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.
When a veritable investing and entrepreneurial genius speaks, it pays to listen.
In fact, he's now preparing a $100B "war chest" to invest entirely in this "terrifying" new technology, which could spell huge profits for investors.
Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. 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 Scott Phillips.