Asian markets might be having a good day today, but it hasn?t had much effect on the local market. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is lower by 0.2% to 5398 points at the moment, having been as low as 5365 points in early trade.
Trying their best to take the index higher are four shares in particular. These four shares posted particularly strong gains today. Let?s have a look at the reason why:
Galaxy Resources Limited (ASX: GXY) shares jumped over 5% to 46.5 cents after it announced that it plans to merge with General Mining Corp Ltd (ASX: GMM)….
Asian markets might be having a good day today, but it hasn’t had much effect on the local market. The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is lower by 0.2% to 5398 points at the moment, having been as low as 5365 points in early trade.
Trying their best to take the index higher are four shares in particular. These four shares posted particularly strong gains today. Let’s have a look at the reason why:
Galaxy Resources Limited (ASX: GXY) shares jumped over 5% to 46.5 cents after it announced that it plans to merge with General Mining Corp Ltd (ASX: GMM). This merger will create a diversified lithium company with a strong portfolio of lithium assets across several locations at a time when lithium demand is rising. This news appears to have been the catalyst for fellow lithium miner Orocobre Limited (ASX: ORE) to jump 6% today also.
Galaxy Resources shareholders have now seen the share price climb by over 1,000% in the last 12 months.
Nearmap Ltd (ASX: NEA) shares have spiked by over 7% to 47.2 cents following news that the company has won a new contract with one of its existing clients. The aerial imagery company’s new contract is said to be worth around $1 million and comes from one of Australia’s largest digital infrastructure companies. The company delivered full year revenue of $23.6 million last year, so this is a lucrative contract for the fledgling company’s size.
Nearmap’s share price has risen a massive 38% in the last three months.
Select Harvests Limited (ASX: SHV) has spent a second day flying higher, today climbing 6.5% to $7.14. Yesterday it released an overseas investor update to the market which caught the eye of investors. In the update management advised that it had increased its almond production volume estimate from 13,700 to 14,000 tonnes for the full year. In addition to this, research from Primex International Trading Corporation has shown that US almond prices have shown further increases over the last month on strong demand against limited offers.
Select Harvests’ shares are down 30% in the last 12 months despite this week’s gains.
Virgin Australia Holdings Ltd (ASX: VAH) shares are up over 5% to 29.5 cents today following news that HNA Group is purchasing a stake in the company. HNA Group is the owner of Hainan Airlines and will pay $159 million for a 13% stake in the company. HNA Group has indicated that in time it plans to increase its stake to around 20%, which could potentially drive the share price higher.
Virgin Australia’s share price is down 35% so far in 2016.
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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.
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