It appears as though investors have shrugged off any Brexit concerns with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) heading towards the market close around 0.2% higher at 5,280 points.
The materials sector has been today's stand-out performer posting a gain of around 1.1%. Elsewhere, four shares in particular have performed well and climbed higher to the delight of their shareholders. Here they are:
BT Investment Management Ltd (ASX: BTT) shares have climbed over 3% to $10.18 today. BTIM is expected to be negatively impacted if Britain votes to leave the European Union due to the majority of its business deriving from the UK. But with recent polls pointing towards a successful remain vote, investors appear to be returning to BTIM ahead of tomorrow's outcome.
BTIM's share price is still down by over 20% year to date.
Fortescue Metals Group Limited's (ASX: FMG) share price is up over 6% to $3.47 today after the iron ore miner announced that it has repaid US$500 million of its debt. This brings the total repayment of debt this fiscal year to a huge US$2.9 billion, and rather importantly has reduced its annual interest expense by US$186 million. If the iron ore price continues to remain above US$50 a tonne then I believe Fortescue could be a great investment. But with many economists predicting a slump in iron ore demand in the second half of the year, I would keep this one at arm's length.
Fortescue Metals' share price has now risen by a massive 84% in 2016.
Resolute Mining Limited (ASX: RSG) shareholders are having a great day with its share price jumping over 5% to $1.18. Today's gain comes following an announcement that the feasibility study for its Bibiani Gold Project in Ghana confirms a viable development pathway. It revealed that all-in-sustaining-costs are expected to be US$851/oz for Life of Mine production of 561,000 oz of gold. In addition to this, Citi analysts raised their price target on Resolute Mining to $1.25, according to Dow Jones Newswires.
Resolute Mining shares are up an astonishing 370% so far this year.
Whitehaven Coal Ltd (ASX: WHC) has been the stand out today with a gain of over 13% to $1.15. Back in February Whitehaven's share price had dropped as low as 35 cents, so today's rise tops off a stunning 4-month turnaround. As my colleague points out, which direction the share price of Whitehaven takes now is largely down to where coal prices go. The International Energy Agency has forecast coal demand to soar between now and 2040, but only time will tell if this prediction comes true.
Whitehaven Coal's share price is still down by around 19% in the last 12 months.
