In afternoon trade the S&P/ASX 200 index has returned to form and is pushing higher once again. At the time of writing the benchmark index is up 0.5% to 6,473.4 points.
Four shares 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 raced 7% higher to $25.69 the day before the release of the payments company's full year results. It appears as though some investors are anticipating a very positive update on its performance in the United States and UK market. In addition to this, improving investor sentiment has given tech shares a boost today.
The Cann Group Ltd (ASX: CAN) share price has zoomed 14% higher to $1.95 after releasing an update on its facility in Mildura. According to the release, an amended design for the large-scale state-of-the-art facility will increase its full production capacity by 40% to 70,000kg of cannabis dry flower per annum. Cann expects this to generate annual revenues of approximately $220 million to $280 million based on the current wholesale price of cannabis dry flower.
The FlexiGroup Limited (ASX: FXL) share price has stormed 13% higher to $1.60 after releasing its full year results. At the end of FY 2019 FlexiGroup had 1.76 million active customers and 65,000 retail partners. This was an 8% increase for both and led to $2.56 billion in transaction volume. Cash NPAT came in at $76.1 million, which was in line with its revised guidance.
The Nanosonics Ltd (ASX: NAN) share price has rocketed 26% higher to $6.18 following the release of the infection control specialist's full year results. In FY 2019 Nanosonics reported record full year sales of $84.3 million, which was a 39% increase on the prior corresponding period. Operating profit before tax grew at an even quicker rate of 201% to $16.8 million. Looking ahead, management appears confident that there will be more growth in FY 2020.
