The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has started the week off on a positive note thanks to another strong lead from Wall St.
The main index has climbed around 0.2% today, with the energy and utility sectors doing most of the heavy lifting.
Four shares that have received particularly strong support today, include:
Sirtex Medical Limited (ASX: SRX)
After shocking investors with a surprise profit downgrade last Friday, Sirtex shares have rebounded more than 5% today. As highlighted here, the shares now appear to offer a more compelling value proposition, although I believe much of this is dependent on the company receiving favourable clinical trial results over the course of the next year. As a result, Sirtex remains a high risk share and management will need to rebuild their credibility before getting back the full support of investors.
Cover-More Group Ltd (ASX: CVO)
Cover-More shares have soared 43% today after receiving a $1.95 per share takeover offer from Switzerland's Zurich Insurance Group. The offer is a 48% premium to Friday's closing price of $1.32 and Cover-More's board has unanimously backed the offer that will be executed via a scheme of arrangement. Interestingly, the takeover offer is still below the company's 2013 IPO price of $2 per share.
Domino's Pizza Enterprises Ltd. (ASX: DMP)
Shares of Domino's have spiked more than 5% today, after UBS upgraded the company from neutral to a buy. The shares have been under pressure since mid-August as investors have become increasingly concerned about the company's valuation in light of other high multiple shares being sharply re-rated. However, analysts believe the market is underestimating the pizza maker's growth potential and have increased their 12-month price target by 42%, from $56 to $79.70.
Santos Ltd (ASX: STO)
The energy sector has gained around 2.7% today after Saudi Arabia and several non-OPEC producers surprised the market and agreed to curb oil production next year. Santos is one of the best performing shares in the sector, rising 4.2%, although Woodside Petroleum Limited (ASX: WPL) and Origin Energy Ltd (ASX: ORG) have also enjoyed gains of more than 3% today. Interestingly, the S&P/ASX 200 Energy (Index: ^AXEJ) (ASX:XEJ) has gained nearly 38% since bottoming in January this year.