The S&P / ASX200 (ASX: XJO) is up 0.4% to 5,666 points in morning trade today after Wall Street posted gains across its major indices overnight after a series of big falls over the last two months. There are a number of well known stocks trading far higher than the index today though. So let's take a look at what may be supporting some of today's top performers.
The A2 Milk Company Ltd (ASX: A2M) share price is up 6.2% to $9.93 today, with rival infant formula group Bellamy's Australia Ltd (ASX: BAL) also up 10% to $7.93 despite neither company releasing any specific news to the market. Both businesses are heavily reliant on sales in China, which is a market subject to changing regulations, licensing and restrictions. The volatile share price moves are often related to sentiment over the businesses' outlooks in China.
The Mineral Resources Limited (ASX: MIN) share price is 21% higher to $15.06 today after the WA-based iron ore and lithium miner revealed it has struck a joint venture agreement with US group Albermale Corporation to develop its Wodinga lithium mine. The agreement sees Albermale invest $1.58 billion in the Wodinga mine in return for a 50% ownership interest. Albermale reportedly has expertise in marketing and selling lithium worldwide and as such it seems investors are embracing the deal's potential.
The Galaxy Resources Limited (ASX: GXY) share price is up 6.8% to $2.66 despite the West Australian and Argentina-based lithium miner releasing no specific news to the market. Galaxy share are probably getting a lift today due to the $1.58 billion investment in its lithium-ming rival Mineral Resources announced today. Galaxy posted a net profit of US$11.5 million for FY 2018 and as at September 30 2018 had US$68 million cash on hand for further mining investments.
The CSL Limited (ASX: CSL) share price is 2.2% higher to $182.64 despite the blue-chip healthcare giant releasing no news to investors. CSL shares are still down 21% from September highs as "growth" shares took a battering on the back of investor jitters over the US / China trade conflict and requirement for a Brexit deal in the UK. Despite the share price falls, CSL is maintaining guidance for 10%-14% profit growth in FY 2019.
