It has been a day of ups and downs for the S&P/ASX 200 index on Tuesday. In afternoon trade the benchmark index has fought back from its morning decline is currently trading 0.1% higher at 6,658.3 points.
Four shares that have performed better than most today are listed below. Here's why they have climbed higher:
The Fortescue Metals Group Limited (ASX: FMG) share price has pushed 3% higher to $9.09. Today's gain appears to have been driven by a rise in the iron ore price overnight. According to CommSec, the spot iron ore price increased 2.4% overnight to US$121.40 a tonne. The catalyst for this rise was news that average Chinese steel production hit a record of 2.92 million tonnes a day in June.
The Galaxy Resources Limited (ASX: GXY) share price has raced 6% higher to $1.39 following the release of a stronger than expected second quarter update. The lithium miner produced 56,460 dry metric tonnes (dmt) of 6.0% Li2O at Mt Cattlin, which exceeded its production guidance of 45,000 dmt to 50,000 dmt. It also reported a production unit cash cost of US$337 per dmt FOB. This was down over 25% quarter on quarter and makes Mt Cattlin one of the lowest cost lithium concentrate operations in the world.
The Objective Corporation Limited (ASX: OCL) share price has continued its rise and is up over 10% to $3.38. This follows the release of a positive trading update out of the provider of content, collaboration, and process management solutions on Monday. According to the update, Objective expects to report a 23% increase in net profit after tax in FY 2019. This has been driven by strong subscription revenue.
The Praemium Ltd (ASX: PPS) share price has surged a further 5.5% higher to 47 cents. The full-service integrated managed accounts (IMA) platform provider's shares have been on fire since it reported strong growth in funds under administration (FUA) during the June quarter. Praemium reported record quarterly gross inflows of $903 million across its Australia and International segments during the quarter. This led to Platform FUA increasing to $9.53 billion, which was a 25.4% increase on the prior corresponding period.
