The S&P/ASX 200 index continued its positive run and reached a new all time high this morning. At the time of writing the index is on course to record a solid gain and is up 0.3% to 6,847 points.
Four shares that have climbed more than most today are listed below. Here's why they have surged higher:
The Credit Corp Group Limited (ASX: CCP) share price has rebounded 5.5% higher to $26.17 a day after the release of its full year results. The debt collector's shares fell heavily on Monday following the release of those results. But one broker that liked what it saw was Morgans. This morning it retained its add rating and lifted the price target on its shares to $27.00.
The Ramelius Resources Limited (ASX: RMS) share price has charged 4% higher to 92.5 cents following the release of the gold miner's fourth quarter and full year update. Ramelius achieved total FY 2019 production of 196,679 ounces at an AISC of A$1,192 an ounce. Looking ahead, management expects production to ramp up in FY 2020 and has provided guidance in the range of 205,000 to 225,000 ounces. And whilst it expects its cost to jump in the first quarter, they are expected to trend lower over the medium term.
The Redbubble Ltd (ASX: RBL) share price has rocketed 31% higher to $1.32 following the release of a strong full year update. In FY 2019 Redbubble reported Marketplace revenue of $257 million, which was an increase of 41% (34% in constant currency) on the previous year. And thanks to the benefits of scale, the company's gross profit increased 48% (41% in constant currency) year on year to $95 million. Looking ahead, the company will no longer provide guidance but has set itself a target of achieving $1 billion in revenue over the coming years.
The Telstra Corporation Ltd (ASX: TLS) share price is up 2% to $3.98 despite there being no news out of the telco giant. However, on Monday Goldman Sachs took the company off its conviction list but retained its buy rating and lifted the price target on the company's shares to $4.20. Even after today's gain this implies potential upside of over 5% for its shares excluding dividends.
