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

The Costa Group Holdings Ltd (ASX:CGC) share price and the Syrah Resources Ltd (ASX:SYR) share price are two of four surging higher on Monday. Here's why…

| More on:
a woman

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

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.

More on Share Gainers

A happy young couple lie on a wooden deck using a skateboard for a pillow.
Share Gainers

These were the best-performing ASX 200 shares in March

These shares made their shareholders smile in March thanks to some very big gains.

Read more »

Stock market chart in green with a rising arrow symbolising a rising share price.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a massive day for the ASX 200, with a new all-time high recorded.

Read more »

A man sits thoughtfully on the couch with a laptop on his lap.
Technology Shares

This ASX tech stock rocketed 60% in March! Can it keep on delivering?

After soaring in March, the ASX tech stock is now up 169% since this time last year.

Read more »

A young women pumps her fists in excitement after seeing some good news on her laptop.
Share Gainers

Why Mesoblast, Newmont, Pilbara Minerals, and Platinum shares are jumping

These ASX shares are ending the week strongly. But why?

Read more »

A young male ASX investor raises his clenched fists in excitement because of rising ASX share prices today
Share Gainers

3 ASX All Ords shares up 50%+ in March

These ASX shares have been on fire this month. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Share Gainers

Why Mesoblast, Patriot Battery Metals, Sigma, and Zip shares are pushing higher

These shares are having a good session on hump day. But why?

Read more »

Woman looks amazed and shocked as she looks at her laptop.
Consumer Staples & Discretionary Shares

If you'd put $20,000 in this ASX retail stock at the start of 2023, you'd have $134,000 now

This online retailer has executed a remarkable turnaround for its investors.

Read more »

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was back to earth for ASX shares this Tuesday.

Read more »