It has been another disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index has dropped lower for a second day in a row, this time by 0.6% to 5,665 points.
Not all shares have fallen lower today though, with some even managing to put on significant gains. Here's why these four shares have rocketed higher:
Catapult Group International Ltd (ASX: CAT) shares have jumped almost 5% to $2.66 despite there being no news out of the sports analytics company. Its shares had come under heavy selling pressure since its business update in December. Although that update forecast for sales growth of up to 30% year on year, the market clearly wasn't impressed and its shares were sold off. At the current price I feel it could be a good long-term investment.
Integrated Research Limited (ASX: IRI) shares are up 7% to $2.90 after the software company released its half-year profit guidance to the market. According to the release profit after tax is forecast to be in the range of $7.2 million and $8 million in the first half, compared to $6.2 million in the prior corresponding period.
St Barbara Ltd (ASX: SBM) shares have rocketed 7% to $2.37 thanks to a combination of the spot gold price edging higher and the release of its quarterly production update. In the December quarter St Barbara increased its production quarter on quarter by 7% to 98,982 ounces. At the same time it managed to reduce all-in sustaining costs to just $876 an ounce. If I felt confident the gold price would stay at current levels I would buy its shares. Unfortunately I'm bearish on gold, so won't be investing at this point.
Treasury Wine Estates Ltd (ASX: TWE) shares have surged higher by 6% to $11.10 after a research note out of Morgan Stanley revealed that its analysts had upgraded the wine company to an overweight rating. According to the note Morgan Stanley believes the China market opportunity is far greater than the market has factored in following a survey of Chinese consumers. I'd agree with its analysts on this one and believe the company would be a great buy and hold investment.
