In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to bounce back from yesterday’s drop. At the time of writing the benchmark index is up 0.9% to 6,658.2 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
A2 Milk Company Ltd (ASX: A2M)
The a2 Milk share price is up a further 3.5% to $11.15. Investors have been buying the infant formula company’s shares this week after a horror showing a week earlier. It appears as though some investors believe the sell off on Friday has dragged its shares down to an attractive level. The a2 Milk share price was sold off after it downgraded its guidance for FY 2021.
Air New Zealand Limited (ASX: AIZ)
The Air New Zealand share price is up 3.5% to $1.64. This follows the release of an update on its operations this morning. Air New Zealand revealed that it carried a total of 690,000 passengers in November. While this is roughly half what it carried a year earlier, it is an improvement from earlier in the financial year.
Mesoblast limited (ASX: MSB)
The Mesoblast share price is up 6% to $2.30 despite there being no news out of the biotech company. However, with its shares halving in value over the last few trading days, some investors may believe they have been oversold. Alternatively, as Mesoblast is one of the most shorted shares on the ASX, the buying could be from short sellers closing positions.
Recce Pharmaceuticals Ltd (ASX: RCE)
The Recce share price has pushed 4% higher to $1.12. The catalyst for this was the release of results from its international SARS-CoV-2 (COVID-19) in-vivo studies. The results demonstrate positive activity of RECCE 327 (R327) and RECCE 529 (R529) against COVID-19 in Syrian golden hamsters. Management believes this hamster study is the first indication of the potential for nasal administration of its anti-infective compounds, specifically when used against viruses.