The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is a solid 0.2% higher to 6,032 points in afternoon trade.
Four shares which have climbed more than most today are listed below. Here’s why they have stormed higher:
The Caltex Australia Limited (ASX: CTX) share price is up 4% to $34.83 after the ACCC opposed the proposed acquisition by BP Australia of the network of retail service station sites owned by Woolworths Limited (ASX: WOW). Caltex supplies many of these Woolworths service stations and was expected to lose its supply contract if BP took ownership of the sites.
The Smartgroup Corporation Ltd (ASX: SIQ) share price has climbed 6% to $10.71. This morning the fleet management and salary packaging company announced the $9 million acquisition of Fleet West and advised that it expects to deliver NPATA of $64 million in FY 2017. This will be a 45% increase on the prior year.
The South32 Ltd (ASX: S32) share price has risen 4.5% to $3.30. Today’s increase is likely to be related to a note out of Morgan Stanley this morning. The broker upgraded South32 to an outperform rating with a $3.75 price target following revisions to commodity forecasts. I think South32 could be worth a look.
The Swift Networks Group Ltd (ASX: SW1) share price has jumped 7% to 44 cents after announcing an exclusive reseller agreement with leading global satellite communications provider AST Australia. Swift’s services will be marketed to AST clients in the Asia Pacific region and internationally, significantly extending its international reach. I think Swift will be one to watch in 2018.
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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.