In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a sizeable gain. At the time of writing the benchmark index is up 1% to 5,978.1 points.
Four shares that are climbing more than most today are listed below. Here’s why they are storming higher:
The Galaxy Resources Limited (ASX: GXY) share price has jumped 5.5% higher to 87 cents. Investors have been buying the lithium miner’s shares after it announced an extension to its offtake agreement with Yahua International. According to the release, Yahua has agreed to purchase a further 30,000 dmt of 6% Li2O spodumene concentrate during the remainder of 2020 and 120,000 dmt per annum each calendar year from 2021 to 2025 on a take or pay basis.
The Platinum Asset Management Ltd (ASX: PTM) share price is up 3.5% to $3.83. This follows the release of the fund manager’s funds under management (FUM) update on Friday evening. During the month of June, Platinum’s FUMs increased by $158 million to $21,917 million prior to its annual distribution. It also revealed that it estimates that it is entitled to performance fees of $9 million for the 12 months ended 30 June.
The Sezzle Inc (ASX: SZL) share price has jumped 16% to $8.05. This morning the buy now pay later company announced the successful completion of the institutional component of its capital raising. Sezzle raised $79.1 million via the issue of 14.9 million shares at $5.30 per share. This compares to the underwritten floor price of $5.00 per share. These funds will be used to accelerate its growth strategy and strengthen its balance sheet.
The Treasury Wine Estates Ltd (ASX: TWE) share price is up 3.5% to $10.88. This gain appears to have been triggered by a broker note out of Morgan Stanley this morning. Its analysts have upgraded the wine company’s shares to an overweight rating with an improved price target of $13.50. It suspects that its shares could re-rate higher in the future once its US based operations begin to stabilise.
5 stocks under $5
We hear it over and over from investors, "I wish I had bought Altium or Afterpay when they were first recommended by The Motley Fool. I'd be sitting on a gold mine!" And it's true.
And while Altium and Afterpay have had a good run, we think these 5 other stocks are screaming buys. And you can buy them now for less than $5 a share!
*Extreme Opportunities returns as of June 5th 2020
Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of and has recommended Treasury Wine Estates Limited. The Motley Fool Australia has recommended Sezzle Inc. 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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