MENU

Why these 4 ASX shares are posting strong gains today

It has been yet another disappointing day of trade for the benchmark S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). At the time of writing the index is down 0.5% to 6,144.4 points.

Four shares that have defied the market and pushed higher today are listed below. Here’s why they are posting strong gains:

The Argosy Minerals Limited (ASX: AGY) share price has rocketed 24% higher to 25.5 cents. This morning the lithium company advised that a key strategic component of the principal Stage 1 milestone has been achieved. This related to a successful and scalable chemical process solution to produce battery quality lithium carbonate (LCE) product being achieved. Management will now prepare representative customer samples to be provided to its preferred potential off-take party.

The Centuria Industrial REIT (ASX: CIP) share price has surged 10% higher to $2.99 after receiving an indicative, non-binding, and conditional proposal from Propertylink Group (ASX: PLG). According to the release, titled Project Cinderella, Propertylink has offered a mix of scrip and cash with an implied value of $3.04 per Centuria Industrial REIT unit. This values the equity of the REIT at $755 million. Centuria Property Funds No. 2 Limited has formed an Independent Board Committee to consider the proposal.

The Myer Holdings Ltd (ASX: MYR) share price has stormed a remarkable 25% higher to 52 cents. News that UBS had taken its sell rating off Myer’s shares could have been a catalyst for this rise. The broker rates Myer as neutral with a 41 cents price target. In addition to this, news that CEO John King picked up 100,000 Myer shares through an on-market trade this morning may have improved investor sentiment.

The Zip Co Ltd (ASX: Z1P) share price has jumped 6% higher to $1.09 after announcing a partnership with Wesfarmers Ltd (ASX: WES) subsidiary Target Australia to offer Zip interest-free payments to its customers. The company expects the Zip platform to be live throughout the Target network by mid-October.

OUR #1 dividend pick to grow your wealth now is revealed for FREE here!

You might not know this market leader's name, but it's rapidly expanding into a highly profitable niche market here in Australia. Even better, the shares boast a strong, fully franked dividend that should balloon in the years to come. In other words, we're looking at the holy grail of incredible long-term growth potential AND income you can watch accruing in your account in real time!

Simply click here to grab your FREE copy of this up-to-the-minute research report on our #1 dividend share recommendation now.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended Wesfarmers 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.

Two New Stock Picks Every Month!

Not to alarm you, but you’re about to miss a very important event! Chief Investment Advisor Scott Phillips and his team at Motley Fool Share Advisor are about to reveal their latest official stock recommendation. The premium “buy alert” will be unveiled to members and you can be among the first to act on the tip.

Don’t let this opportunity pass you by – this is your chance to get in early!

Simply enter your email now to find out how you can get instant access.

By clicking this button, you agree to our Terms of Service and Privacy Policy. We will use your email address only to keep you informed about updates to our website and about other products and services we think might interest you. You can unsubscribe from Take Stock at anytime. Please refer to our Financial Services Guide (FSG) for more information.