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.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of COLESGROUP DEF SET and Insurance Australia Group Limited. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.