The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back some of its early gains but is still up 0.5% to 5,866 points in afternoon trade.
Four shares that have climbed more than most today are listed below. Here’s why they are storming higher:
The BWX Ltd (ASX: BWX) share price is up 5.5% to $3.38 despite there being no news out of the personal care products company. But as I mentioned here yesterday, its shares fell to a 52-week low of $3.18 on Monday. This meant that the shares of the company behind the Sukin skincare brand were trading at just 15x earnings. While I think this potentially puts its shares in the bargain bin, investors may want to wait for its AGM at the end of the month.
The Orocobre Limited (ASX: ORE) share price has pushed 3% higher to $3.81. The lithium miners appear to be in favour again today with gains being made by many in the industry. However, it is worth remembering that things change very quickly in the lithium industry and these shares could easily become the worst performers on the market on Wednesday.
The Saracen Mineral Holdings Limited (ASX: SAR) share price has climbed almost 4% to $2.20. This morning the gold miner released its latest production update which revealed record quarterly gold production of 88,940 ounces at all-in sustaining cash cost of A$993 an ounce. Management held firm with its FY 2019 production guidance of 325,000 to 345,000 ounces at an all-in sustaining cash cost of A$1,050 to $1,100 an ounce.
The Sims Metal Management Ltd (ASX: SGM) share price is up 4% to $12.57 after the scrap metal company announced that it will establish an on-market buy-back program for up to 10% of its issued capital. Management expects to launch the program after the company’s annual general meeting in November. It will remain in place for up to 12 months.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended BWX Limited. 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.