In afternoon trade the S&P/ASX 200 index is pushing notably higher. At the time of writing the benchmark index is up 1.2% to 6,814.7 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Domino’s Pizza Enterprises Ltd (ASX: DMP) share price is up over 3% to $55.58. This is despite the company revealing that it expects to be served with Federal Court proceedings by a disgruntled Australian franchisee. I suspect the catalyst for this gain may have been a positive broker note out of Goldman Sachs this morning. It has retained its conviction buy rating and lifted the price target on its shares to $60.50.
The Opthea Ltd (ASX: OPT) share price has climbed almost 4% to $3.04. This morning the novel biologic therapy developer revealed that it has completed the patient recruitment for the phase 2a trial of OPT-302 in combination with aflibercept (Eylea) for the treatment of diabetic macular edema (DME). The company expects to report topline data from the Phase 2a DME trial in the second quarter of calendar year 2020.
The Orocobre Limited (ASX: ORE) share price has jumped 8.5% to $3.08. Australia’s lithium miners have been pushing higher this week thanks to positive industry news. That news relates to lithium giant SQM failing to get approval to expand one of its key Chilean operations. Last year SQM revealed plans to expand its production to win market share despite the negative impact it would have on an oversupplied market.
The PolyNovo Ltd (ASX: PNV) share price has stormed 9% higher to $1.98. This morning the medical device company released a sales update which revealed a sharp jump in sales in December. In fact, PolyNovo achieved its first $2 million month. This comes less than a year after it achieved its first ever $1 million month. Management believes this “gives some feel for the acceleration of sales in the US, Australia and New Zealand.”
The post Why Domino’s, Opthea, Orocobre, & PolyNovo shares are storming higher appeared first on Motley Fool Australia.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Domino's Pizza Enterprises Limited. 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. 2020