In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday's decline and is up 0.5% to 6,014 points.
Four shares that have risen more than most today are listed below. Here's why they are climbing higher:
The Beach Energy Ltd (ASX: BPT) share price has climbed almost 4% to $1.64 after oil prices rebounded overnight. According to Bloomberg, WTI crude oil was up 2.5% to US$68.38 a barrel and Brent crude oil rose 3% to US$77.62 a barrel. The catalyst for the rise was news that Saudi Arabia and other OPEC members plan to stick to a global pact on cutting oil supplies until the end of 2018.
The Bellamy's Australia Ltd (ASX: BAL) share price has continued its strong run and is up a further 6.5% to $17.77. This latest gain means that the infant formula company's shares have now risen over 12% in the space of just two days. Surprisingly, there has been no news out of the company during this time.
The Galaxy Resources Limited (ASX: GXY) share price is up almost 5% to $3.50. Today's gain appears to be attributable to a broker note out of Macquarie's equities desk. According to the note, the broker has upgraded Galaxy's shares from an underperform rating to outperform with an increased price target of $3.90.
The Sino Gas & Energy Holdings Limited (ASX: SEH) share price has surged over 14% to 24 cents after the energy producer revealed that it has received a takeover approach from Lone Star. The US-based private equity firm has offered 25 cents per share, valuing the company at $530 million. The Sino Gas and Energy board are in favour of the offer and have recommended it in the absence of a superior proposal and subject to the independent expert concluding that it is in the best interests of shareholders.
