These ASX shares are storming higher on Friday…
The post Why Centaurus Metals, IGO, Novonix, Rhinomed shares are storming higher appeared first on The Motley Fool Australia. –
The S&P/ASX 200 Index (ASX: XJO) has returned to form on Friday and is pushing higher. At the time of writing, the benchmark index is up 0.6% to 7,411.8 points.
Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:
Centaurus Metals Limited (ASX: CTM)
The Centaurus Metals share price is up 11% to $1.08. Investors have been buying the mineral exploration company’s shares following the release of a positive drilling update. According to the release, its maiden regional exploration drilling has intersected significant zones of nickel sulphide mineralisation at the Tigre Prospect. Management believes this highlights the outstanding growth and upside potential across the Jaguar Project.
IGO Ltd (ASX: IGO)
The IGO share price is up 5% to $9.62. This appears to have been driven by increasingly bullish sentiment in the battery materials industry. A number of companies with exposure to clean energy materials are storming higher again on Friday. One broker that probably isn’t buying IGO shares is Credit Suisse. This morning it held firm with its neutral rating and $9.20 price target.
The Novonix share price is up 8% to $5.97. This battery materials company’s shares have been on fire this week after being added to the ASX 300 index at the next quarterly rebalance. In addition to this, as mentioned above, Novonix continues to benefit from bullish sentiment in the battery materials sector. The Novonix share price is up 22% this week.
Rhinomed Ltd (ASX: RNO)
The Rhinomed share price is up 16% to 43.5 cents. Investors have been fighting to get hold of its shares after it announced a deal with the Victorian government. According to the release, the Victorian Department of Health has made an initial purchase order for 1 million Rhinoswabs from the company.
The post Why Centaurus Metals, IGO, Novonix, Rhinomed shares are storming higher appeared first on The Motley Fool Australia.
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*Returns as of August 16th 2021
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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 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 Bruce Jackson.