The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of U.S. markets and pushed higher on Wednesday. In afternoon trade the index is up 0.35% to 5,861 points.
Four shares that are climbing more than most today are listed below. Here's why they have surged higher:
The Altium Limited (ASX: ALU) share price has pushed almost 3.5% higher to $20.46 despite there being no news out of the software as a service company. Altium's shares are likely to be rising after strong gains were made in the U.S. tech sector overnight. I think Altium is a great long-term investment option.
The BWX Ltd (ASX: BWX) share price has surged 3% to $4.94 after it emerged that the personal care product company's CEO had been buying shares on-market. According to a change of director's interest notice, John Humble picked up 164,754 shares at an average price of $4.859 per share on Friday. The company behind the Sukin brand has seen its shares fall 34% year-to-date after the release of a weaker than expected half-year result.
The Hub24 Ltd (ASX: HUB) share price has risen a further 3% to $11.00. On Tuesday the fintech company reported net inflows of $595 million for the March quarter. This was an increase of 42% on the prior corresponding period and increased the total funds under administration to $7.4 billion. One broker that was impressed with the company's performance was Ord Minnett. It upgraded HUB24's shares to a buy rating and lifted the price target on its shares to $11.85.
The Nextdc Ltd (ASX: NXT) share price has returned to trade and is up 2% to $6.96. The market has responded positively to the data centre operator raising $297 million through a placement of shares. Management advised that $147 million was raised through existing and new institutional investors at $6.81 per share and the remaining $150 million through a cornerstone placement with UniSuper at $6.98 per share. NEXTDC had set an underwritten floor price of $6.43 per share, but strong demand supported more favourable prices.
