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Why these 4 ASX shares have started the week with strong gains

The benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a strong start to the week and is up 0.5% to 6,020.9 points in afternoon trade.

Four shares that have climbed more than most today are listed below. Here’s why they have started the week with strong gains:

The Bingo Industries Ltd (ASX: BIN) share price has risen 4.5% to $2.79 despite there being no news out of the waste management company. However, its shares have come under pressure in the last few weeks from profit-taking following strong gains. This could mean that bargain hunters are swooping in today. Which wouldn’t be a bad idea in my opinion, as I think Bingo Industries is a great long-term buy and hold investment option.

The Bubs Australia Ltd (ASX: BUB) share price has stormed over 7% higher to 82 cents after announcing a major deal with China-based supply chain and service provider New Times Asia. According to the release, New Times Asia has committed to buy $17 million worth of product in FY 2019. This will rise to $24 million in FY 2020 and $37 million in FY 2021.

The Galaxy Resources Limited (ASX: GXY) share price has continued its strong run and is up a further 3% to $3.60 on Monday. Today’s gain appears to be related to a broker note out of UBS this morning which saw the broker retain its buy rating and increase the price target on the lithium miner’s shares to $3.95. UBS made the move after Galaxy sold a portion of its northern tenements at Sal de Vida to South Korean conglomerate POSCO for US$280 million.

The Kogan.com Ltd (ASX: KGN) share price has pushed 5.5% higher to $9.62 after the e-commerce company announced plans to start selling whitegoods and built-in kitchen appliances by the end of the year. I think this is a great move and could be another source of growth over the next few years. Unfortunately, I feel it is likely to have a negative impact on JB Hi-Fi Limited (ASX: JBH).

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has recommended Kogan.com ltd. 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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