It has been a good start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In early afternoon trade the index has climbed 0.5% to 5,750 points thanks to strong gains in the materials and utilities sectors.
Four shares which have stood out with noticeably strong gains today are as follows:
Bellamy's Australia Ltd (ASX: BAL) shares have bounced higher by 4% to $4.18 despite there being no news out of the organic infant formula company. I suspect today's jump could be either a case of bargain hunters swooping in or short sellers buying shares in order to close their short positions.
Kogan.com Ltd (ASX: KGN) shares have jumped over 7% to $1.60 after delivering a strong second quarter. An update released to the market this morning revealed that the online retailer has smashed its previous full year EBITDA guidance in less than two quarters. Whilst I have been very impressed with its performance, I'm not in a rush to buy its shares due to my concerns over the potential arrival of Amazon in Australia this year.
Nanosonics Ltd. (ASX: NAN) shares have surged higher by almost 6% to $3.11 after the release of a very positive quarterly update. Another record quarter of sales from the infection control company has led to half-year revenue increasing by a whopping 131% on the prior corresponding period. Although its shares are reasonably expensive, I believe its explosive growth warrants the premium.
Resolute Mining Limited (ASX: RSG) shares are up close to 3% to $1.35 thanks to a rise in the spot gold price. The majority of Australia's leading gold miners have edged higher today after gold climbed to US$1,201 an ounce. This is the highest level gold has traded at since late November. Unfortunately I don't expect these gains to last, so the gold miners could come under pressure in the near future.
