After a bumpy start to the trading day, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has stabilised and is now trading 0.75% higher to 5,318 points.
A number of stocks have enjoyed strong gains today including:
Capitol Health Ltd (ASX: CAJ)
Shares of Capitol Health opened more than 20% higher today, but have given back some of those gains to trade 5.7% higher to 18.5 cents a share. Today's move comes after the diagnostic imaging company announced it had entered into a Memorandum of Understanding (MOU) with Chinese based CITIC Pharmaceutical Company to create a consulting and clinic management joint venture for CITIC's diagnostic imaging centres in China. This could potentially be a great opportunity for Capitol Health to expand into China, although the lack of financial details makes it hard to determine exactly how beneficial this move could be for the company. Investors will, nevertheless, be happy to see the company is making an attempt to deliver shareholder value after a disastrous 12 months.
Shares of Capitol Health have fallen nearly 80% over the past 12 months.
Tassal Group Limited (ASX: TGR)
Shares of Tassal Group are trading nearly 3% higher today after the company announced that its Margate fish processing facility will now be supplying fresh portions and fillets of salmon to Woolworths Limited (ASX: WOW) supermarkets in Queensland and New South Wales. The Margate site had been previously supplying Coles supermarkets with fresh salmon portions and fillets but that contract ended earlier this year and there were concerns that the plant could have been at a risk of closure. This announcement is therefore welcome news for both the shareholders of Tassal and the employees of the Margate plant.
Shares of Tassal have increased by more than 27% over the past 12 months.
ASX Ltd (ASX: ASX)
Shares of the ASX operator have gained nearly 3% today after the company released its May activity report. One of the key highlights from the May figures was that the average daily number of trades was 26% higher than this time last year. Futures volumes also performed well increasing by 6% from the previous corresponding period with equity and index options also showing solid growth. The ASX also noted that volatility measures for the Australian equity market remained above long-term averages during May. Overall, this was a reasonably positive update from the exchange operator and one that demonstrates that high levels of volatility are actually beneficial for the company.
Shares of ASX have gained more than 14% over the past 12 months.
Magellan Financial Group Ltd (ASX: MFG)
Shares of Magellan have risen around 1.9% today after the company announced stronger-than-expected growth in funds under management (FUM) for the month of May. The international fund manager now has more than $42.6 billion in FUM – an increase of around 6.7% from the previous month. A lower Australian dollar and a recovery in US equity markets has helped to drive retail inflows to the manager and Magellan's infrastructure funds also remain well supported from investors looking for high-quality defensive investments from a fund manager with an excellent track record.
Shares of Magellan have increased by nearly 35% over the past 12 months.
