The benchmark S&P/ASX 200 index has returned to form on Wednesday. In afternoon trade the index is up 0.5% to 6,698 points.
Four shares that have climbed more than most today are listed below. Here’s why they have surged higher:
The A2 Milk Company Ltd (ASX: A2M) share price has stormed 5.5% higher to $15.32 after being upgraded by analysts at UBS. According to the note, the broker has upgraded the infant formula and fresh milk company’s shares to a buy rating and increased the price target on them to NZ$17.50 (A$16.68). UBS is bullish on the company due to its strong position in the world’s largest infant milk formula market.
The Dacian Gold Ltd (ASX: DCN) share price has rocketed 24% higher to 65 cents after the gold producer released an update on its Life of Mine plan and its FY 2020 operating guidance for the Mt Morgans Gold Operation in Western Australia. According to the release, the updated mine plan confirms that Mt Morgans is a significant gold production centre with strong operating cash flows forecast for at least the next eight years. The company has forecast a total of over one million ounces of gold production with an all-in-cost base of between $A1,280-A$1,380 an ounce.
The Flight Centre Travel Group Ltd (ASX: FLT) share price has risen 2% to $43.87 after analysts at Citi upgraded the travel agent’s shares to a buy rating with an increased price target of $49.20. According to the note, the broker made the move on the belief that the outlook for its retail travel operations has improved greatly following tax cuts and the improving house market.
The WiseTech Global Ltd (ASX: WTC) share price has stormed 5% higher to $29.64 despite there being no news out of the logistics solutions company. However, a number of Australia’s leading tech shares have pushed higher today after solid gains were made on the technology-focused Nasdaq index overnight. U.S. tech shares rose after trade talks were held between the U.S. and China.