In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the month on a very positive note. At the time of writing the benchmark index is up 2.9% to 5,225.1 points.
Four shares that are climbing more than most today are listed below. Here's why they are surging higher:
The Mesoblast limited (ASX: MSB) share price has jumped over 5% to $1.46 following an update on its RYONCIL product. According to the release, the U.S. FDA has accepted its application for the priority review of its Biologics License Application filing for RYONCIL for the treatment of children with steroid-refractory acute graft versus host disease. The regulator has set an action date of September 30. If approved, Mesoblast will make RYONCIL immediately available in the United States.
The Redbubble Ltd (ASX: RBL) share price has surged 12% higher to 66 cents. This follows the release of a comprehensive update this morning on how the coronavirus was impacting its business. According to the update, it has experienced fluctuations in demand over the last few weeks. But this has been offset by favourable currency tailwinds. Management also dismissed the need for a capital raising in the foreseeable future.
The Santos Ltd (ASX: STO) share price has stormed 10% higher to $3.77. The catalyst for this gain appears to be a broker note out of Macquarie this morning. The broker has been looking through the energy sector and has adjusted its forecasts to account for the weaker oil prices. Although not its top pick, Santos has fared well. Macquarie has an outperform rating and $5.50 price target on the company's shares.
The Scentre Group (ASX: SCG) share price has jumped over 12% to $1.76. This morning the shopping centre operator announced that it has obtained additional unsecured bank facilities. This increases its available liquidity position to $3.1 billion. The new facilities have a 2-year duration and will provide Scentre with further funding flexibility over the coming period. This appears to have eased concerns over its liquidity during the coronavirus crisis.
