It has been a reasonably disappointing day for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is down almost 0.3% to 5,729 points.
Four shares which haven’t let that hold them back are listed below. Here’s why they are climbing higher:
The Boart Longyear Ltd (ASX: BLY) share price has climbed 5.5% to 3.8 cents after the drilling services company announced that S&P Global has raised its corporate credit rating to CCC+. The ratings agency has, however, retained a negative outlook on Boart Longyear.
The DE Mem Ltd (ASX: DEM) share price is up 3% to 33 cents after the Singapore-based water and waste water treatment company announced its expansion into the Australian market with the acquisition of Akwa-Worx. DE Mem will acquire the leading provider of water and waste water treatment systems and supplies products for $1.5 million in cash plus $460,000 of DE Mem shares. I think DE Mem could be one to watch closely this year.
The Galaxy Resources Limited (ASX: GXY) share price has continued its strong run and is up 3% to $2.65. This morning the lithium miner provided a positive update on the assays at its James Bay Project in Canada. The results reaffirm the potential of James Bay as a long-life high grade spodumene project.
The Myer Holdings Ltd (ASX: MYR) share price is up 2.5% to 73.7 cents following the release of its full-year results. This morning Myer reported full-year net profit after tax of $67.9 million, down 2.2% on last year’s result and ahead of one broker’s expectations. One slight disappointment, though, was that the trading during the first six weeks of FY 2018 have been below management’s expectations.
Where to 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 more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*
Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.
*Returns as of February 15th 2021
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.