After a strong start the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has faded in afternoon trade after an unexpected rise in unemployment. At the time of writing the benchmark index is flat at 5,776 points.
Despite the market fading, four shares in particular have managed to hold onto their strong gains today. Here's why they've gone gangbusters:
The Creso Pharma Ltd (ASX: CPH) share price has rocketed 41% to 70.5 cents after the pot stock provided the market with an update. The release revealed that its subsidiary Hemp-Industries has received regulatory approval in the Czech Republic for a new range of THC-free products called diCBDium.
The Fortescue Metals Group Limited (ASX: FMG) share price has climbed again, this time by 3% to $6.73. The iron ore miner has now seen its share price rise by around 11% this week thanks to a rebound in iron ore prices and also a broker upgrade from RBC Capital. Whilst Fortescue is easily one of my favourite miners on the market, I am concerned that a sharp decline in iron ore prices could drag its shares lower over the next 12 months.
The Resolute Mining Limited (ASX: RSG) share price has jumped 10% to $1.49 thanks to a rebound in the gold price. Despite the Fed raising rates overnight the gold price has climbed higher to US$1,222 an ounce. After raising rates the Fed indicated that there would be two more rate rises this year. Many had expected the central bank to take a more aggressive stance.
The Syrah Resources Ltd (ASX: SYR) share price has surged almost 10% to $2.57 today despite there being no news out of the graphite miner. Today's gain will no doubt be a welcome relief for shareholders. Thanks partly to the shock resignation of its CEO in October, Syrah's share price has fallen 39% in the last six months. At the current share price Syrah does look reasonably attractive, especially if its Balama graphite project in Mozambique opens on schedule.
