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Why Altura Mining, Costa, Retail Food Group, & Syrah Resources shares surged higher today

The S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) has had a positive start to the week. In early afternoon trade the benchmark index is up 0.25% to 5,789.8 points.

Four shares that have climbed more than most today are listed below. Here’s why they have started the week with a bang:

The Altura Mining Ltd (ASX: AJM) share price has climbed 3% to 17 cents after the lithium miner provided an update on the Stage 1 operations from its recently commissioned Altura Lithium Project in Western Australia. According to the update, the company has overcome some initial challenges and delays to deliver positive increases in performance during the last quarter. It shipped four cargoes totalling 24,000 dry metric tonnes to Chinese based converters. These shipments have exceeded customer expectations with a grade as high as 6.2% lithium oxide.

The Costa Group Holdings Ltd (ASX: CGC) share price has bounced back from last week’s selloff with a gain of almost 4.5% to $4.85. A surprise profit warning led to the horticulture company’s shares falling almost 40% last week. One broker that sees value in its shares at these levels is Macquarie. Last week it retained its outperform rating on its shares, albeit with a lower price target of $5.55. This price target still implies meaningful upside for its shares this year.

The Retail Food Group Limited (ASX: RFG) share price has jumped 13.5% higher to 33.5 cents after a report in the Australian Financial Review claimed that equity investor PAG Asia Capital is interested in buying its Crust Gourmet Pizzas business for $100 million. Management has responded to the speculation by advising that it is in discussions with parties regarding asset sales, but played down the $100 million price tag.

The Syrah Resources Ltd (ASX: SYR) share price is up over 2% to $1.76 after announcing the declaration of commercial production at its Balama graphite operation in Mozambique. The Syrah board determined that the criteria to achieve commercial production was met on January 1. In addition to this, the company provided an update on its performance during the fourth quarter of calendar year 2018. In the fourth quarter the company achieved natural graphite production of 33kt, bringing its full year production to 104kt. This was in line with its updated guidance.

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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