The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to end its losing streak with a small gain today. In afternoon trade the index is up 0.2% to 5,816 points.
Four shares which are climbing more than most are listed below. Here’s why they have rocketed higher:
The Iluka Resources Limited (ASX: ILU) share price has surged 12% to $8.24 after the mineral sands producer delivered a strong quarterly update. Thanks to favourable pricing and a surge in production, quarterly mineral sands revenue rose a massive 114% to $218.5 million. This allowed the company to reduce its net debt to $403 million, from $505 million at the end of December.
The iCar Asia Ltd (ASX: ICQ) share price is up 14% to 28.5 cents after the automotive listings company announced record quarterly cash receipts of $2.5 million during its first quarter. The strong result was driven by a 26% increase in overall listings growth, including 51% growth for Malaysia and 47% growth for Thailand. Whilst this was an impressive quarter, it’s still a little early for an investment in my opinion.
The Pilbara Minerals Ltd (ASX:PLS) share price has jumped 10% to 35.2 cents despite there being no news out of the lithium miner. On Tuesday Pilbara’s shares fell sharply after a project update revealed further delays to its mining permit approval and financing discussions. But today its seems investors are willing to overlook the delays and focus more on the positive bulk sampling results it released that day as well.
The Shaver Shop Group Ltd (ASX: SSG) share price has rocketed almost 12% to 67 cents after the specialist grooming products retailer released its third quarter update. Thanks to a strong performance in March, management raised its full-year EBITDA guidance to between $13.7 million and $15 million from prior guidance of between $12 million and $13.5 million. Whilst I was impressed with the update, I am concerned about the impact Amazon’s arrival in Australia will have on the business.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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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