In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to finish the week with a push higher. At the time of writing the benchmark index is up 0.4% to 5,944 points.
Four shares that have climbed more than most today are listed below. Here's why they are ending the week on a high:
The Nuheara Ltd (ASX: NUH) share price has rocketed 26% higher to 12.5 cents after the hearing solutions company announced that it has successfully registered as an approved supplier to the Australian Government's Hearing Services Program (HSP). The HSP allows eligible Australians access to free and subsidised hearing devices like Nuheara's wireless earbuds, IQBuds.
The Premier Investments Limited (ASX: PMV) share price is up 5.5% to $15.20 following the release of a solid half-year result. According to the release, the retail conglomerate reported total revenue of $634 million and EBIT of $102.5 million. This was a 6.8% and 10.2% increase, respectively, on the prior corresponding period. Once again, the main driver of this growth was its Smiggle brand. Global Smiggle sales grew 26.7% on the prior corresponding period to $170.7 million.
The South32 Ltd (ASX: S32) share price is up 5% to $3.36 after Credit Suisse upgraded the mining giant's shares to a neutral rating from underperform. While the move was made largely on valuation grounds, an increase to the broker's price forecasts for aluminium, copper, and metallurgical coal supported the change of rating. South32's shares have, however, now surpassed the broker's $3.30 price target.
The Wesfarmers Ltd (ASX: WES) share price is up 6% to $43.79 after announcing plans to spin-off its Coles supermarket business. According to the release, Wesfarmers has made the move due to the supermarket's lower growth outlook. Management believes that divesting Coles and focusing on its businesses with stronger earnings growth potential in the future will create the most value for shareholders. Wesfarmers will retain a substantial stake in FlyBuys and up to 20% of Coles' shares.
