A relief rally that was expected to lead to a positive gain on the ASX petered out and the S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) ended down 0.3% at 4,852.30 points. That makes its 9 down days in 10 trading sessions as the shocking start to the year continues.
But that didn't stop these four companies from seeing their share prices zoom higher…
Hub24 Ltd (ASX: HUB) saw its share price rocket up 16.3% to $4.22 as the software platform provider announced a big jump of fund inflows onto its platform. The company also reiterated that it would become cashflow positive by March 2016 – as we reported earlier today.
Liquefied Natural Gas Ltd (ASX: LNG) share price jumped 15.3% to $0.64, as benchmark oil prices managed a rare positive gain. Overnight, Brent crude rose 2.3% to US$31 a barrel, and although it wasn't much, investors may believe the rout may be coming to an end. They may be sadly mistaken though, with no sign global oversupply is set to fall anytime soon.
MMA Offshore Ltd (ASX: MRM) saw its share price gain 9.4% to $0.29, despite no announcement from the company so far this year. Again, it is likely that the slight jump in the oil price overnight boosted investor confidence that the worst might be over. MMA Offshore has a fleet of ships specifically designed to support the offshore oil and gas industry, hence its dependence on strong oil prices.
Monadelphous Group Limited (ASX: MND) share price gained 8.6% to $7.08. One of the most shorted shares on the ASX, many investors have been banking on the share price heading even lower. With Monadelphous providing construction and engineering services to the resources and energy sectors, many investors expect to see earnings fall. And there may not be any relief until 2017 or later, with mining investment expected to bottom in 2017 before recovering.
