The S&P/ASX 200 Index (ASX: XJO) has bounced back from a poor start. In afternoon trade, the benchmark index is up 0.1% to 7,264.4 points.
Four ASX shares that are climbing more than most today are listed below. Hereâs why they are starting the month strongly:
Allkem Ltd (ASX: AKE)
The Allkem share price is up 5% to $11.95. Investors have been buying this lithium minerâs shares amid a rebound in the industry. In addition, a note out of Goldman Sachs may have given its shares a boost. The broker has reiterated its buy rating with a $15.40 price target. This implies potential upside of 29% from current levels.
Argosy Minerals Limited (ASX: AGY)
The Argosy Minerals share price is up 3.5% to 72 cents. This morning, this lithium developer announced that it has made further progress at the Rincon Lithium Project in Argentina. Argosy revealed the commencement of lithium carbonate batch production works, where 5.1 tonnes of battery quality product has currently been produced.
Mayne Pharma Group Ltd (ASX: MYX)
The Mayne Pharma share price is up 21% to $4.02. This appears to have been driven by recent news that it has signed an agreement for the sale of its US generics business. Management expects the transaction to create a leaner organisation and free up working capital to focus on core areas of business growth/value drivers. Another positive is managementâs belief that it is on course to return to profit.
NextDC Ltd (ASX: NXT)
The NextDC share price is up over 3% to $10.60. This follows the release of a number of bullish broker notes this morning in response to the data centre operator’s half-year results. Citi was pleased with the companyâs performance, noting that âNextDC reported underlying EBITDA of $97.5 million, up +17% yoy, and +5%/6% ahead of CitiE/Visible Alpha consensus.â It has a buy rating and $12.60 price target on the companyâs shares.
The post Why Allkem, Argosy Minerals, Mayne Pharma, and NextDC shares are racing higher appeared first on The Motley Fool Australia.
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More reading
- Guess which ASX 300 share has rocketed 27% in 2 days since reporting
- Own ASX lithium shares? Here is the latest Goldman Sachs lithium price forecast
- Broker says buy ASX 200 lithium share Allkem for 34% upside
- 5 things to watch on the ASX 200 on Wednesday
- Why ASX 200 lithium shares are eyeing this surprising new Chinese move
Motley Fool contributor James Mickleboro has positions in Allkem and Nextdc. The Motley Fool Australia’s parent company Motley Fool Holdings Inc. has no position in any of the stocks mentioned. 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.
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