In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains and dipped into the red. At the time of writing the index is down 2.5 points to 5,832.7 points.
Four shares that are climbing more than most today are listed below. Here's why they have surged higher:
The Corporate Travel Management Ltd (ASX: CTD) share price is up 2.5% to $23.79 after the corporate travel specialist was the subject of a positive broker note out of UBS this morning. According to the note, due largely to a selloff of its shares over the last few months, the broker has upgraded it to a buy rating with a $31.20 target price. Even after today's gain this price target implies potential upside of over 31%.
The Kogan.com Ltd (ASX: KGN) share price has rocketed 10.5% higher to $3.59 after the ecommerce company released a trading update for the first half of FY 2019. According to the release, Kogan generated record trading in the peak Christmas period with its Black Friday and Boxing Day sales producing record days in the history of the business. This strong performance means that the company expects to report a 9.7% increase in first half revenue compared to the prior corresponding period.
The Megaport Ltd (ASX: MP1) share price is up over 3% to $3.93 following the release of a global update this morning. That update revealed that the provider of elastic interconnection services has continued growing sales at a strong rate. During the second quarter of FY 2019 the company increased its reported revenue by 21% to $8.3 million and monthly recurring revenue by 14% quarter on quarter.
The South32 Ltd (ASX: S32) share price is 3% higher at $3.43 following the release of a strong quarterly update from the diversified miner. South32 delivered another strong quarter of production, allowing it to maintain its full year production guidance for all operations but its Illawarra Metallurgical Coal operation. The performance of this operation has been even better than expected, leading to a 7% lift to its full year production guidance.
