A large number of shares have pushed higher on Tuesday, driving the All Ordinaries index up a sizeable 1.4%.
Whilst that gain is undoubtedly strong, it pales in comparison to the gain being put on by the BWX Ltd (ASX: BWX) share price this afternoon.
At the time of writing the personal care products company's shares are up 12% to $1.90.
Though, it is worth noting that even after this gain the BWX share price is still down a massive 68% since this time last year.
Why is the BWX share price charging higher today?
With no major company news or broker notes that I'm aware of, today's gain is a bit of a mystery.
However, there are a couple of potential catalysts for it. The first is bargain hunters swooping in to pick up its shares after their sharp selloff.
As I mentioned above, even after today's gain BWX's shares have lost over two-thirds of their value over the last 12 months. This has been driven largely by the underperformance of its key Sukin brand and a series of earnings downgrades.
In fact, the company revised its EBITDA guidance for FY 2019 no less than four times in less than eight months.
Despite this, some investors may believe the selloff has been overdone and has left its shares trading at an attractive level for a long-term investment.
Another potential catalyst is news that there is a new substantial shareholder on the company's share registry. According to the notice, UK-based Talomon Capital has built up a 5.35% stake in the company.
Its website explains that Talomon Capital is a London-headquartered investment manager that employs a long-term, private equity style approach to investing in listed equities.
It invests on a high-conviction, best ideas basis with significant resources deployed in idea generation and due diligence. The fact that an overseas high-conviction, long-term investor sees value in BWX may have lifted investor sentiment locally and driven the rampant buying today.
Also rising strongly on the ASX is the Vocus Group Ltd (ASX: VOC) share price with its 8% gain following a takeover approach and the Nearmap Ltd (ASX: NEA) share price which is up 8% on the back of no news.
