In afternoon trade the S&P/ASX 200 index has returned to form and is pushing higher. The benchmark index is up 0.45% to 6,737.4 points at the time of writing.
Four shares that are climbing more than most today are listed below. Here’s why they are surging higher:
The Nuchev Limited (ASX: NUC) share price has jumped 15% to $3.91. This latest gain means the goat milk infant formula company’s shares are up a massive 50% since listing on the ASX on Monday at $2.60. Nuchev is the company behind the Oli6 goat nutrition range which is targeting the massive Chinese market.
The St Barbara Ltd (ASX: SBM) share price has climbed 3% to $2.56. This solid gain appears to have been driven by a rise in the gold price overnight. The spot gold price pushed higher after trade war uncertainty weighed on investor sentiment. St Barbara isn’t the only gold miner on the rise today. In afternoon trade the S&P/ASX All Ords Gold index is outperforming the ASX 200 with a gain of 0.7%.
The Syrah Resources Ltd (ASX: SYR) share price has surged 6% higher to 44.5 cents. This is despite there being no news out of the graphite miner today. However, it is worth noting that short sellers have been closing positions lately, driving its short interest lower. As they have to buy shares to close positions, this could explain the jump in its share price.
The Webjet Limited (ASX: WEB) share price has jumped 10.5% higher to $12.88. Investors have been buying its shares today amid speculation that it could be a takeover target. This morning the online travel agent advised that it has not received any proposals. It also said that if it received one, it would present it to shareholders if it were compelling and certain. For now, management continues to focus on executing its growth strategy.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia has recommended Webjet Ltd. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Scott Phillips.