The S&P/ASX 200 index has followed the lead of international markets and is on course to record another solid gain. In afternoon trade the benchmark index is up 0.8% to 6,266.2 points.
Four shares that are climbing more than most today are listed below. Here's why they have surged higher:
The Afterpay Touch Group Ltd (ASX: APT) share price has stormed over 5% to $23.56 despite there being no news out of the payments company. However, as I pointed out earlier today, one leading broker still believes the Afterpay Touch share price has a long way to run. A note out of Bell Potter a few weeks ago reveals that it has a buy rating and $28.02 price target on the company's shares.
The Altium Limited (ASX: ALU) share price has surged almost 5% higher to $33.49. Investors appear to have taken advantage of a recent pullback in its share price to pick up shares. In addition to this, Australian tech shares are performing well on Tuesday after their U.S. counterparts pushed notably higher. The Nasdaq 100 closed 1.3% higher on Monday.
The Fortescue Metals Group Limited (ASX: FMG) share price climbed a further 4.5% higher to $7.77 after another rise in iron ore prices. Concerns about supply constraints have pushed prices higher and taken low grade iron ore to a five-year high. In addition to this, the company announced that its subsidiary FMG Magnetite and joint venture partner Formosa Steel have approved the development of Stage 2 of the Iron Bridge Magnetite Project.
The Jumbo Interactive Ltd (ASX: JIN) share price has zoomed 13.5% higher to $15.19 after being the subject of a positive broker note. According to a note out of Morgan Stanley, it has initiated coverage on the lottery ticket seller with an overweight rating and $20.00 price target. This price target implies potential upside of over 30% even after today's gain.
