It has been a strong start to the week for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the index is higher by 0.7% to 5,759 points thanks largely to strong gains in the materials and energy sectors.
Four shares which have put on particularly strong gains today are listed below. Here's why they have started the week with a bang:
Atlas Iron Limited (ASX: AGO) shares have jumped 7% to 4.5 cents after iron ore prices hit another multi-year high. The spot price for the benchmark 62% fines increased 3.3% to US$86.62 a tonne on Friday according to Metal Bulletin. With Chinese iron ore futures pointing higher, iron ore prices could be set for another jump tonight.
Amcor Limited (ASX: AMC) shares have climbed 4.5% to $15.20 following the release of the packaging giant's half-year results. Although statutory net profit after tax fell 6.2% to US$286.6 million, investors appear to be focusing on its result in constant currency terms. Without currency fluctuations Amcor would have posted a 3.8% increase in profit after tax.
Eden Innovations Ltd (ASX: EDE) shares have bolted higher by 8% to 33.5 cents after the clean energy company announced that its EdenCrete admixture had been approved for use in Arkansas. Furthermore, it is being considered for use in precast concrete beams in Texas. EdenCrete is a solid product, no pun intended, and one which I think has an extremely bright future.
JB Hi-Fi Limited (ASX: JBH) shares have jumped 5% to $29.92 after the retailer announced its half-year results. For the six months ended December 31 2016 JB Hi-Fi posted record sales of $2.6 billion, up 23.6% on the prior corresponding period. Underlying net profit after tax came in at $125.4 million, up 31.7% on the same period last year. The highlight for me was its comparable store sales growth of 8.7% from its Australian JB Hi-Fi store network.
