the S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is charging notably higher. The benchmark index is currently up 0.7% to 5,935.6 points.

Four shares that are climbing more than most today are listed below. Here’s why these ASX shares are storming higher:

The Afterpay Ltd (ASX: APT) share price is pushing higher again and is up over 2% to $76.69. Investors have been buying Afterpay and other tech shares again on Wednesday after their U.S. counterparts stormed higher overnight. This has helped drive the S&P/ASX All Technology Index (ASX: XTX) is 2.7% higher this morning.

The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price is up 7% to $23.74. Investors have been buying the biopharmaceutical company’s shares this week after it provided an update on its plan to expand the use of its SCENESSE drug to treat xeroderma pigmentosum (XP). Clinuvel has administered the first patient diagnosed with XP with the drug under a Special Access Program.

The Kogan.com Ltd (ASX: KGN) share price has stormed 5% higher to $20.22. This follows the release of a business update for the month of August. That update revealed that its active customers grew by an incremental 152,000 during August to reach 2,461,000. This was the largest monthly increase in its history and supported a 117% jump in gross sales. The company’s operating earnings grew even quicker at 466% year on year.

The SEEK Limited (ASX: SEK) share price is up a sizeable 9% to $20.92. This is despite there being no news out of the job listings giant this morning. One potential driver of this gain could be positive economic data out of China today. This would be good news for the company’s rapidly growing Zhaopin business. The SEEK share price was up as much as 13% at one stage.

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James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of Kogan.com ltd. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended Kogan.com ltd and SEEK Limited. 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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