The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has followed the lead of Wall Street and had a stunning start to the week. In early afternoon trade the benchmark index is up almost 1.4% to 5,695.7 points.
Four shares that have climbed more than most are listed below. Here’s why they have started the week on a high:
The Beach Energy Ltd (ASX: BPT) share price has climbed over 6% to $1.44. The energy producer’s shares have been on fire today after oil prices built on Friday’s gain and opened the week higher. According to Bloomberg, the WTI crude oil price is up 1.2% to US$48.53 a barrel and the Brent crude oil price is over 1% higher at US$57.66 a barrel.
The Pilbara Minerals Ltd (ASX: PLS) share price is up almost 4% to 73 cents. Most Australian lithium miners are posting strong gains today as investors return to risk on assets again. Pilbara Minerals shares were given an additional boost following a positive broker note out of Macquarie. It has an outperform and $1.20 price target on the lithium miner’s shares.
The Pushpay Holdings Ltd (ASX: PPH) share price has pushed over 4% higher to $3.01 following the release of a trading update. That update revealed that the payments and engagement provider was both earnings before interest, tax, depreciation, amortisation and foreign currency gains/losses (EBITDAF) positive and cash flow positive in the December quarter. As a result of this strong quarter, management is confident that the company will achieve its full year revenue guidance of between US$97.5 million to US$100.5 million.
The WiseTech Global Ltd (ASX: WTC) share price has bounced 4.5% higher to $17.23. The logistics platform provider’s shares were hit hard on Friday following a tech selloff. But with tech shares rebounding strongly on Wall Street on Friday night, buyers have returned in their droves today and sent the shares of WiseTech and its tech peers hurtling higher.
Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of PUSHPAY FPO NZX and WiseTech Global. 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.