Despite strong gains in the energy and materials sectors, in early afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is being weighed down by declines in the financial sector and is slightly lower at 5,937 points.
Four shares climbing more than most today are listed below. Here's why they have surged higher:
The a2 Milk Company Ltd (Australia) (ASX: A2M) share price has bounced back from yesterday's heavy decline and is higher by 4.5% to $7.47. The dairy company's shares fell sharply yesterday after it emerged that one of its major shareholders had trimmed down its holding.
The Credit Corp Group Limited (ASX: CCP) share price is up almost 6% to $21.28. This morning the debt collector held its annual general meeting and provided the market with a trading update. With the business performing well so far in FY 2018, management has upgraded its full-year net profit after tax guidance from between $60 million and $63 million to $62 million and $64 million.
The Fortescue Metals Group Limited (ASX: FMG) share price has climbed 4% to $4.88 despite the price of 58% fines iron ore falling close to a two-year low. Investors appear to have looked beyond this due to its plans to potentially expand into the lithium carbonate market. Fortescue is looking for lithium carbonate in the Pilbara region of Western Australia.
The Western Areas Ltd (ASX: WSA) share price has continued its solid run and climbed almost 4% to $2.99. Investors have been fighting to get hold of the nickel producer's shares due to vast improvements in the global outlook for nickel as a result of its use in electric vehicles. I think Western Areas is worth a closer look.
