The S&P/ASX 300 (Index: ^AXKO) (ASX: XKO) has soared today, rising 1.9% to 5,218.0 points, with all sectors in the green. A number of previously sold-off blue chips soared including BHP Billiton, Woolworths, and Telstra, but that was nothing compared to these four that all posted double-digit gains today.
Here's our view…
Slater & Gordon Limited (ASX: SGH) share price recovered 28.1% to close at $1.18. That follows a 35% gain yesterday, but the share price is still down more than 55% since last week and has now lost 80% of its value in the past six months. Colleague Sean O'Neill covered the concerns shareholders currently face in this article earlier today.
Dick Smith Holdings Ltd (ASX: DSH) share price soared 25% to $0.35, after falling more than 57% yesterday on the back of an unexpected writedown and what now ominously looks like a serious profit downgrade. Investors buying in today may think the current share price is a bargain, but there may yet be more cockroaches in the kitchen.
Rent.com.au Ltd (ASX: RNT) share price climbed 18.3% to $0.55. Rent.com.au is following in REA Group Ltd's (ASX: REA) realestate.com.au's shoes, but targeting rental properties and an army of Australian landlords. The company says there are 1.4 million properties in Australia managed by individual landlords and a further 1.6 million by property agencies. Those 1.4 million properties are restricted from advertising on realestate.com.au – leaving Rent.com.au to fill the gap. In a recent presentation, the company showed it is growing audience, listing and registered agent numbers.
Metcash Limited (ASX: MTS) share price gained 13.5% to $1.68. The under pressure wholesale distributor and owner of the IGA brand saw its shares rise 16% yesterday on the back of a strong trading update, as we covered in this article. It included a 20% increase in reported net profit for the half year and net debt slashed by 35%.
