Rio Tinto Limited (ASX:RIO) and Starpharma Holdings Limited (ASX:SPL) shares are two of four storming higher on Monday. Here’s why…
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In late morning trade the S&P/ASX 200 Index (ASX: XJO) is on course to start the week with a solid gain. At the time of writing the benchmark index is up 0.5% to 5,890.5 points.
Four shares that have climbed more than most today are listed below. Here’s why they are pushing higher:
The Althea Group Holdings Ltd (ASX: AGH) share price has jumped 11% to 64.5 cents. Investors have been buying the cannabis company’s shares after it announced that its Canada-based Peak Processing Solutions business has obtained its Standard Processing Licence from Health Canada. Management notes that this is a major milestone and means that commercial operations can immediately commence in Canada.
The BrainChip Holdings Ltd (ASX: BRN) share price is up 2% to 66 cents. This morning BrainChip announced that it has validated the Akida Neuromorphic System-on-Chip (NSoC) design with functional silicon. The Akida NSoC is a complex integrated circuit that includes multiple interfaces, Data-to-Event Converters, a CPU complex, on-chip memory, and a neuron fabric to implement a complete neural network with no external components required.
The Rio Tinto Limited (ASX: RIO) share price is up a solid 3% to $103.05. As well as getting a boost from a rise in the iron ore price, this morning Macquarie reiterated its outperform rating and $114.00 price target on the mining giant’s shares. It notes that Rio Tinto is continuing to benefit from strong iron ore prices.
The Starpharma Holdings Limited (ASX: SPL) share price has stormed 7% higher to $1.71. This follows the release of an update on its antiviral nasal spray. According to the release, its SPL7013 spray is virucidal, inactivating more than 99.9% of SARS-CoV-2. This is the virus that causes COVID-19. In light of this, the company is now rapidly advancing development, regulatory, manufacturing, and commercialisation activities.
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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 Starpharma Holdings Limited. The Motley Fool Australia has recommended Starpharma Holdings Limited. 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.
The post Why Althea, BrainChip, Rio Tinto, & Starpharma shares are pushing higher appeared first on Motley Fool Australia.