Why Eagers Auto, Orocobre, Sims, & Titomic shares are storming higher

Orocobre Limited (ASX:ORE) and Sims Ltd (ASX:SGM) are two of four ASX shares that are storming higher on Monday. Here's why…

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a gain. At the time of writing, the benchmark index is up 0.2% to 7,078.3 points.

Four ASX shares that are climbing more than most today are listed below. Here's why they are storming higher:

ASX bank profit upgrade Red rocket and arrow boosting up a share price chart

Image source: Getty Images

Eagers Automotive Ltd (ASX: APE)

The Eagers Automotive share price has climbed 4% to $16.21. Investors have been buying the auto retailer's shares after Morgan Stanley responded positively to its recent trading update. The broker notes that Eagers Automotive is trading well-ahead of expectations so far in FY 2021. In addition, the broker believes it is well-placed to be a much more profitable company in the future. Morgan Stanley has retained its overweight rating and lifted its price target to $18.00.

Orocobre Limited (ASX: ORE)

The Orocobre share price has jumped 5% to $6.50. Investors have been scrambling to buy its shares after it announced a merger with fellow lithium producer Galaxy Resources Limited (ASX: GXY). The company notes that the merger will create the fifth largest global lithium chemicals company with a diversified production base and exciting growth platform. The Galaxy share price is rising on the news as well.

Sims Ltd (ASX: SGM)

The Sims share price has surged 10% higher to $16.78. The scrap metal company's shares were given a boost today from the release of a trading update. According to the release, Sims is expecting to achieve underlying earnings before interest and tax (EBIT) of around $260 million to $310 million in FY 2021. This compares to an underlying loss before interest and tax of $57.9 million in FY 2020 and underlying EBIT of $230.3 million in FY 2019.

Titomic Ltd (ASX: TTT)

The Titomic share price has risen almost 6% to 55.5 cents. This morning the digital manufacturing solutions provider announced an agreement to acquire the assets of US-based Tri-D Dynamics. It is a Silicon Valley-based design and manufacturing company developing smart pipe infrastructure for the 21st-century economy. Tri-D Dynamics aims to upgrade and electrify infrastructure by embedding electronics directly into metal structures to outfit them with digitally connected technology.

Motley Fool contributor James Mickleboro owns shares of Galaxy Resources Limited. The Motley Fool Australia has no position in any of the stocks mentioned. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

More on Share Gainers

Fancy font saying top ten surrounded by gold leaf set against a dark background of glittering stars.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a rather woeful Wednesday for the markets.

Read more »

A neon sign says 'Top Ten'.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a shaky, but positive, session for the ASX this Tuesday.

Read more »

Ten happy friends leaping in the air outdoors.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy start to the week's trading this Monday.

Read more »

Five young people sit in a row having fun and interacting with their mobile phones.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy end to the trading week this Friday.

Read more »

A woman's hand draws a stylised 'Top Ten' on a projected surface.
Share Gainers

Here are the top 10 ASX 200 shares today

It was another disappointing session on the ASX this Thursday.

Read more »

3 children standing on podiums wearing Olympic medals.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a disappointing mid-week session today.

Read more »

Girl with painted hands.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy Tuesday session on the markets today.

Read more »

A woman is very excited about something she's just seen on her computer, clenching her fists and smiling broadly.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a happy end to the trading week for investors this Friday.

Read more »