In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has fought back from a spot of weakness and is on course to record a solid gain. At the time of writing the benchmark index is up 0.2% to 6,190.4 points.
Four shares that have climbed more than most today are listed below. Here's why they are ending the week with a bang:
The Bellamy's Australia Ltd (ASX: BAL) share price is up 3.5% to $11.13. The organic infant formula and baby food company's shares were up as much as 8% to $11.59 at one stage. I suspect that this strong gain could have been driven by short sellers closing positions. The most recent short selling report from ASIC shows that Bellamy's short interest fell to its lowest level since January last week.
The BWX Ltd (ASX: BWX) share price is up 5.5% to $2.32 despite there being no news out of the company behind the Sukin skincare brand. However, prior to today the BWX share price was down 12% this week. I suspect some investors felt its shares had been oversold and have been snapping them up today.
The Megaport Ltd (ASX: MP1) share price has pushed 3% higher to $4.12. The catalyst for this gain may have been a broker note out of Goldman Sachs. According to the note, the broker has retained its buy rating and $4.75 price target on the leading global network as a service provider's shares following its $60 million capital raising. Its analysts believe these funds will take it through to being cash flow/EBITDA break even in FY 2021. Furthermore, Goldman believes the ongoing migration to cloud infrastructure by enterprises is likely to remain a strong tailwind for the company.
The Nufarm Limited (ASX: NUF) share price has risen almost 6% to $5.51. A note out of the Macquarie equities desk could have been the driver of this strong gain. It has an outperform rating and $7.19 price target on the crop protection company's shares ahead of its half year results. The broker sees a lot of value in its shares at this level and feels the market is overlooking the benefits of its omega-3 expansion.
