The S&P/ASX 200 (Index:^AXJO) (ASX: XJO) has managed to stage a pretty remarkable recovery following a pretty sharp sell-off earlier in the day.
The main index is now trading 0.55% higher, led largely by the resources sector which is trading nearly 2% higher.
A number of shares have enjoyed a particularly strong day, including:
Fortescue Metals Group Limited (ASX: FMG)
Fortescue shares have surged more than 8.5% higher today after taking a heavy beating on Friday. Investors are rushing back into the stock with iron ore futures pointing to a strong rebound in prices. The other big miners including BHP Billiton Limited (ASX: BHP) and Rio Tinto Limited (ASX: RIO) are also enjoying a strong day with both companies gaining more than 2.5% today. Fortescue has made a considerable effort to reduce costs and pay down debt and this was recognised late on Friday when Moody's upgraded the iron ore miner's debt rating.
Shares of Fortescue have gained nearly 80% over the past 12 months.
Orora Ltd (ASX: ORA)
Orora shares have climbed more than 6% today as some investors shift into more defensive shares. The food and beverage packaging sector is generally seen as one sector that can withstand economic shocks and another stock in the sector, Pact Group Holdings Ltd (ASX: PGH), is also performing strongly today. Since demerging from Amcor Limited (ASX: AMC) in 2013, Orora has been one of the top-performing mid-cap shares with a share price gain of more than 127%. Predictable cash flows and exposure to the falling Australian dollar have been two big reasons for this strong performance.
Orora shares have gained nearly 33% over the past 12 months.
Telstra Corporation Ltd (ASX: TLS)
Telstra has been one of the few blue chip shares to be unaffected by the Brexit vote. The shares actually finished Friday in positive territory and have continued to be well supported today with a 2.6% rise. This is not surprising considering the telecommunications giant is regarded as one of the best defensive shares on the ASX and investors are drawn to its highly predictable dividends when markets are volatile.
Despite putting in a good performance over the past two days, Telstra shares have still fallen by 11.5% over the past 12 months.
Ozforex Group Ltd (ASX: OFX)
OFX shares are enjoying good support today after the company announced it had successfully processed a record number of foreign currency transactions stemming from the Brexit vote. The company surpassed the records set during the GFC with activity from the UK and Europe being particularly strong. OFX also noted that unlike some other providers, it was able to service its clients without interruption or limitation. The shares have gained more than 6% on the back of the update, although they remain well below their 52-week high of $3.55.
OFX shares have gained just over 2% over the past 12 months.
