The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a very positive day despite declines on Wall Street overnight. The local market is up over 0.8% to 6,153 points in afternoon trade.
Four shares climbing more than most today are listed below. Here's why they are climbing higher:
The Bellamy's Australia Ltd (ASX: BAL) share price has pushed almost 5.5% higher to $17.05 despite there being no news out of the organic infant formula producer. The bulls and the bears appear to be battling it out for control at Bellamy's, leading to wild swings in its share price on a daily basis. While it is volatile now, I believe in the long-term its shares can go meaningfully higher from here if demand from China remains strong.
The Fastbrick Robotics Ltd (ASX: FBR) share price has climbed 3% to 17.5 cents after announcing a strategic collaboration agreement with Mexican developer GP Vivienda. Management estimates that there is a theoretical demand of approximately 700-750 Hadrian X construction robots, making it a lucrative market for the company to target. It is early days, though, and there is a long road ahead for the robotics company.
The Mcgrath Ltd (ASX: MEA) share price has rocketed over 16% to 39.5 cents after securing a strategic investment by residential property development and investment group, Aqualand Group. The placement of 25,189,880 shares at 42.5 cents per share will take place in two tranches, with the second tranche of 11,568,042 shares subject to ordinary shareholder approval. This is a significant premium to the last close price.
The Pushpay Holdings Ltd (ASX: PPH) share price has risen almost 3% to $3.91. Investors appear to be swooping in today after its shares sank lower yesterday following the sale of 24,793,798 fully paid ordinary shares (9% of all issued shares) owned by its co-founder for a price of NZ$4.04 (A$3.78) per share. The underwritten bookbuild attracted bids from 19 institutional investors across New Zealand, Australia, and the United States.
