After a poor start to the day, the S&P/ASX 200 Index (ASX: XJO) has fought back and is pushing higher in late morning trade. The benchmark index is currently up 0.3% to 5,979 points.
Four shares that have climbed more than most today are listed below. Here’s why they are pushing higher:
The A2 Milk Company Ltd (ASX: A2M) share price is up 2% to $14.47. This is despite there being no news out of the infant formula company this morning. However, with its shares down significantly over the last couple of weeks, investors appear to believe they have fallen to an attractive level. Investors were selling off a2 Milk’s shares last week after the release of a disappointing update.
The Afterpay Ltd (ASX: APT) share price has climbed 2.5% to $85.74. Investors appear to have been rotating out of resources shares and into tech shares on Wednesday. This has led to the the S&P/ASX All Technology Index (ASX: XTX) rising by a sizeable 1.6% at the time of writing. Also supporting the Afterpay share price was a reasonably positive broker note out of Goldman Sachs on Tuesday.
The ARB Corporation Limited (ASX: ARB) share price is up almost 4% to $30.51. The catalyst for this solid gain has been the release of a first quarter update by the 4×4 accessories company this morning. According to the release, strong demand in export markets led to unaudited sales revenue growth of 17.7% for the first quarter of FY 2021. Profit before tax for the quarter was $29.7 million. This compares to first half profit before tax of $34.4 million in FY 2020.
The SEEK Limited (ASX: SEK) share price has risen 2% to $22.23. Investors have been buying the job listings giant’s shares on Wednesday following last night’s Federal Budget. They appear confident that the budget will help create jobs, which should lead to an increase in listings volumes on its dominant platform.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro owns shares of SEEK Limited. The Motley Fool Australia owns shares of and has recommended A2 Milk. The Motley Fool Australia owns shares of AFTERPAY T FPO. The Motley Fool Australia has recommended ARB Limited 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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