In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and has fallen into the red. At present the index is down 0.1% to 5,756 points.
Four shares which have outperformed the market by a considerable distance today are listed below. Here's why they have jumped higher:
The ALS Ltd (ASX: ALQ) share price is up 13% to $6.60 following the release of a solid full-year result. This led to Citi upgrading the testing services company's shares to a buy rating all the way from a sell. Furthermore, the broker increased its price target from $5.60 to $6.90. Whilst things do look to be improving, I wouldn't be a buyer at the current share price.
The Emefcy Group Ltd (ASX: EMC) share price has jumped 5% to 91.5 cents after the wastewater treatment solution provider announced the signing of its third commercial agreement in China in little over a week. Whilst it may have bucket loads of potential, with a market cap of over $200 million and just US$70,000 in quarterly revenues, it is a little expensive for my tastes.
The Iluka Resources Limited (ASX: ILU) share price has climbed 6% to $9.08 after the mineral sands company announced that it has increased its zircon reference price by US$130 per tonne to US$1,100 effective from 1 July 2017. This could potentially mean another solid year ahead for Iluka.
The zipMoney Ltd (ASX: ZML) share price has rocketed 10% to 68 cents after the payments company announced the completion of a $260 million asset-backed securitisation warehouse program. Management expects this to both reduce its interest expense and have a meaningful impact on its future profitability, putting it on course to breakeven by FY 2018. Whilst this is great news, it wouldn't be my first pick in the industry.
