It has been a positive day of trade for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO). In afternoon trade the benchmark index is up almost 0.5% to 6,189.8 points.
Four shares that have climbed more than most today are listed below. Here’s why they have stormed higher:
The BHP Billiton Limited (ASX: BHP) share price has climbed 3% to $32.38 after a solid rise in base metal prices. According to Metal Bulletin, the base metals complex shrugged off the escalating US-China trade dispute and pushed higher on the London Metals Exchange. The copper price was a strong performer and closed 2% higher at US$6,086 per tonne.
The Costa Group Holdings Ltd (ASX: CGC) share price has pushed over 4% higher to $6.82 after the release of a positive broker note out of UBS. According to the note, the broker has upgraded Costa Group’s shares to a buy rating from neutral with a price target of $8.20. UBS made the move largely on valuation grounds after a meaningful pullback in the Costa Group share price since its disappointing earnings release last month. I think Costa is well worth a closer look.
The Gascoyne Resources Ltd (ASX: GCY) share price has rocketed 20% higher to 30 cents after the gold exploration company provided an update on its drilling at the Tanqueray prospect. According to the release, the drilling intersected ultra-high grade gold mineralisation. The mineralisation contained very coarse visible gold within a quartz rich clay zone. The company is now planning follow-up drilling.
The Liquefied Natural Gas Ltd (ASX: LNG) share price has risen 6% to 63 cents. This gain may be in response to news out of S&P Global Platts which indicated that Asian LNG markets could be set for a tight winter. Shell’s head of integrated gas Maarten Wetselaar has predicted that prices will remain elevated until at least March 2019.
These 3 stocks could be the next big movers in 2020
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. 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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