Why Coles, Nickel Mines, Nitro, & Regis Resources are storming higher

Coles Group Ltd (ASX:COL) and Nitro Software Ltd (ASX:NTO) are two of four ASX shares storming notably higher on Thursday…
The post Why Coles, Nickel Mines, Nitro, & Regis Resources are storming higher appeared first on The Motley Fool Australia. –

A drawing of a rocket follows a chart up, indicating share price lift

In afternoon trade, the S&P/ASX 200 Index (ASX: XJO) is on course to record a solid gain. At the time of writing, the benchmark index is up 0.4% to 7,092.3 points.

Four ASX shares that are climbing more than most today are listed below. Here’s why they are storming higher:

Coles Group Ltd (ASX: COL)

The Coles share price is up 3.5% to $16.40. This appears to have been driven partly by a broker note out of Citi this morning. According to the note, the broker has upgraded the supermarket giant’s shares to a buy rating with an $18.00 price target. The broker believes Coles has reached an inflection point in respect to its market share.

Nickel Mines Ltd (ASX: NIC)

The Nickel Mines share price has jumped 6% to $1.14. This also appears to have been driven by a broker note. This morning Bell Potter retained its buy rating on the nickel producer’s shares following its quarterly update. And while it has cut its price target to $1.56, this is still notably higher than where it trades today. Bell Potter notes that Nickel Mine’s aggressive growth outlook is intact.

Nitro Software Ltd (ASX: NTO)

The Nitro share price has stormed 8.5% higher to $3.20. This follows the release of the global document productivity software company’s first quarter update. According to the release, Nitro’s annual recurring revenue (ARR) grew 66% over the same period last year. This growth rate is well ahead of what is required to achieve its FY 2021 ARR guidance. Nitro is targeting ARR of between $39 million and $42 million, which represents year on year growth of 41% to 52%.

Regis Resources Limited (ASX: RRL)

The Regis Resources share price has climbed 3.5% to $2.68. This morning the gold miner released its third quarter update and revealed production of 85,748 ounces of gold. While this was down 6.2% quarter on quarter, it has retained its FY 2021 guidance. Regis Resources continues to target full year production of 355,000–380,000 ounces at an all-in sustaining cost of A$1,230–A$1,300 per ounce.

Where to invest $1,000 right now

When investing expert Scott Phillips has a stock tip, it can pay to listen. After all, the flagship Motley Fool Share Advisor newsletter he has run for more than eight years has provided thousands of paying members with stock picks that have doubled, tripled or even more.*

Scott just revealed what he believes are the five best ASX stocks for investors to buy right now. These stocks are trading at dirt-cheap prices and Scott thinks they are great buys right now.

See The 5 Stocks

*Returns as of February 15th 2021

More reading

Motley Fool contributor James Mickleboro has no position in any of the stocks mentioned. The Motley Fool Australia owns shares of COLESGROUP DEF SET. The Motley Fool Australia has recommended Nitro Software Limited. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.

The post Why Coles, Nickel Mines, Nitro, & Regis Resources are storming higher appeared first on The Motley Fool Australia.

Trade The World Anywhere & Anytime!

Mobile app platform with over 50,000 global listed securities across 12 markets (over 70% global market capitalisation), right from your Android or iOS device.

Integrated with exclusive trading idea and investment analysis tools to help you find actionable insight on virtually every financial instrument across our 12 global markets, to help you optimise your trading strategies.

Refer Your Friends

Tell your friends about Monex and gift them FREE access to our trading tools.

We respect your privacy and will only send this one email notification to your friends. 

Share With Your Friends

Share on facebook
Share on twitter
Share on linkedin

Monex Trading Tools Access and Usage Terms

The Monex Trading Tools (referred to as ‘tools’ hereafter) are available to you inside your client portal;

To activate access to the tools, you must have a verified and approved trading account and have made a deposit of at least AUD $1000.

An active and funded account with a positive trading balance is required to continue to have access to the tools;

Although the tools are available to you indefinitely, Monex Securities may at it’s discretion disable access to the tools in the future;

Monex securities reserves the right to change these terms and conditions from time to time, as it sees fit, without notice.

Important Notice
iOS & Android App - 12 International Markets & Over 70% Global Market Cap. $0 Brokerage On US Trades. Click Here!