In afternoon trade the S&P/ASX 200 index is on course to bounce back from yesterday's decline and record a strong gain. At the time of writing the benchmark index is up 0.8% to 6,606.4 points.
Four shares that are climbing more than most today are listed below. Here's why they have stormed higher:
The Magellan Financial Group Ltd (ASX: MFG) share price is up 2% to $52.50 following the release of its latest funds under management update. According to the release, in August the company's total funds under management increased 2.6% month on month to $92,092 million. This was driven by favourable market movements and net inflows of $315 million. The latter comprised net retail inflows of $162 million and net institutional inflows of $153 million.
The Myer Holdings Ltd (ASX: MYR) share price has zoomed 11% higher to 63.3 cents. Investors have been scrambling to get hold of the department store operator's shares following the release of its full year results. This morning Myer's profits returned to growth for the first time in almost a decade thanks to its focus on profitable sales.
The Nanosonics Ltd (ASX: NAN) share price has climbed 5% to $6.91. The infection control specialist's shares have raced higher today despite there being no news out of it. However, investors have been fighting over its shares ever since the release of a particularly strong full year result last month. Nanosonics more than tripled its operating profit before tax to $16.8 million in FY 2019.
The TPG Telecom Ltd (ASX: TPM) share price has pushed 2% higher to $6.34 following the release of the telco company's full year results. In FY 2019 TPG Telecom reported a 0.5% decline in adjusted EBITDA of $824 million, which compares favourably to its guidance of $800 million to $820 million. However, EBITDA is expected to fall to between $735 million and $750 million in FY 2020 as NBN headwinds peak.
