The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has put yesterday’s disappointment behind it and in afternoon trade is up almost 0.3% to 5,779 points.
Four shares which are ending the week with a bang today are listed below. Here’s why they have climbed higher:
The Adairs Ltd (ASX: ADH) share price is up 24% to 71 cents despite there being no news out of the retailer. Almost 8 million shares had changed hands by lunch, well ahead of its daily average volume of 326,000 shares. Despite this gain, the Adairs share price is still down over 50% year-to-date. Whilst it does look cheap, I am concerned that the arrival of a certain e-commerce behemoth could impact it greatly.
The Galaxy Resources Limited (ASX: GXY) share price has bounced back from yesterday’s heavy decline with an 8% gain to $1.67. Its shares were given a much-needed lift today when a research note out of Citi this morning revealed that its analysts have upgraded the lithium miner to a buy rating with a $2.70 price target.
The RCG Corporation Ltd (ASX: RCG) share price has jumped 5.5% to 77.5 cents. RCG Corporation is one of a number of beaten down retailers that are bouncing back strongly. This latest gain means the footwear retailer’s shares are up over 22% in just the last five trading sessions.
The Watpac Limited (ASX: WTP) share price has rebounded from a heavy fall yesterday with an 8% jump to 62 cents. This means that the mining services company’s shares have now recovered in full following a sell-off announcement that it expected to break-even this year. Last year the company posted a profit of $8.5 million.
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Returns as of 6th October 2020
Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. 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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