In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) has followed Wall Street's lead and is surging higher. At the time of writing, the benchmark index is up an impressive 4.7% to 7,720.4 points.
Four ASX shares that are rising more than most today are listed below. Here's why they are jumping:
Boss Energy Ltd (ASX: BOE)
The Boss Energy share price is up 13% to $2.52. This follows a strong rise by uranium stocks on Thursday following a huge rebound on Wall Street overnight. In addition, the company has released an investor presentation this morning which highlighted its strong prospects over the next decade as uranium demand increases.
Netwealth Group Ltd (ASX: NWL)
The Netwealth share price is up 13% to $25.47. The catalyst for this has been the release of the investment company's quarterly update. Netwealth reported $3.5 billion in net flows for the quarter, up 29% on the prior corresponding period, and a new third quarter record. This means that financial year to date, net flows now stand at a massive $12 billion, up 61% compared to last year. Netwealth's total funds under administration (FUA) hit $104.1 billion at 31 March, after growing by $2.5 billion during the quarter. That is despite $1 billion in negative market movement due to broad market weakness.
Woodside Energy Group Ltd (ASX: WDS)
The Woodside share price is up over 6% to $20.38. This follows a strong rebound in oil prices overnight which has given the energy sector a big lift. Traders were bidding oil prices higher after US President Donald Trump backtracked on some of his tariff plans. This has sparked hopes that oil demand may not be as negatively impacted by trade tariffs as first expected.
ZIP Co Ltd (ASX: ZIP)
The Zip share price is up 21% to $1.47. Investors have been bidding this buy now pay later provider's shares higher following a major rebound in the tech sector. For example, the S&P/ASX All Technology Index (ASX: XTX) is up almost 7% at the time of writing. In addition, it is worth noting that Zip announced a share buyback program this week. There has also been speculation that the company could be a takeover target after its share price tumbled sharply from recent highs. For example, its shares remain down by almost 60% from their 52-week high despite today's monster gain.
The post Why Boss Energy, Netwealth, Woodside, and Zip shares are racing higher today appeared first on The Motley Fool Australia.
Motley Fool contributor James Mickleboro has positions in Woodside Energy Group. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Netwealth Group and Zip Co. The Motley Fool Australia has positions in and has recommended Netwealth Group. 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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