The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) and ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) have both managed to edge marginally higher during today’s session, although investors still seem to be taking a more cautious approach following last week’s sudden rally.
However, there are a number of companies that have managed to generate significant gains for the day so far, including these four.
Martin Aircraft Company Ltd (ASX: MJP) rose another 3.5% following yesterday’s 6.7% gain. Martin Aircraft is developing the Martin Jetpack which it hopes will become successful in the first-responder market (e.g. search and rescue, police, etc.) and yesterday announced it had reached a Memorandum of Understanding with a US-based company to demonstrate the Jetpack to the US Department of Homeland Security and various other government agencies.
BC Iron Limited (ASX: BCI) rose 3.6% to trade at 29 cents per share following a 3.4% lift in the price of iron ore overnight. According to data provided by the Metal Bulletin, iron ore now trades at US$52.39 a tonne which is considerably higher than its recent decade low of roughly US$44. It seems that investors are buying in in the hope of a sharp rebound, although I doubt such a scenario will eventuate.
Echo Entertainment Group Ltd (ASX: EGP) rose 2.4% after the gaming and entertainment business won the right to rebuild Brisbane’s Queen’s Wharf precinct into a new casino, hotel and residential complex, beating rival Crown Resorts Ltd (ASX: CWN) to the mark. The stock has now risen an impressive 58% over the last 12 months, compared to a 14% decline for Crown.
Rhipe Ltd (ASX: RPE) is a company that provides cloud-based licencing programs, as well as business development and knowledge services that support other support service providers. In an announcement to the market today, Rhipe said it had been appointed to the Microsoft Cloud Solution Provider Program in five South East Asian countries. The shares rose an impressive 8.6% to $1.58 and could certainly be a small-cap for your long-term watchlist.
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Motley Fool contributor Ryan Newman has no position in any stocks mentioned.
The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.