The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has closed up 0.7%, and is now finally showing a positive return for 2016. That's despite a near 10% fall in January/February.
A strong recovery in commodity prices, particularly iron ore and oil has seen the S&P/ASX 200 Resources (Index: ^AXJR) (ASX: XJR) jump 18% in the past 3 months.
These four smaller companies had their own mini rally today…
Senex Energy Ltd's (ASX: SXY) share price climbed 17% to $0.28, despite no news from the company. However, Brent crude oil gained 2.4% to US$48.97 a barrel overnight, and further gains during the day is a positive development for the oil and gas producer. Shares are now up 70% over the past 3 months, and there are some expectations that oil prices may stabilise at around these levels.
Wilson HTM Investment Group Ltd. (ASX: WIG) saw its share price zoom 14.3% higher to $1.20. The broker and fund manager announced today that it had acquired the remaining 25% of Pinnacle Investment Management that it didn't already own. Pinnacle currently has 7 specialist managers with $19 billion in funds under management. Wilson HTM also says that it will pay its shareholders a fully franked special dividend of 5 cents per share (as a reward for voting the transaction through?).
Capitol Health Ltd's (ASX: CAJ) share price gained 8.3% to $0.19, with investors still positive about the government's plan to delay the introduction of cuts to pathology funding, and the potential for a similar plan for the diagnostic imaging sector. As we wrote yesterday, the government has delayed the changes so it can bring in legislation to ensure pathology centres pay fair market rents. It's a positive step forward for the imaging sector.
Slater & Gordon Limited (ASX: SGH) saw its share price rise 7.1% to $0.38, but is still down 20% over the past 5 business days. The law firm hasn't released any news since the start of this month, when it announced it had agreed on terms with its lenders. However, the law firm still has $480 million due in the 2018 financial year (FY18) and while it buys Slaters some time, there's no certainty that the company will be able to repay those debts when they fall due.
