ASX 200 surges 3.6%, EML and Afterpay up 10%

The ASX 200 (ASX: XJO) is up around 3.6% at the time of writing. It is having an excellent day with many leading growth shares rebounding.

ASX 200 growth shares soar

Friday and Monday were tough days for the share market. But it has come roaring back today.

Near the top of the performance table are ASX shares EML Payments (ASX: EML) and Afterpay (ASX: APT) which are up 10.9% and 9.9% respectively.

There are several other shares that are also up strongly. For example the Orocobre (ASX: ORE) share price is up 9.8% and the IOOF (ASX: IFL) share price has gone up 9.8%.

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Viva Energy (ASX: VEA) leads the pack

The best performing ASX 200 share is Viva Energy which is currently up 15.5% after giving an update and some guidance.

In the guidance the energy company said that total sales volume for the June half is expected to be between 6,100 million litres to 6,200 million litures.

Weekly sales in the retail Alliance channel were 45.1 million litres per week in May 2020, which as up 16.4% on April 2020. The company said sales continue to improve as COVID-19 restrictions are relaxed.

The decline in retail sales have been offset by cost reductions and improvements in retail fuel margins compared to 2019.

Underlying EBITDA (click here to learn what EBITDA is) is expected to be between $257.5 million and $287.5 million. Underlying net profit is expected to be between $20 million to $50 million. The previously announced share buyback is to commence in June 2020.

More funding for API (ASX: API)

The government is increasing funding for Australia’s network of medicine wholesalers. The API share price is up 5% in response.

API is one of the four members of the National Pharmaceutical Services Association (NPSA) that will benefit from the commitment of additional funding over the next five years, commencing 1 July 2020.

The funding is an additional $92 million and it has introduced a floor price. The NPSA said the investment was necessary to help offset years of funding erosion and ongoing Pharmaceutical Benefits Scheme (PBS) reform and cost increases.

Orora (ASX: ORA) special dividend

The Orora leadership reminded investors today at its special meeting that it sold its Australasian fibre business to a subsidiary of Nippon Paper Industries for $1.72 billion with net proceeds after tax and costs of around $1.55 billion.

With that money the Orora board has decided to return excess capital to shareholders. The company will return $600 million in total to shareholders. The first $450 million will be in the form of a special dividend, which is 37.3 cents per share, partially franked at 50%.

The business will also do a capital return of $150 million in the form of a cash payment of 12.4 cents per share.

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