Unfortunately the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the day in the red once again. In afternoon trade the index is down 0.3% to 5,722 points.
Although the market is sinking lower, four shares in particular have managed to finish the week with a bang. Here’s why:
The Appen Ltd (ASX: APX) share price has continued to climb higher, this time by 6% to $3.43. Yesterday the shares of this exciting data solutions and services company climbed over 20% after management upgraded its full-year EBITDA growth guidance to between 40% and 50%. Previous guidance had been set at mid to high teen growth. After today’s gain, I think Appen’s shares are probably fully valued now.
The Fortescue Metals Group Limited (ASX: FMG) share price has jumped 5% to $5.20 after the iron ore price rebounded. Speculation that steel demand will increase is behind this latest gain for the base metal. Although I think Fortescue is a quality miner, I’m not convinced that iron ore prices will hold up at current levels for too much longer.
The Huon Aquaculture Group Ltd (ASX: HUO) share price has climbed 6.5% to $4.90. Today’s gain appears to be related to a research note out of Ord Minnett which named the salmon producer as a buy with a $5.86 price target. Increasing demand and lower competition have led its analysts to expect the company to benefit from higher wholesale salmon prices this year.
The Sirtex Medical Limited (ASX: SRX) share price has surged 7.5% to $11.59. After yesterday’s heavy decline, the company was given a boost today when a research note out of UBS revealed that its analysts had retained their buy rating and $30.30 price target on Sirtex’s shares. Whilst it is tempting to pick up shares on the cheap, I think there are better options elsewhere on the market.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia owns shares of Appen Ltd. 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.