Following a slow start to the day, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) continued its push into negative territory, falling 0.7% in mid-afternoon trade.
However, some S&P/ASX 200 shares bucked the trend and rallied higher. These shares were among the day's top performers:
The ALS Ltd (ASX: ALS) share price climbed 6% within the last two hours of the market's trade. Last week, shares in the laboratory specialist entered a trading halt as it sought to release its 2016 half-year report and raise around $325 million in capital from investors. Following the successful capital raising and lifting of its trading halt, ALS shares sunk more than 25%. Fortunately, today's share price movement provides some relief.
The Cardno Limited (ASX: CDD) share price has also come under intense selling pressure in the past five days. Earlier this week, Cardno said it would raise some $78 million to "strengthen [its] balance sheet". Despite trading over $3, Cardno plans to sell one new share for every 2.175 its shareholders already own at a shockingly low price of $1.00. Interestingly, Cardno shares today jumped 10% to $1.87. Unfortunately, more selling pressure could be on its way. Investment bank UBS today slapped Cardno shares with a price target of just $1.02, down from $1.80, following the announcement.
Finally, the Baby Bunting Group Ltd (ASX: BBN) share price continued its impressive streak, climbing 2% to $2.50. Since its Initial Public Offer (IPO) in October, Baby Bunting shares have soared 78% from the offer price of $1.40. Last week, Morgans branded Baby Bunting shares with a $2.46 price target, while Morgan Stanley said they are worth $2.35. The baby retailer plans to aggressively grow its business by increasing its store count.
