Here’s why these 4 ASX shares rocketed higher today

The S&P/ASX 200 (Index:^AXJO) (ASX:XJO) may be lower, but that hasn’t stopped Galaxy Resources Limited (ASX:GXY) are three other shares from bolting higher.

| More on:

Credit: Szaaman

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) looks like it is going to end the week on a negative note, down 0.5% to 5,445 points as we approach the close.

But four shares in particular haven’t let that hold them back today. Each has pushed higher with strong gains, ensuring their respective shareholders start the weekend with a smile.

ASG Group Limited (ASX: ASZ) shares have rocketed higher by 16.5% to $1.59 following a takeover offer from Tokyo-based Nomura Research Institute. Nomura has offered to acquire ASG for $1.63 cash per share, valuing the company at approximately $349 million. The company’s independent board committee has unanimously recommended that shareholders vote in favour of the offer at its planned meeting in December.

Galaxy Resources Limited (ASX: GXY) shares have surged 7% higher to 32.2 cents. The lithium miner’s shares have come under heavy selling pressure in the last month and are down over 17% even after today’s gains. Although many investors are concerned that the lithium boom is going to end in a bust, others clearly are a little more bullish on the metal.

Nearmap Ltd (ASX: NEA) shares have jumped 6% to 62 cents despite there being no news out of the aerial imaging company. The volume of Nearmap shares which have been traded has been far higher than normal in the last few days, driving its share price higher. Considering its explosive growth prospects this doesn’t come as a surprise.

OceanaGold Corporation (ASX: OGC) has climbed 3% to $4.11. This week the gold producer dropped 19% when its Didipio mine was named as one of 20 that have been threatened with closure by the Philippine government. Management revealed on its conference call that the closure threat stems from a single complaint from a local resident that found cracks in their wall. Management believes these cracks were from faulty construction and nothing to do with its mining operation. Investors appear to be betting that the mine will stay open and the share price will rebound.

Wondering where you should invest $1,000 right now?

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for over ten years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes could be the five best ASX stocks for investors to buy right now. These stocks are trading at near dirt-cheap prices and Scott thinks they could be great buys right now.

*Returns as of January 12th 2022

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.

More on ⏸️ Investing

Close up of baby looking puzzled
Retail Shares

What has happened to the Baby Bunting (ASX:BBN) share price this year?

The share price of ASX infant products retailer Baby Bunting Group Ltd (ASX:BBN) has been a solid performer so far …

Read more »

woman holds sign saying 'we need change' at climate change protest
ETFs

3 ASX ETFs that invest in companies fighting climate change

A new landmark report by the Intergovernmental Panel on Climate Change (IPCC) was released earlier this week. It provided a …

Read more »

a jewellery store attendant stands at a cabinet displaying opulent necklaces and earrings featuring diamonds and precious stones.
⏸️ Investing

The Michael Hill (ASX: MHJ) share price poised for growth

Investors will be keeping an eye on the Michael Hill International Limited (ASX: MHJ) share price today. The keen interest …

Read more »

ASX shares buy unstoppable asx share price represented by man in superman cape pointing skyward
⏸️ Investing

The Atomos (ASX:AMS) share price is up 15% in a week

The Atomos Limited (ASX: AMS) share price has been on a tear this past week, rising 15% on the back …

Read more »

asx share price competitions represented by businessmen arm wrestling
Retail Shares

How does the Temple & Webster (ASX:TPW) share price stack up against Nick Scali (ASX:NCK)?

Online furniture retailer Temple & Webster Group Ltd (ASX: TPW) had a breakout year in 2020, moving from relative obscurity …

Read more »

A medical researcher works on a bichip, indicating share price movement in ASX tech companies
Healthcare Shares

The Aroa (ASX:ARX) share price has surged 60% since its IPO

Shares in ASX healthcare company Polynovo Limited (ASX: PNV) almost doubled in price last year. And, despite a shaky start …

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

Investing in other geographic markets has become a popular way to diversify a portfolio. The risks associated with being exposed …

Read more »

person reading news on mobile phone
⏸️ Investing

Why Fox (NASDAQ:FOX) might hurt News Corp (ASX:NWS) shareholders

Despite the News Corporation (ASX: NWS) share price getting a 31% bump between November last year and today, News Corp …

Read more »