After a slow start to the day, the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) has picked up some nice momentum and is now trading 0.56% higher at 5,358 points.
Four stocks that have managed to strongly outperform the market today include:
Primary Health Care Limited (ASX: PRY)
Shares of Primary Health Care have shot up more than 5.6% today after the Turnbull government announced on Friday that it had struck a deal with pathologists that would enable them to keep bulk-billing. Late last year, the government announced changes that would remove bulk billing incentives paid to pathology providers in a bid to save the budget $650 million. Shares of Sonic Healthcare Limited (ASX: SHL) have also traded more than 5% higher on the back of the news. The announcement is obviously welcome news for pathology providers as it will not force them to charge a co-payment to patients wishing to get a pathology test.
Despite today's gains, shares of Primary Health Care have still fallen 33% over the past 12 months.
Sirtex Medical Limited (ASX: SRX)
Shares of Sirtex have climbed 3.8% today after it announced the appointment of Kevin Richardson as CEO of the Americas region. Mr Richardson has served as the General Manager and Vice President in the region for the past six years and had a strong background in medical sales and marketing prior to that. As the Americas region is perhaps the most lucrative market for Sirtex at the moment, the internal appointment has been welcomed by the market as it is unlikely to bring a great deal of disruption to its current operations.
Sirtex shares have gained more than 13% over the past 12 months, but are still more than 20% lower since the start of 2016.
Nick Scali Limited (ASX: NCK)
Nick Scali has been the standout performer in the consumer discretionary sector today with its shares rising more than 5.5% to $4.38. Today's positive move comes after the furniture retailer upgraded its FY16 full year profit forecasts for NPAT of between $24 million to $26 million. Prior to this, the company was expecting full year earnings to come in between $22 million to $24 million. In a statement to the market, the company said that the upgrade was "based on strong April 2016 sales deliveries and the expectation for this delivery pipeline to continue through until the end of June 2016".
Nick Scali has been a key beneficiary of the booming domestic residential property market and this has seen its shares increase by nearly 22% over the past 12 months.
Redbubble Ltd (ASX: RBL)
Shares of Redbubble have enjoyed a nice debut today, rising 12% from its issue price of $1.33. For those investors unfamiliar with the company, according to its prospectus, Redbubble is a "global online marketplace where independent artists and designers upload their designs and creative works and, only when it is ordered by a customer, the product is produced on demand by one of a network of third party fulfillers". The company is likely to boast a market capitalisation of close to $300 million by the end of today despite the fact it is unlikely to turn a profit over the next two years. According to its prospectus however, Redbubble recorded $71 million in sales last year and is forecasting this to increase to $114.5 million in FY16 and to $172.1 million in FY17.
