The Incitec Pivot Ltd (ASX: IPL) share price is up 4.3% to $4.19 at the time of writing – one of today’s S&P/ASX 200’s top gainers.
So, what’s behind the surge?
The explosives manufacturer is said to be on the verge of reporting a positive earnings surprise when it hands down its FY18 results on November 13.
The rally could be related to investor anticipation of this report, but either way, Incitec has printed a 52-week high today, no doubt keeping shareholders happy.
At an investor presentation in September Incitec reported it was positioned for increased returns off the back of unlocking opportunities in explosives, fertilisers and industrial chemicals.
Chemicals cousin Orica Ltd’s (ASX: ORI) share price is also on the up, albeit more modestly, with a 0.6% rise to $17.94, while Incitec’s competitor in the fertiliser space, Nufarm Limited’s (ASX: NUF) share price rose 3% today to $5.88.
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Motley Fool contributor Carin Pickworth 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.
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