The S&P/ASX 200 index has returned to form on Wednesday and is pushing higher in afternoon trade. At the time of writing the benchmark index is 0.4% higher to 6,668.6 points.
Four shares that have climbed more than most today are listed below. Here's why they have charged higher:
The Austal Limited (ASX: ASB) share price is up 10% to $3.92 after the shipbuilder released its guidance for this year and FY 2020. This year the company expects to deliver earnings before interest and tax (EBIT) of $92 million. Looking ahead, the company expects its strong form to continue and advised that it has forecast EBIT rising 14% to $105 million. This is largely down to an improvement from its Australasia shipyards.
The Bubs Australia Ltd (ASX: BUB) share price has zoomed 7.5% higher to $1.35 despite there being no news out of the infant formula and baby food company. However, media reports of frenzied buying of infant formula products by daigou shoppers could have given investor sentiment a major boost. This latest gain means the Bubs share price has almost tripled in value this year.
The Elders Ltd (ASX: ELD) share price has charged 13.5% higher to $6.95 after the agribusiness company successfully raised $100 million from institutional investors to fund the acquisition of Australian Independent Rural Retailers (AIRR). AIRR is a member-based buying and marketing company for independent rural merchandise and pet and produce stores. Management expects the acquisition to be highly accretive to earnings post synergies.
The Splitit Ltd (ASX: SPT) share price is up 4% to 51.5 cents. This morning the payments company released a presentation which outlined how it differs to rival buy now pay later platform providers. It also suggested that Visa's entry into the market could be a big positive for its own platform. This is because management believes that open API's will allow third parties like Splitit to access and build improved customer experiences.
