Thanks partly to strong gains in the energy, financial, and materials sectors, in afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is flying 0.6% higher at 5,946 points.
Four shares climbing more than most today are listed below. Here's why they have climbed higher:
The Beach Energy Ltd (ASX: BPT) share price has stormed almost 8% higher to $1.05 a day after the release of its quarterly update. The energy producer's shares came under pressure yesterday after its quarterly production failed to live up to expectations. But investors appear to have looked beyond that and a broker downgrade from Citi today.
The Galaxy Resources Limited (ASX: GXY) share price has climbed 4.5% to $3.61. Although there was no news out of the lithium miner, it appears as though the market is in a risk on mood today and resources and growth shares have arguably been the biggest winners from the change in sentiment.
The Harvey Norman Holdings Limited (ASX: HVN) share price is up over 7% to $4.05 after the company announced that ASIC would not be looking into the company's accounts or its relationship with franchisees. This appears to have led to a short squeeze, sending its share price higher.
The Western Areas Ltd (ASX: WSA) share price has surged 5% higher to $2.93 following a sharp rise in the nickel price overnight. Traders appear to be far more bullish on the metal now due to its use in the batteries of electric vehicles. I expect Western Areas could be a big winner from the predicted electric vehicle boom.
