The Australian sharemarket has surged higher today with the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) edging closer to the prized 6,000 point level.
As at midday, the benchmark index was trading 0.7% higher at 5,971 points, despite falls on Wall Street on Friday which saw the Dow Jones Industrial Average and NASDAQ indices both fall 0.5%. Here are four of the market's top performing stocks today.
Orica Ltd (ASX: ORI) has jumped 4.2% after the explosives giant announced it would buy back up to $400 million worth of its own shares following the sale of its chemicals business to Blackstone for $750 million. The shares rose as high as $20.68, up from Friday's closing price of $19.82.
BHP Billiton Limited (ASX: BHP) has also extended its strong rally with its shares up a further 1.3% today, taking the shares back above $34 for the first time since early November after its two most important commodities jumped in price. Brent crude rose a further 4.2% overnight to US$62.58 a barrel, according to the Wall Street Journal, up from its low of US$45 recorded in January, while the iron ore price also edged slightly higher to be trading at US$62.56 a tonne, according to the Metal Bulletin.
Coca-Cola Amatil Ltd (ASX: CCL) has performed strongly over the last fortnight since the beverage manufacturer released its full-year results. Although the earnings results were far from great, management did provide an optimistic outlook which made its then share price ($9.68) look cheap. The stock is now trading at $10.52, up 1.1% for the day although it remains 32% below its all-time high price, recorded almost two years ago.
Telstra Corporation Ltd (ASX: TLS) has also risen 1.1% today with its shares now trading at $6.44. Although the company hasn't released any news which would directly explain the move, it's possible that investors are simply buying the stock ahead of tomorrow's Reserve Bank meeting where the Board is expected to cut interest rates further.
Don't miss out on the ASX's BEST dividend stock
