The S&P/ASX 200 index has followed the lead of U.S. markets and is pushing higher again. In afternoon trade the benchmark index is up 0.8% to 7,030.9 points.
Four shares that are climbing more than most today are listed below. Here's why they are surging higher:
The Biotron Limited (ASX: BIT) share price has rocketed 16% higher to 9.5 cents. Investors have been buying the clinical stage biotechnology company's shares after it announced that it is testing several promising compounds for activity against coronavirus. This work will be done under contract in specialist laboratories that have access to this new virus, which has been isolated and made available for studies in recent days.
The Magellan Financial Group Ltd (ASX: MFG) share price is up 4.5% to $70.67. This may be a delayed reaction to the investment company's latest funds under management update on Wednesday afternoon. Magellan reported an impressive 7% month on month increase in its funds under management to $104,311 million. This was driven by favourable market movements and net inflows of $414 million. The latter included net retail inflows of $156 million and net institutional inflows of $258 million.
The Nick Scali Limited (ASX: NCK) share price has surged 12% higher to $8.10. Investors have been buying the furniture retailer's shares after the release of its half year results. Although Nick Scali reported a 15% decline in net profit to $21.6 million, this was better than expected. Management had previously guided to a first half profit in the range of $17 million to $19 million. And while its bottom line result benefited from the sale of a property, even if you strip this out, its underlying net profit was still ahead of guidance at $20.1 million.
The Pinnacle Investment Management Group Ltd (ASX: PNI) share price has stormed 5% higher to $5.27. The catalyst for this was the release of the investment management company's half year result this morning. For the six months ended December 31, Pinnacle reported a first half profit of $13.8 million. This was a 36.6% increase on the prior corresponding period.
