Motley Fool Australia

Why these 4 shares are charging higher today

Rocket soaring through sky

The S&P/ASX 200 (Index: ^AXJO) (ASX:XJO) is trading lower today, despite some better-than-expected domestic economic growth numbers being released.

At lunchtime, the benchmark index had fallen 0.40% to 5,690 points and was being weighed down a by a number of shares trading ex-dividend including Telstra Corporation Ltd (ASX: TLS) and Crown Resorts Ltd (ASX: CWN).

However, a number of shares have managed to post solid gains today, including:

Clean TeQ Holdings Limited (ASX: CLQ)

The Clean TeQ share price has surged more than 7.3% today after the company announced it has formed a strategic partnership with a leading Chinese conglomerate to fast track the development of its nickel-cobalt project in New South Wales. Pengxin Mining will invest $81 million in the company and will also assist in the procurement of Chinese project financing for the project. Remarkably, shares of Clean TeQ have rallied more than 487% over the past 12 months as investors have gravitated towards anything associated with cobalt.

Vita Group Limited (ASX: VTG)

The Vita Group share price is enjoying its second consecutive day of strong gains with a rise of more than 4.7% to $3.32. The telecommunications retailer posted a solid interim result yesterday and investors are undoubtedly cheering the board’s decision to increase the interim dividend by 60% to 9.2 cents per share. Despite the recent share price rally, Vita Group shares are still trading 40% below their 52-week high of $5.47.

Macmahon Holdings Limited (ASX: MAH)

The Macmahon Holdings share price has surged more than 13% to 17 cents today after the mining services company announced that it has entered into a heads of agreement with Indonesian mining group, PT AMNT. The agreement will see PT AMNT take a 40%-50.1% stake in Macmahon in return for assets worth US$150 million and a mining contract worth around US$2 billion. This is quite an interesting development as its makes Cimic Group Ltd’s (ASX: CIM) 14.5 cent per share hostile takeover bid less attractive.

Dicker Data Ltd (ASX: DDR)

The Dicker Data share price has climbed more than 3% today after the computer hardware company announced it expects to increase FY17 dividends by 5.5% to 16.4 cents per share. The company also said it expects to generate FY17 revenue growth of just under 10%, which is broadly in line with the previous year’s growth. At the current share price of $2.45, investor can therefore expect a dividend yield of around 6.7% over the next 12 months.

This Tiny ASX Stock Could Be the Next Afterpay

One little-known Australian IPO has doubled in value since January, and renowned Australian Moonshot stock picker Anirban Mahanti sees a potential millionaire-maker in waiting...

Because 'Doc' Mahanti believes this fast-growing company has all the hallmarks of genuine Moonshot potential, forget 'buy now pay later', this stock could be the next hot stock on the ASX.

Doc and his team have published a detailed report on this tiny ASX stock. Find out how you can access what could be the NEXT Afterpay today!

Returns as of 6th October 2020

Motley Fool contributor Christopher Georges 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.

Related Articles...

Latest posts by Christopher Georges (see all)