It appears some investors have decided it is time to take profits today and this has seen the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) give back most of yesterday’s strong gains.
At lunchtime, the benchmark index had fallen by more than 1% with the biggest falls coming from the mining, energy and gold sectors.
Although the majority of shares look as though they will end the week in negative territory, a handful of shares are posting good gains today, including:
Shaver Shop Group Ltd (ASX: SSG)
The Shaver Shop share price has gained more than 12% today, most likely in response to the the news that a number of the company’s directors have been acquiring shares recently. Shares of the grooming retailer have been hammered over recent months after the company warned of difficult trading conditions and subsequently issued a disappointing profit downgrade. While it is a good sign that directors have been buying shares, investors will still need to see a better operating performance before the shares fully recover.
a2 Milk Company Ltd (Australia) (ASX: A2M)
The a2 Milk share price has climbed 1.5% today after the company announced it has acquired an 8.2% stake in New Zealand dairy processing company, Synlait Milk Limited. The infant formula company paid NZ$47.9 million for the stake and this builds on an existing supply agreement between the milk marketer and dairy processor. a2 says its has no plans to increase its shareholding beyond the current level but sees it as a long-term holding.
Computershare Limited (ASX: CPU)
The Computershare share price has jumped more than 2.3% today, most likely in response to the prospect of U.S. interest rates rising sooner-than-expected. Higher interest rates are a positive for the share registry company as higher returns can be earned on the money set aside for dividend distributions. The Link Administration Holdings Ltd (ASX: LNK) share price is also enjoying a solid day with a rise of 1.9%.
Spotless Group Holdings Ltd (ASX: SPO)
The Spotless Group share price has rebounded more than 3.4% today in what appears to be a case of bargain hunters stepping up to the plate. The shares were slammed earlier this week after the cleaning and laundry services company slashed its interim dividend and announced a 33% fall in first-half underlying net profit after tax. Management have guided for a much improved second half, although investors may want to wait for evidence of this before buying into today’s rally.
Motley Fool contributor Christopher Georges has no position in any stocks mentioned. The Motley Fool Australia owns shares of A2 Milk. 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.