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Why these 3 shares moved higher this week

Shareholders of these three companies enjoyed healthy gains on Thursday.

Lynas Corporation Ltd (ASX: LYC)

Shareholders of Lynas Corporation Ltd saw their stock in the rare earth miner climb by 5.3% to close at $2.38 on Thursday.

Lynas shares have been recovering this month, boosted by news that its Mt Weld rare earth mineral resources and ore reserves exceeded previous expectations.

Lynas hopes to profit from the booming electric car market and is a key supplier of NdPr which is used to develop electric motors.

Altura Mining Ltd (ASX: AJM)

Shares in lithium exploration company Altura Mining Ltd gained 7.41% on Thursday as the company signalled its intent to decline a control transaction involving China’s Shaanxi J&R Optimum Energy Co.

Altura announced that it “has determined that on account of prevailing market sentiment towards listed lithium companies and the fact Altura is commissioning Pilgangoora and transitioning from a development to production company, any change of control transaction would be unlikely to deliver an appropriate valuation outcome for our shareholders”.

It appears the market responded positively to the announcement with Altura shares trading for around 29 cents, but still short of the 48 cents they were going for back in March.

Sigma Healthcare Ltd (ASX: SIG)

Sigma Healthcare Ltd continued its recovery from the beating it took in late June, gaining 6% on Thursday.

The Sigma share price plunged by 40% after the company announced it would not renew a key wholesale supply contract with the My Chemist/Chemist Warehouse Group.

Termination of the contract, set for June 2019, looks set to hit the company and has prompted management to cut FY2019’s EBIT guidance by about $15 million to $75 million.

But it seems some, including a number of the company’s directors, believe the dip represents a buying opportunity.

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Motley Fool contributor Steve Holland 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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