Santos Ltd (ASX:STO) and Webjet Limited (ASX:WEB) shares are two of four storming notably higher on Tuesday. Here’s why…
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In afternoon trade on Tuesday 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 a sizeable 1.55% to 6,397.3 points.
Four shares that have climbed more than most today are listed below. Here’s why they are storming higher:
Fletcher Building Limited (ASX: FBU)
The Fletcher Building share price has jumped 16% higher to $4.85. Investors have been buying the building products company’s shares after the release of a trading update. That update reveals that Fletcher Building has started FY 2021 strongly. For the first four months of the financial year, its earnings before interest and tax (EBIT) before significant items is up NZ$80 million or 54.4% to NZ$227 million.
Santos Ltd (ASX: STO)
The Santos share price has surged almost 11.5% higher to $5.58. The catalyst for this strong rise has been a jump in oil prices overnight following news of a potentially effective COVID-19 vaccine. There are hopes that this vaccine will bring life back to normal quicker than expected and underpin a recovery in demand for oil.
Vitalharvest Freehold Trust (ASX: VTH)
The Vitalharvest share price has rocketed a massive 22.5% higher to 96.2 cents. This morning the company confirmed that Macquarie Infrastructure and Real Assets (MIRA) has offered to acquire the company for $1.00 per unit by way of a trust scheme. This represents an attractive 27.3% premium to its last close price.
Webjet Limited (ASX: WEB)
The Webjet share price has jumped over 14% higher to $4.89. The catalyst for this was of course the COVID-19 vaccine news. With Pfizer suggesting it could start rolling out the vaccine before the end of the year, investors are optimistic that the travel market could recover quicker than expected. A number of other travel stocks are recording exceptionally strong gains on Tuesday.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.
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