The S&P/ASX 200 Index (ASX: XJO) is on course to finish the week on a positive note. In late morning trade the index is up a sizeable 0.7% to 6,073.1 points.
Four shares climbing more than most today are listed below. Here's why they are racing higher:
The Lovisa Holdings Ltd (ASX: LOV) share price is up almost 7% to $6.53. This follows the release of a full year sales update by the fashion jewellery retailer. According to the update, Lovisa's sales revenue for FY 2020 (excluding franchise revenue) came in at $237 million. This represents a 4.8% decline on FY 2019's sales revenue of $249 million. Investors appear pleased with this result given how its stores were forced to close during the pandemic.
The PointsBet Holdings Ltd (ASX: PBH) share price has jumped 6% higher to $6.06. Investors have been buying the sports betting company's shares after its U.S. business entered into a new multi-year deal to become a gaming partner of the Detroit Tigers Major League Baseball (MLB) team. This is the first of its kind in the MLB.
The Transurban Group (ASX: TCL) share price is up over 2% to $14.85. The catalyst for this gain appears to have been a broker note out of Ord Minnett. Its analysts have upgraded the toll road operator's shares to an accumulate rating with a $16.00 price target. Ord Minnett is expecting Transurban's earnings to recover close to pre-pandemic levels by FY 2023.
The WiseTech Global Ltd (ASX: WTC) share price is up 5% to $20.69. This is despite there being no news out of the logistics solutions company. However, its shares have fallen heavily this week after it revealed that its CEO offloaded almost $46 million worth of shares late last month. Investors may believe the sell off was unnecessary and have been taking advantage of the pullback.
