In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from its morning decline and is up 0.5% to 5,891.1 points thanks largely to gains by the big four banks.
Four shares that are climbing more than most today are listed below. Here's why they have stormed higher:
The Asaleo Care Ltd (ASX: AHY) share price has pushed over 4% higher to 96.5 cents after the personal care and hygiene products company was upgraded by analysts at Credit Suisse. According to the note, the broker has upgraded its shares to an outperform rating and increased the price target on them from 95 cents to a lofty $1.25. The broker made the move on the belief that lower pulp prices will lead to an improved performance.
The Austal Limited (ASX: ASB) share price has climbed 6% higher to $2.12. This morning the ship builder increased its revenue guidance for FY 2019 after updating its forecasts for its U.S. business. According to the release, instead of revenue in the range of $1.3 billion to $1.4 billion, management expects full year revenue to be $1.9 billion. This is based on the current AUD/USD exchange rates.
The Insurance Australia Group Ltd (ASX: IAG) share price is 2% higher at $7.29. Today's gain appears to be attributable to a broker note out of Ord Minnett this morning. According to the note, the broker has upgraded the insurance giant's shares to an accumulate rating with an increased price target of $8.00. The broker believes that the insurer will benefit from stronger domestic commercial insurance rates.
The Syrah Resources Ltd (ASX: SYR) share price has rebounded from last week's selloff with a 5.5% gain to $1.52. Last week the graphite miner was the worst performer on the ASX 200 with a decline of 28% following a weak first half update which revealed softer than expected guidance for prices and production. Today's gain could have been driven by bargain hunters or even short sellers buying back shares to close positions.
