The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to bounce back from yesterday's decline with a solid gain. In afternoon trade the benchmark index is up 0.35% to 6,202.6 points.
Four shares climbing more than most today are listed below. Here's why they have jumped higher:
The Beach Energy Ltd (ASX: BPT) share price is up 3% to $2.06 after oil prices rose overnight. According to Bloomberg, the WTI crude oil price pushed 1.3% higher and the Brent crude oil price rose 1.4%. Oil prices were lifted by output cuts by OPEC and healthy demand. Pleasingly, oil prices have continued to edge higher during Asian trade.
The Electro Optic Systems Hldg Ltd (ASX: EOS) share price has surged 16% higher to $2.87 following the release of a market update from the defence and space company. In its outlook management advised that it expects to double its revenue in 2019. After which, current orders of $670 million are already sufficient to grow revenue by a further 40% to $250 million in 2020. This growth has been underpinned by market fundamentals, excellent technology and products, and strong execution.
The WiseTech Global Ltd (ASX: WTC) share price has charged almost 6.5% higher to $21.25 despite there being no news out of the logistics platform provider. However, overnight U.S. tech shares rallied strongly and drove the Nasdaq index up a sizeable 2%. This positive investor sentiment may have carried over to our tech sector today.
The Xenith IP Group Ltd (ASX: XIP) share price has jumped 13% higher to $1.81 after fellow intellectual property services company IPH Ltd (ASX: IPH) made an acquisition proposal this morning. IPH has submitted a proposal to acquire Xenith IP for a combination of cash and shares, representing a total value of $1.97 per Xenith share. QANTM Intellectual Property Ltd (ASX: QIP), which had hoped to merge with Xenith IP, has tumbled lower on the news.
