In afternoon trade the S&P/ASX 200 index is on course to record a small gain after rebounding from a weak start. At the time of writing the benchmark index is up 0.1% to 6,525.5 points.
Four shares that have climbed more than most today are listed below. Here's why they have stormed higher:
The Kathmandu Holdings Ltd (ASX: KMD) share price has surged 12.5% higher to $2.29 following the release of a trading update this morning. According to the release, the adventure retailer expects to report a 9.6% increase in total sales to NZ$545 million in FY 2019. Although this is a slowdown in sales growth compared to the first half, investors appear pleased with an acceleration in its profit growth. Normalised EBIT is expected to rise between 10.6% and 12.6% this year.
The Mirvac Group (ASX: MGR) share price has risen 4% to $3.32 after the diversified property group released its full year results. Mirvac reported a 4% increase in operating profit to $631 million in FY 2019, which was at the top end of its guidance range. Looking ahead, management expects further earnings and distribution growth in FY 2020. It has provided earnings growth guidance of 3% to 4% and intends to lift its distribution by 5%.
The Orocobre Limited (ASX: ORE) share price has jumped over 6% to $2.72. The majority of Australia's leading lithium miners are pushing higher on Thursday after a rare spot of good news for the industry. Overnight in the United States, lithium giant Albemarle lifted its profit guidance for the full year following a strong quarter.
The Rural Funds Group (ASX: RFF) share price has rocketed 44% higher to $1.96 after returning from its trading halt. Judging by its strong gain today, the agriculture-focused property group appears to have convinced investors with its response to a scathing short seller report which sent its shares crashing significantly lower on Tuesday.