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.
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Motley Fool contributor Ryan Newman owns shares of Bellamy's Australia. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. You can follow Ryan on Twitter @ASXvalueinvest.
The Motley Fool Australia owns shares of Bellamy's Australia. 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.