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Why Clean TeQ, Eclipx, Metcash, & Zip Co shares climbed higher today

beat the share market

In afternoon trade the S&P/ASX 200 index has given back the majority of its morning gains and is now just a fraction higher. At the time of writing the benchmark index is up almost 0.1% to 6,326.4 points.

Four shares that are climbing more than most today are listed below. Here’s why they have climbed higher:

The Clean TeQ Holdings Limited (ASX: CLQ) share price has surged 16% higher to 32 cents after providing an update on its wholly-owned Sunrise nickel, cobalt, and scandium project located in central New South Wales. Clean TeQ revealed that it has received numerous inbound enquiries from a range of parties in the electric vehicle supply chain. In light of this, it has appointed Macquarie Group Ltd (ASX: MQG) subsidiary Macquarie Capital to run a partnering process.

The Eclipx Group Ltd (ASX: ECX) share price has continued its remarkable run and is up a further 2.5% to $1.38. This morning the fleet management company’s shares were given a further boost when analysts at UBS retained their buy rating and lifted the price target on them to $1.50. The broker believes the risk of Eclipx breaching its debt covenants has reduced meaningfully following its results release last week.

The Metcash Limited (ASX: MTS) share price has risen 2.5% to $3.04. This wholesale distributor’s shares were given a lift this morning when Morgan Stanley retained its overweight rating and $3.40 price target following yesterday’s update. The broker believes there is upside potential to its earnings estimates in FY 2020 now.

The Zip Co Ltd (ASX: Z1P) share price has climbed 4% to $3.03 despite there being no news out of the buy now, pay later provider. However, prior to today its shares had lost a quarter of their value since peaking at $3.98 in late May. I suspect that some investors believe that Zip Co’s shares had been oversold and are attractively priced now.

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James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. owns shares of ZIPCOLTD FPO. 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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