In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has given back its morning gains. At the time of writing the benchmark index is down slightly at 5,873.1 points.
Four shares that have not let that hold them back on Wednesday are listed below. Here's why they have charged higher:
The Bellamy's Australia Ltd (ASX: BAL) share price has stormed 5.5% higher to $8.07. Today's gain appears to have been driven by a broker note out of Morgan Stanley this morning. According to the note, the broker has initiated coverage on the infant formula company with an overweight rating and $11.00 price target. The broker believes the market does not yet appreciate its strong earnings growth potential.
The Fortescue Metals Group Limited (ASX: FMG) share price has surged 6% higher to $5.33. Investors have been fighting to get hold of the iron ore producer's shares after the price of the base metal stormed higher once again. Iron ore prices have been climbing significantly following the Vale disaster in Brazil at the weekend.
The Newcrest Mining Limited (ASX: NCM) share price has pushed 3.5% higher to $24.30 after the gold mining giant released a solid quarterly update. In the December quarter Newcrest achieved gold production of 655,000 ounces, which was an impressive 19% increase on the previous quarter. This strong performance was driven by record quarterly gold production of 239,000 ounces from its Cadia operation. It also reported a reduction in its all-in sustaining costs and an increase in its margins.
The Sandfire Resources NL (ASX: SFR) share price is up 3% to $7.11 following the release of the copper and gold miner's quarterly update. Sandfire Resources had a strong quarter, leading to management strengthening its FY 2019 production guidance and lowering its C1 cost guidance. The company finished the period with cash on hand of $179 million.
