Australian shares traded lower for the majority of Monday's session but managed to edge back into the black late in the day. The ALL ORDINARIES (Index: ^AXAO) (ASX: XAO) closed 0.4% higher with a number of companies performing particularly strongly, including the following five…
Northern Star Resources Ltd (ASX: NST) was the strongest performing stock from the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) group with its shares lifting 6.9% to $2.16. Although many analysts suggest gold prices still have a long way to fall before reaching fair value, investors are responding positively to the gold miner's quarterly activities report released earlier in the day.
The miner sold a record 152,446 ounces of gold during the quarter at an average price of $1,497 an ounce whereas all-in sustaining costs were of $983 an ounce (note: all prices measured in Australian dollars).
A2 MILK FPO NZ (ASX: A2M) surged 7.5% despite the absence of any company-specific news that would explain the rise. A2 Milk, which is a New Zealand-based dairy producer, recently rejected a takeover offer whilst also providing strong earnings results and forecasting a 73% lift in revenues for the 2016 financial year. Like other dairy producers, A2 Milk is well placed to benefit from growing demand for Australian and New Zealand agricultural products, particularly in China.
iSelect Ltd (ASX: ISU) rose a staggering 16% to trade at $1.85 after the company said it would receive a cash settlement to the tune of $42.1 million in satisfaction of the amount owing under the NIA Health loan facility, significantly strengthening its balance sheet. At the same time, iSelect announced that it has entered into a multi-year agreement which will see it distribute GMHBA's private health insurance products.
Integrated Research Limited (ASX: IRI) lifted another 6.3% today, giving it a total gain of 35% since the beginning of the month. Bell Potter recently lifted its price target on the stock to $2.40 (it currently trades at $2.20) after the software business forecast a 58%-70% lift in full-year net profit.
Orthocell Ltd (ASX: OCC) continued its remarkable run, climbing another 17.9% to end the session at 90 cents per share. The stock has nearly tripled in price since the beginning of the month following a report in a popular medical journal which indicates its cartilage repair product could play a prominent role in the future of tissue repair.
