In afternoon trade the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has bounced back from yesterday’s heavy decline with a move higher. At the time of writing the benchmark index is up 0.2% to 6,015.2 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Australian Mines Limited (ASX: AUZ) share price has surged 6% higher to 8.7 cents after the mineral exploration company advised that surface geochemical sampling over a target area of its Thackaringa Project in New South Wales has identified three zones of elevated levels of cobalt. Management stated that the cobalt content of these three anomalous zones is reportedly similar to those observed at the Cobalt Blue (ASX: COB) operated Pyrite Hill and Big Hill cobalt deposits.
The Collection House Limited (ASX: CLH) share price has pushed higher by 5% to $1.65. This morning the receivable management company upgraded its full-year guidance for investment in purchase debt ledgers (PDL). Due to the company taking steps to leverage the opportunities that have arisen from the requirement for Australian Banks to fully comply with the provisions of AASB 9, it intends to invest $80 million and $84 million in PDLs. Pleasingly, management expects to generate higher returns on these investments thanks to improvements in collection efficiencies, technology adoption, and improved data analysis.
The Galaxy Resources Limited (ASX: GXY) share price has rocketed 13.5% higher to $3.39 after announcing the sale of a package of tenements at its Sal de Vida operation to POSCO. The South Korean conglomerate will pay US$280 million for the package, with the proceeds being used to progress the development of Galaxy’s remaining Sal de Vida operation. I think this is a great deal and can’t say I’m surprised to see its shares storm higher.
The Retail Food Group Limited (ASX: RFG) share price has jumped 10% higher to 85 cents after announcing the appointment of a new group CEO. The company has promoted Richard Hinson from his previous role of CEO of its Australian business after just four months. Investors appear to believe he could help turn around the sinking ship.
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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 Scott Phillips.