MENU

Why these 4 ASX shares climbed higher today

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.

Finally, here's another share which I think could be next in line to climb higher.

Why Elon Musk's "secret weapon" was the most shorted share in Australia...

On 9 March, the visionary Tesla co-founder and CEO made a bold $63,000,000 to save a large swath of Australia. But in the process, he accidentally revealed the small Melbourne-based company that allows him to consistently make the impossible possible. At one point, this little understood company was actually the single most heavily shorted share in all of the ASX. Yet oddly enough, nine out of 10 analysts call it a screaming BUY! And that includes Motley Fool Australia.

We just isolated this company as Elon Musk's "secret weapon", and think it's dynamic run (up more than double after initially floating shares just two and a half years ago!) is only getting started. For the full story on this company, as well as how to get invested alongside us today, simply click here!

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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.