In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from its disappointing start to the week and climbed 0.6% to 5,675.7 points.
Four shares that are climbing more than most today are listed below. Here’s why they are racing higher:
The Bellamy’s Australia Ltd (ASX: BAL) share price has pushed 4.5% higher to $7.53 after Chinese regulators decided not to implement new e-commerce laws on January 1 and chose instead to refine its existing policies. There had been concerns that tough new laws would be put into place that would have impacted the sales of exporters like Bellamy’s.
The Cochlear Limited (ASX: COH) share price is up 3% to $167.46 after being the subject of a positive broker note out of Morgan Stanley this morning. According to the note, the broker has upgraded the hearing solutions company’s shares to an overweight rating with a $175.00 price target. Its analysts appear optimistic on the growth opportunities that the Sycle business it acquired in 2017 provides.
The Noni B Limited (ASX: NBL) share price has zoomed almost 17% higher to $3.00 following the release of a trading update at its annual general meeting. Thanks to the successful integration of brands from Specialty Fashion Group Ltd (ASX: SFH), the retailer advised that it is on course to deliver a stronger EBITDA result in FY 2019 than current consensus estimates. It has provided full year EBITDA guidance of $45 million.
The Primary Health Care Limited (ASX: PRY) share price is up 6% to $2.51 after the healthcare company released a trading update at its annual general meeting. CEO and managing director, Dr Malcolm Parmenter, advised that the company’s “results to‐date have been in line with expectations.” And with conditions expected to improve in the second half, he has reiterated previous FY 2019 net profit after tax guidance of ~$100 million. This represents growth of approximately 8.3% on FY 2018’s underlying result.
5 stocks under $5
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Cochlear 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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