In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for its third consecutive day of gains. At the time of writing the benchmark index is up 0.4% to 5,678 points.
Four shares that have climbed more than most today are listed below. Here's why they have stormed higher:
The Adelaide Brighton Ltd (ASX: ABC) share price is up 4% to $4.52 after the integrated construction material and lime producing company had its shares upgraded by analysts at Citi. According to the note, the broker has taken its sell rating off Adelaide Brighton's shares and upgraded them to a neutral rating with a $4.70 price target. The company's shares have fallen heavily this month after a surprise guidance downgrade.
The Clinuvel Pharmaceuticals Limited (ASX: CUV) share price has jumped over 9.5% to $18.00. On Wednesday the pharmaceutical company released its annual newsletter which painted a positive picture for the year ahead. This is largely down to the potential of its SCENESSE product which is used for the prevention of phototoxicity in adult patients with erythropoietic protoporphyria.
The CYBG PLC (ASX: CYB) share price has pushed over 4% higher to $3.36. News that British Prime Minister Theresa May has survived a confidence vote may have been the catalyst for today's gain. There were concerns that if she lost the vote it could create even more uncertainty in relation to the upcoming Brexit. According to the BBC, PM May has said she is on a renewed mission to deliver "the Brexit people voted for, bringing the country back together and building a country that really works for everyone."
The IOOF Holdings Limited (ASX: IFL) share price has bounced back from recent declines with a gain of almost 7% to $4.80. Bargain hunters appear to be swooping in today to pick up the financial services company's shares after a significant decline this month. IOOF's shares have come under pressure after APRA advised that it is seeking Federal Court approval to disqualify executives and have additional licence restrictions placed on it.
