The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to bounce back from yesterday’s decline with a solid gain. In afternoon trade the benchmark index is up 0.35% to 6,202.6 points.
Four shares climbing more than most today are listed below. Here’s why they have jumped higher:
The Beach Energy Ltd (ASX: BPT) share price is up 3% to $2.06 after oil prices rose overnight. According to Bloomberg, the WTI crude oil price pushed 1.3% higher and the Brent crude oil price rose 1.4%. Oil prices were lifted by output cuts by OPEC and healthy demand. Pleasingly, oil prices have continued to edge higher during Asian trade.
The Electro Optic Systems Hldg Ltd (ASX: EOS) share price has surged 16% higher to $2.87 following the release of a market update from the defence and space company. In its outlook management advised that it expects to double its revenue in 2019. After which, current orders of $670 million are already sufficient to grow revenue by a further 40% to $250 million in 2020. This growth has been underpinned by market fundamentals, excellent technology and products, and strong execution.
The WiseTech Global Ltd (ASX: WTC) share price has charged almost 6.5% higher to $21.25 despite there being no news out of the logistics platform provider. However, overnight U.S. tech shares rallied strongly and drove the Nasdaq index up a sizeable 2%. This positive investor sentiment may have carried over to our tech sector today.
The Xenith IP Group Ltd (ASX: XIP) share price has jumped 13% higher to $1.81 after fellow intellectual property services company IPH Ltd (ASX: IPH) made an acquisition proposal this morning. IPH has submitted a proposal to acquire Xenith IP for a combination of cash and shares, representing a total value of $1.97 per Xenith share. QANTM Intellectual Property Ltd (ASX: QIP), which had hoped to merge with Xenith IP, has tumbled lower on the news.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended IPH Ltd. The Motley Fool Australia owns shares of WiseTech Global. 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.