The local share market got off to a strong start on Wednesday, continuing on from yesterday's rally. While the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is sitting 0.5% higher, these four businesses have produced even greater returns. Here's why…
TPG Telecom Ltd (ASX: TPM) held its annual general meeting in Sydney today. Although its recent guidance for full-year revenue and earnings underwhelmed investors, it seems they were still relieved when TPG confirmed that it was 'tracking well' against that guidance. Investors have been concerned about the growth prospects for the telecommunications industry as a whole, so that comment would certainly have acted as a confidence booster. The shares were 7.4% higher at the time of writing.
Vocus Communications Limited (ASX: VOC), one of TPG's rivals, has also struggled in recent times. Although some investors remain concerned about Vocus' ability to integrate both M2 Group and Nextgen into its business, TPG Telecom's announcement may have helped eased their concerns surrounding industry growth, reducing some of the uncertainty surrounding this business. Vocus's shares rose 3.3%.
Bapcor Ltd (ASX: BAP) shares have also risen 6.7% to $5.35, although they did rise to a high of $5.46. The strong rise in share price could be, in part, a result of UBS upgrading its price target on the shares by 8.7% to $6.85, according to the Dow Jones Newswires. Bapcor recently increased its offer price for New Zealand's Hellaby Holdings.
Aconex Ltd (ASX: ACX) has also had a tough time of it in recent months. In fact, its shares recently traded as low as $3.96 after hitting a high of $8.75 in July. The shares have since recovered somewhat to $4.28, including a 4.4% rise today, with some investors perhaps eager to take advantage of its heavy fall.
