Why A2 Milk, HUB24, Netwealth & Perseus shares are storming higher

These ASX shares are on form on Thursday…

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The S&P/ASX 200 Index (ASX: XJO) is back on form and charging higher on Thursday. In afternoon trade, the benchmark index is up 1.1% to 7,352.8 points.

Four ASX 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 3.5% to $6.81. This infant formula company’s shares were given a boost this week by a positive update from Bubs Australia Ltd (ASX: BUB). That update revealed strong sales growth during the first quarter, which appears to indicate that the worst could be behind the infant formula market.

HUB24 Ltd (ASX: HUB)

The HUB24 share price is up 9% to $31.27. This follows the release of the investment platform provider’s first quarter update this morning. According to the release, HUB24 achieved record net inflows of $3 billion for the three months ended 30 September. As a result, at the end of the period, total FUA reached $63.2 billion.

Netwealth Group Ltd (ASX: NWL)

The Netwealth share price has jumped 16% to $16.55. As with HUB24, this strong gain has been driven by the release of this investment platform provider’s first quarter update. According to the release, Netwealth reported record net inflows of $4 billion for the quarter. This took Netwealth’s FUA to $52 billion, which represents an increase of 10.2% for the quarter.

Perseus Mining Limited (ASX: PRU)

The Perseus Mining share price is up almost 10% to $1.70. Investors have been buying the gold miner’s shares following the release of an update on exploration activities at its Yaouré Gold Mine on the Ivory Coast. The release reveals that recent results from infill drilling at Yaouré confirm strong potential for further mineral resources beneath the currently operating CMA open pit.

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Motley Fool contributor 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 and has recommended Hub24 Ltd and Netwealth. The Motley Fool Australia owns shares of and has recommended Netwealth. The Motley Fool Australia has recommended A2 Milk and Hub24 Ltd. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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