After two consecutive days of declines the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back and in afternoon trade finds itself higher by 0.3% to 5,697 points.
Four shares in particular have stood out with strong gains today. Here's why they have climbed higher:
Bega Cheese Ltd (ASX: BGA) shares have rocketed 13% to $5.06 after the dairy company announced the $460 million acquisition of a portfolio of products including the iconic Vegemite brand from Mondelēz International. Management expects the acquisition to be significantly accretive to earnings, contributing between $40 million and $45 million in EBITDA in the next 12 months.
BlueScope Steel Limited (ASX: BSL) shares have jumped 5.5% to $10.84 despite there being no notable news out of the steel manufacturer. Its share price has now risen an astonishing 40% in the last three months thanks largely to China's plan to continue cutting its steel production.
CSL Limited (ASX: CSL) shares have surged higher by 10.5% to $109.45 after the biopharmaceutical giant upgraded its full year profit guidance. Net profit had previously been expected to climb 11% year on year, but management has upgraded its outlook to between 18% and 20% growth on a constant currency basis. A great performance from a fantastic company.
Sims Metal Management Ltd (ASX: SGM) shares have climbed 5% to $13.14 after the metals recycling company upgraded its guidance as well. Management expects first-half underlying EBIT to be between $75 million and $79 million, compared to previous guidance of around $63 million. Whilst this is undoubtedly positive news, I feel its shares are a little on the expensive side right now and would therefore suggest investors avoid them.
