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In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to record a very strong gain. At the time of writing the benchmark index is up a sizeable 1.35% to 6,082.2 points. This is thanks largely to strong gains in the tech sector.
Four shares that are climbing more than most today are listed below. Here's why they are racing higher:
The Afterpay Ltd (ASX: APT) share price is up almost 8% to $74.89. Investors have been buying Afterpay and other tech shares on Tuesday after their U.S. counterparts stormed higher on the technology-focused Nasdaq index overnight. At the time of writing the S&P/ASX 200 Information Technology index is up an impressive 5.5%.
The Ecofibre Ltd (ASX: EOF) share price has jumped 10% to $2.49. Investors have been buying the hemp products company's shares after the release of its profit guidance on Monday. Ecofibre is expecting to report a net profit after tax of ~$12.5 million in FY 2020. This will be more than double what it achieved in FY 2019. Its strong position in the U.S. market has driven the impressive profit growth.
The Mesoblast limited (ASX: MSB) share price has climbed almost 8% higher to $3.61. This follows the announcement of a review date for its remestemcel-L treatment by the U.S. FDA. The review will assess data supporting Mesoblast's application for approval for remestemcel-L in the treatment of steroid-refractory acute graft versus host disease in children.
The Zip Co Ltd (ASX: Z1P) share price is up almost 9% to $6.57. As well as getting a lift from the rampant buying in the tech sector, Zip's shares were given a boost from a broker note out of Ord Minnett this morning. Its analysts have put an accumulate rating and $6.45 price target on the buy now pay later provider's shares.
