In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has recovered from its early declines and is just about flat at 6,279.5 points.
Four shares climbing more than most today are listed below. Here's why they surged higher:
The ALS Ltd (ASX: ALQ) share price has stormed 9.5% higher to $8.16 after providing the market with positive first-half guidance at its annual general meeting. According to its presentation, management expects the company to achieve underlying half-year net profit after tax from continuing operations of $85 million to $90 million. This will be an impressive 18% to 25% increase on the prior corresponding period.
The Kogan.com Ltd (ASX: KGN) share price has rebounded from yesterday's heavy decline with a 7% rise to $5.04. The ecommerce company's shares were caught up in a tech selloff yesterday and fell heavily. That decline meant its shares were down 53% from their 52-week high and at a level which bargain hunters clearly found attractive. I think its shares are great value at this price.
The Lifestyle Communities Limited (ASX: LIC) share price has climbed 4% to $5.99 after providing an update on its FY 2018 profit expectations. Thanks to strong new home settlements, higher than expected prices for existing home sales, and a 0.25% reduction in the capitalisation rate used by the independent valuers, there has been a material uplift in the value of its property portfolio which will impact its statutory profit result for FY 2018. Management expects to report an underlying net profit after tax of $33 million to $34 million and a statutory net profit after tax in the range of $52 million and $53 million.
The Xero Limited (ASX: XRO) share price is up over 3% to $44.15 after announcing the acquisition of Canadian data capture solution company Hubdoc for US$70 million. Management believes that the acquisition allows Xero "to take the next step in delivering a platform that seamlessly connects small businesses with their financial data, and their accountants and bookkeepers." The market appears to agree, judging by the share price gain today.
