It has been a reasonably disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The benchmark index is down 0.2% to 5,703 points in afternoon trade due largely to declines in the energy, materials, and financial sectors.
Four shares going against the grain and climbing higher today are listed below. Here’s why they have posted solid gains today:
The Brambles Limited (ASX: BXB) share price is up 4% to $9.37. Today’s gain appears to be related to a research note out of Credit Suisse this morning. According to the note, its analysts have upgraded the supply-chain logistics company’s shares from an underperform rating to neutral. Its analysts believe that the majority of downside risk has been priced in now. Whilst this may be the case, I see far better opportunities elsewhere in the industry.
The Caltex Australia Limited (ASX: CTX) share price has climbed 3% to $32.52 following the release of its latest refiner margin update. In August Caltex enjoyed a refiner margin of US$14.99 per barrel, up from US$14.67 in July and US$8.08 a year earlier. Sales from production rose to 545 million litres during the month, compared to 481 million litres in July.
The Seven Group Holdings Ltd (ASX: SVW) share price has jumped almost 9% to $12.15 after announcing the acquisition of Coates Hire. Seven has bought the remaining 53.3% interest it did not own for $517 million. Management expects the acquisition to be 15% accretive to FY 2017’s underlying earnings per share. The deal appears to be a good one and I’m not surprised to see its shares higher today.
The Wellard Ltd (ASX: WLD) share price has climbed higher for a second day in a row, this time by 14% to 16.5 cents. Investors have been snapping up shares after management announced an historic first shipment of cattle to China. Although it was a reasonably small shipment, management remains confident that this is the start of more regular shipments.
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Motley Fool contributor James Mickleboro has no position in any of the 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.