The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of international markets and is notably higher in afternoon trade on Thursday. The benchmark index is up 0.45% to 5,923.6 points at the time of writing.
Four shares that are climbing more than most today are listed below. Here’s why they have zoomed higher:
The Bellamy’s Australia Ltd (ASX: BAL) share price has pushed 5% higher to $8.34. News that China could allow infant formula and vitamin exporters more time to comply with new cross border ecommerce regulations appears to have gone down well with investors. According to the AFR, last night a senior Chinese official stated that products sold online into China through the daigou channel would continue to be treated as personal individual use next year.
The Corporate Travel Management Ltd (ASX: CTD) share price has rocketed 13.5% higher to $22.70 after releasing its response to the second report from VGI Partners. This time around the corporate travel specialist enlisted EY, which has been an auditor for many global travel companies. EY backed Corporate Travel Management’s response and suggested VGI’s report was superficial.
The Eclipx Group Ltd (ASX: ECX) share price has stormed 20.5% higher to $2.77 after it revealed plans to merge with McMillan Shakespeare Limited (ASX: MMS). The two companies believe that a merger will create a leading salary packaging and fleet management company. Eclipx shareholders will receive 0.1414 McMillan Shakespeare shares plus 46 cents cash for each Eclipx share held. This implies a total value of $2.851 per Eclipx share.
The Syrah Resources Ltd (ASX: SYR) share price is up 3% to $1.99 after the graphite miner advised that the replacement Primary Classifier Unit at its Balama project in Mozambique has been successfully installed and commissioned ahead of schedule. Furthermore, production has resumed and a stable ramp up was achieved.
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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 Corporate Travel Management 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.