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).
