Despite heavy declines in the tech sector the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has managed to push higher on Tuesday. In afternoon trade the index is up 0.2% to 6,290.5 points.
Four shares that have climbed more than most today are listed below. Here’s why they are on the rise:
The BHP Billiton Limited (ASX: BHP) share price has climbed almost 2% to $34.81. The mining giant was given a boost overnight after oil prices surged higher on the back of global supply concerns and strong underlying demand. According to Bloomberg, the WTI crude oil price rose 2% to US$70.09 a barrel and the Brent crude oil price climbed 0.8% to US$74.91 a barrel.
The Credit Corp Group Limited (ASX: CCP) share price has surged almost 6% higher to $20.05 following the release of the debt receivables company’s full year results. Credit Corp reported net profit after tax of $64.3 million in FY 2018, up 17% year-on-year. This was just ahead of the market expectations for net profit after tax of $63.7 million and appears to have impressed investors.
The Syrah Resources Ltd (ASX: SYR) share price has bounced back from yesterday’s heavy decline with a 3% push higher to $3.02. Although Syrah’s update yesterday revealed that its graphite production was below expectations and has forced it to downgrade its full-year guidance, Deutsche Bank has held firm with its buy rating and put a price target of $4.20 on its shares.
The Zenitas Healthcare Ltd (ASX: ZNT) share price has pushed almost 7% higher to $1.12. On Monday the growing home care and health services company released its fourth quarter report. Zenitas saw its cash receipts increase to approximately $33 million in the fourth quarter, leading to full year cash receipts of $106.1 million. Management reaffirmed its EBITDA guidance of between $13 million and $13.5 million prior to acquisition costs. I think this makes it one to watch.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Zenitas Healthcare Ltd. 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.
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