The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has come back from its break with a bang. Thanks largely to gains in the resources sector the index is higher by 1.1% to 5,691 points in afternoon trade.
Six shares which have done a lot of the heavy lifting are as follows:
Aconex Ltd (ASX: ACX) shares are up 3.5% to $5.11 despite there being no news out of the software-as-a-service company. Aconex has come under heavy selling pressure in the last few months due to the high multiples its shares trade at. I believe it has now fallen to an attractive entry point for patient buy and hold investors.
Beach Energy Ltd (ASX: BPT) shares have jumped over 3% to 84.7 cents thanks to a rise in the Brent crude oil price. According to CNBC Brent crude oil rose 1.7% to US$53.90 a barrel overnight in light trading. On January 1 OPEC and non-OPEC producers will officially start to lower production by around 1.8 million barrels a day. Time will tell what impact this has on prices.
Fortescue Metals Group Limited (ASX: FMG) shares have risen 4% higher to $6.00. The iron ore miner has now retraced the majority of Friday’s decline thanks to the iron ore price rising 1.6% to $US79.42 a tonne yesterday. BHP Billiton Limited (ASX: BHP) shares have also performed strongly today. Currently they are higher by just over 3.5%.
Newcrest Mining Limited (ASX: NCM) shares have surged over 4% higher to $18.88 after the gold price snapped back from recent drops. The spot gold price is fetching US$1,140 an ounce at present, up around 1.2% from its pre-Christmas lows. Although the majority of Australia’s gold miners are higher today, Newcrest and Resolute Mining Limited (ASX: RSG) are the two standouts. Resolute has risen a staggering 14.5%.
Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of ACONEX FPO. 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.
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