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In afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record another strong gain. At the time of writing the benchmark index is up 1% to 6,121.7 points.
Four shares that are climbing more than most today are listed below. Here's why they are storming higher:
The IOOF Holdings Limited (ASX: IFL) share price is up 2% to $3.65. This appears to have been driven by a broker note out of Ord Minnett. Its analysts have upgraded the financial services company's shares to a buy rating with a $4.15 price target. Ord Minnett notes that IOOF will become the largest superannuation company following the acquisition of MLC Wealth.
The SKYCITY Entertainment Group Limited (ASX: SKC) share price is up 7.5% to $2.48. Investors have been buying the casino and resorts operator's shares following its FY 2020 results. Included with the results was a surprisingly positive trading update. SKYCITY revealed that local gaming in Auckland and Hamilton was ahead of pre-COVID levels. Furthermore, local gaming in Adelaide is now consistent with pre-COVID 19 levels. In light of this, it expects to deliver profit growth in FY 2021.
The Starpharma Holdings Limited (ASX: SPL) share price has stormed 5% to $1.71. This morning the dendrimer products developer revealed that it has been awarded $1 million in funding from the Federal Government's Medical Research Future Fund to develop a nasal spray for the treatment of COVID-19. The nasal spray will utilise its proprietary dendrimer, SPL7013.
The Telix Pharmaceuticals Ltd (ASX: TLX) share price stormed 6.5% higher to $1.82. This morning the clinical-stage biopharmaceutical company announced that has entered into a strategic collaboration agreement with Palo Alto-based Varian Medical Systems. The agreement will see the two parties evaluate the use of advanced prostate cancer imaging within Varian's radiation treatment planning platform.
