The S&P/ASX 200 Index (ASX: XJO) has started the week on a very positive note. In afternoon trade the benchmark index is up a solid 2.2% to 4,946.7 points.
Four shares that are climbing more than most today are listed below. Here's why they are storming higher:
The Ansell Limited (ASX: ANN) share price has stormed 15.5% higher to $26.80. Investors have been buying Ansell's shares after it provided a coronavirus update. That update revealed that it has been experiencing high demand for its hand and body protection products. This has offset weakness in the industrial products division, allowing it to reaffirm its FY 2020 guidance.
The Challenger Ltd (ASX: CGF) share price is up almost 7% to $3.84. This follows the release of a positive trading update this morning. That update reveals that the annuities company remains strongly capitalised and is on track to achieve its revised guidance for FY 2020. This is despite the continued significant investment market volatility caused by the coronavirus pandemic. Management also revealed that it has positioned its portfolio defensively to reflect the current conditions. This includes having a high weighting of investment grade fixed income.
The Myer Holdings Ltd (ASX: MYR) share price has jumped 9.5% to 11.5 cents. This follows an announcement on Friday by the department store operator which revealed that it is closing its stores because of the coronavirus. Myer stores nationwide are to close, for an initial 4-week period ending April 27. The company's growing online business will continue to operate during this time.
The Pro Medicus Limited (ASX: PME) share price is up 8% to $19.74. Investors have been buying the health imaging IT provider's shares after it announced a new on-market share buyback. The new share buyback permits the company to acquire up to 10% of the shares that were on issue during the last 12 months. The board appears to believe that its shares have fallen too hard and are now undervalued.
