It looks as though we may be in for a third consecutive day of gains for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is higher by 0.5% to 5,380 points.
Four shares which had a particularly good day and helped drive the index higher are as follows:
Billabong International Limited (ASX: BBG) shares have jumped over 5% to $1.38 following an announcement that it will pay $45 million to settle a class action. The case against the surfwear retailer began in 2011 after shareholders alleged the company had engaged in misleading and deceptive conduct and failed to meet its continuous disclosure obligations. Billabong has stated the financial impact of the case is immaterial and already provided for in previous financial reports. With the case out of the way the struggling retailer can now concentrate on turning around its performance.
Billabong shares are down around 44% so far in 2016.
Blackmores Limited (ASX: BKL) shares surged higher by almost 7% to $145.00 after it emerged that Credit Suisse had initiated coverage on the vitamin maker. According to Dow Jones Newswires, the global investment bank has given Blackmores an outperform rating with a $175 price target. I would have to agree with Credit Suisse on this one. The shares look to be great value at present considering the strong growth prospects it has in the China market.
Blackmores shares are still down by around 33% so far in 2016.
Fortescue Metals Group Limited (ASX: FMG) shares have climbed higher once again, this time by around 5% to $4.37. Today's rise can be attributed to the sudden 6% rise in the iron ore price overnight. There's no doubt in my mind that Fortescue Metals is a great investment when iron ore prices are at these elevated levels. But whether iron ore will remain elevated for much longer is unfortunately impossible to say.
Fortescue Metals has had a remarkable year and seen its shares rise by a staggering 135%.
Netcomm Wireless Ltd (ASX: NTC) is up around 3% to $2.75 after announcing it has signed a worldwide purchase agreement with Nokia for the supply of fixed-wireless devices for its FastMile initiative. This initiative will allow operators to provide broadband internet services to rural and regional areas. Whilst this is a promising development for this growing company, the shares are on the expensive side in my opinion.
Netcomm Wireless shares are up a huge 284% in the last 12 months.
