In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has continued its strong run and is up a further 0.4% to 6,331.8 points.
Four shares that have climbed more than most today are listed below. Here’s why they are pushing higher:
The Accent Group Ltd (ASX: AX1) share price has zoomed almost 8% higher to $1.50 a day after the release of its full year results. The catalyst for today’s gain could be a broker note out of Citi which declared the footwear retailer as one of the best investment opportunities in the retail sector. The broker retained its buy rating and lifted the price target on Accent’s shares to $1.75. I agree with Citi that its shares would be a great option for investors.
The Artemis Resources Ltd (ASX: ARV) share price has rocketed 10% higher to 18.7 cents after it announced drilling results from its Carlow Castle project in Western Australia. According to the release, the company’s reverse circulation drilling has unearthed high grade intercepts of gold, cobalt, and copper.
The Bellamy’s Australia Ltd (ASX: BAL) share price has bounced back from a heavy decline in early trade to be almost 7% higher at $11.89. Investors appear to have been spooked by the soft guidance for the year ahead given with its results today, before focusing more on its positive long-term outlook. Management expects Australian-label sales to grow just 10% this year, but it remains confident that it will be a $500 million revenue business by FY 2021.
The Regional Express Holdings Ltd (ASX: REX) share price has stormed 9.5% higher to $1.61 after the regional airline posted a profit before tax of $25.1 million on revenue of $295.5 million. This represented a 41% improvement in profit on FY 2017. The strong result led to the board declaring a final dividend of 8 cents per share, bringing its full year dividend to 12 cents per share. This equates to a fully franked 7.5% yield even after today’s share price gain.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.