Motley Fool Australia

Why these 4 ASX shares surged higher today

High

In afternoon trade the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) is on course for its third successive day of declines and is down 0.15% to 5,926 points.

Four shares that have managed to defy the market today are listed below. Here’s why they have pushed higher:

The Altura Mining Ltd (ASX: AJM) share price has stormed 8% higher to 42.5 cents after the prospective lithium producer advised that it has been in discussions with Shaanxi J&R Optimum Energy Co. regarding a potential control transaction. Management has, however, warned that these discussions with the vehicle battery developer are at an early stage and there is no guarantee that anything will come of it. I think investors ought to hold off an investment for the time being.

The Argosy Minerals Limited (ASX: AGY) share price has climbed 7.5% to 35.5 cents. This morning the lithium-focused mineral exploration company announced that it has been granted approval to construct the remaining stage 2 lithium evaporation ponds at its Rincon Lithium Project in Argentina. In addition to this, it stated that its stage 1 lithium brine concentrate processing work is imminent.

The Experience Co Ltd (ASX: EXP) share price has pushed 10% higher to 72.5 cents despite there being no news out of the adventure company. However, prior to today its shares were down 26% year-to-date. This could mean that bargain hunters think its shares have fallen too far now and have swooped in.

The SKY and Space Global Ltd (ASX: SAS) share price is up 4% to 13 cents after the global communication infrastructure company announced that it has signed an operational evaluation agreement with Globalsat Group. The agreement aims to formalise the final step towards providing machine to machine and Internet of Things services in Central and South America. This is expected to lead to the signing of a commercial binding agreement within two months.

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 June 30th

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 Scott Phillips.

Related Articles…

Latest posts by James Mickleboro (see all)