The S&P/ASX 200 Index (ASX: XJO) is currently on course to record another solid gain. In afternoon trade on Wednesday the benchmark index is up 0.6% to 6,539.3 points.
Four shares that are climbing more than most today are listed below. Here’s why they are charging higher:
Aristocrat Leisure Limited (ASX: ALL)
The Aristocrat Leisure share price is up over 2% to $34.07. This follows the release of its FY 2020 results this morning. The gaming technology company reported a 5.9% decline in operating revenue to $4,139.1 million and a 31.8% reduction in earnings before interest, tax, depreciation and amortisation (EBITDA) to $1,089.4 million. While this was a sizeable decline, it was a touch ahead of expectations. Pleasingly, management also appears cautiously optimistic on its prospects in FY 2021.
Chalice Gold Mines Limited (ASX: CHN)
The Chalice Gold Mines share price has jumped 16% to $3.81. Investors have been buying the exploration company’s shares after it revealed further strong drilling results from its Julimar Nickel-Copper-Platinum Group Element (PGE) Project in Western Australia. Management advised that its discovery at the Gonneville Intrusion continues to grow on multiple fronts. It believes this is a sign that Julimar is emerging as a globally significant deposit of critical metals.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up 2% to $19.37. This appears to have been driven by a couple of favourable broker notes. This morning analysts at Goldman Sachs declared Westpac a buy with a $20.34 price target. Whereas on Tuesday, Morgan Stanley upgraded its shares to an overweight rating with a $20.40 price target.
Whitehaven Coal Ltd (ASX: WHC)
The Whitehaven Coal share price has surged 6.5% higher to $1.36. This morning a broker note out of Goldman Sachs revealed that its analysts believe Chinese steel makers will begin buying Australian coal again in January/February. It notes that the China steel industry still requires high quality Australian met coals for blending in 2021.