For a second day in a row the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is in the red. In early afternoon trade the benchmark index is lower by 0.5% to 5,317 points.
Despite this there have been four shares in particular which have surged higher today. Here's why:
Catapult Group International Ltd (ASX: CAT) shares have jumped higher by 4% to $3.39 despite there being no news out of the sports analytics company. With Catapult deriving a significant portion of its revenue from the United States, the strengthening U.S. dollar is likely to benefit the company greatly moving forward. Because of this I think Catapult could prove to be a great buy and hold investment.
OceanaGold Corporation (ASX: OGC) shares are one of the best-performing gold miners today and are up by 7.5% to $3.56. The majority of the gold miners are posting solid gains today after the gold price halted its decline and appeared to find support at US$1,228 an ounce. But with an interest rate hike in December in the United States looking increasingly likely, it may not be long before prices start to drift lower again.
Premier Investments Limited (ASX: PMV) shares have jumped over 6% to $14.04 following news of two broker upgrades this morning. Although the upgrades were only to neutral ratings, the market has reacted positively to the change in sentiment. Whilst I am a huge fan of the owner and operator of the Smiggle and Peter Alexander brands, I would suggest investors hold off making an investment until it provides a trading update at its AGM at the start of next month.
Santos Ltd (ASX: STO) shares have risen 3% to $3.93 despite there being no news out of the oil and gas producer. Today's increase is all the more surprising considering oil prices fell overnight to three-month lows on supply concerns. According to the Wall Street Journal, traders remain sceptical that a production cut from OPEC will go ahead later this year. If OPEC fails to cut production, I wouldn't be surprised to see prices drift lower in 2017.
