In late morning trade the S&P/ASX 200 Index (ASX: XJO) has given back its early gains and is dropping lower. At the time of writing the benchmark index is down 0.2% to 6,007.6 points.
Four shares that are climbing more than most today are listed below. Here's why they are charging higher:
The AP Eagers Ltd (ASX: APE) share price has jumped 7% to $7.56 on the day of its annual general meeting. In its presentation, management confirmed that trading conditions are difficult. However, it remains confident it will report an underlying profit from continuing operations of $40.3 million during the first half. This represents a 23.6% decline from the prior corresponding period.
The CIMIC Group Ltd (ASX: CIM) share price is up 3% to $23.03. This morning the engineering company signed an exclusivity agreement with funds advised by Elliott Advisors UK. This is in relation to the potential investment by Elliott into 50% of the share capital of CIMIC's Thiess business. Management notes that introduction of an equity partner into Thiess would capitalise on the robust outlook for the mining sector and provide capital for Thiess' continued growth.
The National Australia Bank Ltd (ASX: NAB) share price is up 1.5% to $18.12. This follows news that APRA has eased restrictions around paying dividends. APRA notes that it has had the opportunity to review banks' and insurers' financial projections and stress testing results. Although it still wants the banks to retain at least half of their earnings when making decisions on capital distributions, this is not as bad as some feared.
The Virgin Money UK (ASX: VUK) share price is up 2% to $1.82. Investors have been buying the UK-based bank's shares following the release of its third quarter update after the market close on Tuesday. Virgin Money UK reported a 4.8% increase in customer deposits to £67.7 billion and a 5.7% increase in Business lending growth to £8.8 billion. It also revealed no material provisions related to the pandemic.
