Australian shares are trading generally higher today following a positive lead set by international equity markets overnight.
Over in the United States, the Dow Jones and NASDAQ indices rose 1.1% and 1.4% respectively, while the FTSE 100 rose 0.3% in the United Kingdom. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has more or less split the difference to be trading 0.6% higher approaching noon.
While investors will certainly be relieved for the opportunity to catch their breath after a heavy dip in recent weeks, shareholders of these four companies will be grinning from ear to ear.
Metcash Limited (ASX: MTS) is so far the biggest winner on the index after the company said it was considering an initial public offering (IPO) for its automotive division. While Metcash's food and liquor arm is struggling against the likes of Woolworths and Coles, there's more to like about its Automotive division which some estimates suggest could be worth $460 million.
Amcom Telecommunications Limited (ASX: AMM) has lifted 3.8% after Vocus Communications Limited (ASX: VOC) ironically sold its 10% stake in the business. By selling its stake, Vocus has actually increased the chances of its merger proposal with Amcom being passed, which would be great news for both entities. Vocus' shares rose early in the session but have since retreated back to Thursday's closing price.
Sirtex Medical Limited (ASX: SRX) has jumped another 3.6% today to $27.98, giving it a total gain of 40% since Wednesday. The biotechnology giant updated the market yesterday on its latest SIRFLOX trial results which confirmed an improvement in survival rates for liver cancer patients, lifting the median survival from 12.6 months to 20.5 months. As if that wasn't enough, Sirtex also said that its dose sales in March and April were the two highest monthly results ever recorded.
ResMed Inc. (CHESS) (ASX: RMD) shares have also risen 4.3% today to be trading above $7. Unfortunately, today's gain is small consolation considering the stock plummeted more than 18% yesterday, but it does show that the stock may very well have been oversold, suggesting limited downside risk. Long-term investors could certainly see this as an opportunity to load up on a high-quality company's shares at a significantly discounted price.
Of the companies mentioned above, ResMed and Sirtex are both looking compelling, but there is another company that could make for an even greater buy right now.
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