In early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to record a sizeable gain thanks to a rally in banking shares. At the time of writing the benchmark index is up an impressive 2.2% to 6,021.7 points.
Four shares that have climbed more than most today are listed below. Here's why they have rocketed higher:
The AMP Limited (ASX: AMP) share price is up over 10% to $2.43 following the release of the Royal Commission final report on Monday afternoon. Investors have been fighting to get hold of the financial services company's shares after the recommendations were not as harsh as feared. Industry peer IOOF Holdings Limited (ASX: IFL) has also been a big mover today.
The FBR Ltd (ASX: FBR) share price has zoomed over 17% higher to 13.5 cents after the robotics company announced that it has signed a memorandum of understanding to establish a joint venture with Brickworks Limited (ASX: BKW). The two parties plan to collaborate on the manufacture and certification of concrete masonry unit blocks suitable for the construction of structural walls of residential buildings in Australia.
The James Hardie Industries plc (ASX: JHX) share price is up almost 5.5% to $15.94 after the building supplies company released its third quarter results. Investors appear to have been pleased to see James Hardie post a 23% increase in quarterly revenue to US$1,881.8 million and a 12% lift in quarterly net profit to US$228 million. Management also narrowed its full year guidance range favourably.
The Westpac Banking Corp (ASX: WBC) share price has jumped 7% to $26.65 after investors returned to the banks in their droves following the release of the Royal Commission final report on Monday afternoon. All the big four banks are up at least 4.5% at the time of writing, with Westpac the best performer of the group.
