Australian shares are generally lower today following a weak lead from international equity markets overnight. After the Dow Jones and NASDAQ indices lost 1.1% and 0.9% respectively, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has retreated a more respectable 0.5% for the day.
However, the market’s poor performance didn’t stop these four stocks from rallying higher:
Gage Roads Brewing Co Limited (ASX: GRB) surged 16% to be trading at 5.8 cents apiece, despite the absence of any news which would specifically explain the jump. Given that the stock fell 37.5% during March, it’s likely that investors are seeing some value in the stock at its current low price.
Triton Minerals Ltd (ASX: TON) skyrocketed as much as 112% earlier in the session to record a high of 71 cents, but it has since retreated to 54 cents – a 61.2% increase for the day. Triton Minerals, which is a junior graphite miner, managed to secure a US$2 billion 20-year binding off-take agreement for the rights to supply graphite to a Chinese company for a minimum floor price of US$1,000 per tonne. You can read more about that here.
Ausenco Limited (ASX: AAX), an engineering contractor, also rose strongly on the back of a new contract win. The stock rose by as much as 40% earlier today, although it is now sitting just 13.3% higher at 26 cents. While today’s jump is certainly good for shareholders, the stock is still trading 56% lower over the last 12 months.
Medibank Private Ltd (ASX: MPL) has been one of the top performing stocks from the ASX 200 today with its shares rising 2.6% to $2.38. Prior to today, the market appeared to have cooled on the health insurance stock since the release of its interim profit results in February. The stock is by no means cheap, and investors perhaps weren’t as impressed as they would have liked to have been from its results. Even at today’s price, Medibank remains a pricey bet.
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