The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a strong start to the week and is up a sizeable 0.6% to 6,273.1 points in afternoon trade.
Four shares that are climbing more than most today are listed below. Here’s why they have started the week on a high:
The Argosy Minerals Limited (ASX: AGY) share price has rocketed over 44% higher to 26 cents after the lithium company announced that it has successfully produced battery grade lithium carbonate (LCE) product from its stage 1 plant at the Rincon lithium project in Argentina. There had been concerns in June when initial testing found its product to be the cheaper and less coveted industrial grade LCE.
The Galaxy Resources Limited (ASX: GXY) share price has pushed over 3.5% higher to $2.85 after the lithium miner updated the market on its agreement with South Korean conglomerate POSCO. According to the release, POSCO’s board meeting has been brought forward. That meeting will either approve or reject its US$280 million purchase on a selection of tenements from Galaxy’s Sal de Vida operation.
The NIB Holdings Limited (ASX: NHF) share price has risen over 4% higher to $5.83. Today’s rise is likely to be attributable to a broker note out of Ord Minnett. Although the broker has held firm with its hold rating, it lifted the price target on the health insurance company’s shares to $5.78. Ord Minnett made the move on the back of NIB’s decision to acquire the QBE Insurance Group Ltd (ASX: QBE) travel insurance business.
The Redbubble Ltd (ASX: RBL) share price is up 5% to $1.77 despite there being no news out of the ecommerce company. This latest gain means that Redbubble’s shares have risen over 120% since this time last year. I have been very impressed with the company’s progress over the last 12 months and think it is well worth taking a closer look.
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of REDBUBBLE FPO. The Motley Fool Australia has recommended NIB Holdings Limited. 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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