In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another solid gain. The benchmark index is currently up 0.85% to 6,700 points.
Four shares that have climbed more than most today are listed below. Here’s why they are storming higher:
Origin Energy Ltd (ASX: ORG)
The Origin Energy share price is up 4.5% to $5.28. Investors have been buying the energy company’s shares after oil prices jumped higher overnight. According to Bloomberg, on Tuesday night the WTI crude oil price climbed 4.3% to US$44.92 a barrel and the Brent crude oil price rose 3.8% to US$47.81 a barrel. Prices were given a boost by vaccine hopes and news that President Trump will allow the transition of the Biden administration to commence.
Qantas Airways Limited (ASX: QAN)
The Qantas share price is up 2% to $5.68. With three potentially effective COVID-19 vaccines on the way, investors appear to believe travel markets will recover quicker than anticipated. Pleasingly, Qantas is ready to meet this expected demand. On Tuesday the airline revealed that it would be adding 360 flights to its weekly schedule after border restrictions eased.
Webjet Limited (ASX: WEB)
The Webjet share price has jumped 6.5% to $5.98. As with Qantas, this appears to have been driven by hopes that the COVID-19 vaccines will underpin a quick recovery in the travel market. In addition to this, the reopening of borders between Queensland and New South Wales should be a major boost for Webjet’s domestic business.
Westpac Banking Corp (ASX: WBC)
The Westpac share price is up almost 2.5% to $20.92. Investors have continued to pile into the banks again as the rotation away from COVID winners gathers pace. This latest gain means the Westpac share price is now up by an impressive 17% since the start of the month. It isn’t just Westpac on the rise today. All the big four banks are outperforming and helping drive the ASX 200 into positive territory for 2020.
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Motley Fool contributor James Mickleboro owns shares of Westpac Banking. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. 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.