In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has built on yesterday's strong gain. At the time of writing the benchmark index is up 0.5% to 6,038.3 points.
Four shares that have climbed more than most on Wednesday are listed below. Here's why they have charged higher:
The Galaxy Resources Limited (ASX: GXY) share price has climbed 3.5% to $2.08. Today's gain appears to be in response to an update on lithium pricing by Mineral Resources Limited (ASX: MIN) this morning. It revealed that the sale price for 6% spodumene concentrate shipments for the March 2019 quarter at its Mt Marion Lithium Project will be $US791.84 per dry metric tonne. While this is a 15% quarter on quarter decline, the market had feared even sharper declines for the battery making ingredient.
The Insurance Australia Group Ltd (ASX: IAG) share price is up 5% to $7.66 following the release of its half year results. Although the insurance giant posted a 49% decline in cash earnings to $319 million, the market appears to have seen a few positives in there. A note out of Goldman Sachs reveals that it was pleased with stronger underlying trends and its CET1 ratio.
The Nick Scali Limited (ASX: NCK) share price has jumped 7.5% to $5.55 following the release of its half year results. Thanks to the opening of new stores in FY 2018 and in the first half, sales grew 10.3% to $141.1 million. This ultimately led to EBIT growth of 6.5% to $35.8 million, allowing Nick Scali to lift its interim dividend significantly.
The Viva Energy Group Ltd (ASX: VEA) share price is up 13% to $2.18. The fuel retailer's shares surged higher after supermarket giant Coles Group Ltd (ASX: COL) announced that it has entered into an agreement to restructure the terms of the Fuel and Convenience Alliance with the fuel supplier. The Alliance has also been extended until 2029.
