Following the lead from international markets, the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has rallied higher today and after lunch is up 1.1% to 5,413 points.
Four shares in particular have been performing strongly today. Here's why they have rocketed higher:
a2 Milk Company Ltd (Australia) (ASX: A2M) shares are up 6% to $2.09 after the dairy company provided the market with a trading update at its AGM. For the July to October period a2 Milk reported staggering profit before tax growth of 536% to NZ$35 million. Any fears over slowing growth in China can be dismissed. During the period the company experienced incredible demand for its products in the country.
Billabong International Limited (ASX: BBG) shares are higher by 9% to $1.18. At its AGM today the surfwear retailer advised that although it has had a soft start to the year, it still expects EBITDA before significant items to be in the range of $60 million to $65 million. If it delivers on its promise, it will be an improvement of between 4.3% and 13% on last year's result.
IDT Australia Limited (ASX: IDT) shares have jumped over 8% to 20 cents after it announced that growing pharmaceutical company Mayne Pharma Group Ltd (ASX: MYX) has launched IDT's generic temozolomide capsules into the U.S. market. The drug is used for the treatment of adult patients with newly diagnosed cancerous brain tumors concomitantly with radiotherapy and thereafter as a maintenance treatment. The market is estimated to be worth up to US$150 million per year at present.
Technology One Limited (ASX: TNE) shares are up 9% to $5.78 following the release of its preliminary final results. For the year ended 30 September 2016 the company reported a 14% jump in sales to $249 million and a 16% increase in net profit to $41.3 million. Technology One's software-as-a-service business was a key driver of growth in increasing segment sales by over 100% for the second year in a row. But at 44x full year earnings it might be getting a little expensive now in my opinion.
