The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has defied international markets and pushed higher on Monday. In early afternoon trade the benchmark index is up 0.3% to 5,887.7 points.
Four shares that have climbed more than most today are listed below. Here’s why they have started the week with a bang:
The Bendigo and Adelaide Bank Ltd (ASX: BEN) share price has risen 5% to $10.39 following the release of a positive broker note out of Goldman Sachs. According to the note, Goldman has upgraded the regional bank’s shares from a neutral rating to a buy rating. The broker made the change as it believes Bendigo and Adelaide Bank has strong leverage to recent and future deposit margin improvement and has the most immediate leverage in the sector to a rising cash rate environment.
The Newcrest Mining Limited (ASX: NCM) share price is up 2.5% to $20.50 after the gold miner received approval from the NSW Department of Planning and Environment to use the first 200 metres of the old Cadia Hill open pit as a tailings storage facility. Newcrest is now installing the pipeline infrastructure, with utilisation of the open pit as a storage facility expected to commence in the first week of May.
The Western Areas Ltd (ASX: WSA) share price has pushed a further 3% higher to $3.82. This leading nickel miner’s shares have been on fire this month thanks to rising nickel prices. There are concerns that potential U.S. sanctions could hit a leading Russian nickel producer and global supplies hard.
The Zelda Therapeutics Ltd (ASX: ZLD) share price is up 4.5% to 11.5 cents. This morning the cannabis-based biotechnology company advised that recruitment for Australia’s first clinical study of medical cannabis to treat insomnia is now complete. The company’s study will soon begin, with patients undergoing baseline sleep measurements before commencing pharmaceutical dosing. Results are due out by the end of the year and will be worth watching out for.
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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 Scott Phillips.
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