Why Appen, Leo Lithium, Select Harvests, and Smartpay shares are racing higher

These ASX shares are rising more than most on Monday.

| More on:
A man clenches his fists in excitement as gold coins fall from the sky.

Image source: Getty Images

You’re reading a free article with opinions that may differ from The Motley Fool’s Premium Investing Services. Become a Motley Fool member today to get instant access to our top analyst recommendations, in-depth research, investing resources, and more. Learn More

The S&P/ASX 200 Index (ASX: XJO) has started the week very strongly. In afternoon trade, the benchmark index is up 1% to 7,224.5 points.

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

Appen Ltd (ASX: APX)

The Appen share price is up 16% to $2.84. This is despite there being no news out of the artificial intelligence (AI) data services provider. However, given how AI stocks are booming on Wall Street, this seems to have given Appen's beaten down shares a boost. In addition, a reasonably positive broker note out of Wilsons appears to have helped matters. It has lifted its rating to market-weight with an improved price target of $2.54. The broker believes Appen has assembled an impressive executive team.

Leo Lithium Ltd (ASX: LLL)

The Leo Lithium share price is up 16% to 84.2 cents. Investors have been buying the lithium developer's shares after it announced a strategic placement and cooperation agreement with Ganfeng Lithium. This will see Ganfeng pay $106.1 million for 131 million new Leo Lithium shares. This equates to a price of 81 cents per share, which is almost 12% higher than Friday's closing price.

Select Harvests Ltd (ASX: SHV)

The Select Harvests share price is up 8% to $4.71. This morning, the almond producer reported a half-year net loss after tax of $96.2 million. This was driven by material impacts from La Nina weather patterns affecting the 2022 and 2023 crops and the resultant write-off of goodwill. Management is looking ahead and advised that it has already identified a series of value accretive projects that will deliver improvements in profit and cash.

Smartpay Holdings Ltd (ASX: SMP)

The Smartpay share price is up 7% to $1.60. This follows the release of the payments company's full-year results this morning. Smartpay reported a 62% increase in revenue to NZ$48.1 million and a profit after tax of NZ$8.5 million. The latter was up from NZ$2.2 million a year earlier.

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia's parent company Motley Fool Holdings Inc. has positions in and has recommended Appen. 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 Scott Phillips.

More on Share Gainers

Man with backpack spreading his arms out and soaking in the sun.
Share Gainers

Here are the top 10 ASX 200 shares today

It was a mild session for ASX shares, but still a positive one.

Read more »

Rising gold share price represented by a green arrow on piles of gold block.
Gold

Guess which ASX All Ords gold stock just rocketed 17% on its growth outlook

Investors are piling into the ASX All Ords gold stock today. But why?

Read more »

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 an unexpectedly positive session this hump day.

Read more »

Five businessmen in suits walking up stairs in neat succession.
52-Week Highs

5 ASX 200 shares smashing new 52-week highs today

These five ASX 200 shares just broke into new multi-year and all-time highs. Here’s why.

Read more »

Man with rocket wings which have flames coming out of them.
Share Gainers

Guess which ASX All Ords stock just rocketed 21% on 'exceptional' results

Investors are sending the ASX All Ords stock flying higher on Wednesday. But why?

Read more »

A man clenches his fists in excitement as gold coins fall from the sky.
Share Gainers

Why Core Lithium, Life360, Strickland, and Woodside shares are storming higher today

These shares are having a good time on hump day. But why?

Read more »

A beautiful ocean vista is shown with a woman whose back is to the camera holding her arms up in triumph as she stands at the top of a rock feeling thrilled that ASX 200 shares are reaching multi-year high prices today
Share Gainers

Here are the top 10 ASX 200 shares today

ASX investors were in the mood for buying this Tuesday.

Read more »

Miner looking at a tablet.
Share Gainers

Up 93% since April should I still buy Boss Energy shares now?

Boss Energy shares, the most shorted on the ASX, have almost doubled in value in one month. Now what?

Read more »