It has been a mixed day so far for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). The index flew out of the traps, but has since given back a lot of its early gains. In afternoon trade it sits higher by just under 0.3% to 5,237 points.
Almost all sectors are in positive territory today with only the energy sector notably lower. Four shares in particular which have stood out today with strong gains are as follows:
Aconex Ltd (ASX: ACX) shares have jumped almost 5% to $5.98 despite no news out of the software as a service company. Its shares have come under heavy selling pressure since its full year results disappointed some brokers. Whilst opinion is largely split on the company and the premium it trades at, I personally think it is looking attractive after a 23% drop in its share price in the last 30 days.
Credit Corp Group Limited (ASX: CCP) shares have rocketed almost 5% to $17.28 in what appears to be a delayed response to the acquisition of National Credit Management from Thorn Group Ltd (ASX: TGA) yesterday. As a result of the acquisition Credit Corp upgraded its PDL purchasing guidance to be in the range of $180 million to $200 million. It doesn't however expect the acquisition to have a material impact on its earnings in FY 2017.
Fortescue Metals Group Limited (ASX: FMG) shares are up around 3% to $4.84 after the iron ore miner announced a US$700 million repayment of its 2019 term loan. The term loan repayment will be made at par on Friday and will generate annual interest savings of approximately US$26 million. Although I've been impressed with the Fortescue Metals turnaround, its future performance will ultimately depend on where the iron price goes. As that is increasingly unpredictable, I would avoid Fortescue Metals and its peers.
Saracen Mineral Holdings Limited (ASX: SAR) shares have surged 6% to $1.41 thanks to a rise in the gold price overnight. The spot gold price rose to US$1,330 an ounce following comments from a member of the Federal Reserve's Board of Governors which appeared to dismiss any chance of a September rate hike. According to Bloomberg, Lael Brainard stated that "the case to tighten policy pre-emptively is less compelling." The gold price is expected to drop if rates rise in the United States.
