In early afternoon trade the S&P/ASX 200 Index (ASX: XJO) has fought back from a bad start and is storming higher. At the time of writing the benchmark index is up 0.25% to 5,957.8 points.
Four shares that are climbing more than most today are listed below. Here’s why they are starting the week with a bang:
The Austal Limited (ASX: ASB) share price is up 10% to $3.69. Investors have been buying the shipbuilder’s shares on Monday after it revealed that the U.S. government is investing US$50 million into its U.S. business. The agreement is part of the government’s national response to COVID-19 to maintain, protect, and expand critical domestic shipbuilding and maintenance capacity.
The James Hardie Industries plc (ASX: JHX) share price has climbed over 6% to $28.39. This morning the building materials company upgraded its guidance for the first quarter of FY 2021. James Hardie’s North American adjusted earnings before interest and tax (EBIT) margin is now forecast to be between 27% and 29% for the quarter. This compares with its previous guidance of 22% to 27%.
The Northern Star Resources Ltd (ASX: NST) share price is up 4.5% to $13.61. As well as getting a boost from a rising gold price, investors appear to have responded positively to an asset divestment announcement. The gold miner has agreed to divest the Mt Olympus Project, which comprises most of the Ashburton Project in Western Australia. It will be sold to Kalamazoo Resources Limited (ASX: KZR) for a deferred contingent cash consideration of $17.5 million.
The Ramelius Resources Limited (ASX: RMS) share price has jumped 14% to $2.04 after upgrading its production guidance. The gold miner revealed that its quarterly production is now expected to be in excess of 80,000 ounces. This compares to previous guidance of 65,000 to 70,000 ounces. In light of this, FY 2020 guidance is expected to be a record 225,000 to 230,000 ounces. This is up from its previous full year guidance of 210,000 to 220,000 ounces.
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More reading
- ASX 200 flat: Altium update disappoints, Metcash posts full year loss
- A $73m boost sends the Austal share price to the top of the ASX 200 today
- James Hardie share price in spotlight as it upgrades profit guidance
- 5 things to watch on the ASX 200 on Monday
- Top fund manager reveals some of the best ASX shares to own
James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. owns shares of Austal Limited. 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.
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