In afternoon trade the S&P/ASX 200 index is on course to record another disappointing decline. At the time of writing the benchmark index is off its lows but still down 0.3% to 6,113.5 points.
Four shares that have not let that hold them back are listed below. Here's why they have surged higher today:
The Beach Energy Ltd (ASX: BPT) share price has pushed 3.5% higher to $2.07 thanks to a rebound in oil prices overnight. Oil prices pushed higher after OPEC supply cuts and expectations of lower U.S. inventories offset demand concerns. According to Bloomberg, prices have continued to rise in Asian trade. At the time of writing the WTI crude oil price has pushed a further 0.1% higher to US$60.00 a barrel and the Brent crude oil price has risen a further 0.2% to US$68.10 a barrel.
The Challenger Ltd (ASX: CGF) share price has continued its positive run and climbed 3% to $8.17. The annuities company's shares have now risen 12% in the space of just two days amid speculation that MS&AD Insurance Group Holdings could launch a takeover approach. On Tuesday MS&AD advised that it intends to increase its stake in Challenger beyond 15% and seek a spot on the company's board.
The Eclipx Group Ltd (ASX: ECX) share price has stormed 16% higher to 66 cents after the embattled diversified financial services company released a market update this morning. According to the update, the company has confirmed that it remains compliant with its corporate debt covenants and has net debt of $283.7 million at present. Despite this strong gain, the Eclipx share price is down 65% since March 15.
The Leigh Creek Energy Ltd (ASX: LCK) share price has rocketed 16% higher to 36.5 cents after the energy company announced that its Leigh Creek Energy Project (LCEP) in the Telford Basin now holds 1.1 trillion cubic feet of proven and probable gas reserves. This means that Leigh Creek's reserves within the LCEP are approximately the same size, on a proven and probable reserve basis, as the entire Cooper Basin.
