Why these 4 ASX shares are starting the week with strong gains

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has started the week with a move higher and finds itself up 0.3% to 6,088 points in afternoon trade.

Four shares climbing more than most today are listed below. Here’s why they are starting the week with strong gains:

The Argosy Minerals Limited (ASX: AGY) share price has climbed almost 12% to 44.7 cents. Earlier in the day the lithium-focused mineral exploration company’s shares hit a record high of 45 cents thanks to a rally in the lithium miners. Argosy is one of three lithium miners making a new high on Monday.

The Auscann Group Holdings Ltd (ASX: AC8) share price has continued its rebound and is up 6% to $1.76. At one stage the pot stock climbed to $1.83, just short of its record high of $1.86. This has been an impressive recovery after a profit-taking sell-off last week sent its shares down as low as $1.44.

The Bellamy’s Australia Ltd (ASX: BAL) share price is up almost 5% to $10.83 despite there being no news out of the infant formula company. Investors may believe that the 12 million tins of baby milk being recalled by France-based Lactalis is an opportunity for Bellamy’s. After all, there is a danger for Lactalis that Chinese consumers may turn away from the company’s products after the salmonella scare.

The Evolution Mining Ltd (ASX: EVN) share price is 6% higher to $2.72 following a rise in the gold price. The spot gold price is up to a four-month high of US$1,341 thanks largely to a weakening U.S. dollar. How long the U.S. dollar stays at this low level is the big question considering the Fed plans to hike rates three times in 2018. For this reason I would approach the gold miners with caution.

Missed these gains? Then don't miss out on these top shares which could be next in line for gains.

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Motley Fool contributor James Mickleboro has no position in any of the 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.

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