In afternoon trade on Thursday the S&P/ASX 200 index is back on form and is storming higher. At the time of writing the benchmark index is up 1% to 6,671.7 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
The Afterpay Touch Group Ltd (ASX: APT) share price is up 3% to $29.90. Investors have been buying the payments company’s shares after the release of a sales update. According to the release, during November Afterpay achieved $1 billion of monthly underlying sales. This represents the highest monthly performance since inception. It brought its total underlying sales during the first five months of FY 2020 to $3.7 billion.
The Australia and New Zealand Banking Group (ASX: ANZ) share price is 2.5% higher to $24.83. The catalyst for this was the Reserve Bank of New Zealand announcing its highly anticipated revision of its capital framework. The central bank revealed that it wants banks operating in the country to lift their total capital. This will be from a minimum of 10.5% to 18% for the four large banks. It has given the banks seven years to achieve this. ANZ responded to the news by advising that it feels it can comfortably achieve this without the need to raise capital.
The Magellan Financial Group Ltd (ASX: MFG) share price is up 3% to $50.67 following the release of its latest funds under management update. During November Magellan’s Retail funds increased by 5.2% to $26,710 million and Institutional funds rose 4.2% to $71,005 million. This was driven by favourable market movements and net inflows of $410 million.
The Resolute Mining Limited (ASX: RSG) share price has jumped 8% to $1.24. Investors have been fighting to get hold of the gold miner’s shares following a positive drilling update from its Mako Gold Mine in Senegal. According to today’s update, significant results have been generated by diamond drilling undertaken at the Mako Gold Mine. These confirm the potential of a coherent high-grade lode at the north-eastern end of the Mako open pit.
The post Why Afterpay, ANZ, Magellan, & Resolute shares are racing higher today appeared first on Motley Fool Australia.
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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 AFTERPAY T FPO. The Motley Fool Australia has no position in any of the stocks mentioned. 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.
The Motley Fool's purpose is to help the world invest, better. Click here now for your free subscription to Take Stock, The Motley Fool's free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson. 2019