In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from two consecutive days of heavy declines with a 0.1% move higher to 6,073 points.
Four shares climbing more than most today are listed below. Here's why they are finishing the week with strong gains:
The Beach Energy Ltd (ASX: BPT) share price is up 7.5% to $1.40 after Brent crude oil prices rose to a four-year high of US$70 per barrel. Some analysts don't expect the oil price to stop here, with Citi predicting that oil prices could hit US$80 per barrel in 2018. If oil prices do continue to rise, Beach Energy could be in a position to profit greatly.
The Bingo Industries Ltd (ASX: BIN) share price is up 2.5% to $2.55 after providing an update on its Minto operation. According to the release, the business is expected to be fined by the Environment Protection Authority for exceeding its licensed processing limits. However, management doesn't believe the fine will be material. The market may have been expecting a greater penalty.
The Galaxy Resources Limited (ASX: GXY) share price has bounced back from a heavy decline on Thursday with a 7.5% jump to $4.28. The majority of Australia's lithium miners have pushed higher today after profit-taking sent them deep into the red yesterday. I think Galaxy is one of the best buy and hold options in the resources sector and can't say I'm surprised to see its shares rebound today.
The Lithium Australia NL (ASX: LIT) share price has surged 10% higher to 21.5 cents. This morning the company advised that its SiLeach processing technology has been classed as both novel and inventive by the patent office. This means that the SiLeach process is patentable, paving the way for the grant of corresponding patents for the SiLeach process around the world.
