It has been a rollercoaster ride for the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) today with investors remaining cautious ahead of next week's RBA rate decision and the start of earnings season.
The main index is currently just 0.07% higher with the materials and mining sectors leading the market higher.
Four shares that have put in a solid performance today include:
iSentia Group Ltd (ASX: ISD)
Shares of iSentia have rebounded today after the company re-affirmed its full year profit outlook in response to a sharp decline in the share price over the past few days. The media intelligence and monitoring company has confirmed that its FY16 results would be in the previously announced guidance of revenue in the range of $155m-$158m and EBITDA in the range of $50m-$53m. This appears to have settled the nerves of some investors with the shares gaining 3.5% to $3.19.
Fortescue Metals Group Limited (ASX: FMG)
Fortescue shares are flying higher today after the iron ore miner provided a strong June quarterly production report. The company managed to ship 43.4 million tonnes of iron ore with cash production costs of US$14.31 per wet metric tonne – well below the current spot iron ore price of US$58. Investors would have also been impressed with Fortescue's forecast for even lower production costs in FY17 to between US$12-US$13 per tonne. Importantly, the iron ore miner has continued to strengthen its balance sheet over the quarter with its net debt now reduced to US$5.2 billion. Shares of Fortescue have climbed more than 8% today to $4.45 per share.
Programmed Maintenance Services Limited (ASX: PRG)
Shares of Programmed Maintenance Services have spiked more than 20% today after the company confirmed at its Annual General Meeting that it remains on track to meet its FY17 forecasts for EBITA of between $100 million to $110 million (before non-trading items). The managing director also highlighted the point that the company's integration of Skilled is ahead of plan, with cost savings of more than $30 million per annum delivered by 31 March 2016. It has been a tough 12 months for Programmed Maintenance Services shareholders, but this update gives investors hope that conditions in some of the company's core markets may have stabilised and that earnings growth may begin to improve over the medium term.
BHP Billiton Limited (ASX: BHP)
BHP shares are enjoying a very strong day with a gain of more than 4% to break above the $20 per share level. Iron ore prices gained 2.2% overnight with slight gains also coming from other commodities including oil, copper and gold. This is obviously good news for the major miner and it appears investors are becoming more comfortable with buying the shares at current levels. Interestingly, the shares have now gained more than 42% since hitting their 52-week low of $14.06 in mid-January.
