The S&P / ASX 200 (Index: ^AXJO) (ASX: XJO) climbed around half a percent in afternoon trade, with some stocks taking off on the back of a falling Aussie dollar. The other big driver of the share market recently has been oil price volatility, with that factor also playing a part in price swings in other stocks.
Let's take a look at some of today's big movers.
Qantas Airways Limited (ASX: QAN) has soared 6.15% or 12 cents to $2.07 as falling oil prices mean Qantas's fuel bill will be substantially reduced over the months ahead. The airline's chief executive Alan Joyce declared that he expects to see the airline return to profitability in financial-year 2015 even prior to the oil rout, which is a tremendous tailwind for the aviation business.
While this is all indisputably good news the airline business remains competitive and Qantas has a long way to travel before claiming victory.
Sirtex Medical Limited (ASX: SRX) has rocketed to an all-time high of $28.79 today probably as a result of the U.S. dollar's resurgence over its Australian counterpart. Sirtex generates a large proportion of its earnings from the US healthcare market and the greenback's appreciation is a handy tailwind.
The cancer treatment business' current valuation suggests the market is expecting big things from it in 2015 and any disappointment will present serious risk to the downside.
Woodside Petroleum Limited (ASX: WPL) has been a victim of the precipitous decline in oil prices since June, with the stock off more than 15% in the period. The shares lifted 2.24% today as bargain-hunting investors likely take a view that oil prices are more likely than not to settle higher over the medium to long term.
The recent price drop means Woodside also offers an attractive dividend yield for investors prepared to take on the risk of further oil price declines.
Myer Holdings Ltd (ASX: MYR) has soared 3.74% or 6 cents to $1.66 today, although that may be cold comfort to investors who have witnessed the stock fall around 41% in value over the last year alone. Myer's big challenge remains lifting sales in the face of competition from foreign fast-fashion chains like Zara, H&M and Topshop.
Myer also faces competition from online competitors for the dollars of consumers, and with the key Christmas season coming up investors will be hoping for some seasonal cheer.
