In early afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is off to a positive start and is up almost 0.5% to 5,933 points.
Four shares climbing more than most today are listed below. Here's why they have started the week with strong gains:
The Avz Minerals Ltd (ASX: AVZ) share price is up 10.5% to 31.5 cents following the release of a drilling update from its Manono Lithium Project in the Democratic Republic of the Congo. According to the release, the first drill hole of its program has intersected 295 metres of pegmatite from 62 metres down-hole depth. This suggests that the pegmatite is thicker than anticipated in this area, reaffirming management's view that it has a world-class lithium asset on its hands.
The Beach Energy Ltd (ASX: BPT) share price has climbed 6.5% to $1.35 following the release of the energy company's half-year results. Revenues from ordinary activities increased 14% to $392.6 million during the period, with net profit after tax rising 5% to $93.1 million. Looking ahead, management increased its full-year production guidance to between 25.5 and 27.6 MMboe.
The Domain Holdings Australia Ltd (ASX: DHG) share price has pushed 4.5% higher to $3.00. This morning the property listings company released its half-year results which revealed a pro forma net profit after tax of $24.7 million, down 8.1% on the prior corresponding period. Investors appear to have looked beyond this due to Domain's solid start to the second-half. According to the release, for the first seven weeks of the second-half pro forma digital revenue is up 21% and pro forma total revenue is 11% higher than the prior corresponding period.
The SEEK Limited (ASX: SEK) share price is up 2% to $20.50 following the release of the job listings company's half-year results. For the six months ended December 31, SEEK posted EBITDA of $102 million on revenues of $620.3 million. This was a 20% and 26% increase, respectively, on the prior corresponding period and largely in-line with expectations. Management did, however, revise its full-year guidance upwards. I think this result demonstrates why SEEK could be a great buy and hold investment option.
