3 ASX stocks that climbed more than 5% today


The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) has surged 1%, to close at 4,413.1, following the lead from offshore markets overnight. On Wall Street, the Dow Jones Industrial Average rose 0.4%, while the S&P 500 added 02%. European markets were also higher, despite finance chiefs failing to agree on a deal to provide further funding for Greece.

The Australian dollar is up slightly against the US dollar, currently buying 103.8 cents.

These three stocks rose more than 5%.

BlueScope Steel Limited (ASX: BSL) added 11.1% to close at 50 cents after the steel manufacturer held an investor day yesterday, focusing on its steel building unit, which led to some broker analysts upgrading the stock to ‘Buy’ today. Deutsche Bank analysts said there was significant upside from the unit, with BlueScope planning to double annual revenue to $3 billion by 2015.

Lynas Corporation Limited (ASX: LYC) rose 7.1% to end at 67.5 cents, after the rare earths miner and soon-to-be producer announced that production would start at its Malaysian processing plant within days. Lynas has said that around 100 containers of rare earths concentrate had arrived at the Lynas Advanced Materials Plant. Last week, Malaysian courts overturned an appeal to stop production going ahead.

Billabong International Limited (ASX: BBG) climbed 6.6% to close at 89 cents on news reports that the surfwear retailer was looking to float its internet retail arm, which includes rapidly growing website SurfStich, and Swell. According to the Australian Financial Review, the sale could reap up to $300 million, based on recent industry transactions. Analysts have suggested the floated group could follow the successful paths of companies like Carsales.com Limited (ASX: CRZ) and trademe.com.

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Motley Fool writer/analyst Mike King owns shares in Billabong. The Motley Fool’s purpose is to help the world invest, better. Take Stock is The Motley Fool’s free investing newsletter. Packed with stock ideas and investing advice, it is essential reading for anyone looking to build and grow their wealth in the years ahead. Click here now to request your free subscription, whilst it’s still available. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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