The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s decline and is on course to record a solid gain. In afternoon trade the benchmark index is up 0.45% to 6,228.4 points.
Four shares that have climbed more than most today are listed below. Here’s why they have surged higher:
The Bellamy’s Australia Ltd (ASX: BAL) share price is up 5% to $10.47 despite there being no news out of the infant formula and baby food company. At one stage today the Bellamy’s shares had rallied as much as 10% higher, which stretched its weekly gain to an incredible 35%.
The Bubs Australia Ltd (ASX: BUB) share price has surged almost 17% higher to 70 cents after announcing provisional plans to form a joint venture in China with Beingmate. The joint venture will distribute and promote Bubs infant formula and organic baby food products in the China market. However, it is worth noting that there were reports in December claiming that dairy giant Fonterra was unwinding its Australian dairy joint venture with Beingmate and considering the sale of its stake in the company after it sought financial support from the Chinese government.
The Myer Holdings Ltd (ASX: MYR) share price has stormed 12% higher to 46 cents following the release of the department store operator’s half year results. In the first half of FY 2019 Myer posted a 2.8% decline in sales to $1,671.4 million, but a 3.1% increase in profit after tax to $41.2 million. The company’s online business was a strong performer once again, growing sales by 18.6% to $151.2 million.
The Western Areas Ltd (ASX: WSA) share price is up 7.5% to $2.38. The catalyst for this strong gain appears to have been recent movements in the nickel price. According to Metal Bulletin, nickel’s three-month delivery price on the London Metal Exchange was up by just under 3% at the close of trading on Tuesday. The bullish sentiment has emerged from robust fundamentals and supply concerns. This brought the metal’s month-to-date gain to over 5%.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. 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.