Here's why these 4 ASX shares have gone nuts today

The Iluka Resources Limited (ASX:ILU) share price is one of four moving significantly higher today. Here's why these shares have rocketed…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course to end its losing streak with a small gain today. In afternoon trade the index is up 0.2% to 5,816 points.

Four shares which are climbing more than most are listed below. Here's why they have rocketed higher:

The Iluka Resources Limited (ASX: ILU) share price has surged 12% to $8.24 after the mineral sands producer delivered a strong quarterly update. Thanks to favourable pricing and a surge in production, quarterly mineral sands revenue rose a massive 114% to $218.5 million. This allowed the company to reduce its net debt to $403 million, from $505 million at the end of December.

The iCar Asia Ltd (ASX: ICQ) share price is up 14% to 28.5 cents after the automotive listings company announced record quarterly cash receipts of $2.5 million during its first quarter. The strong result was driven by a 26% increase in overall listings growth, including 51% growth for Malaysia and 47% growth for Thailand. Whilst this was an impressive quarter, it's still a little early for an investment in my opinion.

The Pilbara Minerals Ltd (ASX:PLS) share price has jumped 10% to 35.2 cents despite there being no news out of the lithium miner. On Tuesday Pilbara's shares fell sharply after a project update revealed further delays to its mining permit approval and financing discussions. But today its seems investors are willing to overlook the delays and focus more on the positive bulk sampling results it released that day as well.

The Shaver Shop Group Ltd (ASX: SSG) share price has rocketed almost 12% to 67 cents after the specialist grooming products retailer released its third quarter update. Thanks to a strong performance in March, management raised its full-year EBITDA guidance to between $13.7 million and $15 million from prior guidance of between $12 million and $13.5 million. Whilst I was impressed with the update, I am concerned about the impact Amazon's arrival in Australia will have on the business.

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?

It's been a volatile year so far for the Aussie nursery retailer. We take a closer look

Read more »

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

3 ASX ETFs that invest in companies fighting climate change

If you want to shift some of your investments into more ethical companies, exchange-traded funds can offer a good option

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 (ASX: AMS) share price has surged 15% this week. Let's look at what's ahead as the company build…

Read more »

Two people in suits arm wrestle on a black and white chess board.
Retail Shares

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

How does the Temple & Webster (ASX: TPW) share price stack up against rival furniture retailer Nick Scali Limited (ASX:…

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

The Aroa (ASX:ARX) share price has surged 60% since the Polynovo (ASX: PNV) competitor listed on the ASX in July.…

Read more »

asx investor daydreaming about US shares
⏸️ How to Invest

How to buy US shares from Australia right now

If you have been wondering how to buy US shares from Australia to gain exposure from the highly topical market,…

Read more »

⏸️ Investing

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

News Corporation (ASX: NWS) might be facing some existential threats from its American cousins over the riots on 6 January

Read more »