In afternoon trade the S&P/ASX 200 index has followed the lead of U.S. markets and is trading higher. At the time of writing the benchmark index is up 0.3% to 6,688.5 points.
Four shares that have climbed more than most today are listed below. Here’s why they have stormed higher:
The CSR Limited (ASX: CSR) share price has jumped 7% to $4.64. Investors have been buying the building products company’s shares after it was the subject of a positive broker note. According to a note out of Macquarie, its analysts have retained their outperform rating and lifted the price target on its shares to $4.80. This follows the release of its first half results at the end of last week.
The NRW Holdings Limited (ASX: NWH) share price has stormed 15% higher to $2.58. This morning the services company responded to media speculation suggesting it was interested in acquiring BGC Contracting. NRW confirmed that it has been selected as the preferred bidder in the sale of BGC Contracting. It believes there is significant merit in acquiring the company.
The Rio Tinto Limited (ASX: RIO) share price has climbed 3.5% to $93.68. The mining giant’s shares were given a boost today from a rise in commodity prices on Friday. According to CommSec, base metal prices rose by up to 2.2% on the London Metal Exchange. In addition to this, analysts at Macquarie reaffirmed their outperform rating and put a $104 price target on its shares this morning.
The Syrah Resources Ltd (ASX: SYR) share price has surged 11% higher to 45.5 cents. Investors have been buying the graphite producer’s shares after it announced the first production of purified spherical graphite from its Battery Anode Material in the United States. Management believes this represents a significant milestone at Syrah’s BAM project and its strategy of developing a vertically integrated natural graphite anode material production capability.
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Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. 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.