The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) appears to have run out of steam after a series of strong gains. In late afternoon trade the benchmark index is down over 0.4% to 5,815 points.
Four shares that have not let that hold them back are listed below. Here’s why they are ending the week with a bang:
The Australian Mines Limited (ASX: AUZ) share price has stormed 15% higher to 4.5 cents. This morning the cobalt, nickel, and scandium miner announced its second major scandium research partnership. According to the release, Australian Mines will collaborate with leading academic researchers at the Amrita Centre for Research and Development in India. The work being conducted is around the use of scandium in the next generation metal hydride batteries and hydrogen storage applications.
The Capilano Honey Ltd (ASX: CZZ) share price has pushed over 4% higher to $20.70 after the honey producer’s takeover offer was sweetened. According to the release, the Wattle Hill and ROC Capital consortium has lifted its cash consideration from $20.06 to $21.00 per share. The Capilano Honey board has unanimously recommended that shareholders vote in favour of the scheme in the absence of a super proposal and subject to the independent expert concluding that it is fair and reasonable.
The Galaxy Resources Limited (ASX: GXY) share price has rocketed 12% higher to $2.56 despite there being no news out of the lithium miner. Almost all Australian lithium miners have posted strong gains today. Some investors may believe that their shares have bottomed after the industry experienced heavy declines in October.
The Kidman Resources Ltd (ASX: KDR) share price has jumped over 13% higher to $1.32. While Kidman Resources is likely to be getting a boost from the lithium miner rebound, its shares were given an additional boost from a broker note out of Ord Minnett. That note revealed that its analysts have a buy rating and $2.80 price target on the lithium miner’s shares.
These 3 stocks could be the next big movers in 2020
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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. 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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