So far it has been a disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is down 0.6% to 5,921 points due largely to declines in the financial sector.
But not all shares have sunk lower today. Four shares in particular have made notably strong gains. Here’s why:
The Bellamy’s Australia Ltd (ASX: BAL) share price is up almost 9% to $5.87 despite there being no news out of the infant formula company. Today’s gain means that Bellamy’s share price has risen a remarkable 39% in the last 30 days. It would appear as though some investors believe the worst is behind the company now.
The Pilbara Minerals Ltd (ASX: PLS) share price has rocketed 19% to 40.5 cents after the lithium miners announced a long-term off-take and financing agreement with leading integrated Chinese lithium producer Jiangxi Ganfeng Lithium. Whilst the miner is still waiting for its mining license and the completion of its stage one funding, things do look very positive for shareholders.
The RCG Corporation Ltd (ASX: RCG) share price has bounced back from yesterday’s heavy decline with a 5% gain to 63.7 cents. Its shares were given a boost this morning after a research note out of Citi revealed that its analysts had upgraded the retailer to a buy rating. According to the note, Citi feels RCG Corporation will be attractive to value investors following its share price decline.
The RCR Tomlinson Limited (ASX: RCR) share price has jumped for a second day in a row, this time by 5.5% to $3.25. Investors have been snapping up shares after the diversified engineering and infrastructure company announced its second major contract in as many days. The latest contract, valued at approximately $175 million, is to design and construct one of Australia’s largest utility solar farms located in Dalby.
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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.