The S&P / ASX 200 Index (Index: ^AXJO) (ASX: XJO) barely moved yesterday, rising just 11.9 points to close at 4,297.0. It seems flying was on investors' minds, with two of the three stocks involved in aviation. The following three stocks all managed to rise by 3.5% or more.
Lynas Corporation Limited (ASX: LYC) rose 6.5 cents, up 6.7% to $1.035. The rare earths miner announced last week that it is on track to start up its plant in Malaysia in June 2012. The plant has been held up as Malaysian residents and local politicians expressed concerns about radioactive waste contaminating the environment.
China has a major hold on rare earths elements, which are used in electronic devices such as Apple Inc's (NASDAQ: AAPL) iPhone. Despite their name, rare earths are relatively plentiful, but because of their properties are not often found in concentrated and economically viable forms.
Virgin Australia Holdings Ltd (ASX: VAH) rose 1.5 cents to close at 43.5 cents, a rise of 3.6%. The company and Western Australian based Skywest Airlines have received Australian Competition and Consumer Commission (ACCC) approval to jointly bid for corporate contracts and charter operations. The companies entered into a 10-year strategic alliance in January 2011, to enable Virgin to fly into regional areas, and in April 2012, Virgin purchased 10% of Skywest Airlines for $8m.
Sydney Airport (ASX: SYD) rose 10 cents, or 3.5% to close at $3.00. The company holds a right of first refusal on a second Sydney airport. The Australian Financial Review reported that Sydney Airport's Chief Executive, Kerrie Mather, has said Sydney Airport will defend that right in the face of government plans to find alternatives to reduce congestion at the airport.
Other notable risers included Decmil Group Limited (ASX: DCG) up 3.2% to $2.89 and Macmahon Holdings Limited (ASX: MAH) up 2.9% to 70.5 cents.
If you're looking in the market for some high yielding ASX shares, look no further than "Secure Your Future with 3 Rock-Solid Dividend Stocks". In this free report, we've put together our best ideas for investors who are looking for solid companies with high dividends and good growth potential. Click here now to find out the names of our three favourite income ideas. But hurry – the report is free for only a limited time.
More reading
- 3 shares that blew the ASX away last week
- How Warren Buffett got rich
- The greatest challenge for today's nervous investors
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.
Editor's note: A previous version of this article stated that Sydney Airport would exercise its right of refusal. That statement was incorrect, and has been amended in the article, above.
