After a disappointing start to the week the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has responded well and in afternoon trade is higher by 0.4% to 5,634 points.
Four shares which have done a lot of the heavy lifting are listed below. Here's why they have surged higher today:
BlueScope Steel Limited (ASX: BSL) shares have rocketed higher by 9% to $11.33 after the steel manufacturer released its preliminary half-year results. For the six months ended December 31 2017 BlueScope expects EBIT of $600 million. This not only smashes its previous guidance of $510 million, but equates to a 160% increase on the prior corresponding period.
Lynas Corporation Limited (ASX: LYC) shares have also surged 9% to 8.8 cents. Investors have been scrambling to get hold of the rare earth miner's shares after it released a positive quarterly update which revealed record production and sales, as well as significant cost savings. If rare earth prices recover then Lynas could be positioned perfectly to profit.
Mayne Pharma Group Ltd (ASX: MYX) shares have risen almost 3.5% to $1.29 despite there being no news out of the company. Whilst I think this growing pharmaceutical company is a bargain buy, its shares have been volatile in recent times due to price-fixing allegations and concerns over what impact a Trump presidency will have on the industry. This may make its shares unsuitable for those with a low tolerance for risk.
ResMed Inc. (CHESS) (ASX: RMD) shares have jumped 6% to $8.84 after the sleep treatment company posted another strong quarterly result. Thanks largely to a strong performance from its core U.S. business, ResMed delivered adjusted earnings per share of 73 U.S. cents. This was three cents ahead of the analyst consensus estimate. ResMed strikes me as a great buy and hold investment.
