The Australian share market has risen steadily this week and is trading higher on Thursday, with the S&P/ASX 200 up 12.6 points or 0.22% to 5847.8 points in early afternoon trade. The broader All Ordinaries index is sitting 12.5 points or 0.21% higher at 5906.2.
These 3 ASX shares have also been on the rise…
Ausdrill Limited
The Ausdrill Limited (ASX: ASL) share price surged 8.5% higher to $1.275 per share on Wednesday as it continues to recover from the resignation of its Chief Financial Officer and the decision by Norges Bank to reduce their share in the company. The diversified mining company led the ASX200 gainers in Wednesday's trade after its rebound from a horror 9.92% drop on Monday continued, perhaps signalling that the market mispriced the double whammy of bad news earlier in the week.
The Ausdrill share price is continuing its run higher today, lifting 1.73% to trade at $1.30; a gain of 5.2% for the week so far.
InvoCare Limited
Keen-eyed investors may also have spotted funeral services company InvoCare Limited's (ASX: IVC) share price dash 4.86% higher to $11.22 per share at the close of trade on Wednesday. The company, with a market cap of $1.2 billion, has been under pressure of late as its first half earnings for 2018 showed a 7.3% decline in operating profit after tax, and a 5.5% cut to its interim dividend as business continues to wane. However, I think one would have to be a fool to bet against the company in the long-term with Australia's aging population remaining a significant tailwind for the company's business model.
While dropping into the red today, down 1.92% to $11 at the time of writing, the InvoCare share price is 3.5% higher this week.
Bingo Industries Ltd
Also sitting atop the ASX200 on Wednesday was waste management company Bingo Industries Ltd (ASX: BIN) which moved 7.39% higher to $2.18 per share at close. Bingo Industries has continued to surge, with Wednesday's price 19.5% higher than its $1.835 price at the start of January. This rapid surge has been driven by movement surrounding the company's proposed acquisition of Dial a Dump Industries or "DADI" which appears increasingly likely to receive ACCC approval by 21 February 2019. Bingo Industries has proposed the divestment of its eastern Sydney waste processing plant to ease the ACCC's initial concerns surrounding anti-competitive behaviour arising from the takeover.
Although trading in the red today, down 1.84% to $2.14, the Bingo share price has jumped 6.4% so far this week.
Foolish takeaway
Whilst these companies have all performed well throughout this week, the major moves appear to be corrections from negative territory rather than positive growth stories for investors. Whilst January activity remains largely subdued ahead of the February corporate earnings season, I think fools could look at Alumina Limited (ASX: AWC) as an opportunity to pick up a 10.2% dividend yielding stock on the cheap, with its shares up 3.06% to $2.36 at time of writing.
