Shares of the a2 Milk Company Ltd (Australia) (ASX: A2M) rocketed higher shortly after 2:30pm AEDT today.
The shares hit a low of $1.625 earlier in the session, but are now trading 8.5% higher at $1.79 compared to a 0.7% fall for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO).
The rally came after the a2 Milk Company's rival, Bellamy's Australia Ltd (ASX: BAL), posted a trading update before its half-year earnings results later this month.
Bellamy's unaudited results were very encouraging and have provided a2 Milk's shareholders with a burst of confidence regarding the numbers their company could produce when it reports as well.