The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) posted another volatile performance today, as investors remain nervous after some weaker-than-expected Chinese economic data put the skids under global equity markets.
However, that has not stopped several shares surging higher for various reasons and it’s worth taking a look at what may be moving the share prices of some of today’s top performers.
TPG Telecom Ltd (ASX: TPM) shares jumped 2.7% to $9.35 today despite the budget internet specialist releasing no specific news to the stock exchange. The price rise is likely the result of bargain hunters snapping up shares in what looks one of the ASX’s best double-digit growth businesses. Founder led, with its own fibre-optic internet infrastructure the business looks to have a good future.
Qantas Airways Limited (ASX: QAN) shares lifted 2.3% to $4.07 as investors continue to bet the plunging oil price will help it expand profit margins during calendar year 2016. The group is already expecting to more than double underlying profit for the first six months of financial year 2016, with a decent outlook thanks to several tailwinds supporting the aviator.
A2 Milk Company Ltd (Australia) (ASX: A2M) is the specialist a2 protein milk retailer, with a burgeoning sideline in exporting baby formula products to China. The strong Chinese demand for its products means profits are expected to soar this financial year, with the stock up 144% over the last six months alone.
Nearmap Ltd (ASX: NEA) shares closed up 3.8% to 40.5 cents as investors bet the shares may be cheap given the growth outlook for the aerial mapping business in Australia and the US. The business recently put up its US paywall and signs of accelerated revenue growth may see the share price receive more support. Amidst a crashing market, Nearmap shares have actually delivered a positive return in 2016 and it looks a business to watch in the year ahead.
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Motley Fool contributor Tom Richardson owns shares of Nearmap Ltd..
You can find Tom on Twitter @tommyr345
Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. 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.