The S&P/ASX 200 Index (ASX: XJO) has followed the lead of U.S. markets and is pushing higher in late morning trade. At the time of writing the benchmark index is up 0.3% to 6,203.6 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
Lynas Corporation Ltd (ASX: LYC)
The Lynas share price is up 4.5% to $3.00 following the release of its quarterly update. During the first quarter, the rare earths producer reported a strong quarter on quarter rise in both production and revenue. Total Rare Earth Oxide production came in at 4,110 tonnes, up from 2,579 tonnes during the fourth quarter. Invoiced quarterly sales revenue lifted to $87 million, more than double the fourth quarter invoiced sales revenue of $38 million.
Orora Ltd (ASX: ORA)
The Orora share price has jumped over 7% to $2.69 following the release of its annual general meeting update. That update revealed that the packaging company has started FY 2021 in a relatively positive fashion despite challenging market conditions. Earnings in its Australasian Beverage business are flat year on year, but its North American businesses have delivered earnings growth during the first quarter. This follows the successful implementation of a number of improvement initiatives.
Praemium Ltd (ASX: PPS)
The Praemium share price is racing 9% higher to 61 cents. Investors have been buying the investment platform provider’s shares following the release of its first quarter update. According to the release, at the end of the first quarter, Praemium’s Global funds under administration reached $31.2 billion. This was a 54% increase on the end of FY 2020. And while this was driven predominantly by the acquisition of Powerwrap, the company also reported strong net inflows.
Tabcorp Holdings Limited (ASX: TAH)
The Tabcorp share price is up 5.5% to $3.63. This gain appears to have been driven by a broker note out of Credit Suisse this morning. According to the note, the broker has retained its outperform rating and lifted the price target on the gambling company’s shares to $4.40. This follows the release of its first quarter update yesterday.
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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 Praemium Limited. The Motley Fool Australia has recommended Praemium 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.