Why Costa, Galaxy, Oil Search, & Ramelius shares are pushing higher

Galaxy Resources Limited (ASX:GXY) and Ramelius Resources Limited (ASX:RMS) shares are two of four pushing higher on Thursday…

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The S&P/ASX 200 Index (ASX: XJO) is on course to end the year with a decline on Thursday. In late morning trade, the benchmark index is down 0.3% to 6,661.7 points.

Four shares that are not letting that hold them back are listed below. Here’s why they are pushing higher:

Costa Group Holdings Ltd (ASX: CGC)

The Costa share price is up 2% to $4.16. This morning Vitalharvest Freehold Trust (ASX: VTH) provided an update on its takeover by Macquarie Agricultural Funds Management. Costa leases seven farms from Vitalharvest and has agreed long term deals with Macquarie for them. Investors appear happy with the transaction’s progress.

Galaxy Resources Limited (ASX: GXY)

The Galaxy share price has pushed 3% higher to $2.27. The lithium miner’s shares have been strong performers recently and hit a multi-year high earlier today. Investors have been buying the company’s shares on the belief that lithium demand will increase greatly in the coming years thanks to growing electric vehicle adoption.

Oil Search Ltd (ASX: OSH)

The Oil Search share price has climbed 2% to $3.73. This appears to have been driven by a rise in oil prices overnight after a better than expected inventory draw in the United States. According to CNBC, Brent crude oil futures gained 0.5% to settle at US$51.34 per barrel and U.S. West Texas Intermediate (WTI) crude oil advanced 0.8% to settle at US$48.40 per barrel.

Ramelius Resources Limited (ASX: RMS)

The Ramelius share price has risen 3.5% to $1.68. Investors have been buying the gold miner’s shares after the price of the precious metal pushed higher overnight following further weakness in the US dollar. It isn’t just the Ramelius share price that is advancing this morning. At the time of writing, the S&P/ASX All Ordinaries Gold index is up a decent 1.2%.

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Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia owns shares of and has recommended COSTA GRP FPO. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

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