In afternoon trade the S&P/ASX 200 index has bounced back from yesterday's sell off and is up a sizeable 0.8% to 6,332.5 points.
Four shares that are climbing more than most today are listed below. Here's why they have surged higher:
The Afterpay Touch Group Ltd (ASX: APT) share price is up 3% to $28.34. Investors have been scrambling to buy the payments company's shares today after it was the subject of a positive broker note out of Ord Minnett. According to the note, the broker believes that its strong growth has continued and has increased its forecasts accordingly. In light of this, it has retained its buy rating and lifted the price target on the company's shares to $32.30.
The FBR Ltd (ASX: FBR) share price has continued its positive run and is up a further 7% to 9.4 cents. On Monday the robotics company's shares rocketed higher after it announced an incorporated joint venture with Brickworks Limited (ASX: BKW). The two companies have established Fastbrick Australia as a special-purpose joint venture company which will provide Wall as a Service to the Australian market. Fastbrick Australia is expected to commence operations shortly with a focus on residential construction.
The Fortescue Metals Group Limited (ASX: FMG) share price stormed 7% higher to $7.65 after the low grade iron ore price stormed to a five-year high on Monday. According to Metal Bulletin, the price of the low grade 58% fines rose a solid 2.9% to US$82.48 a tonne. Another positive was that the discount between the low grade iron ore and the benchmark 62% fines has now narrowed to its lowest point in over three years.
The WiseTech Global Ltd (ASX: WTC) share price is up 4% to $22.86 despite there being no news out of the logistics solutions company. However, on Monday WiseTech Global's shares fell heavily amid the market volatility. I suspect that some investors have taken advantage of this pullback to snap up shares at a more attractive price.
