The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) managed to defy weak international leads to record a 0.6% gain on Wednesday, ending the session above the 5700 point mark for the first time in a week.
It was a positive day for most stocks on the index and these four rose particularly strongly.
Myer Holdings Ltd (ASX: MYR) was the top performing stock on the ASX 200, rising an impressive 10.3% after the retailer released its third-quarter sales figures. The department store retailer reported a 2.4% lift in sales for the quarter, while comparable store sales were up 1.7% over the prior corresponding period. The release of the Federal Budget last night would have also helped bolster the stock's performance today.
Harvey Norman Holdings Limited (ASX: HVN) was another beneficiary of Joe Hockey's second budget, jumping 5% and achieving a new five-year high earlier in the session. Hockey announced significant levels of support for families and small businesses, designed to spur a spending spree to help the economy grow. For small businesses, any asset that costs less than $20,000 will become an immediate tax write-off, while laptops, phones and tablets used for work purposes will also be excluded from fringe benefits tax. You can see why Harvey Norman is expected to benefit.
GUD Holdings Limited (ASX: GUD) was another top performer with the automotive aftermarkets business jumping 9.9% to $8.34 per share. This morning, the company announced that it has successfully completed the institutional component of a capital raising to help it fund the acquisition of Brown & Watson Pty Ltd. You can read more about that, here.
Sundance Energy Australia Ltd (ASX: SEA) led a rampant energy sector today after oil prices rose strongly overnight. Brent crude, which is the global benchmark, jumped 3.5% to be trading near its highest price this year which is great news for oil stocks.
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