The 'Santa rally' has continued to gather momentum today and this has seen the S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) trade briefly above 5,600 points.
The main index is currently 0.65% higher with the financials, utilities and property sectors doing most of the heavy lifting. Notably, the energy and materials sectors are lagging the market today after a fall in commodity and energy prices overnight.
Four shares that have enjoyed particularly strong support today, include:
Capitol Health Ltd (ASX: CAJ)
Shares of Capitol Health have rocketed 17% higher after the diagnostic imaging company said it expects second-half revenues to increase following the government's decision to defer changes to the bulk-billing incentive program until 1 July 2017. Despite this, Capitol Health did note that patient referrals patterns are likely to remain volatile as a result of continued uncertainty, and this means the net revenue impact is not yet clear at this stage.
Bank of Queensland Limited (ASX: BOQ)
Shares of Bank of Queensland have risen 2.8% today after the regional bank announced it would be acquiring Centrepoint Alliance Limited's (ASX: CAF) Premium Funding business for $20 million. The acquisition will be immaterial to the bank's FY17 earnings, but will provide it with access to a niche segment of the business funding market. The Premium Funding business writes around 30,000 new loans per year, predominantly to small and medium-sized enterprises.
EVOLUTION FPO (ASX: EVN)
Evolution Mining is one of the best-performing gold shares today thanks to an increase in the spot gold price overnight. The local gold sector is also benefiting from the recent decline in the Australian dollar, which is now trading at around 72.5 US cents. Evolution Mining shares have gained around 5% today, with other strong performances coming from Newcrest Mining Limited (ASX: NCM) (up 4.3%) and Regis Resources Limited (ASX: RRL) up 4.5%.
Cochlear Limited (ASX: COH)
The falling Australian dollar is also giving shares of Cochlear a boost today. The bionic ear marker's shares have gained around 2.9% today, despite the absence of any news from the company. Investors will be hoping this is the beginning of an upswing in the share price after watching the shares fall from $144 in October to just $112 earlier this month. Cochlear remains a beneficiary from a falling Australian dollar since a large proportion of its sales are recorded offshore.
