The S&P/ASX 200 index has returned to form on Tuesday and is pushing higher in afternoon trade. At the time of writing the index is up 0.4% to 6,720 points.
Four shares that have climbed more than most today are listed below. Here's why they have zoomed higher:
The Bellamy's Australia Ltd (ASX: BAL) share price is up 4.5% to $9.82 despite there being no news out of the infant formula company. However, with its shares down significantly in recent months, it looks as though bargain hunters may be swooping in today to take advantage of its share price weakness.
The Kogan.com Ltd (ASX: KGN) share price has raced 4.5% higher to $5.43 following the release of a business update this morning. Management revealed that the ecommerce company had a strong finish to the year. This led to its second half gross profit increasing 12% on the same period last year and second half EBITDA rising ~25% on the prior corresponding period.
The Megaport Ltd (ASX: MP1) share price has surged over 7% higher to $7.42 following the release of the elasticity connectivity and network services provider's fourth quarter update. According to the release, the company achieved a 22% increase in total revenue for the quarter ending June 2019 and a 78% increase for the full year. This led to Megaport reporting a 16% lift in its Monthly Recurring Revenue (MRR) during the quarter and a massive 82% for the full year.
The Nearmap Ltd (ASX: NEA) share price has risen 3% to $3.23 despite there being no news out of the aerial imagery technology and location data company. However, one of the best performing areas of the market on Tuesday has been the tech sector. Many of Australia's tech shares have followed the lead of their U.S. counterparts and charged higher, leading to the S&P/ASX 200 Info Tech index rising 0.85% this afternoon.
